XN000022-1978-04-28 — Page 6

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FRIDAY, APRIL 28, 1978

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DEVELOPERS WOULD BE REQUIRED TO PRODUCE EVIDENCE OF THE IR FINANCIAL AND TECHNICAL ABILITY TO COMPLETE THE DEVELOPMENT-

GOVERNMENT WOULD EMPLOY, AT THE DEVELOPER'S EXPENSE, A QUANTITY SURVEYOR TO ENSURE THAT THE COMPLETED BUILDINGS COMPLIED WITH THE SPECIFICATIONS AND WERE STRUCTURALLY SAFE AND SOUND- AND

DEVELOPERS WOULD HAVE TO DEVISE A MANAGEMENT SCHEME TO ENSURE THAT THE FLATS WOULD BE WELL MANAGED AND MAINTAINED.

+ IN ADDITION, BECAUSE OF THE SOCIAL PURPOSE OF THE HOME OWNERSHIP SCHEME AND THE CAPITAL ADVANTAGE WHICH COULD BE DERIVED BY FLAT-PURCHASERS, THERE WILL BE RESTRICTIONS ON RESALE AND SUBLETTING, + MISS CHUNG SAID.

+DURING A PERIOD OF FIVE YEARS FROM THE DATE OF PURCHASE, ANY FLAT PURCHASER WISHING TO DISPOSE OF HIS FLAT WILL HAVE TO OFFER IT FIRST TO THE HOUSING AUTHORITY AT THE ORIGINAL PRICE. THIS IS TO DISCOURAGE SPECULATION IN THESE FLATS. TO AVOID (SMART) PURCHASERS SELLING A SUBSTANTIAL INTEREST IN THEIR FLATS TO THIRD PARTIES WHILE RETAINING A MINORITY INTEREST, SUBLETTING OF THESE FLATS WILL NOT BE PERMITTED.+

SHE SAID THAT ALTHOUGH AT PRESENT THE YAU TONG SITE WAS ON THE FRINGES OF THE URBAN AREA AND THE TUEN MUN SITE WAS IN THE NEW TERRITORIES, THEY WERE BOTH LOCATED IN FAST DEVELOPING AREAS WHICH WOULD BE SERVED WITH FAST TRAFFIC ROUTES IN THE NEAR FUTURE.

EACH SITE SHOULD BE CAPABLE OF PROVIDING ITS OWN SHOPPING AND OTHER FACILITIES FOR RESIDENTS. THE YAU TONG SITE SHOULD PROVIDE NOT LESS THAN 500 FLATS AND THE TUEN MUN SITE NOT LESS THAN 1,000 FLATS, RANGING IN COVERED AREA FROM 400 SQUARE FEET TO 600 SQUARE FEET, WITH THE AVERAGE FLAT-SELLING PRICE PRE-DETERMINED AT $220 PER SQUARE FOOT OR $2,368 PER SQUARE METRE.

MISS CHUNG SAID A SPECIAL BOARD CHAIRED BY THE SECRETARY FOR HOUSING WOULD BE CONVENED TO CONSIDER THE TENDERS. TENDERS SHOULD BE SUBMITTED BEFORE NOON ON JULY 28 AND THE SUCCESSFUL TENDERER WOULD BE ANNOUNCED IN SEPTEMBER OR OCTOBER THIS YEAR.

+FROM DISCUSSIONS WHICH HAVE BEEN HELD WITH PRIVATE DEVELOPERS, IT SEEMS THAT THEY WOULD WELCOME THIS OPPORTUNITY TO COMPETE AGAINST ONE ANOTHER NOT ONLY BY DOLLARS AND CENTS BUT ALSO BY THEIR INGENUITY AND ENTREPRENEURSHIP,+ MISS CHUNG SAID.

+THE PRIVATE SECTOR PARTICIPATION SCHEME IS ATTRACTIVE TO DEVELOPERS AND SHOULD GENERATE CONSIDERABLE INTEREST. IT IS UNIQUE AND TAILOR-MADE TO THE CIRCUMSTANCES OF HONG KONG AND SHOULD DEMONSTRATE HOW GOVERNMENT AND THE PRIVATE SECTOR CAN COOPERATE TO PROVIDE ANOTHER SOLUTION TO HONG KONG'S HOUSING SHORTAGE.+

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