Wednesday, April 25, 1973
He hoped that a less painful (to the lease-holders) and less inflationary
formula could be worked out based on a multiple of prevailing Zone Crown Rent
or related to rates but avoiding any direct relationship to prevailing land
prices.
The Hon. P.G. Williams, also speaking on the Bill, said thousands and
thousands of holders of renewable Crown leases genuinely believed that their
lease was altogether different from a normal commercial lease.
He said: "There is a strong sense of ownership of their land and
the Crown rent is not regarded as a true rent, but more akin to a modest rate or
tax."
History
"History has fashioned this concept; the wording of the terms of
renewal of the Crown lease gives force to it and the failure of Government to
raise Crown rents progressively over the years has contributed to it."
Mr. Williams favoured the suggestion of his Unofficial colleague,
the Hon. Szeto Wai, that Crown rents might be reassessed as a proportion of
the rateable value of the property.
He said the Government had consistantly reassessed rates over the
years and this was a far more realistic and rational base than an arguable,
even illusory, market value modified by arbitrary percentage reductions.
"This basis would," he believed, "be more palatable to lease-holders
and much reduce the charge of unfairness levelled against the Government today."
/Turning
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