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So far as Government's general offer to the Sai Lau Kok owners is concernoć ve have looked at this vory carefully since my meeting with you and Mrs. Elliott on 3rd September and have decided that the offer is fair that the only changes we can make to the previous offers
are:
(a)
(b)
to extend the setting up allowance to all owners; and
to extend the period during which the rent allowance is payable up to 30th June 1980.
You mentioned particularly the extension of the Capitalised Interest Allowance to nem-resident owners. This allowance was designed for owner/occupiers who did not want to go to public housing and was intended to help them to find other living accommodation. This of course does not aply to non-resident owners who while they have to secure their investment do not have to obtain alternative accommodation. In their case Government considers that the offer of open market value for their premises at the date of reversion plus interest up to the date of payment is all that can be offered.
I am sending a letter to all the owners explaining the position and a copy is enclosed for your information.
s.c...5./CH
C.3.
Yours faithfully,
(J.
So Sodd
Tead)
Secretary for the New Territories