TNAG-1060-FCO40-1310-Mass-Transit-Railway-in-Hong-Kong-1981 — Page 38

Principles to be adopted in respect of Lend Grants to the Mass Transit Railway Coronation

ANNEX B to lemorandum XCC(75)45

Where land is required for Mass Transit purposes, it is for Government to decide on how to dispose of any development potential remaining in the land ovar and above its Mass Transit usage. This decision will be made in the light of practical considerations and Government requirements, and may include grant to the Nass Transit Railway Corporation with or without lease back arrangements in favour of Government, retention by Government or grant to a third party subject to the interest granted to the Corporation.

2.

The user and development restrictions on land and the envelope area granted to the Mass Transit Railway Corporation which is surplus to the requirements of the Corporation for the Mass Transit Railway itself will be a matter for Government decision, which will be guided by normal planning and engineering principles, and any relevant statutory or 'adopted' town plans.

3.

Irrespective of whether the Corporation pays for land in cash or in equity, the valuation on which payment will be based should be guided by the following principles: -

(a)

(b)

(c)

ご

(a)

Grants of Crown land, whether acquired by Government by resumption or otherwise; the value of the land shall be assessed as the full market value of the bare site in the prevailing zoning user or the cost of making the land available incluing in the case of a G..C. site any indirect loss to Government as a result of having to make a more valuable site available for the G.I.C. use, whichever is the higher (see Notes).

Grants of shares in Crown land, whether acquired by resumption or otherwise, the value of the share will be the amount by which the grant of the share reduces the total market value of the bare site in the prevailing zoning user on the cost of making the share available, whichever is the higher (see lotes).

Assignments from C.P.1. of individual shares acquired under the Ordinance in priv.tc land; the value shall be the cost of requiring the shake and assigning it to the Corporation. (see Notes).

Assignments from 0.7.1. of easements created under the Ordinance over private land; the value shall be the cost of acquiring the poor ment and assigning it to the Corporation (see Notes).

/(e).