will not
influenced by public officers. At the same
Administration is planning to abolish
time, the
Housing Branch.
2
the
I feel that all these amendments will sa
towards enhancing efficiency.
The third point that I would like to make is,
when OMELCO interviews certain organisations, some of them
say that clause 3 of the Bill actually replaces the
existing section 4(2) which is about the Authority's power
to make loans or accept securities for loans and
mortgages. They doubt whether the Housing Authority will
have to shoulder too many loans. But according to the
amended 4 (2)(ia), by taking over
by taking over the HOS and PSPS schemes,
the Housing Authority will have to shoulder the
responsibility when there are defaults. Secondly, it is
responsible for guaranteeing to the private contractors or
developers certain amounts. The total amount involved in
the HOS and PSPS schemes is only $5.7 billion, but judging
from past experience, we have only paid about $800,000. As regards the juzrintre to private developers,
^
Regarding the second one the total amount involved is
$9.2 billion, but all that we have paid previously is $142
million and that in fact is an agreement with the PSP S
developers. However, there is no definite formula and
that is the reason why we have to shoulder a substantial
amount. However, if we
now have a certain formula and if
anything is below market price, then it will be worked out
accordingly.
lc.