XN000022-1985-01-14 — Page 4

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MONDAY, JANUARY 14, 1985

SIGNIFICANT GOVERNMENT LAND TRANSACTIONS COMPLETED DURING THE YEAR INCLUDED THE FOLLOWING:

(1)

(2)

(3)

THE GRANT OF A 16-HECTARE SITE AT KORNHILL TO THE MASS TRANSIT RAILWAY CORPORATION THROUGH LAND EXCHANGE AT A PREMIUM OF $292 015 000 FOR RESIDENTIAL PURPOSES.

THE SALE OF THE ADMIRALTY II SITE AT QUEENSWAY TO FIRST PROFIT INVESTMENT LIMITED AT A PREMIUM OF $380 000 000 FOR COMMERCIAL/HOTEL PURPOSES.

THE GRANT BY PRIVATE TREATY OF A SITE AT QUEENSWAY TO THE BANK OF CHINA AT A PREMIUM OF $1 BILLION.

(4) THE SAME BY PUBLIC AUCTION OF A SITE IN TSIM SHA

TSUI EAST TO QUINNOLEX LIMITED AT A PREMIUM OF $190 000 000 FOR NON-INDUSTRIAL PURPOSES INCLUDING A HOTEL.

(5)

THE GRANT OF A 19-HECTARE SITE AT HUNG HOM WATERFRONT TO HONGKONG AND WHAMPOA DOCK COMPANY LIMITED BY WAY OF EXCHANGE FOR NON-INDUSTRIAL PURPOSES AT A PREMIUM OF $390 015 000.

THE NUMBER OF LAND GRANTS AND MODIFICATIONS OF LEASE CONDITIONS COMPLETED LAST YEAR DECREASED TO 226 FROM 245 IN 1983, WHILE THE TOTAL PREMIUM INVOLVED ROSE BY 151 PER CENT TO $2.998 BILLION, FROM $1,194 BILLION.

OVER THE SAME PERIOD, SURRENDERS AND RESUMPTIONS OF LAND DROPPED BY 42.5 PER CENT FROM 327 TO 188, WITH THE AMOUNT OF COMPENSATION DECREASING BY 60.5 PER CENT FROM $376 MILLION TO $148.5 MILLION.

THE TOTAL NUMBER OF PROPERTY OWNERS THROUGHOUT THE TERRITORY ROSE BY 7.6 PER CENT FROM 653 422 IN 1982 TO 702 787 IN 1983 AND AGAIN BY 7.2 PER CENT TO 753 015 IN 1984.

IN MAY 1984, THE LAND OFFICE OBTAINED APPROVAL OF FUNDS FOR THE COMPUTERISATION OF ALL LAND OFFICE REGISTER CARDS. PLANS WERE IN HAND TO START COMPUTERISATION IN MID-1986.

THE COMPUTERISED SYSTEM WOULD REDUCE MUCH OF THE TIME REQUIRED FOR MAKING A SEARCH AND CONSEQUENTLY WOULD REDUCE THE WAITING TIME OF A SEARCHER FROM ABOUT 20 MINUTES AT PRESENT TO ABOUT FIVE MINUTES, HE SAID.

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