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a right of perpetual lease and that accounts for property
being passed from one generation to another.
3. Had I any idea that the Government will have
the right to confiscate partly or wholly the property with
improvements, I would never have bought the 3 lots at Hung Hom
last year even at the price of 5 cents per square foot.
4. If the new policy is to be adopted I am of
opinion that most of the Chinese who desire to make provision
for their descendants as well as those Chinese Charitable
Institutions will not employ their money in such an investment,
5. Old residents will be able to tell you how
much the value of property has been depreciated on account of the enforcement of the Sanitary By-laws. In my humble opi- nion property would have been worth 25 % more in value and transactions in house property would have been more numerous during the past few years had it not been for the fact of the enforcement of the said By-laws. If the mere enforcement of a few Sanitary By-laws (which I have entirely approved) will have such an effect in house property, how much more would it be were the new policy to be carried out.
6. To sum up the Chinese, as a race, always pre-
fer to pay the full value of any property once and for all &
do not like to be disturbed thereafter.
7. Under the above circumstances I am of opi- nion that the Government will obtain one-half of the present
market value, that transaction will be less frequent, and that the stamp revenue will indirectly suffer.
8.