20
Wednesday, May 24, 1972
That would be effected by charging only 50 per cent of the reduced
rent due in 1973 and thereafter increasing by annual stages of 10 per cent
until 1978 the full modified rent would become payable.
That concession would also affect those people who had renewed
their leases in the five years prior to June 30, 1973, he said.
1
He explained that the reassessed rent payable after June 30, 1973
for leases renewed up to five years prior to that date would be reduced by
the appropriate percentage on a similar basis according to the year of renewal.
Lease
4
If a lessee had renewed his lease in say 1970 he would after June 30,
1973 get the benefit of the last two stages of the concession, that was to
say, the reduced rent payable would be further reduced by 20 per cent for
his first year's payment after June 30, 1973, and by 10 per cent after
June 30, 1974, but not thereafter further reduced, the Colonial Secretary
cited.
He pointed out that particular consideration had been given to
pre-war rent controlled properties.
In those cases the existing Crown rent would be payable just so
long as the property remained subject to tenancies the rents of which were
controlled under the Landlord and Tenant Ordinance.
When that ceased to be the case lessees would begin to pay the
modified Crown rent as assessed at the date of renewal, he added.
He pointed out that a similar corssion would be available to lessees
with under-developed property who renewed their leases on the basis of existing
use and development.
/In those
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