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Friday, March 23, 1973
INTERESTS OF FLAT OWNERS WILL BE PROTECTED
In Future Valuations Of Crown Rents
Small flat owners will be protected from the effect of the
exceptional high prices prevailing in the land market in future assessments
of Crown rents for renewable leases, under proposed legislation shortly
to be introduced into the Legislative Council.
New legislation would also ensure that flat owners can pay a
fair share of the Crown rent on the lot and will be able to discharge
their individual liabilities without reference to their co-owners.
Two bills the Crown Leases Bill 1973 and the Crown Rent and
Premium (Apportionment) (Amendment) Bill 1973 were published in the
Gazette today. They will be introduced into the Legislative Council
on Wednesday (March 28).
The provision, which will be of most interest to owners of property
held on leases which will expire on June 30 this year, will enable the
Director of Public Works to take into account the value of the ground
on July 1, 1972 rather than follow the provision in these leases which
stipulates that the value of the land should be determined at the date
of expiry.
A Government spokesman said: "This will mean that the Director can
disregard the extreme and exceptional rises in prices paid for land during
the last nine months."
In the