1
AIGHTYCITY COMPANY LIMITED
TIN SHUI WAI NEW TOWN DEVELOPMENT PROPOSAL
AIDE MEMOIRE
SEQUENCE OF EVENTS
1.
2.
China Resources Company first became aware of the Tin Shui Wai land holding in 1979. At that time Cheung Kong Holdings Ltd. owned 52% of the shares of the Trust which owned the land.
CRC sought the advice of Trafalgar Housing Ltd. on the development possibilities and Mr. John Wu advised that whilst the land had development potential it was complicated for the following reasons:-
(a) Lack of a consolidated title as there was considerable
legal entanglement in the existing title.
(b)
Claims by a master leasee of permanent tenancy.
3.
4.
5.
6.
7.
(c)
(d)
A large number of existing tenants who would have to be compensated/rehoused.
Government's view to development uncertain.
In view of these difficulties CRC decided to investigate these problems in depth.
In respect of 2(d) several meetings were held with the Secretary
for the New Territories and other Government representatives
to ascertain the attitude of Government should a development proposal be put forward.
It was clear from these discussions that Government's response would be favourable. It was also evident that Government considered a land holding of the size and location of Tin Shui Wai should be developed as a New Town.
After due consideration CRC decided to proceed with the project with the intention of contributing to the development of Hong Kong in compliance with the general policy of the Hong Kong Government.
Mightycity Company Ltd. committed at the end of 1979 to purchase the Cheung Kong Holdings' shares and at the beginning of 1980 the remaining holdings.
On the 20th February 1980 a team of Town Planning, Engineering Consultants were commissioned and we have since spared no expense in meeting all the requirements of Government.
In the meantime our legal advisors had successfully overcome all the legal hurdles with the title. The land was subsequently auctioned in August 1980 with MCL as the purchaser. Legal title was therefore consolidated.
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