XN000022-1988-06-29 — Page 35

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WEDNESDAY, JUNE 29, 1988

"THIS MIGHT EITHER BE THE LANDLORD OR THE TENANT, DEPENDING THE CIRCUMSTANCES."

ON

REGARDING THE NUMBER OF CASES OF INJURIES CAUSED BY THE FAILURE OF SUCH STRUCTURES, MR SAUNDERS NOTED THAT THE BOO RECEIVE REPORTS OF SUCH INCIDENTS AS A MATTER OF ROUTINE AND WAS UNABLE TO PROVIDE SUCH STATISTICS.

DID NOT THAT HE

"1 AM ADVISED ALSO THAT THE POLICE DO NOT KEEP STATISTICS SPECIFICALLY OF SUCH INCIDENTS, ALTHOUGH IT IS UNDERSTOOD THAT THE NUMBER OF CASES WHICH COME TO ATTENTION IS VERY SMALL, HE ADDED.

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SPECULATIVE ACTIVITY IN PROPERTY NOT EXCESSIVE

UP TO NOW, SPECULATION IN THE PROPERTY MARKET SEEMS TO BE CONFINED LARGELY TO A SMALL NUMBER OF POPULAR RESIDENTIAL DEVELOPMENTS, THE ACTING FINANCIAL SECRETARY, THE HON DAVID NENDICK, SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

IN A WRITTEN REPLY TO A QUESTION BY THE HON HILTON CHEONG-LEEN, MR NENDICK SAID THAT IN A RISING MARKET, THE NUMBER OF PROPERTY TRANSACTIONS WAS LIKELY TO RISE AND SOME SPECULATIVE ACTIVITY MUST EXPECTED TO OCCUR.

BE

HOWEVER, HE SAID THAT SPECULATIVE ACTIVITY DID NOT YET APPEAR EXCESSIVE OR SIGNIFICANT ENOUGH TO PRODUCE DAMAGING EFFECTS ON HONG KONG'S ECONOMIC GROWTH AND PROSPERITY.

MONITOR THE SITUATION THE PUBLIC ΤΟ DECIDE

"WHILE THE GOVERNMENT WILL CONTINUE TO CLOSELY, IT MUST BE FOR INDIVIDUAL MEMBERS OF UPON THEIR OWN PURCHASE DECISIONS," HE POINTED OUT.

'I WOULD NOT ENVISAGE OUR GIVING THE PUBLIC SPECIFIC ADVICE ABOUT THE RISK OF SPECULATION BUT CLEARLY IT NEEDS TO BE RECOGNISED THAT PROPERTY PRICES CAN FALL AS WELL AS RISE."

MR NENDICK ALSO SAID THAT WITH AN ABUNDANT SUPPLY OF NEW RESIDENTIAL FLATS COMING ON STREAM, FUTURE INCREASES IN FLAT PRICES WERE LIKELY TO BE RESTRAINED.

HE EXPECTED THAT THE RECENT FIRMING UP OF INTEREST RATES WOULD BE A FACTOR WHICH MIGHT RENDER SPECULATION LESS ATTRACTIVE IN FUTURE.

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