XN000022-1995-03-15 — Page 11

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Self-financing policy

This policy has been determined for two very sound purposes. First, for the sake of good management, this sizeable facility should be used adequately and should not have to be subsidised heavily as in the past. Secondly, the policy will ensure that surplus revenue generated from the facility is ploughed back to sport and not diverted elsewhere. However, it does not insist that a surplus must be produced. What it expects is for the facility to be managed on a self-financing basis.

Before formulation, the principles of this policy were discussed with the Secretary for the Treasury and the Urban Council. Its application is entirely in the hands of the Urban Council. There is no pressure from the Government on the Urban Council to make a profit by using the stadium for pop concerts.

End/Wednesday, March 15, 1995

4,035 agreements lodged with Land Registry in February

A total of 4,035 sale and purchase agreements for building units, which include both residential and non-residential properties, were lodged with the Land Registry last month.

The figure represents a decrease of 40 per cent from that of January 1995, and a 69 per cent drop compared with February 1994.

The total consideration of these agreements is $11.89 billion, down 30.4 per cent and 78.3 per cent as compared with the amounts for January 1995 and February 1994 respectively.

The figures are contained in the monthly statistics released today (Wednesday) by the Land Registry on deeds relating to property transactions received for registration in the Urban and New Territories Land Registries last month.

Relevant statistics for January 1995 and February 1994 were provided for comparison.

Figures on sale and purchase agreements received for the past 12 months and the year-on-year rate of change were also released.

The statistics generally relate to land transactions executed up to four weeks prior to their submission for registration, as there is usually a time lag between the execution of deeds and their lodgement for registration.

End/Wednesday, March 15, 1995

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