TNAG-0806-FCO40-1011-Policy-of-Government-of-Hong-Kong-on-land-in-the-New-Territo-1979 — Page 112

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have to pay for land in any New Territories

urban area. The table is revised half-yearly

by adding the values to be used for exchange

entitlements issued in the succeeding six months.

Note 3

The Cash Offer and the Surrender Value

In Letter B issued before 1975, the cash offer

and the surrender value in respect of both

agricultural and building land to be credited

against premium were both directly related to

the Government's assessment of the value of the

surrendered land under the Crown Lands Resumption

Ordinance. This assessment took no account of the

expectations of an exchange under the Letter 'B'

system. In 1975 it was decided that the cash

offer and the surrender value for agricultural

land should be increased by adding a sum sufficient

to bring them up to the "market value" of Letters B,

which was then $10 per square foot. In 1976 the

cash offer was raised to $17 per square foot, with

the surrender value remaining at $10 per square

foot.

The