TNAG-0669-FCO40-818-Policy-on-housing-and-resettlement-in-Hong-Kong-1977 — Page 153

Cecil Chao (a)

Gordon Wu (b)

(c)

CHENG Yu-tung

FONG Yun-wah

-Gordon Wu

(d)

(e)

(f)

CONFIDENTIAL #

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that the 30,000-flat booster to the housing programme would not pose a threat to the private sector if, as is likely, the proposed mortgage arrangements were successful in creating an effective demand for more than this number of flats;

that it would be useful to specify, in the tender documents, various arrangements for the payment of land premium, particularly if they also provided for payment by instalments. This had a direct bearing on costings;

that it would be essential to take stringent precautions, so as to rule out fly-by-night developers and in order to ensure that joint venture schemes could achieve the desired results. A stiff pre-qualification test, standard tender documents and no bargaining were suggested;

that sites capable of realising up to 5,000 flats would present no problem to developers. But the R.E.D.A.

would not be uninterested in sites capable of realising between 500 and 1,000 flats;

the R.E.D.A. would prefer sites in established urban areas but would not be averse to sites in developing urban areas (e.g. New Towns);

a moderate-size project (1,000 flats) would take up to 21 years to complete.

Finance Branch

Government Secretariat

12th January 1977

G.F. 323

CONFIDENTIAL

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