XN000022-1985-11-28 — Page 45

THURSDAY, NOVEMBER 28, 1985

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LEGAL TITLE FOR CO-OP HOUSING MEMBERS

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MEMBERS OF CO-OPERATIVE HOUSING SCHEMES FOR CIVIL SERVANTS WILL SOON BE ABLE TO OBTAIN LEGAL TITLE TO THE FLATS THEY NOW OCCUPY, UNDER REVISED CONDITIONS ANNOUNCED BY THE GOVERNMENT TODAY (THURSDAY).

THE ACQUISITION OF LEGAL TITLE IS VOLUNTARY, INVOLVING THE PAYMENT OF A SMALL PREMIUM AND NOMINAL RENTAL.

SUBJECT TO THE PAYMENT OF A FURTHER PREMIUM AND THE COMPLIANCE WITH OTHER CONDITIONS, MEMBERS OF THESE BUILDING SOCIETIES WILL HAVE THE OPTION TO SELL, LET OR OTHERWISE DISPOSE OF THEIR PROPERTIES.

A SPOKESMAN FOR THE CIVIL SERVICE BRANCH SAID: THE DECISION HAS BEEN TAKEN BY THE GOVERNMENT AFTER AN EXTENSIVE REVIEW OF THESE SCHEMES WHICH WERE FIRST INTRODUCED MORE THAN 30 YEARS AGO.+

THERE ARE 5 042 FLATS BUILT BY 236 CIVIL SERVANTS' CO-OPERATIVE BUILDING SOCIETIES BETWEEN 1952 AND 1962, AND 727 SIMILAR FLATS AT LUNG CHEUNG COURT AND HONG LEE COURT BUILT BY THE GOVERNMENT BETWEEN 1969 AND 1973.

THE POLICE LOCAL INSPECTORS ASSOCIATION'S SHA TIN LODGE AND THE HONG KONG CHINESE CIVIL SERVANTS ASSOCIATION'S WAH YUEN CHUEN ARE NOT INCLUDED IN THE ARRANGEMENTS ANNOUNCED TODAY BECAUSE THEY WERE SET UP UNDER DIFFERENT TERMS AND WILL BE DEALT WITH SEPARATELY,

THE MAIN CONDITIONS GOVERNING THE TRANSFER OF LEGAL TITLE TO FLATS FROM CIVIL SERVANTS' CO-OPERATIVE BUILDING SOCIETIES TO

INDIVIDUAL MEMBERS ARE:

(A)

(B)

(c)

ANY OUTSTANDING LOANS FROM THE GOVERNMENT MUST BE FULLY REPAID :

A SMALL PREMIUM OF $1 000 PER LOT AND A NOMINAL RENTAL WILL BE CHARGED;

BEFORE THE FLAT CAN BE SOLD, LET OR OTHERWISE DISPOSED OF, THE OWNER MUST PAY TO THE GOVERNMENT A LAND PRÉMIUM EQUIVALENT TO, GENERALLY, TWO-THIRDS OF THE +EXISTING USE VALUE+ OF THE LAND ON WHICH THE PROPERTY STANDS

(D) AN ADDITIONAL MODIFICATION PREMIUM WILL BE CHARGED AT FULL MARKET VALUE ON REDEVELOPMENT OVER AND ABOVE THE EXISTING DEVELOPMENT. THE CONSENT OF ALL OWNERS WILL BE REQUIRED BEFORE ANY REDEVELOPMENT PROPOSAL CAN PROCEED, AND

/(E) ONCE