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Wednesday, March 14, 1973
EXPENDITURE ON URBAN RENEWAL CALLED INADEQUATE
Move To Increase Cost Of Becoming A Motorist Supported
The Hon. Szeto Wai today expressed disappointment at the $40 million
budgetted by the Financial Secretary for expenditure on urban renewal.
Speaking at the annual Budget debate, Mr. Szeto said the amount was
"rather inadequate.'
The estimated cost of resumption compensation for improving the old
parts of Yau Ma Tei, Wan Chai and Western District and for creating an Urban
Renewal Pilot Scheme amounted to no less than $120 million, he said.
"Although expenditure on this count may reach the two-thirds mark by
March 1974, it will be many more years before the environments of these areas
are improved,"
He pointed out that the Urban Renewal Pilot Scheme was proposed by
the Slum Clearance Working Party over seven years ago.
As for Yau Ma Tei, Wan Chai and the Urban Renewal District in Western,
private redevelopment of affected land in these areas had been frozen for a
number of years, causing hardship to many owners.
Commenting on the revenue estimates, Mr. Szeto said the new budget
showed a scale-down of $60 million in stamp duties despite doubling the duty
on shares transaction while revenue from land sales and re-grant premia was
slashed by 50 per cent ($301 million).
Another area which appeared unrealistic, he said, was motor vehicles
taxes and licences - a mere four-per-cent increase was budgetted as against the
15 per cent vehicle growth.
/On the ...**