Tuesday, December 11, 1973
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industry or limitation on subsequent assignment.
This policy had proved economically sound both by the
revenue it has brought to the public purse, and by ensuring that
land was put to the most profitable use.
Rapidly increasing land prices had made multi-storey
development inevitable, however, and these buildings were suitable
for the many light industries that have prospered in Hong Kong.
But this development had in recent years inhibited the
establishment of industries that could not operate in high-rise
buildings, such as medium and heavy engineering, foundries,
ohemical processing, and heat and chemical treatment plants.
Mr. McGregor said that the revised policy approved by
the Executive Council defined a number of principles and specific
criteria which would be applied when applications for land to be
granted on a restricted user basis were considered.
The projects concerned would have to be new to Hong Kong
or represent a technological up-grading to a significant degree of
an existing industrial process.
They would also have to provide employment opportunities
at a generally higher level of skill than prevailed in existing
industries and some, like the Dow polystyrene project, would
provide essential raw materials for our export oriented manu-
facturing industry.
Mr. MoGregor pointed out that polystyrene was the basic
raw material of a large section of Hong Kong's toy industry, and
supports other main industries such as electronics.
He expressed his belief that Hong Kong would attract
further major industrial projects in the near future.
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