WEDNESDAY, MAY 22, 1985
PIER SITE GRANTED BY PRIVATE TREATY *****
THE GOVERNMENT ANNOUNCED TODAY (WEDNESDAY) A PRIVATE TREATY GRANT OF A 2.4-HECTARE SITE AT CHEUNG SHA WAN WATERFRONT TO CHINA RESOURCES (HOLDINGS) COMPANY LIMITED (CRC) FOR THE CONSTRUCTION OF A PIER AND A GODOWN TO HANDLE THE INCREASING RIVER TRADE WITH CHINA,
A GOVERNMENT SPOKESMAN SAID TODAY THAT THE GRANT WAS IN LINE WITH THE GOVERNMENT'S POLICY TO IMPROVE BERTHING AND WAREHOUSE FACILITIES FOR VESSELS ENGAGED ON SUCH TRADE.
HE NOTED THAT IN NOVEMBER 1982, THE CHINA MERCHANTS STEAM NAVIGATION COMPANY HAD OBTAINED A PRIVATE TREATY GRANT OF A 1.3- HECTARE SITE AT KENNEDY TOWN TO CONSTRUCT A CARGO HANDLING PIER AND GODOWN FACILITIES.
+RIVER TRADE WITH CHINA HAS GROWN SIGNIFICANTLY IN THE PAST FEW YEARS AND HAS NOW BECOME A VITAL PART OF HONG KONG'S ECONOMY, THE SPOKESMAN SAID.
+THE GROWTH AND NATURE OF THE TRADE IS SUCH THAT IT CANNOT BE HANDLED SATISFACTORILY THROUGH PUBLIC CARGO WORKING AREAS OR THROUGH THE CONTAINER PORT, SO IT IS NECESSARY TO PROVIDE SPECIAL CARGO HANDLING FACILITIES.+
THE SPOKESMAN SAID THE NEW FACILITIES TO BE PROVIDED AT CHEUNG SHA WAN AND KENNEDY TOWN WOULD ENABLE CARGOES FROM CHINA TO BE HANDLED MORE EFFICIENTLY, THIS HANDLING PROCESS WOULD AVOID THE DELAYS IN HAVING THE GOODS LIGHTERED ASHORE AS AT PRESENT AND THUS REDUCE THE COSTS OF GOODS.
HE NOTED THAT AS A PRINCIPAL AGENT FOR CHINA TRADE WITH HONG KONG, CRC IMPORTS MOST OF ITS GOODS TO HONG KONG BY SEA. THE GRANT WOULD GIVE THE COMPANY GREATER FLEXIBILITY AND EFFICIENCY IN HANDLING CARGOES FOR THE LOCAL MARKET OR FOR TRANSHIPMENT.
THE SITE COMPRISES 1.6 HECTARES OF FORESHORE AND 0.8 HECTARE OF SEABED. THE PREMIUM IS ASSESSED ON FULL MARKET VALUE BASED ON THE DEVELOPMENTS PROPOSED BY CRC.
IT IS UNDERSTOOD THAT THE COMPANY INTENDS TO INVEST ABOUT $200 MILLION TO DEVELOP THE SITE AND CONSTRUCT A PIER. THE WHOLE DEVELOPMENT IS TO BE COMPLETED WITHIN FOUR YEARS FROM THE DATE OF THE EXECUTION OF THE CONDITIONS OF THE GRANT.
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