116
LAND AND HOUSING
was re-introduced in July. From that month onwards auctions. were held, in the main, on two days each month; the sales being well attended and bidding keen. The market had been quiet since the period of over-development up to 1965, but prices realised since the sale programme re-started are back to the peak levels of 1964. The effects have also been evidenced in the increased numbers of applications received for modifications, re-grants of 75-year non-renewable leases and renewals of 75-year renewable leases as well as the increase in price and numbers of private transactions.
Revenue from land transactions in Hong Kong, Kowloon and New Kowloon during the financial year 1968-9, totalled approx- imately $38,138,000, made up as follows: about $17,852,000 from 15 sales by auction and tender; $9,526,000 from private treaty sales; $2,620,000 from modifications of lease conditions, extensions, and exchanges; and $8,140,000 from re-grants of expired 75-year leases. Revenue from land transactions in the New Territories during the same period was $5,620,000.
Where it is not possible to dispose of land immediately either because public utilities and other services are not yet available or the site has been set aside for some future purpose, the land is rarely left vacant and may be occupied either on temporary annual permit or on short-term tenancy. The 1968-9 revenue from this type of tenure was approximately $6,715,000 in the urban area and $1,240,000 in the New Territories (the last figure includes modification of tenancy fees). As permanent development continues, permits are cancelled and the number decreases year by year. Short-term tenancies, however, are increasing. Revenue derived in rent from the leasing of government-owned buildings in whole or part totalled $7,042,630.
Two matters of particular interest during this year have been the question of the provision of land for containerisation of shipping cargoes and the sale of a site in Kowloon for possible development as a hotel. It is proposed that a container terminal should be established at Kwai Chung and draft tender documents which would enable private enterprise to bid for leases for the various berths were in preparation at the end of the year. The 48,850 square-feet site in Kowloon suitable for a hotel was sold at a