THURSDAY, JULY 15, 1982
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+UNDER THE OUTLINE TERMS, THE FORMER OWNERS SHOULD HAVE FORMED THEMSELVES AT THAT STAGE INTO A CORPORATION OR CORPORATIONS FOR THE PURPOSE OF APPLYING FORMALLY TO GOVERNMENT FOR THE GRANT OF THE NEW SITES, HE SAID.
+HOWEVER, STARTING FROM EARLY 1980, THERE WAS DISAGREEMENT BETWEEN THE FOMRER GROUND FLOOR OWNERS AND FORMER UPPER FLOOR OWNERS OVER THE APPORTIONMENT AND ALLOCATION OF SHARES IN THE CORPORATION(S) TO BE FORMED IN ACCORDANCE WITH THE OUTLINE TERMS OF GRANT.+
THE FORMER GROUND FLOOR OWNERS AND SOME UPPER FLOOR OWNERS WANTED THE SHARES DIVIDED ON THE BASIS OF THE RATEABLE VALUE OF THE OLD LOTS, WHILE THE MAJORITY OF FORMER UPPER FLOOR OWNERS ARGUED THAT THE ALLOTMENT OF SHARES SHOULD BE ON THE BASIS OF THEIR FORMER UNDIVIDED SHARE OWNERSHIP OF THE OLD LOTS.
SINCE THEN, 11 CORPORATIONS FORMED BY THE TWO GROUPS HAVE SEPARATELY APPLIED FOR THE GRANT OF NEW LEASES.
THE SIX CORPORATIONS FORMED BY ALL THE FORMER GROUND FLOOR OWNERS AND 34 FORMER UPPER FLOOR OWNERS, REPRESENT 67.39 PER CENT OF THE UNDIVIDED SHARES IN THE OLD LOTS AND 84.56 PER CENT BASED ON THE RATEABLE VALUE OF THE OLD LOTS.
THE FIVE CORPORATIONS FORMED BY A MAJORITY OF FORMER UPPER FLOOR OWNERS REPRESENT 31.86 PER CENT OF THE UNDIVIDED SHARES IN THE OLD LOTS AND 15.07 PER CENT BASED ON RATEABLE VALUE.
DESPITE REPEATED ATTEMPTS THE GOVERNMENT HAS FAILED TO BRING THE TWO GROUPS TOGETHER.
EXPLAINING THE GOVERNMENT DECISION, THE SPOKESMAN SAID THAT THE SIX CORPORATIONS INVITED TO APPLY FOR GRANTS COMPRISING ALL THE FORMER GROUND FLOOR OWNERS AND 34 FORMER UPPER FLOOR OWNERS, HAD COMPLIED WITH THE OUTLINE TERMS OF GRANT OF CROWN LEASES PARTICULARLY AS REGARDS THE REQUIREMENT OF OBTAINING THE PARTICIPATION OF NCT LESS THAN 75 PER CENT OF ALL THE FORMER OWNERS, ON RATEABLE VALUE.
+IN FACT, THEY HAVE ACHIEVED A HIGH LEVEL OF PARTICIPATION, BOTH ON RATEABLE VALUE TERM AND ON AN UNDIVIDED SHARE BASIS, + HE ADDED. IN ADDITION, THE FORMER GROUND FLOOR OWNERS ARE NOT ISOLATED IN THEIR CAUSE AS THEY HAVE THE SUPPORT OF 34 FORMER UPPER FLOOR OWNERS.+
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