Q 23
Land Sales, &c.
During the year terms have been arranged for the surrender of areas required for road widening, and the grant of Crown Land at the rear in exchange or part exchange therefor, in connection with the following Lots :-
Kowloon Inland Lot
2
713 Sec. A
79
964 R. P.
1139 R. P.
95
487-489
483-484
93
556-557
29
242-249
55
Shanghai Street Widening.
Battery Street Widening.
10. Grants on Nominal Terms.-In Hongkong, an area of 69,623 square feet, known as Inland Lot No. 2440, was granted without premium for a period of 75 years renewable to the Church Missionary Society for the purposes of erecting a school.
In Kowloon, an area of 23 acres, known as Kowloon Inland Lot No. 1588, was granted to the Committee of the Diocesan Boys' School without premium for the purposes of erecting a school.
An area of 62,880 square feet, known as Kowloon Garden Lot No. 3, was granted to the Kwong Wah Hospital Committee for a period of 5 years for the purposes of a recreation ground and garden in connection with the Hospital.
11. Grants on Forty Years Leases.-During the year arrangements were inaugurated for disposing of Crown land under a 40 years' lease scheme. The object of the scheme is to facilitate the building of dwelling houses in order to overcome the shortage of accommodation that exists, and thereby bringing about a reduction in the rentals that are being charged.
The land is allotted without premium, but with suitable building covenants and a security to cover their completion. When the covenants have been fulfilled the leases will be issued, and when the value of the land has, in the opinion of the Government, sufficiently advanced, the lessees can offer the property at Public Auction for a term of 75 years with the right of renewal for a further term.
Out of the sum realized at Public Auction, the Government shall be paid one-half the value of the land which shall be arrived at by deducting the capital sum invested on the erection of the buildings, &c., together with the compound interest on the sum, less sinking fund in accordance with the Lease Indenture.
During the year, terms were arranged for the disposal of 6 lots in Hongkong with an area of about 2,065,680 square feet and 10 lots in Kowloon with an area of about 576,280 square feet.
Q 23
Land Sales, &c.
During the year terms have been arranged for the surrender of areas required for road widening, and the grant of Crown Land at the rear in exchange or part exchange therefor, in connection with the following Lots :-
Kowloon Inland Lot
2
713 Sec. A
79
""
964 R. P.
"
1139 R. P.
95
**
>>
487-489
,
>>
483-484
93
556-557
29
242-249
བྱ་
55
Shanghai Street Widening.
Battery Street Widening.
10. Grants on Nominal Terms.-In Hongkong, an area of 69,623 square feet, known as Inland Lot No. 2440, was granted without premium for a period of 75 years renewable to the Church Missionary. Society for the purposes of erecting a school.
In Kowloon, an area of 23 acres, known as Kowloon Iuland Lot No. 1588, was granted to the Committee of the Diocesan Boys' School without premium for the purposes of erecting a school.
An area of 62,880 square feet, known as Kowloon Garden Lot No. 3, was granted to the Kwong Wah Hospital Committee for a period of 5 years for the purposes of a recreation ground and garden in connection with the Hospital.
11. Grants on Forty Years Leases.-During the year arrange- ments were inaugurated for disposing of Crown land under a 40 years' lease scheme. The object of the scheme is to facilitate the building of dwelling houses in order to overcome the shortage of accommodation that exists, and thereby bringing about a reduction in the rentals that are being charged.
The land is allotted without premium, but with suitable building covenauts and a security to cover their completion. When the covenants have been fulfilled the leases will be issued, and when the value of the land has, in the opinion of the Govern- ment, sufficiently advanced, the lessees can offer the property at Public Auction for a term of 75 years with the right of renewal for a further term.
Out of the sum realized at Public Auction, the Government shall be paid one-half the value of the land which shall be arrived at by deducting the capital sum invested on the erection of the buildings, &c., together with the compound interest on the sum, less sinking fund in accordance with the Lease Indenture.
During the year, terms were arranged for the disposal of 6 lots in Hongkong with an area of about 2,065,680 square feet and 10 lots in Kowloon with an area of about 576,280 square feet.
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