TNAG-1609-FCO40-22131-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1987 — Page 13

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assuming that adverse effects of the recent worldwide stock

market crash would not precipitate a deep recession over

the next few years, the corporation is confident that it

will be able to meet its obligation to the development

Thus, Government will not incur any

loan fund in full.

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₤und

losses on the cost of formation of all the land in the wo

Industrial Estates.

Sir, in planning for the future, we cannot

afford to be complacent.

By the end of 1987-88, land

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supply at Tai Po will be virtually exhausted, leaving some

50 hectares of land available, all at Yuen Long. At the

present rate of land disposal, whatever supply that is

available at Yuen Long could well be exhausted within

five years time. Also it is a fact that any infrastructural

planning and development requires a long lead time. For

these reasons the corporation has asked Government to

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var examine the need and to consider granting us a site to

develop Hong Kong's third industrial estate. I am happy

to report that this project was endored in principle by

AND the Industry Development Board yesterday. Nevertheless, to ensure continuity in the promotion of the Estates,

would hope to see the first phase of a new estate ready

the year for occupation in 1992-93.

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Quantity is of course only part of the picture,

quality is at least as important. I personally find it

immensely encouraging to see the type of projects both

of overseas

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