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AUGUSTINE S. K. CHUNG ROOM 1115, HANG LUNG CENTRE, 11th FLOOR, PATERSON STREET,
HONG KONG. TEL: 5-771862-3
there are two basic and fundamental principles in this case which have apparently been overlooked: -
(a)
Absentee owners
(i) Of about 110 absentee owners in Sai Lau Kok
flats and shops, about 50% have accepted and another 50% have rejected the offer made by the Authorities concerned. They are the owners of 28 domestic flats and 24 shops which were
subject to tenancy prior to the reversion date.
To most of them, rents received from such flats or shops were their major or only sources of income. They have little or no earning capacity by virtue of their age or other reasons. The rate of rental was on the average about. $450/month for small flats and about $550/month for the
large flats.
(ii) In the circumstances, if they were forced to
withdraw their investment in Sai Lau Kok, they should be given full adequate and reasonable opportunities of shifting their investment from Sai Lau Kok to other flats or shops of equivalent value elsewhere without suffering any loss of rent costs interest capital or chances of
capital increase.
(iii)
However, except the words "non-resident owners of residential premises and owners of business premises will receive compensation for their interest in the property" in the fourth paragraph in a letter from the mass Transit Office of Public Works Department to Sai Lau Kok owners dated 18th July, 1979, no other correspondence
prior to 13th November, 1979 have ever mentioned
anything about non-resident owners, not to say
to be Cont'd/P.8