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Thursday, March 14, 1974
Mr. Wu referred to a recent proposal by the Secretary for
the Environment to developers for joint development so that "government
gets much needed flats for its employees and the developer gets the work
and money".
He believed that if this was extended to low cost housing,
the objective of Hong Kong's housing programme could be reached earlier
and perhaps cheaper.
To this end, he suggested, low cost housing could be sold to
the public and financed by increased capitalisation or borrowing of
the Hong Kong Building and Loan Agency.
He stressed that people in urgent need were prepared to buy with
their own means instead of renting with public subsidy.
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