CONFIDENTIAL ##
ANNEX A TO XCC(77)14
EXTRACT FROM EXECUTIVE COUNCIL MEMORANDUM XCC(76)18
X
X
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New Territories land exchange entitlements
12.
As the cash alternative to lend exchange entitlements was introduced only comparatively recently, it is still too early to assess its effect accurately. Although exchanges continue to be preferred to cash payments, the Secretary for the New Territories believes that a reasonable cash alternative should continue to be available.
13.
While land owners generally find land exchange entitle- ments acceptable, some press for the system to be modified for the following reasons :
14.
(a) in situ exchanges are not normally allowed;
(b) land is not available for exchange at the
time of surrender; and
(c) land exchange entitlements are interchangeable
between districts.
As regards peragraph 13(a), in situ exchanges within urban layouts have never been permitted, because it would clearly be unfair to favour those whose land happens to fall within areas designated for private development, when the land of others must be surrendered for the other public uses which make such development possible.
15.
With regard to paragraph 13(b), on 1st March 1976, about 5.7 million square feet of building land were required to meet outstanding commitments; about 0.9 million square feet were available for disposal. By 1st April 1977, about 6.8 million square feet of building land will be required to meet outstanding commitments; while about 1.7 million square feet will be available for disposal. These figures show that there is insufficient land to meet exchange commitments. Current forecasts of resumptions and land formation during the next few years indicate that the shortfall will continue. However, as indicated in paragraph 3 of memorandum XCC(75)60, as long as development continues in (end is limited largely to) the New Towns, sufficient land will be produced in the longer term to eliminate the exchange debt.
C.S. 166
CONFIDENTIAL
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