4
6.
(20)
Miss CHAN Suk-bing
Miss CHAN has collected her compensation and is considering emigrating to Canada, an idea which she was considering before the .clearance.
Turning to the points at the end of the note at the
bottom of page 12 :
(i)
(ii)
→
(iii)
The land in question is leased as agricultural land. Compensation of $10 a square foot, the equivalent of £54,000 per acre, is considered a fair price for the land. It contains an ex-gratia element over and above its worth as agricultural land. The lessee could instead have taken a land exchange entitlement, and these land exchange entitlements can be sold to others at a higher price than $10 a square foot. The owner did not accept cash or an exchange entitlement and the matter is now one for the Lands Tribunal.
Development of the new town inevitably involves resumption of private land. The land exchange system was devised to enable land owners to participate in the development of the town, even though the lease of the land which they held was in agricultural status. The following is a description of the land exchange system :
"Agricultural land is exchanged at a rate of
5 square feet of surrendered land for 2 square feet of new building land, and a premium is paid representing the difference in value between the surrendered land and the new land granted assessed on values prevailing at the time of surrender. Building land resumed is exchanged on a foot for foot basis with a premium payable of the difference in value between restricted village building land and land capable of full urban development. These exchanges cannot be concluded immediately on the surrender of the old lots because of time needed to complete development works: owners of surrendered land are therefore issued with a letter specifying their exchange rights."
By this system Government endeavours to take into consideration the interests of existing land owners. However, as I have said above, if owners wish to take cash compensation, then the current offer for agricultural land amounts to £54,000 per acre.
Clearly in order to be fair to all land owners, owners cannot be given land of their own choice. It is necessary to follow a plan and to arrange for priority in the allocation of the land, and in
/the last