Wednesday, June 6, 1973
However, far from having stabilised, "an even larger gap exists
between controlled and free rents," he said.
There were several factors for this
money supply, wago levels,
changing social patterns, the popularity of Hong Kong as a base for commercial
operations in the Far East, and pressure on accommodation required for the
professional and technical staff needed for Hong Kong's development schemes
and the expanding economy.
Mr. Clinton said the gap between free and controlled rents now was
about 80 per cent for tenements, 150 per cent for small flats and as much
as 200 per cent or more for large and medium flats.
"In other words, the effect of controlling some premises only at a
time when demand has outstripped supply has forced rents in the free sector
to exorbitant levels."
To provent this from happening again, he said, it was necessary to
bring all existing post-war domestic premises within the ambit of the legislation,
Mr. Clinton outlined two points which he regarded as important and
fundamental to the scheme of control which it was proposed to introduce later
this year.
These were the supply of more land for private housing and the necessary
encouragement to developers to continue building.
Even the government's massive programme to provide subsidised homes for
more than one and a half million people in the next 10 years would not be
enough, he said,
Outside the limits of this programme, he said, there was enormous scope
left for private developers to contribute to housing development and to continue
and speed up the redevelopment of pre-war slums.
/Mr. Clinton
No comments yet.
Private notes are available after approval.