WEDNESDAY, DECEMBER 9, 1981
MID-LEVELS BUILDING BAN EXTENDED
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HE LEGISLATIVE COUNCIL TODAY EXTENDED THE TEMPORARY RESTRICTION ON BUILDING DEVELOPMENT IN THE MID-LEVELS FOR A FURTHER THREE MONTHS, UP TO THE END OF MARCH NEXT YEAR.
THE EXTENSON WILL ALLOW TIME FOR AMENDMENTS TO BE MADE T THE BUILDINGS ORDINANCE FOLLOWING COMPLETION OF A DETAILED GEOTECHNICAL SURVEY TO ESTABLISH WHAT CONTROLS WERE NEEDED FOR FUTURE BUILDING WORKS IN THE GREA.
THE ACTING SECRETARY FOR LANDS AND WORKS, THE HON NICKY CHAN TOLD THE COUNCIL THAT THE PERIOD AVAILABLE WAS QUITE SHORT FOR A GEOTECHNICAL STUDY OF THIS NATURE AND EXTENT AND BECAUSE OF THE IMPORTANCE OF HAVING GOOD INFORMATION ON THE GROUND WATER CONDITIONS, IT HAD TO EXTEND OVER THE TWO WET SEASONS OF 1980 AND 1981.
HE SAID THAT IN ORDER TO ENSURE THAT SAFE DEVELOPMENT COULD PROCEED IN THE AREA THE CONSULTANTS HAD RECOMMENDED A NUMBER OF GEOTECHNICAL CONTROLS WHICH TAKE ACCOUNT OF THE OVERALL STABILITY OF THE HILLSIDE AS WELL AS THE LOCAL STABILITY AT INDIVIDUAL LOTS.
+THESE CONTROLS CONCERN STANDARDS OF GEOTECHNICAL DESIGN, SITE SUPERVISION, DEMOLITION, TEMPORARY WORKS AND GROUND WATER DRAINAGE.
+PROVIDED NEW BUILDING WORKS ARE DESIGNED, SUPERVISED AND CONSTRUCTED IN ACCORDANCE WITH THESE GEOTECHNICAL CONTROLS, THERE WILL BE NO NEED TO CONTINUE THE BAN ON BUILDING DEVELOPMENTS IN THIS AREA FOR GEOTECHNICAL REASONS, HE SAID.
MR CHAN HOPED THAT IT WOULD BE POSSIBLE TO HAVE THE NEW REGULATIONS MADE AND TO INTRODUCE AN AMENDING BILL WITHIN THE EXTENDED RESTRICTION PERIOD.
RELIEF FROM AD VALOREM DUTY
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A BILL INTENDED TO PROVIDE HONG KONG UNIT TRUST MANAGERS RELIEF FROM AD VALOREM DUTY AND TO EXEMPT BEARER INSTRUMENT DUTY FROM INTERNATIONAL BOND ISSUES, ESPECIALLY ASIA DOLLAR BONDS, WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MOVING THE SECOND READING OF THE STAMP DUTY (AMENDMENT) BILL 1981, THE FINANCIAL SECRETARY, THE HON JOHN BREMRİDGE SAID THAT SUCH RELIEF IS JUSTIFIED, SINCE ALL UNIT TRUST MANAGERS ARE REQUIRED BY THE TRUST DEEDS TO BUY AND SELL UNITS WITHIN A NARROW RANGE OF PRICES.
THE BILL ALSO PROVIDES FOR EXEMPTION FROM STAMP DUTY IN RESPECT OF FOREIGN CURRENCY LOANS.
THE PROVISIONS OF THE BILL ARE TO COME INTO FORCE AT THE SAME TIME AS THOSE OF THE PRINCIPAL ORDINANCE RELATING TO UNIT TRUSTS, PROBABLY ON JANUARY 1, NEXT YEAR.
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