5 -
WEDNESDAY, JANUARY 16, 1980
+THERE IS IN GENERAL PLENTY OF INDUSTRIAL PROPERTY AVAILABLE FOR RENT IN THE NEW TERRITORIES, WHILE RENTAL CRITERIA FOR COMMERCIAL PROPERTIES REQUIRE DIFFERENT PHILOSOPHICAL CONSIDERATIONS THAN FOR RENTED DOMESTIC ACCOMMODATION,+ HE SAID.
+A FAMILY WITH A ROOF OVER THEIR HEAD CANNOT BE UNFAIRLY EJECTED IF SOCIETY IS TO REMAIN STABLE. I DO NOT FEEL AT ALL THE SAME WAY ABOUT COMMERCIAL TENANTS, IF THEY CANNOT PAY THE RENT ASKED AND OTHERS CAN, WHY SHOULD NOT THE LATTER BE GIVEN A CHANCE? THERE IS CERTAINLY NO EVIDENCE OF THE WAREHOUSING OF EMPTY COMMERCIAL PREMISES.
MR BREMRIDGE NOTED THAT THE MEASURES TO CURB RENTAL INCREASES IN SOME 43 000 FLATS MIGHT ONLY AFFECT A SMALL SEGMENT OF HONG KONG'S POPULATION, BUT IT WOULD HAVE A SALUTARY EFFECT ON THE WHOLE PROPERTY MARKET WHICH HAD BEEN +FRIGHTENINGLY BALLOONED IN THE LAST 12 MONTHS - FAR BEYOND WHAT MIGHT HAVE BEEN EXPECTED FROM THE INEVITABLE COLLISION OF EXUBERANT DEMAND AND SHORT SUPPLY+.
+THOUGH FOR SOME TIME THE FINANCIAL SECRETARY HAS BEEN TRYING TO MODERATE THE MONEY SUPPLY, STILL TOO MUCH HAS BEEN GOING INTO LAND SPECULATION AS OPPOSED TO SOUND DEVELOPMENT.
+NOT ONLY SHOULD THESE RELATIVELY MODEST AND TEMPORARY RENTAL CONTROL MEASURES AMELIORATE THIS SITUATION, BUT I HOPE ALSO THAT SOME INVESTORS ATTENTION WILL AGAIN BE TURNED TO THE FACT THAT HONG KONG LIVES ON ITS EXPORTS.
+THERE MUST COME A TIME ALSO WHEN EVEN THE MOST AVARICIOUS DEVELOPER SHOULD REALISE THAT IRRESPONSIBLE LAND SPECULATION RESULTING IN EVER INFLATING COSTS FOR THE DOMESTIC RESIDENT FACTORY OWNER, BUSINESSMAN, OR SHOPKEEPER CAN HAVE ONLY ONE END,+ HE ADDED.
ALSO COMMENTING ON THE BILL, THE HON DAVID NEWBIGGING URGED THE GOVERNMENT TO MAKE A DEFINITE, REALISTIC AND POSITIVE STATEMENT+ OVER ITS POLICY ON FUTURE LAND SUPPLY AND DEVELOPMENT.
HE SAID THE CURRENT SPIRALLING RESIDENTIAL RENTS HAD CREATED A SITUATION WHICH REQUIRED SOME IMMEDIATE ACTION TO COOL IT DOWN BUT POINTED OUT THAT GOVERNMENT SHOULD BEAR A LARGE SHARE OF THE RESPONSIBILITY FOR NOT HAVING SUPPLIED SUFFICIENT LAND FOR RESIDENTIAL DEVELOPMENT.
+HOWEVER, THIS BILL BY ITSELF WILL PROVIDE, AT BEST, ONLY A COOLING-OFF PERIOD RATHER THAN A SOLUTION AND FOR THIS REASON I HAVE SOME DIFFICULTY IN SUPPORTING IT IN ISOLATION.
+1 BELIEVE THAT GOVERNMENT MUST ANNOUNCE CON CURRENTLY A FIRM POLICY COMMITMENT TO INCREASING THE SUPPLY OF LAND OVER AND ABOVE WHAT IS ALREADY PLANNED AND MUST OUTLINE HOW AND WHEN IT PROPOSES TO IMPLEMENT THIS POLICY.
/MR NEWBIGGING