19
grossly inflated. This is perhaps the greatest single cause of unhappiness
and worry in Hong Kong at this time. You will note that the Government's
answer is to build over 42,000 flats a year which will be either sold or
rented on a basis that totally excludes land value on the open market.
Rent Control
51.
In June, this Council passed the Landlord and Tenant
(Consolidation) (Amendment) Ordinanoe, which extended the present
framework of rent controls for a further two years, while at the same
time adjusting the maximum permitted increase in controlled rents from
21% to 30% biennially, and excluding by two annual phases flats with
a very high rateable value.
52.
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A large number of recommendations made by the Committee of
Review remain to be put into effect. Legislation will be introduced
this session; to establish a Tribunal system to provide reasonable
security of tenure to tenants of premises not otherwise protected by
the Ordinance and who are prepared to pay a fair market rent; additional
protection for sub-tenancies; and safeguards with regard to the
redevelopment of controlled premises. Legislation covering these
recommendations will be presented this session.
TRANSPORT
53.
An effective transport system is an essential part of our
development. I have to admit that the development of our road system,
which affects public a private vehicles alike, has been delayed by
rephasing in. 1974 and 1979. It seemed unavoidable at the time, Now
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