GOVERMENT HOUSE HUNG KUNG.
THU
1/
PG.08
-5-
Explaining the land premia
premia proposals,
Mr
Yeung said:
the
Chinese proposal for
"In responding to the
Hong Kong Government's half of the Airport
Railway land premia to be used on the Airport
Railway, we have come to the conclusion that it is logical to use the full $40bn land premia accruing
by 1997, and to use it both for the Airport
Railway and for the Airport.
"This is in accordance with annexe three in
the Joint Declaration which provides for the SAR
Land Fund to be used to finance land development
and public works.
the
"We have proposed το the Chinese side that land grants involved in these proposals should be agreed now as a complete package, without the need for further reference to the Land Commission
each year. They should also be outside the normal
annual land disposal programme which needs to go ahead as planned. Thus, this proposal will not significantly reduce either
projected fiscal reservos up to 1997, nor the
projected size of the SAR Land Fund.
also
the Government's
MI Yeung said that in addition to the proposal relating to land premia, the Chinese side proposed that separate accounts should be drawn up, so as to distinguish between the capital costs . and revenues of the Airport Railway and the rest of the MTR system. "We have agreed to this
proposal,
said Mr Yeung,