Trouble for Govt land policy
Chinese General Chamber of Commerce yesterday asked Government for immediate changes in its land policy on Crown rents.
The Chamber, in a strongly-worded statement, alleged the policy to raise Crown rents for leases due for renewal was "adding insult to injury" in the wake of economic upheaval in Western countries. closure and removal of local factories to other countries. signs of increasing unemployment and the deterioration" of peace and order in Hongkong.
The 3,000 word public statement. in leaflets to be distributed to Chinese residents here. were authorised by the Chambers standing committee resolution
on November 23.
It made strong criticism of a Govern- ment statement in mid-1969 to bring normally "nominal" Crown rents to the full market value of land premium on leases due for renewal.
The Chamber's statement gave many examples of Government "inconsistencies" in Crown rents. and questioned Government's sincerity.
The statement said:
As many leases are due for renewal soon, thousands of leaseholders of large and medium lots who are unable to raise millions of dollars for renewal, especially in North Kowloon, will be forced to give up plant and equipment.
• Tens of thousands of flat owners and residents in this area will face immediate hardship in renewal of Crown rents.
It is certain that a very serious situation, so far as public order and the economy are concerned, will be created as a result of the mass closure and re- moval of local factories.
The Chamber asked Government to change its policy for revaluation of Crown rents immediately, and said it would keep a close watch over
in developments situation.
It also stated that they would give full support to the Chinese Manufacturers* Association and other organisations in Hongkong in opposing this land policy.
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