XN000022-1988-07-07 — Page 6

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THURSDAY, JULY 7, 1988

THE SALE BY PUBLIC AUCTION ON MAY METRE SITE (CHAI WAN INLAND LOT NO. FUNG YIP STREET AND SHEUNG ON WHOLYWING LIMITED AT A PREMIUM INDUSTRIAL AND/OR GODOWN PURPOSES.

OF

30 OF A 4,498-SQUARE 103) AT THE JUNCTION STREET, HONG HONG TO OF $173,000,000 FOR

THE TOTAL NUMBER OF PROPERTY OWNERS THROUGHOUT THE TERRITORY ROSE BY NINE PER CENT FROM 939,120 IN JUNE 1987 TO 1,023,635 IN DECEMBER 1987 AND AGAIN BY 4.1 PER CENT TO 1,065,978 IN JUNE 1988.

ALL OF THESE FIGURES REFLECTED A CONTINUING HICH LEVEL OF ACTIVITY IN A RELATIVELY FIRM PROPERTY MARKET, MR GLEESON SAID.

TAC ADVISES AGAINST TOLL RISE FOR CROSS HARBOUR TUNNEL

*

THE TRANSPORT ADVISORY COMMITTEE (TAC) AT ITS SECOND MEETING TO CONSIDER THE CONSULTANCY STUDY REPORT ON THE CROSS HARBOUR TUNNEL TODAY (THURSDAY) ADVISED THAT CROSS HARBOUR TUNNEL TOLLS SHOULD NOT DE INCREASED.

IN MAKING THE RECOMMENDATION, MENDERS CONSIDERED THE FOLLOWING

FACTORS:

1.

WHETHER

THERE ARE

ADEQUATE

TRANSPORTATION;

ALTERNATIVE MODES OF

MEMBERS HAVE EXAMINED THE CAPACITY OF THE HONG KONG AND YAUMAT↓ FERRY SERVICES AT PRAK HOURS (8) AM

8 PM) AND FOUND THAT ALTHOUGH THERE WAS A SPARE CAPACITY OF 8,500 CAR SPACES ON DIFFERENT ROUTES OF HYF SERVICES, IT WAS INSUFFICIENT TO CATER TO THE LARGE NUMBER OF VEHICLES THAT NEEDED TO BE DIVERTED FROM THE CROSS HARBOUR TUNNEL. HOWEVER, TRAFFIC NEWS BULLETINS AND OTHER METHODS WOULD BE USED TO ENCOURAGE MOTORISTS TO USE CROSS HARBOUR FERRIES AND MAKE THE MOST OF SUCH SPARE CAPACITIES.

2.

THE FOLL MEASURE PACKAGE WAS PROPOSED FOR MANAGEMENT REASONS AND THE GOVERNMENT WAS NOT REVENUE. HENCE IF THERE WERE TRAFFIC MANAGEMENT WHICH COULD EASE THE SITUATION, TOLL INCREASE MEASURES SHOULD NOT BE EMPLOYED, ESPECIALLY WHERE THERE WAS INADEQUATE CAPACITY ON ALTERNATIVE MODES OF TRANSPORT DURING PEAK HOURS.

TRAFFIC

SEEKING MEASURES

13. DIFFERENTIAL TOLL:

I