XN000022-1973-04-10 — Page 12

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Tuesday, April 10, 1973

This meant that on a fast moving market the Upset Price was already

out of date and had little significance by the time of the auction.

"Recent experience", he added, "has shown that intervening sales

of other similar lots often prove Upset Prices determined in advance to be

totally unrealistic by date of sale, but when Upset Prices have been published,

they cannot be changed and considerable time is wasted for all present

at the auction by bidding having to commence at an inappropriate figure."

"In future, therefore, immediately prior to the commencement of

each sale, the auctioneer will announce the figure that would be acceptable

to him as an opening bid."

Current Values

The Director said this figure would take into account current values

and the need to leave room for movement in the bidding. As it would not

have to be determined a long time in advance, the assessment would be able

to have regard to the most recent similar sales.

"This will save time for all concerned and also avoid the mis-

conceptions that arise as a result of lots selling at prices far in excess

of published but unrealistic Upset Prices, " he explained.

Particulars of the Land Sale Forecasts together with plane showing

the location of the lots in the "rban Areas to be offered for sale may be

inspected at the Crown Lands & Survey Office, Murray Building, Garden Road,

Hong Kong and in the Kowloon Branch Office, 10th floor, Kowloon Government

Offices, Nathan Road.

Particulars