XN000022-1987-10-26 — Page 4

3

MONDAY, OCTOBER 26, 1987

BANKING CHIRF CALLS FOR CONSTRUCTIVE APPROACH

*

THE BANKING COMMISSIONER, MR TONY NICOLLE, SAID THIS (MONDAY) HORNING THAT HE HOPED THAT BANKS AND OTHER DEPOSIT-TAKERS WOULD BB TAKING A SYMPATHETIC AND CONSTRUCTIVE APPROACH TOWARDS BORROWERS WITH FACILITIES USED TO FINANCE SECURITIES HOLDINGS.

CREDIT JUDGEMENTS ABOUT PARTICULAR FACILITIES WERE FOR BANKS, AND FOR THEM ALONE, TO MAKE, BUT THE COMMISSIONER POINTED OUT THAT ENFORCED DISPOSAL OF SECURITIES BY BANK CUSTOMERS TO MEET MARGIN REQUIREMENTS WOULD EXACERBATE THE PRESSURES ON THE MARKETS.

IT WOULD THEREFORE BE HElpful to MARKETS IF BANKS WERE ABLE. WHERE POSSIBLE, TO TAKE ACCOUNT OF THE OVERALL CREDITWORTHINES8 OF THEIR CUSTOMERS WHEN CONSIDERING COMPLIANCE WITH THE SPECIFIC TERMS OF BORROWING FACILITIES.

THREE LOTS SOLD FOR $676.7 MILLION

A PRIME PRIVATE RESIDENTIAL SITE AT OLD PEAK ROAD ON HONG ISLAND WAS SOLD FOR $500 MILLION AT AN AUCTION TODAY (MONDAY).

BIDDING OPENED AT $360 MILLION.

KONG

PARK

THE SITE, WHICH MEASURES 5,818 SQUARE METRES, WAS SOLD TO FAITH INVESTMENT LIMITED. UNDER THE BUILDING COVENANT, THE PURCHASER HAS TO COMPLETE A GROSS FLOOR AREA OF NOT LESS THAN 23,900 SQUARE METRES BY DECEMBER 31, 1991.

TWO OTHER SITES WERE ALSO SOLD AT THE AUCTION.

THE ONE AT THE JUNCTION OF CHEUNG SHA WAN ROAD AND HING WAH STREET IN WEST KOWLOON WAS BOUGHT BY HOWSKA LIMITED FOR $168 MILLION.

BIDDING STARTED AT $90 MILLION.

THE 4,323-SQUARE-METRE SITE IS FOR A MULTI-STOREY NON-INDUSTRIAL PURPOSES, EXCLUDING GODOWN AND HOTEL.

CARPARK AND

AT LEAST 28,000 SQUARE METRES OF GROSS FLOOR AREA, INCLUDING A MULTI-STOREY CARPARK FOR NOT LESS THAN 500 VEHICLES, MUST BE COMPLETED ON THE SITE WITHIN 36 MONTHS.

THE OTHER