8
REVIEW
In the 10 years of its existence the Housing Authority has built seven estates; two more are under construction and work has begun on a 10th estate during the year. The authority now houses more than 187,000 people and the plans in hand for future construction will double this figure over the next 10 years. The authority also manages over 31,000 flats in government low-cost housing estates, which now accommodate 173,000 tenants.
The Hong Kong Housing Society, which is a private body sub- sidised by Government, is also expanding and now has 116,400 tenants in its 14 estates.
In these activities, and apart from its provision of quarters and subsidies for co-operative housing schemes for public servants, Government now provides housing, directly or indirectly for over 40 per cent of the population of the Colony.
There was an upsurge of activity in the private building sector, with a marked increase in new buildings of all kinds. This was accompanied by a steep increase in land prices. A site of 53,000 square feet on Hong Kong Island, adjacent to the Star Ferry Con- course, was sold at public auction for HK$258,000,000 payable over nine years without interest. The purchasers were the Hong Kong Land Investment and Agency Company, which plans to build a 50- storey office block on the site.
There was also a substantial increase in the amount of private housing under construction, although it is too early for the effects to be felt. During the years 1967-9 there was a decline in the volume of new building and with the continued demand for housing there was a sharp increase in rents in the urban area. To alleviate this situation, legislation was enacted to control increases in domestic rents and to provide security of tenure for two years; it is expected that by the end of this period the housing situation will have im- proved. These controls apply to all post-war flats (rents in pre-war accommodation being already controlled) but exclude larger flats and houses with an annual rateable value of $15,000 or more, and allow for only one rent increase during the two years.
The Multi-Storey Building (Owners Incorporation) Ordinance, which was enacted in June, enabled the owners of flats in multi- storey buildings to form corporations for the purpose of managing