CONFIDENTIAL
Chinese Interests in Land, Wharfage.
Enclosure 2
etc.
The following are some examples of the Chinese 'land requirements which have or are currently being pro-
cessed:
(a) Prestige Site on Wanchai Reclamation
A prime site of some 6,600 square metres on the Wanchai Reclamation has been offered to China Resources Company (CRC) by way of private treaty grant. This followed a request direct to the Chief Secretary for a site to be used by CRC as exhibition and banquetting halls, offices and residential accommodation, con- ference rooms, etc. Negotiations over the
The full market premium are still underway. value was estimated to be some $360 M but Executive Council approved a premium of $300 M. A counter offer of $200 M with a request for a variation in repayment terms has been received from CRC and is soon to be The concession of put to Executive Council. granting a private treaty grant is considered significant in itself and there would appear to be no justification for, and some risk for the future in reducing the premium further.
(b) Bank of China
A request from the Bank of China for a private treaty grant of land for a regional headquarters in the New Territories has been rejected.
(c) Godown Facilities for Kowloon-Canton Railway
Freight
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Requests for land by China Travel Service for a godown at Hung Hom and by the Union Egg Corporation for one at Mong Kok for use in connection with freight imported via the Kowloon-Canton Railway have been received. A similar request by China Travel Service made previously was rejected by Executive Council on security grounds but both cases are being resubmitted to Executive Council for recon- sideration.
(d) Floating Dock
Works Ltā
A request by the Yiu Lian Machinery Repairing/ poration for space to moor their second floating dry dock has been resolved by granting them a site on a marine licence in Tsuen Wan
CONCIDENTIAL
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