XN000022-1991-01-18 — Page 7

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FRIDAY, JANUARY 18, 1991

MORTGAGES

THE AMOUNT SECURED UNDER

OTHER THAN BUILDING MORTGAGES DROPPED BY 2.7 PER CENT, FROM $59.597 BILLION то $57.99 BILLION.

REPAYMENTS UNDER MORTGAGES OF ALL KINDS IN THE URBAN AREA, A3 EVIDENCED BY DISCHARGES AND MORTGAGEES' RECEIPTS, DROPPED BY 30.8 PER CENT, FROM $35.03 BILLION IN 1989 TO $24.254 BILLION IN 1990.

SEARCHES IN THE HONG KONG LAND OFFICE BY MEMBERS OF THE PUBLIC DECREASED BY 1.8 PER CENT TO 1,537,630.

THE URBAN LAND OFFICE MAINFRAME COMPUTER REACHED MAXIMUM CAPACITY AND CAPABILITY AT THE END OF 1990. A NEW MAINFRAME HAS BEEN ACQUIRED AND WILL ENABLE SEARCHES OF THE COMPUTERISED REGISTERS AND REGISTRATION OF DEEDS TO BE MORE EFFICIENTLY CONDUCTED.

PROPOSALS ARE UNDER CONSIDERATION TO COMPUTERISE THE EIGHT DISTRICT LAND REGISTRIES BUT THIS IS STILL A LONG WAY OFF.

THERE WERE 1,216 SURRENDERS AND RESUMPTIONS OF LAND WITH A TOTAL COMPENSATION OF $0.723 BILLION PAID IN BOTH THE URBAN AREA THE NEW TERRITORIES, COMPARED WITH 2,095 AND $1.567 BILLION IN 1989.

THE TAKEOVER OF NORTH DISTRICT LAND REGISTRY ON JULY 23 LAST YEAR COMPLETED THE PROJECT FOR THE TAKEOVER OF ALL EIGHT NEW TERRITORIES DISTRICT LAND REGISTRIES BY THE REGISTRAR GENERAL'S DEPARTMENT.

DURING 1990, THE EIGHT NEW TERRITORIES DISTRICT LAND REGISTRIES REGISTERED A TOTAL OF 304,206 INSTRUMENTS, AGAIN AN ALL TIME HIGH, INCLUDING 57,835 SALE AND PURCHASE AGREEMENTS OF FLATS, 75,266 ASSIGNMENTS OF FLATS, 4,545 ASSIGNMENTS OF LOTS AND SECTIONS, 94 BUILDING MORTGAGES, 89,908 OTHER MORTGAGES AND 43,455 MORTGAGEES' RECEIPTS, REASSIGNMENTS AND CERTIFICATES OF SATISFACTION WITH A TOTAL VALUB OF CONSIDERATION OF $46.848 BILLION, $50.667 BILLION, $5.950 BILLION, $1.706 BILLION, $19.841 BILLION AND $8.899 BILLION RESPECTIVELY.

COMMENTING ON THESE FIGURES MR GLEESON SAID THEY REFLECTED A CONTINUING HIGH LEVEL OF ACTIVITY IN THE PROPERTY MARKET GENERALLY DURING THE YEAR AND ALSO THE CONTINUING URBANISATION OF THE NEW TERRITORIES.

THE TOTAL NUMBER OF REGISTERED PROPERTY OWNERS IN THE TERRITORY NOW STOOD AT 1,320,271, AN INCREASE OF 107,271 OR 8.8 PER CENT OVER THE FIGURE AT THE END OF 1989 WHICH ITSELF WAS AN INCREASE OF 18.3 PER CENT OVER 1988.

A TOTAL OF 1,286 GOVERNMENT LAND TRANSACTIONS WERE CONCLUDED IN 1990 IN BOTH THE URBAN AREA AND THE NEW TERRITORIES COMPARED WITH 1,380 IN 1989.

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