XN000022-1986-01-14 — Page 15

TUESDAY, JANUARY 14, 1986

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REPAYMENTS UNDER MORTGAGES OF ALL KINDS, AS EVIDENCED BY REASSIGNMENTS AND CERTIFICATES OF SATISFACTION, WERE UP BY 55.9 PER CENT, FROM $14.586 BILLION IN 1984 TO $22.735 BILLION IN 1985.

SEARCHES IN THE LAND OFFICE BY MEMBERS OF THE PUBLIC REACHED AN ALL-TIME HIGH OF 1 010 291 UP BY 41.4 PER CENT.

COMMENTING ON THESE FIGURES MR GLEESON SAID THEY REFLECTED A SIGNIFICANT INCREASE OF ACTIVITY IN THE PROPERTY MARKET.

HE ATTRIBUTED THIS TO THE RETURN OF CONFIDENCE FOLLOWING UPON THE SIGNING OF THE SINO-BRITISH JOINT DECLARATION IN DECEMBER 1984 WHICH HAD THE EFFECT OF RELEASING A PENT UP DEMAND FOR PROPERTY OF ALL TYPES PARTICULARLY RESIDENTIAL FLATS.

IN ADDITION, PROPERTY PRICES AND LENDING RATES WERE AT A LEVEL WHICH A MUCH GREATER NUMBER OF PEOPLE COULD AFFORD THAN PREVIOUSLY.

+THIS LEVEL OF ACTIVITY SHOWED NO DECREASE TOWARDS THE END OF 1985 AND WAS LIKELY TO CONTINUE INTO 1986, + MR GLEESON SA ID.

+HOWEVER, THERE WAS NO REASON TO BELIEVE THAT THE SPECULATION FROM WHICH THE MARKET HAD SUFFERED IN THE PAST, PARTICULARLY IN RESIDENTIAL FLATS, WAS RETURNING, HE ADDED.

MR GLEESON SAID THAT AN INTERESTING ECONOMIC AND SOCIAL INDICATOR WAS THAT THE TOTAL NUMBER OF REGISTERED PROPERTY OWNERS IN HONG KONG NOW STOOD AT 827 077. AN INCREASE OF 74 062 OR 9.8 PER CENT OVER THE FIGURE AT THE END OF 1984 WHICH ITSELF WAS AN INCREASE OF 7.2 PER CENT OVER 1983.

THE NUMBER OF GOVERNMENT LAND GRANTS AND MODIFICATIONS OF GOVERNMENT LEASE CONDITIONS COMPLETED LAST YEAR INCREASED FROM 226 IN 1984 TO 273, WHILE THE TOTAL PREMIUM INVOLVED ROSE BY 51.6 PER CENT FROM $2.998 BILLION TO $4.546 BILLION.

SIGNIFICANT GOVERNMENT LAND TRANSACTIONS COMPLETED DURING THE YEAR. INCLUDING THOSE COMPLETED PRIOR TO THE INTRODUCTION OF THE 50 HECTARE LIMIT BY ANNEX 11 TO THE JOINT DECLARATION ON THE 27TH MAY, INCLUDED THE FOLLOWING:

(1)

THE GRANT OF 62.202-HECTARE SITE AT LA ISLAND TO THE HONG KONG ELECTRIC COMPANY LIMITED AT A PREMIUM OF $66 130 000 FOR THE PURPOSES OF AN ELECTRICITY GENERATING STATION.

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(2)

THE SALE BY PUBLIC TENDER OF A 2.443-HECTARE SITE AT CANTON ROAD TO MILLION SUCCESS LIMITED AT .. PREMIUM OF $389 900 000 FOR NON-INDUSTRIAL PURPOSE INCLUDING A REQUIREMENT TO CONSTRUCT A HONG KONG - CHINA FERRY TERMINAL TO BE HANDED OVER TO GOVERNME. ON COMPLETION,