XN000022-1977-05-12 — Page 2

THURSDAY, MAY 12, 1977

LAND GRANT SIGNED FOR INDUSTRIAL ESTATE

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DEVELOPMENT OF THE TAI PO INDUSTRIAL ESTATE TOOK ANOTHER STRIDE FORWARD TODAY WITH DOCUMENTS SIGNED FOR A GRANT OF ABOUT 55.8 HECTARES OF LAND IN TAI PO HOI NORTH TO THE HONG KONG INDUSTRIAL ESTATES CORPORATION.

IT MEANS THE CORPORATION WILL NOW BE ABLE TO SUB-LEASE INDIVIDUAL LOTS TO SELECTED INDUSTRIALISTS AS FORMED LAND BECOMES PROGRESSIVELY AVAILABLE.

CONDITIONS OF THE PRIVATE TREATY GRANT WERE SIGNED BY THE SECRETARY FOR THE NEW TERRITORIES, MR. DAVID AKERS-JONES, AND THE CHAIRMAN OF THE CORPORATION, MR. LI FOOK-WO, AT THE GOVERNMENT SECRETARIAT.

MR. AKERS-JONES SAID THE INDUSTRIAL ESTATE WILL UNDOUBTEDLY HELP BROADEN HONG KONG'S INDUSTRIAL BASE AND CONTRIBUTE SUBSTANTIALLY TO ITS EXPORTS.

HE SAID THERE WILL BE 10,000 TO 15,000 JOBS CREATED DEPENDING ON THE TYPES OF INDUSTRIES FINALLY SELECTED BY THE CORPORATION,

THE CORPORATION IS REQUIRED TO RECLAIM AND FORM A TOTAL OF ABOUT 76 HECTARES OF LAND INCLUDING THE AREA GRANTED, OF WHICH ABOUT 38 PER CENT WILL BE HANDED BACK TO THE GOVERNMENT FOR ROADS, PEDESTRIAN WAYS, SEWAGE TREATMENT PLANT AND OTHER GOVERNMENT USES.

THE INDUSTRIAL ESTATE CATERS FOR LAND-INTENSIVE INDUSTRIES WHICH CANNOT OPERATE IN MULTI-STOREY BUILDINGS AND HELPS UPGRADE LOCAL INDUSTRIES TECHNOLOGY.

THE CORPORATION ESTIMATES THAT THE SCHEME WILL ATTRACT POTENTIAL INDUSTRIAL INVESTMENT EXCEEDING $1,000 MILLION-$225 MILLION IN LAND, ABOUT $450 MILLION IN BUILDINGS AND A FURTHER $325 MILLION IN MACHINERY AND EQUIPMENT.

A SPOKESMAN FOR THE CORPORATION SAID THE ANNUAL MINIMUM PRODUCTION BY THE SUB-LESSEES IS EXPECTED TO AMOUNT TO $1,000 MILLION OR ABOUT THREE PER CENT OF HONG KONG'S TOTAL GROSS MANUFACTURED OUTPUT IN 1973.

AT PRESENT, HE SAID, LAND FORMATION FOR STAGE ONE OF THE INDUSTRIAL ESTATE IS WELL UNDERWAY AND ABOUT EIGHT HECTARES OF SITES ARE ALREADY FORMED FOR SUB-LEASING.

THE CORPORATION IS NEGOTIATING WITH SIX SELECTED APPLICANTS WHOSE INDUSTRIAL PROCESSES CONFORM MOST CLOSELY WITH ITS SELECTION CRITERIA.

+THIS FOLLOWS OUR CAREFUL SCREENING OF THE APPLICATIONS, MOSTLY FROM LOCAL INDUSTRIALISTS, WHICH WE HAVE RECEIVED SINCE WE ANNOUNCED LAST DECEMBER THE BASIC TERMS FOR SUB-LEASES,+ THE SPOKESMAN SAID.

/HE SAID