XN000022-1984-09-21 — Page 5

FRIDAY, SEPTEMBER 21, 1984

ANOTHER BANK GETS LICENSE

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THE NEDERLANDSCHE MIDDENSTANDSBANK NV, HAS BEEN GIVEN APPROVAL BY THE EXECUTIVE COUNCIL TO CONDUCT BUSINESS IN HONG KONG.

INCORPORATED IN THE NETHERLANDS, NEDERLANDSCHE MIDDENSTANDSBANK NV HAS A REPRESENTATIVE OFFICE AND A WHOLLY-OWNED, LICENSED DEPOSIT- TAKING COMPANY SUBSIDIARY IN HONG KONG.

LAST MONTH, TWO JAPANESE BANKS, THE DAI-ICHI KANGYO BANK LIMITED AND THE TOYO TRUST AND BANKING CO LTD WERE GRANTED LICENCES.

+THE CONTINUING INTEREST BY FOREIGN BANKS IN ESTABLISHING BRANCHES IN HONG KONG IS A DEMONSTRATION OF OVERSEAS CONFIDENCE IN HONG KONG'S FUTURE, PARTICULARLY AS A MAJOR FINANCIAL CENTRE,+ A GOVERNMENT SPOKESMAN SAID.

THERE ARE NOW 140 LICENSED BANKS IN HONG KONG. BANKS, 13 WERE LICENSED IN THE PAST TWO YEARS.

OF THE FOREIGN

NEW RATES FOR RESUMED LAND ANNOUNCED

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THE NEW EX-GRATIA ALLOWANCE RATES FOR AGRICULTURAL AND BUILDING LAND RESUMED BY THE GOVERNMENT ARE PUBLISHED IN TODAY'S GAZETTE.

THEY WILL COME INTO EFFECT ON OCTOBER 1 AND WILL BE OPERATIVE FOR SIX MONTHS, A LANDS DEPARTMENT SPOKESMAN SAID.

THE RATE FOR AGRICULTURAL LAND IN THE NEW TOWN DEVELOPMENT AREAS OF THE NEW TERRITORIES AND THE URBAN AREAS OF HONG KONG AND KOWLOON WILL BE $38.40 PER SQUARE FOOT. THE OLD RATE WAS $40,80 PER SQUARE FOOT.

THE RATE FOR BUILDING LAND RESUMED WITHIN THE NEW TOWN AREAS WILL BE $60 PER SQUARE FOOT, COMPARED WITH $66 PREVIOUSLY.

THE RATES FOR LAND RESUMED OUTSIDE THE DEVELOPMENT AREAS OF THE NEW TERRITORIES WILL BE THE APPROPRIATE PERCENTAGE OF THE BASIC RATES OF $32 PER SQUARE FOOT FOR AGRICULTURAL LAND AND $50 PER SQUARE FOOT FOR BUILDING LAND.

THE SPOKESMAN SAID THAT THE LOWER RATES REFLECTED THE DROP IN LAND VALUES IN THE LAST SIX MONTHS.

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