TNAG-0272-FCO40-308-Scheme-for-development-of-container-terminal-at-Hong-Kong-1970 — Page 59

2.

Thursday, April 16, 1970

Tendors are invited for Lots 1 and 2 on two different basos.

Documents A provido for the construction of the quay wall and for the

reclamation and formation of the sea bed by the Government; the surfacing,

construction of buildings and provision of plant to be the responsibility

of the purchaser. Documents B provido for the construction of the quay wall

and tho roclamation, formation, surfacing and provision of buildings and

plant to bo undertaken by tho purchaser.

Payablo In Instalments

In the first caso

out the reclamation works

Documents A where the Government is carrying

tho promium is payable in four instalmonts

oach of 25 per cent of the tendered sum, tho first (less the 10 por cent

deposit payable on submission of the tender) within one month of acceptance

of the tender and the remaining throo annually after that. The Crown rent

in this case is at the rate of $100,000 an acro a year.

tho

Under Documents B where the purchaser doos all tho work

premium is payablo either in a lump sum or alternatively 10 por cent down

on submission of tho tender with the remaining 90 per cent including interest

at 5 por cent boing payable in either 7, 14 or 20 annual instalments. In

this case the Crown ront is at the rate of $500 an acre a year.

Both sets of documents require the expenditure of not less than $2 million on buildings and $6 million on plant within 4/5 years of the

dato of acceptance of the tender and a further sum of not less than $6 million in buildings and $9 million in plant before the expiration of 5/6 yoars from

the date of acceptance of the tondor. The time allowed for development varios

with the size of the lot.

/In addition