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Land sales likely to bring $13.8 billion
Land sales by auction and tender this financial year (1994/95) is likely to generate a revenue of about $13.8 billion, compared to last year's $18.3 billion.
Speaking before the Rotary Club of Kowloon Golden Mile today (Wednesday), the Director of Lands, Mr Bob Pope, said this shortfall in revenue was mainly due to the large number of sales (13) being conducted in March.
"However, this will result in a very large carry forward of revenue in the early part of 1995/96 as the balance of the premium paid at the auctions will be payable in April," Mr Pope said.
Mr Pope also said the revenue from lease modifications and exchanges for 1994/95 was likely to be around $12 billion, which was close to the previous year's estimate.
"Revenue from all sources, including private treaty grants in 1994/95, will be around $29 billion, and for 1995/96 is estimated to be $37 billion, which is 11 per cent of Government's revenue and this will be shared equally, after deducting the cost of land production, with the future SAR Government land fund," Mr Pope added.
Mr Pope also spoke on the work of the Task Force on Land Supply and Property Prices to help control skyrocketing prices.
"The Task Force imposed certain measures through the Consent Scheme administered by my department to dampen speculation.
"It also identified sites to increase the supply of new land in order to provide additional 45,000 - 60,000 flats over the next six years.
"These measures have brought order into the chaos that previously existed and have brought property prices down by about 20 per cent," Mr Pope added.
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