15
-
Wednesday, April 7, 1976
The Secretary for the New Territories said that he had spoken
during last year's budget debate of the need to update land compensation
policies and of the search for a cash alternative to offer of land exchange for
land resumed. He declared: "It is gratifying to know that a cash alternative
is now available for those who want it, although landowners continue to
prefer the exchange system."
Mr. Akers-Jones pointed out that 51 million square feet of land had
been resumed since 1960 and 38 million square feet of land exchange entitlements
redeemed. "There remains a fluctuating outstanding commitment which has tended
to grow in the last year because of the scale of resumptions taking place in
the New Towns; however, I hope to make available about two million square feet
of development land over the next 18 months which will account for some five
million square feet of exchange entitlements, " Mr. Akers-Jones said.
He said that the development of Hong Kong could not be treated in
separate territorial parcels the needs and provision of facilities in the
New Territories should not fall behind that of the rest of Hong Kong. Mr.
Akers-Jones declared: "The New Territories provided something like 150 million
in land revenue last year; this year, householders and property owners in the
towns of the New Territories will in addition contribute rates and taxes; this
is a step forward, the far reaching consequences of which should not be
underestimated."
/16