30
HONG KONG ANNUAL REPORT
latter's nearest neighbour, the nine-storey Mercury House, headquarters of Cable and Wireless, Ltd., which when com- pleted in 1951 dominated the seafront, will shortly be dwarfed by a 33-storey skyscraper hotel.
Money in abundance is still the mainspring of Hong Kong's current building boom; it is naturally attracted to projects which offer the quickest and most profitable returns. But there is no longer the sense of desperation which, a few years ago, caused those wanting premises, whether for homes or for offices, to pay almost any price demanded and, in consequence, to bring a rich harvest to the speculative contractor and sub-standard builder. Premia in the shape of 'key money' or 'construction money' are becoming rarer, and rents for new buildings generally are lower than they were. Builders are now offering apartments for sale as well as for rent, in many cases on a hire-purchase basis as an inducement to overcome increasing buyer resistance. The competition for well-to-do tenants for the new apartment blocks, many of which reach a height of 15 storeys, has become keener, forcing up standards of design and finish.
The story of Hong Kong's enterprise in building would not be complete if it did not acknowledge the work done and the large sums devoted, both by individuals and societies, to building for the community. Among the most dis- tinguished buildings raised in Hong Kong during the last few years have been the Tsan Yuk Maternity Hospital and the Grantham Hospital for the treatment of tuberculosis, the former assisted by generous donations from the Hong Kong Jockey Club, itself a non-profit-making organization whose stewards donate surpluses derived from parimutuel and sweepstake ticket sales to those public institutions which need help most.
The majority of Hong Kong's schools and colleges are also managed by private institutions and, in the years since the war, these have erected many new buildings efficiently planned both for their site and purpose and pleasant to look