HONG KONG ANNUAL REPORT, 1953
which could not be renewed owing to town planning require- ments, and provision is made for possession of such lots to be retained until the land is required by Government. During the last financial year the revenue from renewal of this type of lease was $610,495.
It is Government policy to sell leases to the highest bidder at public auction, but in certain instances land necessary for public utilities is sold by private treaty. It has also been the policy to sell land for schools, clinics and certain other charit- able purposes by private treaty at preferential rates varying from a purely nominal figure up to market value.
The revenue obtained during the financial year 1952/53 from the sale of land by auction amounted to $1,869,000 while that arising from sale by private treaty, extensions of area and grants in exchange was $2,949,000
In order to encourage home building private treaty sales, to individuals and to development companies, were introduced for a short period but the results were somewhat disappointing and have now given way to various schemes for the grant of land at roughly half the market value for the erection of workers' flats. In addition, two sites amounting to roughly five acres have so far been made available to two Housing Societies, and plans are in hand for providing considerably greater areas for the building of permanent low cost housing.
Government policy concerning the sale or grant of Crown Land is governed by the present scarcity of all types of land. In order to ensure that available Crown Land is put to the best possible use all sales or grants are subject to a covenant to develop the lot within a reasonable period, the amount of expenditure depending on location and type of development allowed. Due to the shortage of land, it has been found difficult in recent years to meet the requirements for schools,
50