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of the share capital. They wish to develop this as a New Town
of possibly as many as 300,000 people. This will require a
new lease and thepayment of a development premium to the
Hong Kong Government. But the consortium have suggested that
the new lease for the land be indeterminate rather than up to
mid-1997 and that the development premium be payable over 20 years,
ie beyond 1997. There is as yet no confirmation that this request
has the approval of either the Guangdong Provincial Government or
the Central Government in Peking.
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