XN000022-1979-09-20 — Page 3

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THURSDAY, SEPTEMBER 20, 1979

*WE HAVE SUPPLIED THE REMAINING OWNERS WITH A LIST OF MORE THAN 80 FLATS AVAILABLE FOR SALE IN TSUEN WAN, MANY OF WHICH ARE STILL WITHIN THE PRICE RANGE OF THE FLAT OWNERS WHO HAVE STILL NOT YET SETTLED.

HE POINTED OUT THAT THE GOVERNMENT'S OFFER TO SAI LAU KOK FLAT OWNER-OCCUPIERS WAS THE OPEN MARKET VALUE OF THE RESUMED FLAT AT NOVEMBER, 1978 PRICES, INTEREST EARNED ON THE VALUATION FROM THEN UNTIL THE TIME OF PAYMENT, A DISTURBANCE ALLOWANCE BASED ON THE OCCUPIED FLOOR AREA WHICH HAD AVERAGED OUT AT AROUND $6 300, PLUS PUBLIC_HOUSING MOSTLY IN THE RECENTLY-COMPLETED CHEUNG SHAN ESTATE.

ALTERNATIVELY, THOSE WHO DO NOT WANT PUBLIC HOUSING ARE PAID THE $10 000 SETTING-UP ALLOWANCE AND A $1 500 PER MONTH RENTAL ALLOWANCE WHILE WAITING TO MOVE INTO THEIR NEW FLATS.

IN ADDITION, IF THEY WANT TO BUY A MORE EXPENSIVE FLAT, THEY ARE OFFERED THE EQUIVALENT OF AN INTEREST-FREE LOAN COVERING THE DIFFERENCE BETWEEN VALUATION AND PURCHASE PRICE.

THIS IS PAID AS A LUMP SUM BASED ON CURRENT INTEREST RATES, WHICH ARE PRESENTLY 15.5 PER CENT, AND WORKS OUT TO BE 54.9 PER CENT THE DIFFERENCE.

THUS, HE SAID, AN OWNER RECEIVING $150 000 IN COMPENSATION WHO BUYS A NEW FLAT FOR $200 000 WOULD BE PAID $27 450.

MR. TODD SAID THE REMAINING 36 OWNER-OCCUPIERS HAD BEEN GIVEN INDICATIONS THAT THEIR FLATS WOULD BE VALUED AT PRICES RANGING BETWEEN $110 000 AND $220 000 WHILE 27 ABSENTEE OWNERS WHO HAD STILL NOT SETTLED WERE GIVEN INDICATIONS ALSO BETWEEN $110 000 AND $220 000.

INDICATIONS OF

+THESE INDICATED OFFERS ARE JUST THAT LIKELY VACANT POSSESSION VALUE OF THE FLATS AND THE MASS TRANSIT OFFICE IS OPEN TO NEGOTIATION ON EVERY ONE OF THEM,+ HE SAID.

+ IF AGREEMENT CANNOT BE REACHED THEN THE GOVERNMENT IS PREPARED TO PAY ITS OFFER WITHOUT PREJUDICE AND TO PAY THE EXPENSES OF THE OWNERS' TO OBTAIN AN INDEPENDENT ASSESSMENT AND THEN, IF THEY WISH TO GO TO THE LANDS TRIBUNAL, TO MEET THE IR COSTS IN DOING SO.

+THERE HAVE BEEN A NUMBER OF SUBMISSIONS MADE TO THE GOVERNMENT ON BEHALF OF THE REMAINING GROUP OF OWNERS AND THE GOVERNMENT IS GRATEFUL FOR THESE ATTEMPTS TO HELP SOLVE WHAT HAS BEEN A LONG AND DIFFICULT CLEARANCE.

+ALL OF THESE SUBMISSIONS HAVE BEEN CAREFULLY CONSIDERED BUT THE GOVERNMENT FEELS THAT ITS OFFER IS FAIR AND THE FACT THAT 80 PER CENT OF THE OWNERS HAVE ALREADY SETTLED AND HAVE MOVED INTO NEW HOMES OR ARE WAITING TO DO SO SUGGESTS THAT THEY AGREE WITH THIS ASSESSMENT.

+THE TIME IS SHORT NOW, BUT WITH GOODWILL ON BOTH SIDES THE GOVERNMENT BELIEVES IT CAN STILL HELP THOSE REMAINING TO MOVE FROM SAI LAU KOK INTO NEW AND BETTER HOUSING.+

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