TNAG-0317-FCO40-353-Policy-of-housing-and-resettlement-in-Hong-Kong-problem-of-s-1971 — Page 145

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Monday, March 22, 1971

Mr. Cooke says an analysis of sale prices of domestic units built

in 1970 illustrates the extent to which prices have risen over 1969. In

1969, premises priced in the "$30,000 and below" bracket represented

39.49 per cent, while for 1970 the proportion of units built for less than

$30,001 had dropped to 20.61 per cent. The majority of premises fall into

the "$30,001 to $60,000" price bracket which represented over 60 per cent

of all units built in 1970.

rents.

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A Rental Index is provided to illustrate the general trend of

For domestic accommodation the index has moved up nearly 14 points

over the year or 18.21 per cent since December, 1968. An analysis of cases

in the sample where rent increases were effected during 1970 shows an

average increase overall of 22.81 per cent but, as expected, the heaviest

increases have occurred in the case of medium and large flats where average

increases are noted as 35.13 per cent and 41.55 per cent respectively.

The highest percentage increase is for large flats in Kowloon at

48.76. Increases during 1970 for small flats averaged 19.20 per cent while

for tenements average increases were below 15 per cent. The report compares

these figures with those cases where certificates had been issued under

the Rent Increases (Domestic Premises) Control Ordinance 1970 in response

to applications for increases in rent of more than 15 per cent and notes

that the overall average increase in cases dealt with up to the end of 1970

was 18.5 per cent, while for medium and large flats it was 23.7 per cent

and 28.7 per cent respectively.

/Mr. Cooke