I discussion
on 14 April 1987
Introduction
CONFIDENTIAL
XCC (87)6132
Copy No...
MEMORANDUM FOR EXECUTIVE COUNCIL
SHA TIN TOWN LOT No. 168 in AREA 30B
PROPOSAL TO MODIFY CONDITIONS OF SALE
The purpose of this memorandum is
is to
to seek Members' advice on a proposal to modify the Conditions of Sale of Sha Tin Town Lot No. 168 (STTL 168) in Area 308 Sha Tin, which is described on the plan annexed, to permit a change of user from 'hospital and ancillary facilities' development'.
Background
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to
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residential
STTL 168 (1.922 hectares) was sold on 22 March 1982 by cash tender for $60.8 million to Stratton Development Limited, a wholly owned subsidiary of
of Union Medical Centre Limited (UMC), for development of a 200 to 600 bed private hospital together with ancillary facilities. Two tenders were received. In accordance with the conditions of sale, the owners have to complete and bring into operation a hospital before 30 September 1987.
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The shareholders of UMC at the time of the sale were:-
Asia Lands & Property Ltd.
Stratton Estates
Lau Yiu Chu
World Wide Properties Ltd. (WWP)
Dollar Credit Holdings (DCH)
Pacific Bank Macau
Hock Heng Hung
Total Shares
21 million shares
5
5
10
10
6
5
11
1#
62 million shares
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The majority of these shareholders. were heavily indebted to the Hang Lung Bank. Some of them are currently in liquidation. In the financial interest of the Bank, arrangements were made to gain control of UMC whose only asset is the
the shares in Stratton Development Limited. On 2 April 1986, with the Hang
the Hang Lung Bank in majority control, UMC
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CONFIDENTIAL
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