XN000022-1981-10-13 — Page 5

TUESDAY, OCTOBER 13, 1981

+ONE EXAMPLE IS, AS A RESULT OF OUR EXPERIENCE WITH SELLING THE FIRST THREE LOTS IN TAI PO TOWN CENTRE AND CONSULTATION WITH THE INVESTORS CONCERNED, WE SHALL BE AMENDING THE LEASE CONDITIONS OF THE FUTURE TAI PO TOWN CENTRE LOTS TO PERMIT BASEMENT PARKING AS WELL AS SALE OF GROUND FLOOR AND PODIUM LEVEL SHOPS.

+WE EXPECT THAT THESE MODIFICATIONS WOULD PROVIDE GREATER FLEXIBILITY AND THEREFORE ATTRACT A LARGER SPECTRUM OF POTENTIAL INVESTORS WHILE NOT AFFECTING THE OBJECTIVE OF OUR TOWN CENTRE DEVELOPMENT PLAN.+

MR LO SAID TAI PO NEW TOWN HAD, AND WOULD CONTINUE TO HAVE A SOUND ECONOMIC BASE.

THE TOWN HAD BEEN AND WOULD CONTINUE TO BE MAJOR MARKET TOWN CENTRE FOR VILLAGES IN THE NEIGHBOURING AREAS.

+THE EXISTING TOWN ALREADY HAS SUBSTANTIAL PRIVATE SECTOR INVESTMENT. TAKING HOUSING AS AN EXAMPLE, ONLY ABOUT 25 000 OUT OF THE PRESENT POPULATION OF 72 000 ARE STAYING IN PUBLIC PERMANENT OR TEMPORARY HOUSING,

+CONSIDERING THE TOWN AS A WHOLE

THERE ARE AT PRESENT NO

SUBSTANTIAL LACK OF COMMERCIAL AND RETAIL FACILITIES.

+THE FINAL 50-50 SPLIT OF PUBLIC VERSUS PRIVATE SECTOR HOUSING IN TAI PO, COMPARED WITH 70 PUBLIC-30 PRIVATE IN SOME OTHER NEW TOWNS SUCH AS TSUEN WAN, SHOULD ATTRACT A FINAL MIX OF COMMUNITY WHICH WOULD INDUCE A FAVOURABLE INVESTMENT CLIMATE FOR THE PRIVATE SECTOR.

+FURTHERMORE, THE TAI PO INDUSTRIAL ESTATE, WHICH HAS ALREADY BROUGHT SOME OF THE MOST ADVANCED TECHNOLOGIES AND SOUND INDUSTRIAL INVESTMENT, IS EXPECTED TO BE ABLE TO CONTINUE TO ATTRACT SUCH INVESTMENT TO TAI PO.

+SUCH INVESTMENT WILL NOT ONLY PROVIDE JOBS OF HIGH SKILL, BUT ALSO HELP GENERATE DEMAND FOR FINANCIAL, LEGAL AND GENERAL COMMERCIAL SERVICES AS WELL AS GENERATE A LATENT DEMAND FOR PRIVATE SECTOR HOUSING BY VIRTUE OF THOSE EXECUTIVES, ENGINEERS, TECHNICIANS WORKING IN THE INDUSTRIAL ESTATES BUT NOT RÉSIDING IN TAI PO.+

MR LO EMPHASISED THAT THE BALANCED DEVELOPMENT OF TAI PO NEW TOWN DEPENDED MUCH ON PRIVATE SECTOR DEVELOPMENT.

+CONSIDER ING THE USUAL LEAD TIME OF TWO TO THREE YEARS IN OBTAINING RETURN FROM INVESTMENT. I THINK MANY OF YOU WILL CONSIDER THAT NOW, RATHER THAN LATER, IS THE TIME TO CONSIDER SERIOUSLY TO INVEST IN TAI PO, HE SAID.

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