WEDNESDAY, JULY 31, 1985
STEERING COMMITTEE FOR LAND DEVELOPMENT CORPORATION
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THE LAND AND BUILDING ADVISORY COMMITTEE FORMED A STEERING COMMITTEE AT ITS FIRST MEETING TODAY (WEDNESDAY) TO OVERSEE THE FORMATION OF THE PROPOSED LAND DEVELOPMENT CORPORATION.
THE STEERING COMMITTEE WILL BE CHAIRED BY THE DIRECTOR OF LANDS, MR JOHN TODD, AND IT IS HOPED THAT THE LDC WILL BE ESTABLISHED BY MID-1986.
A REPORT TO THE LAND AND BUILDING ADVISORY COMMITTEE SAID APPROVAL IN PRINCIPLE HAD BEEN GIVEN BY THE EXECUTIVE COUNCIL FOR THE SETTING UP OF THE LDC WITH THE POWER AND RESOURCES TO SIMPLIFY LAND ACQUISITION AND URBAN DEVELOPMENT.
DRAFTING INSTRUCTIONS ARE BEING PREPARED FOR THE LEGISLATION NECESSARY TO SET UP THE LDC AND CONSIDERATION IS BEING GIVEN TO THE EFFECT ON EXISTING LEGISLATION.
CONSIDERATION IS ALSO BEING GIVEN TO THE FINANCIAL REQUIREMENTS OF THE LDC, PARTICULARLY THE SIZE OF ANY GOVERNMENT LOAN WHICH MAY BE REQUIRED TO START THE CORPORATION.
THE EXECUTIVE COUNCIL HAS CALLED FOR A PILOT PROJECT TO BE CONSIDERED TO ALLOW THE SCHEME TO BE TESTED USING EXISTING PROVISIONS FOR DETERMINING COMPENSATION, RESUMPTION AND REHOUSING.
A POSSIBLE SCHEME HAS NOW BEEN IDENTIFIED AND IS BEING STUDIED IN DETAIL. IT WILL INVOLVE THE GOVERNMENT ENTERING INTO A JOINT VENTURE AGREEMENT WITH A PRIVATE DEVELOPER AND UNDERTAKING TO RESUME A SMALL NUMBER OF PROPERTIES UNDER EXISTING PROCEDURES.
THE LBAC WAS TOLD THAT THE TOWN PLANNING DIVISION HAS BEEN IDENTIFYING AREAS OF HONG KONG MOST IN NEED OF DEVELOPMENT. THESE ARE GENERALLY OVERCROWDED, HAVE INADEQUATE TRANSPORT FACILITIES, LACK OPEN SPACES AND HAVE MOSTLY OLDER BUILDINGS.
THESE INCLUDE AREAS SUCH AS WAN CHAI, MA TAU KOK, YAU MA TEI, TAI KOK TSUI, SHAM SHUI PO, SHEUNG WAN, SAI YING PUN, HUNG HOM, KOWLOON CITY, KWUN TONG AND TSUEN WAN.
BRIGHT YEAR AHEAD FOR PROPERTY MARKET ****
THE NEXT 12 MONTHS WILL BE A BRIGHT PERIOD FOR HONG KONG'S PROPERTY MARKET WITH OVERALL PRICE INCREASES OF BETWEEN 10 AND 20 PER CENT.
THIS IS THE CONCLUSION REACHED BY THE LANDS DEPARTMENT'S VALUATION SECTION IN A REPORT PREPARED FOR THE NEWLY-FORMED LAND AND BUILDING ADVISORY COMMITTEE.
/AP ITS