TNAG-0806-FCO40-1011-Policy-of-Government-of-Hong-Kong-on-land-in-the-New-Territo-1979 — Page 76

19

4.1.3

the local development method is that

it provides a system of general

application, but the make-up of the

calculation would be no less contro-

versial than that of the locally based

system. Moreover, in view of the

incomplete records of historic costs of

development of the urbanised areas in the

New Territories, time has not allowed

for proper researches into records

scattered around in various Government

departments to be made to do a proper

calculation of the unit value of compen-

sation using this method.

Projection of the original relationship

between compensation and earlier

compensation and sales values

Briefly, when the exchange systen was

initiated in 1950, the compensation rate

for agricultural land was 1 per square

foot and the average value of land sold

in the main layouts varied between $10.25

and $21 per square foot. The system

would provide that the current compen-

sation rate should be deduced by

/multiplying