XN000022-1973-04-25 — Page 22

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Wednesday, April 25, 1973

FURTHER SALES OF INDUSTRIAL LAND FOR SPECIALISED INDUSTRIES

Government To Consider Possibilities

The Government will examine in the coming months "the possibilities

and criteria for further restrictive user sales of industrial land designed

to introduce more technological industry" to Hong Kong.

This was stated by the Financial Secretary, the Hon. C.P. Haddon-Cave

in reply to a question by the Hon. James Wu in the Legislative Council today.

He said the Government wanted "to remove an important impediment

to the establishment of some types of industry which could be reckoned to

be beneficial to the development of the economy as a whole."

He said that the recent sale of a five-acre site on Tsing Yi

Island restricted to the automotive industry was entered into on the basis

of this kind of thinking.

The ideal method, the Financial Secretary said, would be joint

ventures between overseas firms with sophisticated technological knowledge

and Hong Kong firms with local knowledge and backing from the resources of

the local financial system.

The Government, in conjunction with the Trade Development Council

is now working to interest suitable foreign investors in the possibilities

of development in Hong Kong," he said.

If propositions were made which looked promising but which could

not be accommodated in high rise buildings, the Government would be prepared

to consider tenders on a restrictive user basis, that is restricted to the

range of industry it was desired to attract, Mr. Haddon-Cave added.

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