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WEDNESDAY, MARCH 2, 1977
HE POINTED OUT THE RECOVERY IN THE MAJOR INDUSTRIALISED ECONOMIES STARTED AT A TIME WHEN INFLATION RATES WERE HIGH AND, FROM A FEAR OF INFLATION, THESE COUNTRIES WERE MORE LIKELY TO ENGAGE IN POLICIES MORE RESTRICTIVE IN TERMS OF EXPANSION.
MR. HADDON-CAVE SAID THE FUTURE GROWTH OF HONG KONG DEPENDED ON THE TRADE POLICIES PURSUED BY THE GOVERNMENTS OF COUNTRIES TO WHICH IT EXPORTED.
UNDER THE GENERAL AGREEMENT ON TARIFFS AND TRADE, HE SAID, WHEN A MEMBER INTRODUCED IMPORT RESTRICTIONS, THEY SHOULD BE APPLIED TO IMPORTS FROM ALL SOURCES.
+SOME MEMBER COUNTRIES WOULD LIKE TO CHANGE THIS RULE SO THAT SUCH RESTRICTIONS COULD BE APPLIED ON A SELECTIVE BASIS. THIS IS AN IDEA WHICH HOLDS CONSIDERABLE DANGERS FOR HONG KONG, THE FINANCIAL SECRETARY WARNED.
IN
MR. HADDON-CAVE FURTHER CAUTIONED THAT IF EVER THERE WAS A YEAR WHICH BUDGETARY POLICY MUST BE CONSIDERED IN THE CONTEXT
OF THE PERIOD TO FOLLOW, IT WAS 1977/78.
GARDEN ESTATE HOMES FOR 6,000 IN TAI PO *****
THE GOVERNMENT HAS GIVEN THE GO-AHEAD TO A PLAN TO CONVERT MORE THAN 50 HECTARES OF AGRICULTURAL LAND AT TAI PO INTO A GARDEN ESTATE PROVIDING 2-STOREY HOMES FOR 6,000 PEOPLE.
THE SECRETARY FOR THE NEW TERRITORIES, MR. DAVID AKERS-JONES, TODAY SIGNED THE LEASE CONDITIONS FOR LAND WITH THE PRIVATE DEVELOPMENT COMPANY WHICH WILL UNDERTAKE THE PROJECT.
THE SITE, AT HONG LOK YUEN, TWO MILES NORTH OF TAL PO ON TAI PO/FANLING ROAD, WILL BE DEVELOPED BY LUEN SANG FAT ENTERPRISES CO., LTD. ONE OF THE COMPANY'S DIRECTORS, MR. Y.W. LEE, SIGNED THE DOCUMENTS WITH MR. AKERS-JONES,
MR. AKERS-JONES SAID THAT THE DEVELOPMENT WOULD TAKE PLACE
ON A VERY BEAUTIFUL RURAL SITE.
+EVERY EFFORT WILL BE MADE TO PRESERVE THE NATURAL SETTING OF THE AREA,+ HE SAID. WHEN COMPLETED THE ESTATE WILL PROVIDE FIRST CLASS HOUSING FOR THE MANAGERIAL LEVEL WHO WILL BE ATTRACTED TO THE DISTRICT BECAUSE OF THE RAPID DEVELOPMENT OF TAI PO, PARTICULARLY THE NEW INDUSTRIAL ESTATE,
MR. AKERS-JONES SAID THAT UNDER THE TERMS OF THE LEASE THE COMPANY WILL BE REQUIRED TO SPEND A TOTAL OF $30 MILLION ON DEVELOPING THE SITE WITHIN THE NEXT EIGHT YEARS.
THIS HAD TO BE SPENT IN THREE STAGES - $15 MILLION IN THE FIRST FOUR YEARS, A FURTHER $10 MILLION IN THE FOLLOWING TWO YEARS AND THE FINAL $5 MILLION IN THE SEVENTH AND EIGHTH YEARS.
HE SAID THERE WOULD BE LIMITED COMMERCIAL FACILITIES FOR RESIDENTS AS WELL AS COMMUNITY FACILITIES SUCH AS A PRIMARY SCHOOL.
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