118
12
Hong Kong Annual Administration Reports, 1841-1941
COLONIAL REPORTS-ANNUAL.
LAND GRANTS AND GENERAL VALUE OF LAND.
The net amount received from sales of Crown land and pier rights, after deducting expenses of the sales, was $69,358, a decrease of $92,101 on the previous year, and $218,481 less than the average amount received for each of the past five years. Of this amount $14,665 was received in respect of sales of pier rights and the right of extending existing piers; $7,078 was received in respect of sales of Crown land in the New Territories, and the balance from sales of new lots of Crown land and grants of extension to existing lots in the Island of Hong Kong and Old Kowloon.
The chief items were for an extension to a soy factory at West Point (inland lot No. 1,300), and for a renewal of the lease of the Dairy Farm Company's premises in Wyndham Street for a period of 75 years, the existing lease of which is about to expire.
The considerable decrease in revenue from sales of Crown land may be partly attributed to the fact that in the City of Victoria there is little available building land left, and partly to the fact that at the present time there is no great demand for new houses in the city and in Old Kowloon, a considerable number of Chinese shops and dwelling-houses being now unlet. The general depression in the land market, which commenced a few years ago, still continues, and capitalists who invested in land and buildings at the high prices ruling some ten years ago have suffered very considerable losses; in many cases properties have been sold by mortgagees at far less than the amount of their securities, while many other mortgagees are holding on awaiting a more favourable opportunity for realising their securities. There is, however, a very fair demand in the city for property at reduced prices. There appears to be no lack of money in the Colony, and a considerable number of transactions in land have taken place during the past year.
There have been a large number of sales of small lots of Crown land for native dwellings and industries in the New Territories, and the demand for these is likely to further increase, as the native population now realise the reasonable terms upon which Crown land can be obtained and the security of tenure afforded by holding under a long lease direct from the Crown.
Three areas of over 40 acres of land at Tai O in the Island of Lan Tao for use as salt pans were put up for auction on an 18 years' lease at the upset rental of $15 per acre per annum, and after considerable competition one lot of over 21 acres realised as much as $170 per acre per annum, which shows that salt pans in a good locality are apparently very remunerative undertakings. During the year a second area of one square mile in the New Territories was leased to Sir Paul Chater for 75 years for mining purposes.
Page 125
Page 126
118
12
Hong Kong Annual Administration Reports, 1841-1941
COLONIAL REPORTS-ANNUAL.
LAND GRANTS AND GENERAL VALUE OF LAND.
The net amount received from sales of Crown land and pier rights, after deducting expenses of the sales, was $69,358, a decrease of $92,101 on the previous year, and $218,481 less than the average amount received for each of the past five years. Of this amount $14,665 was received in respect of sales of pier rights and the right of extending existing piers; $7,078 was received in respect of sales of Crown land in the New Territories, and the balance from sales of new lots of Crown land and grants of exten- sion to existing lots in the Island of Hong Kong and Old Kowloon.
The chief items were for an extension to a soy factory at West Point (inland lot No. 1,300), and for a renewal of the lease of the Dairy Farm Company's premises in Wyndham Street for a period of 75 years, the existing lease of which is about to expire.
The considerable decrease in revenue from sales of Crown land may be partly attributed to the fact that in the City of Victoria there is little available building land left, and partly to the fact that at the present time there is no great demand for new houses in the city and in Old Kowloon, a considerable number of Chinese shops and dwelling-houses being now unlet. The general depres- sion in the land market, which commenced a few years ago, still continues, and capitalists who invested in land and buildings at the high prices ruling some ten years ago have suffered very con- siderable losses; in many cases properties have been sold by mort- gagees at far less than the amount of their securities, while many other mortgagees are holding on awaiting a more favourable opportunity for realising their securities. There is, however, a very fair demand in the city for property at reduced prices. There appears to be no lack of money in the Colony, and a considerable number of transactions in land have taken place during the past
year.
There have been a large number of sales of small lots of Crown land for native dwellings and industries in the New Territories, and the demand for these is likely to further increase, as the native population now realise the reasonable terms upon which Crown land can be obtained and the security of tenure afforded by holding under a long lease direct from the Crown.
Three areas of over 40 acres of land at Tai O in the Island of Lan Tao for use as salt pans were put up for auction on an 18 years' lease at the upset rental of $15 per acre per annum, and after considerable competition one lot of over 21 acres realised as much as $170 per acre per annum, which shows that salt pans in a good locality are apparently very remunerative undertakings. During the year a second area of one square mile in the New Terri- tories was leased to Sir Paul Chater for 75 years for mining
purposes.
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