TNAG-0806-FCO40-1011-Policy-of-Government-of-Hong-Kong-on-land-in-the-New-Territo-1979 — Page 9

the proposals in respect of the exchange rate for agricultural land, the compensation 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; 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;

(iii) that a general offer to pay an additional $17 per

square foot or $10 per square foot, as appropriate, to all those who have already accepted cash compensation at the old rates of $10 per square foot or $17 per square foot respectively should be made.

(iv) that the rate at which land can be made available

for letter B exchanges should be fast enough for the gap between the issue of the letter and the exchange to be reduced to 12 months by 1984/85.

(The Secretary for the New Territories (Acting) (Mr J.R. TODD), the Deputy Financial Secretary (Mr H. CHING), the Deputy Secretary for the Environment (Mr G. BARNES) and the Principal Assistant Secretary (Economic Services) (Mr A. A. McLEAN) will attend before the Council for the discussion of this item).

8th June 1978

(CR 3/3181/77 III)

COUNCIL CHAMBER

CONFIDENTIAL #

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