5
Wednesday, May 10, 1972
At the time of public auction, he said, Government had failed to
inform the potential purchasers fully and clearly that the new Crown rent
would be assessed in a totally different manner as compared to that for
the present one.
There was no indication whatsoever that there are two completely
different types of Crown rent as contained in the printed version of the
Particulars and Conditions of Sales, he said.
"Since Government has failed to do so, the public were then misled
into the belief that the new Crown rent would be evaluated in a similar
manner as the present Crown rent and hence the premiums offered by the
bidders were based on this misunderstanding."
Dr. Chung said he felt, as many people did, that Government owed
these leaseholders a great deal of moral obligation.
On market price or scarcity value of land, Dr. Chung said it is
subject to extreme fluctuations even within a period of a few weeks and is
therefore open to dispute.
"What justification can Government make to demonstrate to the
satisfaction of leaseholders that its assessments on capital value are fair
and realistic?" he asked.
Dr. Chung also challenged the Government on its public announcement
that the five per cent interest rate was in itself a substantial concession
on the part of Government made to those holders of renewable leases.
He said