XN000022-1987-09-25 — Page 16

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FRIDAY, SEPTEMBER 25, 1987

COMPENSATION RATE FOR NT LAND RAISED

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THAT

EX-GRATIA

THE GOVERNMENT TODAY (FRIDAY) ANNOUNCED COMPENSATION RATES FOR ACQUISITION OF LAND IN THE NEW TOWN DEVELOPMENT AREAS OF THE NEW TERRITORIES WILL BE INCREASED OCTOBER 1.

THE RATE FOR AGRICULTURAL LAND WILL BE $109.2 PER SQUARE COMPARED WITH THE PRESENT RATE OF $58.2 PER SQUARE FOOT.

FROM

FOOT,

THE RATE FOR BUILDING LAND WILL BE $218.4 PER SQUARE INSTEAD OF THE EXISTING $106.5 PER SQUARE FOOT.

FOOT,

LANDS

THE PRINCIPAL GOVERNMENT LAND AGENT OF THE BUILDINGS AND DEPARTMENT, MR ВОВ РОРЕ, SAID THE INCREASES WERE DUE TO THE SUBSTANTIAL RISE IN LAND VALUES IN THE PAST SIX MONTHS.

THE GOVERNMENT ALSO ANNOUNCED NEW CURRENCY TERRITORIES LAND EXCHANGE ENTITLEMENTS (LETTERS A AND COME INTO EFFECT ALSO ON OCTOBER 1.

VALUES OF NEW B) THAT WOULD

MR POPE SAID THE CALCULATION OF THE NEW CURRENCY VALUES REFLECTED THE NOTIONAL AMOUNT OF PREMIUM FOREGONE BY THE GOVERNMENT.

"THEREFORE, AS LAND VALUES HAVE INCREASED SUBSTANTIALLY, THE CURRENCY VALUES WILL INCREASE PROPORTIONATELY,

HE SAID.

HE HOPED THE INCREASED VALUES WOULD ENCOURAGE LAND EXCHANGEF ENTITLEMENT HOLDERS TO SURRENDER THEM.

THE LAND EXCHANGE ENTITLEMENTS OUTSTANDING WAS CURRENTLY AROUND 15 MILLION SQUARE FEET WHICH WAS ABOUT HALF THE OUTSTANDING COMMITMENT IN 1983 WHEN THE LAND EXCHANGE ENTITLEMENT POLICY WAS ABANDONED, MR POPE SAID.

IMPORTANCE OF QUALITY STRESSED

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EMPHASIS ON QUALITY IS BECOMING INCREASINGLY IMPORTANT THESE DAYS, NOT MERELY BECAUSE OVERSEAS CONSUMERS WANT QUALITY GOODS BUT BECAUSE PRODUCT LIABILITY ACTION BEING TAKEN AGAINST DEFECTIVE GOODS HAS BECOME A FACT OF LIFE.

THE DIRECTOR OF INDUSTRY, MR K.Y. YEUNG, SAID THIS AT A PRESENTATION CEREMONY TODAY (FRIDAY) IN WHICH EIGHT PRIVATE TESTING LABORATORIES WERE PRESENTED CERTIFICATES OF ACCREDITATION UNDER THE HONG KONG LABORATORY ACCREDITATION SCHEME (HOKLAS).

/MR YEUNG