THURSDAY, DECEMBER 8, 1983
10
IN THE CASE OF A LARGE INDUSTRIAL SITE CAPABLE OF SUB-DIVISION WHERE THE LESSEE WAS REQUIRED TO CARRY OUT SUBSTANTIAL INFRA- STRUCTURAL WORK WHICH WOULD ULTIMATELY BE HANDED BACK TO THE GOVERNMENT, AND WHERE THE LESSEE FAILED TO KEEP UP INSTALMENT PAYMENTS, IT MIGHT NOW BE POSSIBLE FOR HIM TO APPLY TO RETAIN A PORTION OF THE SITE AND SURRENDER THE REMAINDER TO THE GOVERNMENT FOR DISPOSAL, PROVIDED THAT THE LESSEE UNDERTOOK TO COMPLETE THE INFRA-STRUCTURAL WORK.
+ IN RECOGNITION OF THE SPECIAL DIFFICULTIES CURRENTLY BEING EXPERIENCED BY DEVELOPERS, A FIRST-YEAR FREE BUILDING COVENANT EXTENSION IN RESPECT OF COVENANTS EXPIRING ON OR AFTER JUNE 30, 1983, WOULD BE ALLOWED WITH CORRESPONDING ADJUSTMENTS MADE TO THE PREMIA PAYABLE FOR SECOND YEAR AND SUBSEQUENT EXTENSIONS, MR HO SAID.
IN CASES OF DELAY WHICH HAD OCCURRED THROUGH NO FAULT OF THE DEVELOPER, THE DEVELOPER WOULD BE GRANTED WHATEVER PERIOD OF 'FREE' EXTENSION WAS RELEVANT AS IF IT WERE PART OF THE ORIGINAL BUILDING COVENANT. THEN, ON EXPIRY, THE PRESENT NEW POLICY WOULD APPLY. THIS ARRANGEMENT WOULD BE IN FORCE FOR TWO YEARS FROM JULY 1, 1983, AND A REVIEW THEN UNDERTAKEN TO ASSESS THE NEED FOR IT TO CONTINUE.
MR HO SAID FAILURE TO PAY AN INSTALMENT WAS A BREACH OF LEASE CONDITIONS AND RENDERED THE LOT LIABLE TO RE-ENTRY. HE SAID A NUMBER OF APPLICATIONS HAD BEEN RECEIVED REQUESTING EXTENSION OF TIME FOR PAYMENT OF INSTALMENTS.
+THE LANDS DEPARTMENT HAS ADOPTED THE FLEXIBLE APPROACH OF ALLOWING INSTALMENTS TO BE DEFERRED - ON APPLICATION AND WITH JUSTIFICATIONS - GENERALLY FOR UP TO SIX MONTHS, + MR HO SAID.
HE POINTED OUT THAT THIS ARRANGEMENT, WHICH WOULD ALLOW DEVELOPERS TO ESTABLISH A CASH FLOW OR RAISE NECESSARY FINANCE, WOULD NORMALLY APPLY TO THOSE CASES IN WHICH DEVELOPMENT WAS PROCEEDING WELL ON THE SITE.
OTHER MEASURES, MR HO SAID, HAD BEEN THE +MONETISATION+ OF LETTERS B AND THE SUSPENSION OF THE REQUIREMENT TO INCLUDE A PROPORTION OF SMALL UNITS WHEN SELLING CERTAIN INDUSTRIAL LOTS OF UP TO 3 000 SQUARE METRES IN AREA.
MR HO RECALLED A COUPLE OF POSITIVE APPROACHES+ IN THE DISPOSAL OF LAND.
HE SAID THE LANDS DEPARTMENT HAD RE-ADJUSTED THE PLOT RATIOS AND SITE SIZES OF INDUSTRIAL LOTS IN THE NEW TERRITORIES; LETTERS A/B TENDERS FOR LOW-RISE RESIDENTIAL LAND WERE OFFERED WITH THE CONVERSION RATIO OF 1:1 ON THE BASIS OF THE SURRENDER OF THE HIGHEST AMOUNTS OF LETTERS B; AND, CONCERNING THE LAND SALES PROGRAMME, THE PUBLIC WERE BEING OFFERED TWO SETS OF SALE ITEMS. AS REGARDS ONE. ON THE ACTIVE LIST, GOVERNMENT WOULD TAKE THE INITIATIVE TO ARRANGE PUBLIC AUCTION OR TENDERS, AND IN REGARD TO ANOTHER ON THE APPLICATION LIST, THE GOVERNMENT WOULD ONLY TRANSFER THE SITE TO THE ACTIVE LIST ON APPLICATION.
+IN SHORT, MR HO SAID, THE GOVERNMENT WILL CONTINUE TO TAKE A FLEXIBLE ATTITUDE TO COPE WITH THE EVER-CHANGING MARKET CONDITIONS.
/+THE LANDS