XN000022-1985-01-29 — Page 3

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TUESDAY, JANUARY 29, 1985

THE

SIR EDWARD : IT DOES NOT AFFECT THEIR RIGHT OF ABODE, NO. POSITION ON RIGHT OF ABODE - THEY HAVE NOT HAD THE RIGHT OF ABODE FOR MANY YEARS THE POSITION ON RIGHT OF ABODE REMAINS

UNCHANGED.

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SIR ROBIN DAY: THANK YOU.

SIR LESLIE PORTER, (TESCO PUBLIC LIMITED Co.): SIR EDWARD, WHAT IS THE POSITION WITH PEOPLE THAT HAVE CROWN PROPERTY IN HONG KONG OR KOWLOON, WITH A 99-YEAR LEASE?

SIR EDWARD: THE RIGHTS OF EXISTING LEASES ARE ASSURED BY THE AGREEMENT.

SIR LESLIE PORTER THANK YOU VERY MUCH.

SIR EDWARD: THERE IS QUITE A COMPLICATED LAND ANNEX TO THE AGREEMENT. THOSE WHO HAVE LIVED IN HONG KONG WILL KNOW THAT LAND IS A HIGHLY COMPLICATED SUBJECT ON WHICH, I THINK, THERE ARE 5 300 000 EXPERTS THERE I AM NOT SURE THAT I AM ONE OF THEM. THERE ARE VARIOUS LENGTHS OF LEASES, DEPENDING ON WHEN THEY WERE GRANTED, BUT BASICALLY THE AGREEMENT PROVIDES EXISTING CROWN LEASES WILL BE RECOGNISED, AND THAT NEW LEASES CAN BE GRANTED WHICH WILL RUN UP TO 2047.

SIR LESLIE PORTER: THANK YOU.

MS SUE SELWYN, (DEPUTY SECRETARY OF THE COUNCIL OF THE STOCK EXCHANGE) FOLLOWING ON FROM THE QUESTION BY SIR ROBIN DAY, ONE GAINS THE IMPRESSION THAT A LARGE PERCENTAGE OF THE ENTREPRENEURIAL CLASSES OF THE WORLD PROJECTS AND THE WORLD ECONOMIES ARE, IN FACT, ASSURING THEMSELVES OF FOREIGN PASSPORTS SO THAT AT A CERTAIN DATE THEY AND THEIR FAMILIES MAY LEAVE. AM I CORRECT? AND HOW DOES THE CHINESE GOVERNMENT VIEW THIS?

SIR EDWARD THE FIRST THING YOU NOTICE IS THAT PEOPLE IN HONG KONG HAVE BEEN TRAVELLING AND ESTABLISHING THEMSELVES IN THE UK, THE UNITED STATES, CANADA AND AUSTRALIA, FAIRLY CONSISTENTLY FOR MANY YEARS PAST. IT IS DIFFICULT TO ESTABLISH, BECAUSE THESE STATISTICS WOULD BE HELD BY OTHER COUNTRIES RATHER THAN BY US, WHETHER THAT THE NUMBER HAS INCREASED, OR NOT. I WOULD NOT BE SURFRISED IF THERE WERE RATHER MOŘE NOW THAN THERE WERE BEFORE, BUT YOU ALSO FIND THAT THE REVERSE PROCESS IS BEGINNING THAT SOME OF THOSE WHO WE T ABROAD DURING THE PERIOD OF UNCERTAINTY, ARE BEGINNING TO COME BACK.

/I THINK