THIS OPTION HAS ALL THE DISADVANTAGES OF OPTION 2 EXCEPT THAT THE INITAL CAPITAL VESTMENT CAN BE AVOIDED. THE PREVAILING MARKET MONTHLY RENTALS FOR HIGH CLASS OFFICE PREMISES APE HKD250/M2 IN CENTRAL, HYD 140/M2 /N WAN CHAI AND HKD 160/M2 IN TSIM SHA TSUP EAST. IT IS NOT ENVISAGED THAT THERE SHOULD BE ANY DIFFICULTIES
IN RENTING SUITABLE ACCOMMODATION FOR THE CONSULATE-GENERAL.
POINTS TO CONSIDER
12. BEFORE PURSUING ANY OF THESE OPTIONS FURTHER, IT WOULD BE USEFUL TO HAVE A POLICY STEER ON THE WAY AHEAD. CLEAPLY OPTION 1 IS THE MOST ATTRACTIVE PROPOSITION, PROVIDED THAT EITHER HMG 1S PREPARED TO PAY THE FULL MARKET VALUE FOR WHATEVER SITE IT ACQUIRES OF SOME SPECIAL ARRANGEMENTS COULD BE AGREED WITH THE CHINESE GOVERNMENT (AND ACCEPTABLE TO HONG KONG) FOR THE SITE TO
BE GRANTED TO HMG AT A REDUCED PREMIUM.
13. IF IT IS CONSIDERED THAT, HAVING TAYEN ACCOUNT OF ALL THE POLITICAL AND ECONOMIC FACTOPS, THE DEVELOPMENTS OF A FREE- STANDING CONSULATE-GENERAL IS NOT A REALISTIC PRPOOSITION, FUTURE WORK COULD THEN CONCENTRATE ON THE REMAINING TWO OPTIONS, .E. BUYING AND RENTING. THE NEED FOF HOUSING THE BRITISH TRADE COMMISSION AND THE BRITISH COUNCIL UNDER THE SAME ROOF AS THE CONSULATE-GENERAL CAN ALSO BE RE-EXAMINED IN THE LIGHT OF THE COST
CONSIDERATION.
ENDS
HOLLOWAY
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HMLNAN 1713
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