38. The number of private treaty grants increased from forty-three in 1964-65 to ninety-one in 1965-66. The purposes for which these ninety-one grants were made were as follows:
Grants in lieu of cash compensation for land resumed Schools
Public Utilities
Welfare and Training Centres (one with a primary school
and a clinic)
Civil Servants' Co-operative Building Scheme
Workers' Housing Schemes
Hospitals and Clinics
Miscellaneous (including one Church)
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39. During the previous year an agreement to grant approximately 312,500 square feet of sea bed in Kowloon was entered into by the Government and the Hong Kong and Kowloon Wharf and Godown Co. Ltd. for the construction, with financial assistance from the Government, of a modern Ocean Terminal, which was to be completed within five years. The construction work proceeded so well, however, that although it had not been wholly completed it was possible for the Terminal to be officially opened by the Governor on 22nd March 1966, and later that day the Canberra, the largest passenger liner ever to visit Hong Kong, became the first ship to berth alongside. The Terminal includes passenger amenities, all necessary facilities for handling cargoes and baggage, Revenue Offices, shopping arcades, and parking accommodation for 1,100 private cars and 50 goods vehicles.
40. Applications may be made for the regrant of land held under a non-renewable 75-year lease any time within 20 years from the date of expiry of the term, but applications for regrant are not usually made until the owner is ready to redevelop the lot. This is because the regrant premium is based on the full market value of the land exclusive of the buildings thereon, and as the value of land in all areas is very high, it is only by redevelopment that the owner can obtain an economic return on his investment. In practice many owners are obliged to sell their land to land investment companies, which are able to finance the payment of the premium and the cost of redevelopment. In most cases of this type the company also has to apply for an Exclusion Order under the Landlord and Tenant Ordinance.
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