XN000022-1972-05-24 — Page 20

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Wednesday, May 24, 1972

That would be effected by charging only 50 per cent of the reduced

rent due in 1973 and thereafter increasing by annual stages of 10 per cent

until 1978 the full modified rent would become payable.

That concession would also affect those people who had renewed

their leases in the five years prior to June 30, 1973, he said.

1

He explained that the reassessed rent payable after June 30, 1973

for leases renewed up to five years prior to that date would be reduced by

the appropriate percentage on a similar basis according to the year of renewal.

Lease

4

If a lessee had renewed his lease in say 1970 he would after June 30,

1973 get the benefit of the last two stages of the concession, that was to

say, the reduced rent payable would be further reduced by 20 per cent for

his first year's payment after June 30, 1973, and by 10 per cent after

June 30, 1974, but not thereafter further reduced, the Colonial Secretary

cited.

He pointed out that particular consideration had been given to

pre-war rent controlled properties.

In those cases the existing Crown rent would be payable just so

long as the property remained subject to tenancies the rents of which were

controlled under the Landlord and Tenant Ordinance.

When that ceased to be the case lessees would begin to pay the

modified Crown rent as assessed at the date of renewal, he added.

He pointed out that a similar corssion would be available to lessees

with under-developed property who renewed their leases on the basis of existing

use and development.

/In those

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