XN000022-1986-11-14 — Page 11

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FRIDAY, NOVEMBER 14, 1986

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DEVELOPMENT IT WOULD FORM INDIVIDUAL SUBSIDIARY COMPANIES TO UNDERTAKE DEVELOPMENT PROJECTS. THE SE COMPANIES WOULD BE RESPONSIBLE FOR RAISING FINANCE FROM THE PRIVATE SECTOR AND NEGOTIATING WITH PROPERTY OWNERS FOR THE ACQUISITION OF THEIR PROPERTIES, AS WELL AS FOR PLANNING AND IMPLEMENTATION OF DEVELOPMENT, OR SETTING UP JOINT VENTURE PROJECTS.

* PROJECT MANAGEMENT: IT SHOULD BE RESPONSIBLE FOR

OVERSEEING THE DEVELOPMENT PROCESS.

* BUILDING MANAGEMENT: IT WOULD BE RESPONSIBLE FOR

ARRANGING THE MANAGEMENT OF PROPERTY IT ACQUIRED PRIOR TO DEMOLITION AND FOR RETAINED PARTS OF COMPLETED DEVELOPMENTS.

MR WONG SAID THE LDC WOULD REQUIRE AN INITIAL INJECTION OF FUNDS TO ENABLE IT TO BE SET UP AND BEGIN OPERATIONS.

HOWEVER, THIS INITIAL LOAN WOULD BE PRIMARILY TO COVER OPERATING COSTS.

+THE LDC THROUGH ITS SUBSIDIARY COMPANIES, IS EXPECTED TO RAISE FINANCE TO FUND INDIVIDUAL DEVELOPMENT FROM PRIVATE SECTOR SOURCES SUCH AS BANKS, + HE SAID.

HE SAID THE PROVISIONAL LDC BOARD HAD MET FOUR TIMES SO FAR,

IT HAD BEEN BRIEFED BY THE GOVERNMENT ON STUDIES CARRIED OUT BY THE TOWN PLANNING OFFICE INTO URBAN RENEWAL STUDY AREAS AND THE IDENTIFICATION OF POTENTIAL DEVELOPMENT AREAS.

A TOTAL OF 19 AREAS CONTAINING SITES SUITABLE FOR COMPREHENSIVE RE DEVELOPMENT HAD BEEN IDENTITIED AND A REPORT ON THESE AREAS WOULD BE COMPLETED SOON.

REFERRING TO THE APPOINTMENT OF A CHIEF EXECUTIVE, MR WONG SAID IT WAS HOPED THAT A SHORT LIST OF POTENTIAL CANDIDATES WOULD BE AVAILABLE AROUND THE END OF THIS MONTH.

HE SAID DRAFTING INSTRUCTIONS FOR THE PREPARATION OF THE LDC ORDINANCE HAD BEEN MADE AVAILABLE TO MEMBERS OF THE PROVISIONAL BOARD FOR CONSIDERATION.

SUBJECT TO THE PRESSURE OF WORK IN THE LAW DRAFTING DIVISION, IT WAS HOPED THAT THE FIRST DRAFT OF THE LDC BILL WOULD BE COMPLETED BY THE END OF THIS YEAR.

+ IT IS THEREFORE POSSIBLE BY THE END OF MARCH NEXT YEAR THAT THE LDC COULD BE FORMALLY ESTABLISHED UNDER ITS OWN ORDINANCE AND THE DAY-TO-DAY MANAGEMENT OF ITS CHIEF EXECUTIVE, MR WONG SAID.

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