XN000022-1973-04-25 — Page 3

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Wednesday, April 25, 1973

Mr. Woo pointed out that the present market was an artificially

restricted market because of the small amount of land becoming available for

sale.

"In tying Crown rents to these high and uncontrolled market values

the Government is being illogical in the sense that the domestic rents paid

by tenants of those premises subject to rent increase control are paying only

one-third of the current market price," he said.

Mr. Woo said: "Many thousands of people will be affected by the new

Crown rents because of the subdivision of properties."

Increased Cost

"Those who have bought their homes without realising the effect upon

themselves of the forthcoming revision of Crown rents may find themselves

totally unable to bear the increased cost of home ownership.

"Those who have not yet been able to buy their own homes may find it

impossible to contemplate doing so."

It was the owner-occupier who would be most heavily hit, he said.

But, he added, the ownership of a dwelling place by the ordinary man

in the street was now contemplated as a possible future act of Government policy.

As the Housing Authority was about to consider extension of house

ownership to units of Government low cost housing, surely "special consideration

must be given to those who, through their own savings and without the benefit

of any subsidy from Government, wish to acquire their own homes," Mr."Woo said.

He recalled that in May last year he challenged at length the application

of the Privy Council ruling to expiring leases in general under present-day

Hong Kong sircumstances.

Mr. Woo said