WEDNESDAY, AUGUST 7, 1991
"BUT THE LAW SOCIETY OF HONG KONG HAS PREVIOUSLY ACCEPTED CERTAIN DISCIPLINES IN RELATION TO THESE SALES, AND WE WILL BE DISCUSSING WITH THE SOCIETY ON HOW TO EXTEND SOME OF THE TERMS OF THE CONSENT SCHEME TO FLATS PRODUCED FROM REDEVELOPMENTS," HE SAID.
"AS A START, WE WISH TO DISALLOW RE-SALE BEFORE THE SIGNING OF THE FORMAL SALE AND PURCHASE AGREEMENT, WHICH IS ALREADY IN PLACE FOR CONSENT SCHEME DEVELOPMENTS.
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THE GOVERNMENT WILL CONTINUE TO MONITOR THE SITUATION, AND ASSESS THE EFFECTIVENESS OF BOTH THE EXISTING AND THE NEW MEASURES.
**WE SHALL IN PARTICULAR REVIEW THE DEMAND FOR PRIVATE RESIDENTIAL LAND. IF DEMAND INDEED OUTSTRIPS SUPPLY, WE SHALL INCREASE THE AVAILABILITY OF LAND.
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"ALTHOUGH THIS WILL NOT TRANSLATE IMMEDIATELY INTO FLATS, IT SHOULD HAVE A STABILISING KFFECT ON THE PROPERTY MARKET, MR BARNES SAID.
TO
IF THE PRESENT HEATED STATE OF THE PROPERTY MARKET CONTINUES UNABATED, HE WARNED, MORE FUNDAMENTAL MEASURES SUCH AS LEGISLATION REGULATE THE SALE OF UNCOMPLETED FLATS, WOULD BE NECESSARY.
BUT HE HOPED THAT HE WOULD NOT HAVE TO SET UP A MACHINERY THAT · INTERFERED WITH THE MARKET "WHICH HISTORICALLY HAS SHOWN ITSELF TO BE SUBJECT TO NORMAL CORRECTION BY MARKET FORCES"
INDEX OF INDUSTRIAL PRODUCTION FOR 1ST QUARTER 1991
THE
INDEX OF INDUSTRIAL PRODUCTION FOR THE FIRST QUARTER OF 1991, AT 106, WAS 1 POINT OR 1.0% HIGHER THAN THAT FOR THE FIRST QUARTER OF 1990, ACCORDING TO STATISTICS RELEASED TODAY (WEDNESDAY) BY THE CENSUS AND STATISTICS DEPARTMENT.
THIS COMPARES WITH THE YEAR-ON-YEAR GROWTH RATES OF -3.7% IN THE FIRST QUARTER, -1.6% IN THE SECOND QUARTER, -1.5% IN THE THIRD QUARTER AND +3.1% IN THE FOURTH QUARTER OF 1990. THE AVERAGE GROWTH RATE FOR 1990 OVER 1989 WAS -0.8%.
COMPARED WITH THE FOURTH QUARTER OF 1990, THE INDEX FOR THE FIRST QUARTER OF 1991 SHOWED A DECREASE OF 27 POINTS OR 20.3%. THIS SIGNIFICANT DROP WAS A SEASONAL PHENOMENON DUE TO THE CHINESE NEW YEAR HOLIDAYS.
IN
AMONG THE EIGHT BROAD INDUSTRY GROUPS, FIVE RECORDED INCREASES PRODUCTION IN THE FIRST QUARTER OF 1991 OVER THE SAME QUARTER OF
1990.
/MORE SIGNIFICANT