26
WEDNESDAY, FEBRUARY 15, 1984
ADMIRALTY II SITE SOLD FOR $380 MILLION
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THE ADMIRALTY II SITE WAS BOUGHT FOR $380 MILLION AT AUCTION TODAY (WEDNESDAY) BY FIRST PROFIT INVESTMENT LIMITED.
BIDDING OPENED AT $300 MILLION AND BIDS WERE RAISED $10 MILLION EACH TIME.
THE AUCTION ROOM WAS PACKED TO OVERFLOWING WITH AN ESTIMATED 700 - 800 PEOPLE PRESENT.
THE AUCTIONEER WAS GOVERNMENT LAND AGENT, MR TONY HARLAND.
THE PRICE PAID IS MORE THAN $60 200 PER SQUARE METRE.
THE GOVERNMENT SPOKESMAN SAID THAT GOVERNMENT WAS PREPARED TO OFFER THE SITE FOR SALE AT A MINIMUM PRICE OF $300 MILLION.
OBVIOUSLY THERE WAS INTEREST IN THE SITE AS EVIDENCED BY THE FACT THAT IT WAS SOLD FOR $380 MILLION, HE SAID.
THE INTEREST SHOWN WAS NOT AS GREAT AS EARLIER SPECULATION HAD SUGGESTED.
THE SPOKESMAN ADDED THAT GOVERNMENT MUST ALLOW THE MARKET TO FIND ITS OWN LEVEL AND BE PREPARED TO SELL AT REASONABLE PRICES.
HE EMPHASISED THAT THE PURCHASER WOULD NOW HAVE TO INVEST A FURTHER SUBSTANTIAL SUM (ESTIMATED AT ABOUT $1 BILLION) TO DEVELOP THE SITE AND THIS WAS A VOTE OF CONFIDENCE IN THE FUTURE OF HONG KONG.
COURT TO LOOK INTO OSPREY' LOSS
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THE GOVERNOR HAS APPOINTED A MARINE COURT TO INVESTIGATE THE LOSS OF THE BARQUENTINE OSPREY', A MARINE DEPARTMENT SPOKESMAN ANNOUNCED TODAY (WEDNESDAY).
THE MARINE COURT WILL BE PRESIDED OVER BY JUDGE WANE. DR PETER CHENG JUI-SHAN AND CAPTAIN ASHLEY J. WAGG HAVE BEEN APPOINTED AS ASSESSORS TO ASSIST THE COURT.
THE COURT WILL SIT AT 10 AM ON APRIL 26, 1984, IN THE OLD SUPREME COURT BUILDING, JACKSON ROAD, HONG KONG.