11
AUGUSTINE S. K. CHUNG ROOM 1115, HANG LUNG CENTRE, 11th FLOOR, PATERSON STREET,
HONG KONG. TEL: 5-771862-3
What they did, however, was in mitigation of damages. As to the remaining 52 absentee owners (flats and shops), they could not afford or were unwilling to suffer the loss. As a result thereof,
they now face heavier loss: However, to demand them to suffer loss, light or heavy, in the circumstances described above is certainly something worth reviewing.
(b) Owner occupier
(i) There are about 45 owner occupiers of flats and shops in Sai Lau Kok who have up to now refused
to accept the terms of settlement as offerred
by the Authorities concerned. The other 338
owners have already accepted. The Authorities
concerned have put the blames on the minority. dissentients for being unreasonable and greedy. They were justified in taking such view because of the overwhelming majority having accepted their offers. I would have shared their views ·
had I not looked into the financial background of the majority of the dissentients.
(ii)
Notwithstanding the owners' dissatisfaction over
the assessment of value of various flats and
shops in Sai Lau Kok, the capitalized interest
allowance was undeniably an attractive benefit
but only to those who could afford to pay the remaining balance in one lump sum or by instalments. For instance, in t the second case mentioned in the letter of 13th August, 1979 from the Foreign and Commonwealth Office to Mr Cowans, M.P., a photostat copy of which is herewith enclosed,
the value of the owner's Sai Lau Kok flat
(area 296 sq.ft. net) was assessed to be
$130,000. at the date of reversion. The purchase
to be Cont'd/P.12
No comments yet.
Private notes are available after approval.