No_1_June_1964 — Page 81

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THE HONG KONG & FAR EAST BUILDER VOLUME 19. NUMBER 1

Much of the money for investment comes from overseas, especially from Chinese living in the countries of South East Asia. Considerable sums come from Australia and the United Kingdom. The capital is attracted by Hong Kong's stability and the continued demand for both dwelling and business accomodation.

Since building sites are now ex- tremely scarce, older properties make way for the new. Both demolition and reconstruction proceed at a pace probably unequalled anywhere in the world and provide welcome work for many thousands.

"Never at any time in Hong Kong's history has so

so much de. velopment been in progress or plan- ned.* the Commissioner of Rating and Valuation. Mr. F. Shanks, said in his last annual report.

His report continued,

"In 1962-63 the cost of new building work soared from

the

This picture was taken much further down Nathan Road, where low, old structures continue to be replaced by modern towers. The structure with the unusual balconies is the King of King's building and houses a restaurant of the same name. Second from the right is an elegant branch office of the Bank of East Asia.

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