TNAG-0806-FCO40-1011-Policy-of-Government-of-Hong-Kong-on-land-in-the-New-Territo-1979 — Page 109

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(ii)

of new building land in any New

Territories urban layout (see Note 1)

for each square foot of building

land surrendered, one square foot of

new building land is offered;

(iii) a premium is payable on the grant

of the new building land representing

the difference in value between the

land surrendered and the land granted

both assessed at the date of the

surrender (assessment of premia is

dealt with in more detail in Note 1

below) (see also Note 2);

(iv) the surrender value referred to in

sub-paragraph (iii) above to be

credited against premium is stated

specifically in the letter; the new

premium is not stated because it

depends on the timing and area in

which the new building site is to

be granted (see Note 3).

/Note 1