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WEDNESDAY, JUNE 30, 1993
REFERRING TO UNDERSTATEMENT OF THE MODE FLAT SIZE, MR HU SAID THE OBJECTIVE OF THE SURVEY WAS NOT TO IDENTIFY THE MODE SIZED FLATS, BUT TO OBTAIN INFORMATION GENERALLY.
WHEN PRESENTED WITH THE THREE AVERAGES, NAMELY THE MODE, MEAN AND MEDIAN, THE SPECIAL COMMITTEE, HAVING DECIDED AGAINST ALLOWING EVEN THE SMALLEST UNIT OWNER TO OBTAIN COMPENSATION EQUAL TO THE COST OF A HOME OWNERSHIP UNIT, DECIDED TO ADOPT THE MODE BECAUSE IT GAVE 62 PER CENT OF THE OWNERS AT LEAST THAT AMOUNT.
THE COMMITTEE DECIDED NOT TO ADOPT THE MEAN NOR THE MEDIAN WHICH WOULD HAVE GIVEN LESS THAN 51 PER CENT OF THE OWNERS OF THE WALLED CITY SUFFICIENT MONEY TO ACQUIRE A HOS FLAT.
THE 62 PER CENT WAS CONSIDERED APPROPRIATE GIVEN THE NEED FOR THE COMPENSATION PACKAGE TO BE ACCEPTABLE, AND IT WAS ENVISAGED AT THAT TIME THAT ALL ACQUISITIONS WOULD BE ACHIEVED BY AGREEMENT RATHER THAN A FORCIBLE CLEARANCE.
"ACCORDINGLY, IF THE MODE DERIVED FROM THE SURVEY WAS LESS THAN PER CENT, I WOULD DOUBT WHETHER THE SPECIAL COMMITTEE WOULD HAVE ADOPTED THAT RATE," HE NOTED.
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SPEAKING OF PAYMENT OF COMPENSATION TO ABSENTEE-OWNERS FOR THEIR MULTIPLE FLATS, MR HU SAID THE SPECIAL COMMITTEE WAS AWARE THAT THE HOME PURCHASE ALLOWANCE POLICY WAS TO PAY IT TO ALL CATEGORIES OWNERS, INCLUDING MULTIPLE OWNERS.
OF
WAS ALSO AWARE OF THE EXISTENCE OF MULTIPLE OWNERS IN
THE
IT WALLED CITY.
IN THIS RESPECT, THE FOLLOWING POINTS WERE PARTICULARLY
RELEVANT:
*
THE SPECIAL COMMITTEE WAS REQUIRED BY ITS TERMS OF REFERENCE TO DRAW UP COMPENSATION PROPOSALS BASED ON ARRANGEMENT UNDER MULTI-STOREY ACQUISITIONS. TO HAVE DEPARTED FROM THE ACROSS- THE-BOARD APPLICATION OF THE HOME PURCHASE ALLOWANCE WOULD HAVE DEVIATED FROM THE TERMS OF REFERENCE.
CONCERNED ABOUT THE
AS THE SPECIAL COMMITTEE WAS ACCEPTABILITY OF THE PACKAGE, A DEPARTURE FROM THE EXISTING POLICY WAS OUT OF QUESTION.
MR HU STRESSED THAT THE SPECIAL COMMITTEE WAS AWARE OF THE EXPECTATIONS OF WALLED CITY OWNERS, AND THAT IT WAS GENERAL KNOWLEDGE THAT THE HOME PURCHASE ALLOWANCE WAS PAID TO ALL CATEGORIES OF OWNERS.
"AS FAR AS THE SPECIAL COMMITTEE WAS CONCERNED, THERE WAS NEVER ANY QUESTION THAT MULTIPLE OWNERS OF UNITS SHOULD BE TREATED DIFFERENTLY FROM OTHER OWNERS, MR HU ADDED.
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THE DIRECTOR OF BUILDINGS AND LANDS, MR DARWIN CHEN, THE PAC MEETING AS CONTROLLING OFFICER.
ATTENDED
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