7. There were, however, many hundreds of new projects in the pipeline, being either projects planned in previous years and which developers had as a condition of obtaining an Exclusion Order under the Landlord and Tenant Ordinance undertaken to complete within a specified period, or projects on lots sold by auction or by private treaty in respect to which the purchasers had entered into similar building convenants. Recognizing the difficulties of developers in completing their projects at a time when there was a temporary oversupply of accommodation of all grades and when the building industry was still more or less fully extended, the Government on 20th September 1966 extended the free extension of one year granted in November 1965 for a further year (see paragraph 47). As a further measure to help tide developers over a difficult period, the Government in February 1967 relaxed the standard prohibition of subletting included in the conditions of sale of industrial land sold subject to the payment of the premium by instalments, by allowing subletting on certain terms and conditions (see paragraph 37). Yet another measure to ease the difficutlies of owners was a further extension of the classes of cases in which the premium payable for the regrant of a lease could be paid by instalments over 21 years.
8. In view of the substantial improvement in the supply of new private accommodation the Rent Increases (Domestic Premises) Control Ordinance was allowed to lapse on the due date, 30th June 1966, though continuing to protect certain tenancies for a further two years. While no doubt welcoming the removal of this restrictive legislation, most developers and owners for investment purposes derived little immediate benefit thereby, for the tendency throughout the year was towards lower not higher rents.
9. Confidence in the future was shown by two major developers, The Hongkong Land Investment and Agency Co. Ltd, which is proceed- ing with a scheme at Shau Kei Wan for 104 shops and 1,880 flats, the latter to be sold on instalment terms over a period of 14 years at prices varying from $15,800 to $24,500 per flat, and the Mei Foo Investment Co. Ltd, which is proceeding with the largest private housing develop- ment ever known in the Colony at Lai Chi Kok, where it is planned to house 70,000 people in 15,000 flats. There is also the prospect of an enormous amount of re-development to come in some of the older parts of the urban areas in which action has been taken in hundreds of cases under the Demolished Buildings (Re-development of Sites)
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