XN000022-1973-02-28 — Page 28

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Wednesday, February 28, 1973

As from 1975, about 40 acres would be available for sale or exchanges on Tsing Yi. Of this, 10 acres would be for residential and commercial

development and 30 acres for industrial use.

"In due course, more land will also be available for sale in Pokfulam

and Aberdeen," he added.

But the timing of sales, he said, must depend on the new link between the widened Pokfulam Road and Connaught Road West, and on the Aberdeen Tunnel. Both projects are currently in the investigation stage.

Recurrent Revenue

Turning to recurrent revenue, the Financial Secretary estimated a yield of $4,275 million, 10 per cent more than the likely out-turn for the current year. The increase might have been 13 per cent if the Urban Council was not being financed independently through the new Urban Rate and if rents from resettlement and low-cost housing were not now being credited to the Housing

Authority.

As regards earnings and profits taxes, the Financial Secretary forecast an increase of $215 million on the revised estimate for 1972/73. This represented an increase of 20 per cent which was in line with the estimate of 17 per cent

for the growth of the Gross Domestic Product in 1972.

Two other substantial increases in relative terms were in respect of

revenue from the airport and from water charges.

Mr. Haddon-Cave said that although the increase for the coming financial year was not particularly dramatic, "income from interest on investment at $248 million will continue to be significant at six per cent of recurrent revenue.'

/Referring