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HONG KONG IS A "FREE PORT." A GO-CALLED "FREE PORT* SIMPLY ME. THAT COMMODITIES (EXCEPT CIGARETTES, WINE, NETHYLATED SPIRITS AND CERTAIN HYDROCARBON DILS) CAN BE IMPORTED FROM VARIOUS COUNTRIES FREE OF TARIFF CHARGES. IN HONG KONG COMMODIT CAN RE FREELY IMPORTED OR EXPORTED AND FOREIGN MERCHANTS ARE ALSO FREE TO MAKE INVESTMENTS. IN ADDITION TO FREE TARIFF CHARGES, WARM WEATHER, A FAVORABE LOCATION--NIDWAY BETWEEN SINGAPORE, INDOCHINA, THE PHILIPPINES, AUSTRALIA AND JAPAN--AND A DEEP WATER HARBOR WHICH CAN ACCOMMODATE SHIPS WITH A LOADING CAPACITY OF SEVERAL TENS OF THOUSANDS OF TONS, MAKING HONG KONG ONE OF THE BEST PORTS IN THE WORLD. ON THE OTHER HAND, THE SUPPLY OF COMMODITIES FROM ALL COUNTRIES, ESPECIALLY AN ABUNDANT SUPPLY OF THE NEWEST PRODUCTS, HAS ENABLED HONG KONG TO BECOME A VERY IMPORTANT INTERNATIONAL TRADE CENTER.
THE RAPID DEVELOPMENT OF INTERNATIONAL TRADE HAS BROUGHT ABOUT THE RAPID DEVELOPMENT OF TRANSPORTATION, THE CONSTRUCTION INDUSTRY, LIGHT INDUSTRY AND OTHER SERVICE TRADES. THE BRITISH ADMINISTRATIVE AUTHORITIES IN HONG KONG ORTAIN A LARGE AMOUNT OF REVENUE BY IMPOSING VARIOUS KINDS OF TAXATION AND SELLING LAND. TAKE THE CONSTRUCTION INDUSTRY FOR INSTANCE, SINCE MANY BIG FOREIGN COMPANIES WANT TO ESTABLISH BRANCHES IN HONG KONG, THEY ARE OBLIGED TO BUY A LARGE NUMBER OF FLATS. AS A RESULT OF THIS, THE DEVELOPMENT OF THE CONSTRUCTION INDUSTRY IS EXTREMELY RAPID AND DUE TO THE FACT THAT LAND IN HONG KONG IS VERY LIMITED--ABOUT 1/16 OF THE TOTAL AREA OF BEIJING MUNICIPALITY (INCLUDING SUBURBS)--17 IS NECESSARY TO BUILD TALL BUILDINGS. THE NEWLY CONSTRUCTED RESIDENTIAL BUILDINGS NOW ARE USUALLY ABOVE 20 STOREYS AND COMMERCIAL BUILDINGS SUCH AS THE "CONNAUGHT CENTER, *HOPEWELL CENTER" AND SO ON ARE BETWEEN 50 TO 60 STORIES. THE POPULATION DENSITY OF HONG KONG ALREADY AMOUNTS TO OVER 5,000 PERSONS PER SQUARE KILOMETER. TOURING A ROUND HONG KONG AND KOWLOON, WE CAN SEE THAT MANY TALL BUILDINGS ARE UNDER CONSTRUCTION, AND THAT THE SPEED OF CONSTRUCTION IS TREMENDOUSLY FAST. IT USUALLY TAKES ONLY 1 YEAR TO COMPLETE A 20-STORY RESIDENTIAL BUILDING, THUS CAUSING LAND PRICES IN HONG KONG TO ROCKET UPWARDS. THIS IS ALSO A MAIN SOURCE OF FINANCIAL REVENUE FOR THE BRITISH AUTHORITIES IN HONG KONG. THE LAND IN THE BUSINESS CENTR OF HONG KONG NOW COSTS ABOUT HK$540,000 PER SQUARE METER (AROUT U.S.$110,000), THE BRITISH AUTHORITIES IN HONG KONG LAST YEAR GAINED HK$6.2 BILLION JUST BY SELLING LAND. 1 APR JL/SAVERY HL 27/16452 MAY MORE
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