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Thursday, June 22, 1972
"Not only is there no question of people being made homeless because
of inability to pay increased rents, but the imposition of any form of rent
or rent increase control would represent a degree of interference with the
interplay of economic forces which would be unacceptable in the free market
economy of Hong Kong, and would amount to favouring one group of entrepreneurs
(the shopkeepers and factory operators) against another (the building owners),"
he said.
"In addition, the estimates of the amount of new non-domestic
accommodation expected to become available during 1972 and 1973, as published
in the Property Review 1972, indicate that we are moving into a period of much
improved supply, when pressure on business rents is expected to ease."
Mr. Akers-Jones said that proposals have been made from time to time
for some form of legislation which, while not controlling rents of business
premises, would ensure security of tenure of such premises at a full market
rent and such legislation may be introduced at a later date.
"It should be pointed out, however, that a system of this kind would
not be intended to restrain rents below the market level."
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