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these, amounting to about $450 million for Pak Chai Wan, will in
fact now fall in 1985-86. A continuing factor depressing the 1985-86 estimate by about $700 million is the extent to which the so-called monetised Letters 'B' are being used for land purchases. Currently the proportion of Letters 'B'
of Letters 'B' to premium is about 90% but it is estimated that this proportion will reduce during 1985-86 as the supply of these land entitlements diminishes. Consequently for 1985-86 we have assumed a factor of 75% for all but two large sites in the urban area where we have assumed a 90% payment by Letters 'B'. Other details relating to land sales and revenue in 1984-85 are footnoted in the printed speech (41).
78.
The land sales
sales programme for 1985-86 consists of 34 hectares. In addition there is a reserve list of sites, totalling 46 hectares, which will only be put on sale if a
(41) The programme for the sale of land in 1984-85 by auction and tender was the largest component of land revenue from which we anticipated $0.73 billion excluding instalments. It consisted of 33 hectares together with a reserve list of 32 hectares. As usual the programme has undergone some changes during the year and the latest programme consists of 22 hectares, with a revised estimate, excluding instalment payments, of $0.7 billion. Major sales during the year included a site on Canton Road for development to include a terminal for China ferry services, two sites on Science Museum Road and two sites for Private
Private Sector Participation Scheme projects in Tai Po and Sha Tin. Because of the $1.9 billion instalment payment for Exchange Square, total revenue in 1984-85 from sales by auction and tender including instalments is expected to be $2.91 billion.
The revised estimate for revenue from private treaty grants in 1984-85 is $0.68 billion. Major grants expected to be completed include two sites in Shau Kei Wan and Fortress Hill for development by MTRC and a site in Tai Po for the development of a second gas plant by the Hong Kong and China Gas Co. Ltd. In addition, $390 million has been received under modifications for the redevelopment of the Whampoa Dockyard bringing total revenue
revenue in 1984-85 for modifications and regrants to $0.61 billion.
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