XN000022-1992-01-11 — Page 3

SATURDAY, JANUARY 11, 1991

NO. OF FLAT SALE LAST YEAR INCREASED BY 39 PER CENT

A

THE TOTAL NUMBER OF SALE AND PURCHASE AGREEMENTS OF FLATS, LARGE PROPORTION OF THEM IN UNCOMPLETED BUILDINGS, REGISTERED IN THE LAND OFFICE LAST YEAR INCREASED BY 39 PER CENT COMPARED WITH 1990.

REPORTING

THE

NEW

SAID

COMING

ON

FIGURES HIS DEPARTMENT'S

(INCLUDING TERRITORIES) FOR 1991 THE REGISTRAR GENERAL, MR NOEL GLEESON, TODAY (FRIDAY), THAT THE LARGE INCREASE WAS MAINLY DUE TO THE ON STREAM OF SEVERAL LARGE RESIDENTIAL DEVELOPMENTS.

THESE DEVELOPMENTS INCLUDED LAGUNA CITY IN KWUN TONG, GARDEN IN LEI YUE MUN ROAD, SOUTH HORIZON IN AP LEI CHAU, GARDEN IN TSING LUNG TAU, BELVEDERE GARDEN IN TING KAU AND VILLA IN YUEN LONG.

SCENEWAY HONG KONG KINGSWOOD

IN ALL,

176,701 SUCH AGREEMENTS WERE REGISTERED

DURING LAST

YEAR.

IN

THESE AGREEMENTS $285.24

THE TOTAL AMOUNT OF THE CONSIDERATIONS INCREASED BY 96.9 PER CENT FROM $144.86 BILLION IN 1990 TO BILLION LAST YEAR.

LODGED FOR YEAR, NO DOUBT PERCENTAGE

MR GLEESON SAID DECREASES IN VOLUME OF AGREEMENTS REGISTRATION WERE OBSERVED TOWARDS THE END OF THE

BY THE BANKING SECTOR OF REDUCTION REFLECTING THE AMOUNT AVAILABLE ON THE SECURITY OF RESIDENTIAL PROPERTIES.

THE

AND

NEVERTHELESS, HE BELIEVED THAT THERE WAS STILL A DANGEROUS UNHEALTHY DEGREE OF SPECULATION IN THE RESIDENTIAL PROPERTY MARKET AND ENACTED HOPED THAT THE LEGISLATION DESIGNED TO CONTROL THIS WOULD BE QUICKLY.

PER

LAST YEAR, 182,997 ASSIGNMENTS OF UNITS IN COMPLETED BUILDINGS, MOSTLY RESIDENTIAL, WERE REGISTERED, SHOWING AN INCREASE OF 10 CENT WHEN COMPARED WITH 166,354 DURING 1990.

THE

OF ASSIGNMENTS

FLATS TOTAL AMOUNT OF CONSIDERATIONS IN

то $227.01 INCREASED BY 42.6 PER CENT FROM $159.19 BILLION IN 1990 BILLION.

BY THE GOVERNMENT

A TOTAL OF 10,978 ASSIGNMENTS OF FLATS WERE COMPLETED

THE DEPARTMENT ON BEHALF OF THE HOUSING AUTHORITY UNDER HOME OWNERSHIP SCHEME, COMPARED WITH 9,846 IN 1990.

OF THE

IN NOVEMBER LAST YEAR, THE HOS CONVEYANCING FUNCTION DEPARTMENT WAS PRIVATISED INASMUCH AS FROM THEN ON THIS CONVEYANCING

CARRIED OUT BY THE SOLICITORS FIRMS INSTRUCTED BY THE

WAS

AUTHORITY.

HOUSING

BY AGREEMENT WITH THE LAW SOCIETY SOLICITORS CHARGE ONLY 50 PER CENT OF THE SCALE FEE.

/THIS WAS