A
Sec. 18/3181/47
SAVINGRAM
To the Secretary of State for the Colonies.
From the Governor, Hong Kong.
th
23
Date
March, 1950.
286
No......
Your approval is requested of the grant
of an area of 111,500 square feet of land at Pokfulum Road to the Trustees of the Church of England, incorporated by Ordinance 2/1930, for the purpose of erecting a University Hostel on the following terms:-
(1) Private Treaty grant.
(2)
(3)
Lease for 75 years.
Premium of $167,250, which is one-fifth of the normal upset price if the land were put to auction.
2.
Building Covenant of $1,500,000 in 5 years.
(4)
Normal Crown Rent of $3,840 per annum.
(5)
(6)
(7)
(8)
Restriction to use as a University hostel.
Restriction against alienation except with the consent of Government.
Reversion to the Crown without
compensation for any breach of the Conditions of Grant.
The site although comprising mainly steep hillside is admirably situated for the purpose for which it is required and I am of the opinion that your approval may properly be given for the proposed grant. Council has agreed.
Executive
DCB/LF