It has an area of 572 square metres for non-industrial use, excluding godown and hotel.
The developer has to complete a gross floor area of not less than 2,204 square metres on or before December 31, 1998.
Held in the Concert Hall of the Hong Kong Cultural Centre, Tsim Sha Tsui, the auction was conducted by Government Land Agent, Mr Herbert Leung Yuk-she.
End/Monday, November 27, 1995
New US rules of origin scheduled for next year
Deputy Director-General of Trade, Mr Thomas Yiu, said today (Monday) that some of the new US origin rules were drastically different from its well-established rules.
"They force Hong Kong industry to make adjustments and will likely have direct adverse effects on the relevant Hong Kong traders." he said.
Speaking at the Tai Po Rotary Club, Mr Yiu said US has scheduled to unilaterally impose new origin rules, as required by the US Uruguay Round Agreements Act (URAA), for certain textiles and clothing imports on July 1 next year.
He said the Trade Department had completed a preliminary impact assessment and explained the department's objections to the new rules.
"Essentially, the new rules require the origin of most cut and sewn garments and their component parts to be determined by where the goods are assembled, as opposed to the existing rules which use cutting of fabric as the main determinant of origin." he said.
"The new rules are therefore a drastic departure from US current principle and practice, which have been in place for almost 10 years.