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WEDNESDAY, JUNE 29, 1983
SHORT-TERM LEASES PROPOSED
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THE HONG KONG INDUSTRIAL ESTATES CORPORATION (AMENDMENT) BILL 1983, WHICH WILL ENABLE THE HONG KONG INDUSTRIAL ESTATES CORPORATION TO GRANT SHORT-TERM LEASES OF LAND WITHIN ITS ESTATES FOR NON-INDUSTRIAL PURPOSES, WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY.
THE SECRETARY FOR LANDS AND WORKS, THE HON DAVID MCDONALD, IN MOVING THE SECOND READING OF THE BILL, SAID THAT UNDER EXISTING LEGISLATION, THE CORPORATION WAS ONLY PERMITTED TO USE THE LAND WITHIN ITS ESTATES AT TAI PO AND YUEN LONG FOR INDUSTRIAL PURPOSES.
+SINCE ITS ESTABLISHMENT IN 1977 THE CORPORATION HAD PURSUED A POLICY OF FORMING LAND AS QUICKLY AS POSSIBLE, HAVING REGARD TO THE LEAD TIME REQUIRED AND THE NEED TO HAVE SUFFICIENT LAND ALWAYS AVAILABLE TO MEET DEMAND, MR MCDONALD SAID.
+IT WAS OF COURSE RECOGNISED THAT THIS POLICY MIGHT RESULT IN A SURPLUS OF LAND ARISING FROM TIME TO TIME, BUT THE RECENT WORLD RECESSION AND HIGH INTEREST RATES HAVE EXACERBATED THE SITUATION BY CAUSING A SLOW DOWN IN THE TAKE-UP RATE OF AVAILABLE LAND.+
STATISTICS SHOWED THAT THE CORPORATION HAD ALLOCATED, AS AT APRIL 1983, A TOTAL OF 30 HECTARES BUT STILL HAD 35 HECTARES OF FORMED LAND UNALLOCATED. ANOTHER 53 HECTARES WOULD BECOME AVAILABLE IN 1984 AND A FURTHER FIVE HECTARES IN 1985.
LUS
WITH AN AVERAGE ANNUAL TAKE-UP RATE OF FIVE HECTARES, MR MCDONALD SAID, THERE WAS LIKELY TO BE A CONSIDERABLE SURPLUS
IN THE SHORT TERM.
THE BOARD OF THE CORPORATION ACCORDINGLY APPROACHED THE GOVERNMENT WITH A REQUEST THAT THE ORDINANCE BE AMENDED TO PERMIT THE CORPORATION TO GRANT SHORT-TERM LEASES FOR NON-INDUSTRIAL PURPOSES.
+INITIALLY ABOUT 20 HECTARES OF LAND WILL BE EARMARKED FOR SUCH USE. THE GOVERNMENT CONSIDERS THIS A SENSIBLE APPROACH SINCE IT WILL MAKE LAND AVAILABLE FOR PURPOSES SUCH AS OPEN STORAGE, FOR WHICH THERE HAS BEEN CONSIDERABLE DEMAND RECENTLY, AND WILL ENABLE THE CORPORATION TO DERIVE INCOME FROM LAND WHICH MIGHT OTHERWISE LIE IDLE FOR SOME TIME, MR MCDONALD SAID.
+THE LAND BANK OF THE CORPORATION WILL BE MORE THAN ADEQUATE TO MEET THE EXPECTED DEMAND FOR SITES FROM ELIGIBLE
INDUSTRIES.+
/THE BILL.....