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pattern of development, major parts of our urban areas, such as Sheung Wan, Sai Ying Pun, parts of Wanchai, Tai Kok Tsui, Yau Ma Tei ate
and so on lack adequate open spaces and community amenities.
Many of these areas also suffer from unsatisfactory road widths and street patterns that give rise to unacceptable traffic
conditions.
hit/enf
Government has in the past attempted to remedy the situation by various schemes, notably the Urban Renewal Pilot Scheme in Sheung Wan and the Housing Society's Urban Improvement Scheme. These attempts, though not without their merits, suffered in that the process of land acquisition was too slow and cumbersome. The Sheung Wan Scheme was conceived in 1969 and was not fully realised until more than 10 years later. In its Urban Improvement Schemes, the Housing Society completed a total of 13 projects; but apart from a few, most of these projects were modest in scale and could not be considered as urban improvement in its
wider meaning.
The Land Development Corporation will be an independent organižation providing a vehicle for coordinated efforts in urban renewal projects. Although its objectives of improving the living conditions and the environment may mean that it has to occasionally undertake developments not entirely on the basis of commercial viability, it is important that it should nevertheless operate on sound commercial principles in order for it to be viable on a continuing basis. Also, what sets the Land Development Corporation apart from previous attempts on urban renewal will be the injection of initiative, experience and
expertise from the private sector.
The Government's initial financial injection in the form
of a HK$100 million loan is very modest indeed in terms of
investment capital in real estate development. Therefore, it must rely heavily on cooperation with the private sector. I see the private sector has an important role to play in the success of the Land Development Corporation in the following aspects :