XN000022-1992-09-02 — Page 4

WEDNESDAY, SEPTEMBER 2, 1992

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THE INCREASE IN FEES SHOULD NOT CAUSE HARDSHIP TO STUDENTS AS CORRESPONDING ADJUSTMENT IN STUDENT FINANCIAL ASSISTANCE WILL BE MADE, THE SPOKESMAN SAID.

"IT IS GOVERNMENT POLICY THAT NO STUDENT SHOULD BE DENIED ACCESS TO HIGHER EDUCATION BECAUSE OF LACK OF MEANS, HE ADDED.

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COMMITTEE MEETS TO DISCUSS PROPERTY MARKET

* * * * *

MEASURES TAKEN TO CURB PROPERTY SPECULATION INCLUDING THE TIGHTENING OF THE LENDING POLICIES IN LATE 1991 AND THE ENACTMENT OF THE STAMP DUTY (AMENDMENT) ORDINANCE 1992 IN JANUARY ARE GRADUALLY TAKING EFFECT.

THIS WAS STATED IN THE HALF-YEARLY REPORT ON THE PROPERTY MARKET TABLED AT THE MEETING OF THE LAND AND BUILDING ADVISORY COMMITTEE (LBAC) THIS (WEDNESDAY) MORNING.

THE REPORT, COMPILED BY THE BUILDINGS AND LANDS DEPARTMENT ON A SIX-MONTH BASIS, GIVES A GENERAL OVERVIEW OF THE PROPERTY MARKET INCLUDING RESIDENTIAL, COMMERCIAL/INDUSTRIAL AND OFFICE SECTORS AS WELL AS THE LAND SALES SITUATION.

THE MEETING, WHICH WAS CHAIRED BY MR CHENG HON-KWAN, NOTED THAT THE PROPERTY MARKET DURING THE FIRST HALF OF THIS YEAR, LED BY STRONG DEMAND IN THE RESIDENTIAL SECTOR, STRENGTHENED AT A SLOWER PACE OWING TO THE MEASURES TO DAMPEN SPECULATION.

LAND OFFICE STATISTICS INDICATED A DECREASE OF ABOUT 30.7 PER CENT IN THE NUMBER OF SALES AND PURCHASE AGREEMENTS LODGED IN THE NEW TERRITORIES AS COMPARED WITH THE PREVIOUS SIX MONTHS ENDING DECEMBER

1991.

THE CORRESPONDING AVERAGE DECREASE IN THE URBAN AREA WAS 12.5 PER CENT.

IN VALUE TERMS, THERE WAS A SLIGHT INCREASE OF 6.2 PER CENT IN THE URBAN AREA WHILE A DECREASE OF 13.7 PER CENT WAS RECORDED FOR THE NEW TERRITORIES.

THE RESIDENTIAL SECTOR CONTINUED TO REMAIN BUOYANT WITH STRONG DEMAND PARTICULARLY IN THE SMALL TO MEDIUM SIZED FLATS WHILE THE LUXURY RESIDENTIAL SECTOR SHOWED STEADY GROWTH.

THE COMMERCIAL/INDUSTRIAL SECTORS REMAINED RELATIVELY STABLE WITH THE SITUATION BASICALLY UNCHANGED AS COMPARED WITH THE LAST SIX-MONTH PERIOD.

THE OFFICE SECTOR IS HOWEVER, STILL CONFRONTED WITH AN

SITUATION WHICH SHOULD CONTINUE FOR THE REMAINDER OF

THIS

OVERSUPPLY

YEAR.

/THE INDUSTRIAL