XN000022-1984-03-02 — Page 3

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FRIDAY, MARCH 2, 1984

MONETISED LETTERS B VALUES DETAILED

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THE GOVERNMENT, WHICH ANNOUNCED AT THE END OF NOVEMBER LAST YEAR THAT IT WAS +MONETISING+ LAND EXCHANGE ENTITLEMENTS (LETTERS B), GAVE DETAILS TODAY (FRIDAY) OF THE CURRENCY VALUES OF ENTITLEMENTS.

A LANDS DEPARTMENT SPOKESMAN SAID GIVING THE ENTITLEMENTS A CASH VALUE WAS INTENDED TO REDUCE THE GOVERNMENT'S COMMITMENT TO PROVIDE 15 MILLION SQUARE FEET OF BUILDING LAND FOR THE IR REDEMPTION.

HE SAID THEY COULD NOW BE USED TO PAY FOR NEW TERRITORIES LAND BOUGHT AT AUCTION OR BY TENDER.

THEY COULD ALSO BE USED AS CASH PAYMENT IN NEW TERRITORIES LAND-RELATED TRANSACTIONS, SUCH AS MODIFICATIONS, EXCHANGES, PRIVATE TREATY GRANTS, LICENCE AND ADMINISTRATIVE FEES, BUILDING COVENANT PREMIUMS, SHORT TERM TENANGIES AND WAIVERS, FORE BEARANCE FEES AND EXTENSIONS.

THE VALUES RANGE FROM A HIGH OF $259.90 PER SQUARE FOOT OF AGRICULTURAL LAND FOR WHICH A LETTER B WAS ISSUED IN JANUARY, 1960, TO A LOW OF $19.00 WHERE THE LETTER B WAS ISSUED A YEAR AGO.

FOR BUILDING LAND THE RATES RANGE FROM $647.20, PLUS THE SURRENDER VALUE, TO THE SURRENDER VALUE ONLY.

THE SPOKESMAN SAID THE CURRENCY VALUE FIGURES HAD BEEN ARRIVED AT AFTER TAKING INTO ACCOUNT THE CURRENT PRICES OF VARIOUS TYPES OF LAND IN DIFFERENT PARTS OF THE NEW TERRITORIES AND THE DIFFERENT STAGES OF DEVELOPMENT IN TSUEN WAN, SHA TIN AND TUEN MUN NEW TOWNS.

HE SAID THE NEW SYSTEM WOULD COME INTO OPERATION FROM APRIL 1 AND BE REVISED AT SIX-MONTH INTERVALS.

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