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WEDNESDAY, DECEMBER 9, 1987
ROLE OF PRIVATE SECTOR IN URBAN IMPROVEMENT STRESSED
LEGISLATIVE COUNCILLOR THE HON EDWARD HO TODAY (WEDNESDAY) SUPPORTED THE LAND DEVELOPMENT CORPORATION BILL, STRESSING THAT THE PRIVATE SECTOR HAD AN IMPORTANT ROLE TO PLAY IN URBAN IMPROVEMENT IN HONG KONG.
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MR HO SAID THE LAND DEVELOPMENT CORPORATION WOULD BE INDEPENDENT ORGANISATION PROVIDING A VEHICLE FOR COORDINATED EFFORTS IN URBAN RENEWAL PROJECTS.
"ALTHOUGH ITS OBJECTIVES OF IMPROVING THE LIVING CONDITIONS AND THE ENVIRONMENT MAY MEAN THAT IT HAS TO OCCASIONALLY UNDERTAKE DEVELOPMENTS NOT ENTIRELY ON THE BASIS OF COMMERCIAL VIABILITY, IT IMPORTANT THAT IT SHOULD NEVERTHELESS OPERATE ON SOUND COMMERCIAL PRINCIPLES IN ORDER FOR IT TO BE VIABLE ON A CONTINUING BASIS.
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ALSO, WHAT WOULD SET THE CORPORATION APART FROM PREVIOUS ATTEMPTS ON URBAN RENEWAL, WHICH TENDED TO BE UNORGANISED AND SPORADIC, WOULD BE THE INJECTION OF INITIATIVENESS, EXPERIENCE AND EXPERTISE FROM THE PRIVATE SECTOR, HE SAID.
MR HO SAID WHERE PRIVATE DEVELOPERS ALREADY OWNED A SIGNIFICANT PORTION OF THE PROPERTIES TO BE DEVELOPED, THEY COULD COOPERATE WITH THE LAND DEVELOPMENT CORPORATION AND MAKE USE OF ITS ABILITY TO NEGOTIATE AND ACQUIRE THE REMAINDER OF THE PROPERTIES FOR DEVELOPMENT.
BESIDES, PRIVATE-SECTOR DEVELOPERS COULD PROVIDE FINANCIAL SUPPORT IN THE ACQUISITION OF PROPERTIES AND IN DEVELOPMENT, IN
THE FORM OF JOINT VENTURES, AND COULD PROVIDE DEVELOPMENT EXPERIENCE AND EXPERTISE IN THE FINANCIAL APPRAISAL OF THE VIABILITY OF A PROJECT.
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NOTING THAT THESE DEVELOPERS COULD ALSO CARRY OUT A PROJECT BEHALF OF THE LAND DEVELOPMENT CORPORATION WITH THE LATTER AGREEING WITH THEM THE DEVELOPMENT BRIEF, MR HO SAID THE CORPORATION WOULD MONITOR THE QUALITY OF THE DEVELOPMENT ENSURING ITS OBJECTIVES WERE MET.
ADDITIONALLY, PROFESSIONALS IN THE PRIVATE SECTOR: ARCHITECTS, ENGINEERS, SURVEYORS, ESTATE MANAGERS, WOULD PROVIDE PROFESSIONAL EXPERTISE IN THE PHYSICAL IMPLEMENTATION, THE MARKETING AND THE MANAGEMENT OF THE CORPORATION'S PROJECTS.
MR HO ALSO NOTED THAT THE LAND DEVELOPMENT CORPORATION BILL PROVIDED FOR A SYSTEM OF PROCEDURAL CONTROLS AIMED AT PROTECTING PUBLIC INTEREST, ESPECIALLY THOSE INDIVIDUAL OWNERS AND TENANTS WHOSR PROPERTIES WOULD BE RESUMED.
HE CONSIDERED THAT THESE CONTROLS WERE IMPORTANT, AND THAT IF THE LAND DEVELOPMENT CORPORATION APPLIED ITSELF PURPOSEFULLY AND ENERGETICALLY TO ITS TASKS, IT WOULD BE ABLE TO ACCOMPLISH ITS STATED OBJECTIVES AND COMPLETE ITS FIRST PROJECT IN THREE YEARS.
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