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LAND AND HOUSING
immigration, natural increase, and the demand for better housing generated by rising incomes. In the older urban areas tall multi- storey structures are progressively replacing old pre-war three and four storey tenements. The most significant change in the past decade has been the increase in Government's participation in housing. Government's first direct venture into public housing was the resettlement programme begun in 1954-now, only 14 years. later, roughly one person in every three lives in accommodation provided by Government or government aided agencies. This does not signify a lack of activity in the private sector, which, on the contrary, has played a substantial part in new housing development over the last few years. In 1968 production by the private sector showed a sharp decrease from the high levels achieved in previous years but there were signs in the second half of the year that investors were beginning to renew their interest in the real estate market.
At the end of 1968 domestic accommodation in the urban areas (excluding resettlement and other government housing schemes) comprised 188,800 tenement floors, 51,800 small flats, 22,500 large flats, and 1,050 houses. In January 1968 there were 14,496 un- occupied domestic premises compared with 16,389 in January of the previous year.
In 1964, the Government in conjunction with the Commonwealth Development Corporation and four local banks set up the Hong Kong Building and Loan Agency Limited to facilitate home owner- ship. Further support to the agency was given by the Government in 1968 in the form of guaranteed backing for a series of security issues by the agency to raise further funds. The agency offers long- term mortgage finance at reasonable rates to prospective owner- occupiers in the $700 to $2,500 per month income group with loans up to a maximum of $50,000. At the end of the year 55 blocks containing 3,640 flats were approved by the agency for loan purposes. In 1968, 2,130 applications were approved for a total of $51.5 million, compared with 804 approvals for $19 million in 1967.
The Hong Kong Housing Authority, formed in 1954, provides accommodation for those with family incomes ranging from $400- $900 a month who are in need of low-cost housing. The authority had housed 149,006 people in 24,588 flats in eight estates by the end
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