XN000022-1995-01-18 — Page 64

+

· 48 ·

The statistics suggest that office rentals have softened since the last quarter of 1994. This is attributed to increased supply and a slight fall in demand. Some 500,000 sq m of office space were completed in 1994, which is 21% more than in and 1993. The forecast supply for 1995 and 1996 totals about 950,000 sq m. substantial additional supply is expected to come on stream later. While the supply of Grade A accommodation in core Central will remain tight during the next two years or so, there will be a healthy supply in other districts. This, coupled with the supply coming from composite industrial/office buildings, should be sufficient to meet demand in the years to come.

Despite rising rents, the number of overseas companies operating in Hong This reflects our underlying Kong has continued to increase since 1991. competitiveness and the fact that rent is only one of several key operating costs. With businesses continuing to find Hong Kong an attractive place to operate and given the healthy supply forecast, we still see no need for Government intervention now or in the foreseeable future. Close monitoring of the situation will continue however.

End/Wednesday, January 18, 1995

LegCo passes Wong Wai Tsak Tong motion

An amended motion urging the Government to introduce legislative measures expeditiously to resolve the dispute relating to Wong Wai Tsak Tong's land ownership on Cheung Chau and to revoke the Tong's status as the leaseholder, so as to restore the property rights of the affected residents, was passed at the Legislative Council sitting today Wednesday).

The motion was introduced by the Hon Lee Wing-tat with amendments proposed by the Hon Edward Ho and the Hon Tam Yiu-chung.

After Members spoke on the motion, the Secretary for Planning, Environment and Lands, Mr Tony Eason, replied for the Government.

Another motion urging the Government to assist first-time home buyers in getting preferential bank loans at 90 per cent of property prices was also passed.

The motion was proposed by the Hon Frederick Fung with amendments sought by the Hon Alfred Tso.

The Secretary for Housing, Mr Dominic Wong, replied for the Government.