XN000022-1985-05-01 — Page 41

WEDNESDAY, MAY 1, 1985

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SHANGHAI DELEGATION SEES PUBLIC HOUSING ESTATES

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A VISITING CHINESE DELEGATION FROM SHANGHAI WAS TODAY GIVEN AN INSIGHT INTO THE CONSTRUCTION AND MANAGEMENT ASPECTS OF HONG KONG'S PUBLIC HOUSING.

HEADED BY THE VICE DIRECTOR OF THE SHANGHAI MUNICIPAL PLANNING COMMISSION, MR PAN XUE MIN, THE SIX-MEMBER GROUP MET THE ACTING DIRECTOR OF HOUSING, MR H.H.T. BARMA, AND WAS BRIEFED ON THE PUBLIC HOUSING PROGRAMME.

THEY THEN HAD DISCUSSIONS WITH SENIOR HOUSING OFFICIALS ON HOW PUBLIC HOUSING ESTATES WERE BUILT AND MANAGED. THEY ALSO INSPECTED PHOTOGRAPHIC AND MODEL DISPLAYS AT THE HOUSING AUTHORITY'S EXHIBITION HALL.

THE PARTY LATER VISITED LUNG HANG ESTATE AND HOME OWNERSHIP SCHEME KING TIN COURT IN SHA TIN LOOKING AT WIDE-RANGING COMMERCIAL AND COMMUNITY FACILITIES PROVIDED FOR TENANTS.

DECISION ON CONCESSIONARY SCHEME EXPLAINED

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THE GOVERNMENT'S RECENT DECISION NOT TO CONTINUE THE CONCESSIONARY BUILDING COVENANT EXTENSION SCHEME WHEN IT EXPIRED ON JULY 1, 1985 HAD BEEN TAKEN IN THE LIGHT OF SIGNIFICANT IMPROVEMENTS IN THE PROPERTY MARKET.

THIS WAS SAID TODAY BY THE DIRECTOR OF LANDS, MR JOHN TODD AT A MEETING OF THE REAL ESTATE DEVELOPMENT SUB-COMMITTEE.

AT THE MEETING, DEVELOPERS EXPRESSED CONCERN ABOUT THE DECISION AND SAID THEY MIGHT ASK THE GOVERNMENT TO EXTEND THE GRACE PERIOD FOR SIX MONTHS AFTER THE EXPIRY OF THE SCHEME.

MR TODD SAID THAT THERE HAD BEEN A CONSIDERABLE DROP IN THE NUMBER OF LETTERS B BEING OFFERED FOR REDEMPTION SINCE THE IR MONETISED VALUES INCREASED ON APRIL 1. A NUMBER OF DEVELOPERS WERE ATTEMPTING TO WITHDRAW OFFERS WHICH THEY HAD PREVIOUSLY MADE.

MR TODD SAID THAT IT WAS OBVIOUS THAT LETTERS B HOLDERS WERE SPECULATING ON THEIR HOPES OF A RISING MARKET RATHER THAN TAKING THE OPPORTUNITIES FOR REDEEMING LETTERS B, WHICH GOVERNMENT HAD PROVIDED AT THE HOLDERS' REQUEST.

/HE RECALLED