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LAND AND HOUSING
$4.5 million from modifications of lease conditions, extensions and exchanges; and $17.5 million from re-grants of expired 75-year leases. Revenue from land transactions in the New Territories during the same period was $21 million. These figures are three to four times higher than those for the year 1968-9.
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 but may be occupied either on temporary annual permit or on short term tenancy. The 1969-70 revenue from this type of tenure exceeded $6 million in the urban area and was $871,000 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 govern- ment-owned buildings in whole or part totalled $5.5 million.
During the year, a further step was taken in providing for con- tainerisation by the sale by public tender of three berths at Kwai Chung. The premia realised were not high in relation to industrial values but it must be borne in mind that the purchasers have to carry out very substantial civil engineering works at their own expense. Another matter that attracted great public attention was the sale of a site of 53,000 square feet off Connaught Road Central, Hong Kong close to the Star Ferry which realised $258 million payable by 11 instalments over a period of 10 years without interest.
URBAN RENEWAL
Acquisition of property by negotiations with owners in both the Urban Renewal Pilot Scheme area and in the Urban Renewal district generally increased. So far nearly 80 properties have been acquired at a cost of about $8 million and negotiations are continuing for the acquisition of a further 150. An inter-departmental co-ordinating committee has been set up to ensure the even progress of urban renewal and with a view to speeding up property acquisition and clearance of sites for redevelopment in the pilot scheme area.
The larger Urban Renewal District comprises some 250 acres in the Western and Sai Ying Pun districts of Hong Kong Island. The Town Planning Board has been instructed to prepare an outline