TNAG-0806-FCO40-1011-Policy-of-Government-of-Hong-Kong-on-land-in-the-New-Territo-1979 — Page 28

CONFIDENTIAL

ANNEX B

機密

GF 323

EXECUTIVE COUNCIL DECISION OF 27.6.78

The Council considered memorandum XCC(78)52.

The Council ADVISED and the Governor ORDERED:

(a)

b)

that the report of the Working Group on New Territories Urban Land Acquisitions should be adopted in principle and published as soon as possible.

that, subject to the acceptance by the Finance Committee of the Legislative Council of the financial implications and the provision of the necessary funds:

(i)

the proposals in respect of the exchange rate for agricultural land, the compen- sation rate to be paid to the owners of agricultural and building land and the provisions for review of compensation rates proposed in the report of the Working Group on New Territories Urban Land Acquisitions should be implemented forthwith;

(ii) that the initial compensation rates

should be as recommended in the Report;

(iii)

the base date for the Compensation Rate Index should be 20th April 1978, the date on which the Report was signed, and that compensation rates should in future be adjusted on 1st April and 1st October each year;

(iv) that Chart W should not be published at

the beginning of July, but should be revised to show land values as at 1st April 1978 and should henceforth be published at the beginning of April and beginning of October each year;

(v)

that a general offer on a "once and for all" basis to all owners of existing exchange entitlements (Letters A and B) to buy back their entitlements at the rate of $27 per square foot for agricultural land and an additional $55 per square foot for building land, should be made;

/(vi)

CONFIDENTIAL ##