certain lessees will be eligible for a phasing-in of the re-assessed rent spread over a period of from one to five years. The phasing-in pro- visions, in some cases, can amount to a maximum deduction of 50% of the renewal rent after the 20% reduction depending the date
upon of the renewal of the lease. More detailed particulars of the concessions and of the manner in which they are intended to be applied are contained in a comprehensive statement issued by the Government on 12th October 1972. The comprehensive statement also provides for the renewal of the leases of certain lots at a restricted rent being 30% of what the Director of Public Works estimates to be the net annual value of the property at the date of renewal. This concession applies to post-war or pre-war buildings upon lots which are, by present day standards, so under-developed that the full renewal rent less the 20% reduction would exceed 30% of the net annual value of the property. For certain pre-war buildings consisting wholly of premises to which the Landlord and Tenant Ordinance applies, and which were actually tenanted on 24th May 1972 and remain subject to the same tenancy at the date of renewal, the Crown rent payable by the lessee will be the same as was payable before renewal. In cases where only part of the premises is subject to the Landlord and Tenant Ordinance, the Crown rent for the whole lot will be the sum of the Crown rent payable before the renewal and 30% of the net annual value of the remaining part or parts of the premises.
45. On 22nd March 1972 Government announced a new procedure to help owners of units in multi-storey buildings when their Crown leases, whether non-renewable or renewable, come to an end. In the past many such owners have not been able to obtain a new lease principally because they have not been able to agree amongst them- selves to apply for or take up a new Crown lease. Under the new procedure, when a Crown lease comes to an end without agreement among the owners regarding regrant or renewal, a new Crown lease will be granted to The Colonial Treasurer Incorporated, which will thereafter offer to every former owner an assignment of his former share in the lot, together with the right to the exclusive use of the unit formerly owned by him. The offer will state what proportion of the Crown rent and, where appropriate, what proportion of the premium the former owner will be required to pay. If a former owner accepts the offer, an assignment of his former share in the lot will be made to him by The Colonial Treasurer Incorporated. Stamp duty on the assignment will be waived, but an administrative fee will be payable
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