TNAG-0806-FCO40-1011-Policy-of-Government-of-Hong-Kong-on-land-in-the-New-Territo-1979 — Page 66

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General Conclusion

2.8

The general conclusion reached by the working

Group is that the present system of land exchange probably

was originally a fair and acceptable system for acquiring

land required for urban development projects, as it gave suitable opportunities for the owners of land to participate in the profits of development. But

circumstances have changed; there is and will continue

to be insufficient land available to meet Letter A

and B commitments within a reasonable period; the need

for land for public development, particularly for

public housing will continue to require resumptions

and consequent issue of exchange entitlements, commitments

for which could not be met within a reasonable time as

defined, as long as the present exchange ratio is

maintained and the rate of compensation offered as an

alternative to an exchange remains at the present level. The Working Group accordingly set about to define the

principles which should guide an adjustment to the system,

and thence to define an approach to meet present

circumstances.

3.

MAIN PRINCIPLES WHICH MUST GUIDE THE CHOICE OF ANY NEW LAND ACQUISITION SYSTEM

3.1

General considerations are :

/3.1.1