CO129-393 - Governor Sir May - 1912 [11] — Page 298

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districts combined is 38.12%, Kowloon for the same period being 55.66%. Hongkong and Kowloon combined show an increase of 41.09%

The return (c) covers the full period under review,

290

as far as I understand it, and shows an all-round increase in Victoria and Kowloon European rentals of 41.09%.

Having gone carefully into all available books and returns, and having interviewed leading European property owners and discussed the present situation with them at length, besides examining several of their rent rolls, I am of opinion that 41.09% does not overstate the actual amount of increase at the pres ent date and since 1st. January, 1902. European property owners whom I have interviewed frankly admit that for this class of property the demand has been steadily growing for some time past, and that enqui! -ries are constant and numerous. They have informed me that for all renewals or leases to new tenants they are requiring increased rentals. The rates of increase asked have been variously stated, but as high a rate as 30% has been mentioned. It is impossible to gauge the extent of European house-letting at higher rates at the present time, or in the near future, without a knowledge of exist- -ing leases and their times of expiry. One thing seems reasonably clear, viz.:- that since the present valuation came into force on 1st. July last there has been a strengthening in the rate of European house rents, and that this strengthening continues at the present time. This fact would therefore tend to farther enhance the average increase shown in return (c) herewith.

Inrush of Chinese.

There was an inrush of Chinese to Hongxong, commenc→ -ing during the latter half of 1911 which no doubt affected the European tenant, by the better class of Chinese buying up, or leas- -ing, houses of the European class, and thus limiting the larket. This tendency has been in evidence for a considerable time past, although it probably only got acute within the last two years. An- -other factor in the Europeans difficulty may be the increase of the European population without a corresponding increase in suit-

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