FRIDAY, MARCH 1, 1985
10
SITE SOLD FOR TWICE UPSET PRICE
****
A PIECE OF CROWN LAND AT THE JUNCTION OF WATERLOO, LANCASHIRE AND CAMBRIDGE ROADS, KOWLOON, WAS SOLD FOR $20 MILLION AT AN AUCTION TODAY (FRIDAY) TWICE THE UPSET PRICE.
KNOWN AS NEW KOWLOON INLAND LOT NO. 6004, THE 2 843-SQUARE- METRE SITE WAS SOLD TO LAI SUN GARMENT CO. LTD.
THE DEVELOPER WILL HAVE TO COMPLETE NOT LESS THAN 2 814.57 SQUARE METRES OF GROSS FLOOR AREA FOR PRIVATE RESIDENTIAL ACCOMMODATION BEFORE SEPTEMBER 30, 1988.
COMMENTING ON THE SALE, THE AUCTIONEER, MR C.M. MO SAID THE PRICE FETCHED INDICATED HONG KONG'S DEVELOPERS CONFIDENCE IN THE PROPERTY MARKET.
MEANWHILE, THE SALE OF A SITE AT STANLEY MARKET ROAD, WHICH WAS SCHEDULED FOR AUCTION TODAY, HAS BEEN DEFERRED.
JAPANESE BANK GETS LICENCE
***
AN APPLICATION FROM A JAPANESE BANK, THE YASUDA TRUST AND BANKING COMPANY LIMITED, FOR A BANKING LICENCE HAS BEEN APPROVED BY THE GOVERNOR-IN-COUNCIL.
THIS BRINGS THE TOTAL NUMBER OF LICENSED BANKS IN HONG KONG TO 141, OF WHICH 18 ARE JAPANESE BANKS, A GOVERNMENT SPOKESMAN SAID.
INCORPORATED IN JAPAN, THE YASUDA TRUST AND BANKING COMPANY LIMITED HAS AT PRESENT A REPRESENTATIVE OFFICE AND A WHOLLY OWNED REGISTERED DEPOSIT-TAKING COMPANY SUBSIDIARY IN HONG KONG.
+THE CONTINUING INTEREST BY FOREIGN BANKS IN ESTABLISHING BRANCHES IN HONG KONG IS A DEMONSTRATION OF OVERSEAS CONFIDENCE IN HONG KONG'S FUTURE, PARTICULARLY AS A MAJOR FINANCIAL CENTRE.
+A TOTAL OF 27 BANK LICENCES HAVE BEEN GRANTED SINCE MAY 1981 WHEN THE MORATORIUM ON NEW LICENCES WAS LIFTED, THE SPOKESMAN ADDED.
/11