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AUGUSTINE S. K. CHUNG ROOM 1115, HANG LUNG CENTRE, 11th FLOOR, PATERSON STREET, HONG KONG. TEL: 5-771862-3
number of such owners, I must say that
Mr M. Philips and his colleagues have gone through a number of impossible missions. NOW, I do not know how they can achieve further with the remaining 45 units with the background described above, especially when the law has not made provision for a fair compensation
relating to the most extraordinary land boom generally in Tsuen Wan as well as other parts of the Colony. The interest rate, though risen to 15.5%, is now evidently inadequate in the
circumstances. The longer the delay, the worse
is the deadlock as has been explained in
paragraph 2 above. I understand that some of
them were eventually convinced into accepting public housing for fear of being thrown into
the streets. Some are still considering and
some have become more inclined after the
bloodshed incident of 2nd September, 1979:
Nevertheless, the fact remains that whatever
compensation they can now receive under the
law is absolutely insufficient for them to
purchase flats or shops of equivalent value in Tsuen Wan or other nearby districts in the New Territories:
5. It has been suggested that the owners do not have to
put the monetary compensation back to real estate but in other form of investment such as fixed deposit in banks or finance companies whereby they may receive an annual income of 15.5%. It appears that such interest is currently better than any rental receivable from
investment in real estate. However, deposit in banks
does not yield capital increase but interest. When
money value has at all time been going down, rapid or gradual, it is wise to invest in real estate which has a
to be Cont'd/P.15