premium by instalments to sub-let parts of his factory under certain conditions without having to pay up the outstanding balance of premium. The second affected land held on 75-year non-renewable leases and permitted payment of regrant premium by instalments in all cases of flatted development in multi-ownership where applications for regrant had not been completed prior to the new policy being announced.
5.10. Building development was still affected by difficulty in obtaining credit facilities and during the year Government approved a further concession in connexion with building covenants to permit an additional year's free extension in cases where one had been granted in the previous year; or a year's free extension in cases which would have been eligible under the initial concession but where the building covenant did not expire during the period covered by that concession.
5.11. Statistical details concerning land transactions are given at Appendix S.
Valuation Section
5.12. The Valuation Section is concerned with the enforcement and modification of lease conditions, the acquisition of land required for public purposes and valuations required in connexion with these functions, for estate duty and certain statutory assessments. In line with the general quietness of the property market, the number of applications for modification of lease conditions was less than in previous years but towards the end of the year there were signs of increasing interest. The Section made 249 assessments of incremental value under the Demolished Buildings (Redevelopment of Sites) Ordinance; conducted the case for the Crown before 6 Arbitration Boards under the Crown Lands Resumption Ordinance; and was concerned in two cases heard by the Supreme Court, one being an appeal against an estate duty valuation and the other concerning the assessment of revised rent on the expiry of the first term of a 75-year renewable lease.
Property Management Section
5.13. The Property Management Section is responsible for the letting and management of premises owned but not occupied by Government and it conducts negotiations for the letting of Government buildings and piers which are not required for the time being for Government purposes or which are intended for non-Government use. It also manages buildings on former leased land which have reverted to the ownership of the Crown either through re-entry, or through lease expiration.
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