## Regrant/Lease Renewal Section
7.23
Work continued on the regrant of non-renewable Crown leases and on the renewal of renewable Crown leases. Non-renewable leases are normally regranted at a premium assessed on the value of the land at the date of application for the regrant. The resulting premium, subject to certain requirements being met, may be paid by annual instalments over an agreed period not exceeding 20 years subject to the payment of interest at the rate of 10% per annum. To enable owners of individual units in a compositely owned property to take up a regrant on payment of an apportioned premium relevant to their respective units, a non-renewable lease may be regranted to the Colonial Treasurer Incorporated which will assign the various relevant interests in the property back to the individual owners. Renewable leases are now renewed under the provisions of the Crown Leases Ordinance 1973 at a new Crown Rent assessed at 3% of the rateable value of the property concerned.
7.24
Difficulties have been encountered with regard to certain properties to be regranted where the premium falls to be assessed at a time when land values were relatively high and where the provisions of the Landlord and Tenant (Consolidation) Ordinance Part II apply. These two factors combine to create a situation where some owners could be required to pay more by instalments of premia for a regrant than the net income receivable from those same premises. This Office is considering various alternatives to alleviate or overcome the difficulties which some owners would undoubtedly suffer if the present policy was implemented as it now stands.
## VALUATION DIVISION
### Records Section
7.25
The Records Section records and analyses all sales of land in the urban areas and conducts continuous research into all factors that affect the value of land, including sale prices of flats, shops, factories, and building costs. The Section also has the responsibility for training new officers for departmental and professional examinations. During the year, the Section completed 64 assessments of incremental value under the provisions of the Demolished Buildings (Redevelopment of Sites) Ordinance and valued for Estate Duty purposes 1,517 properties with a total value of $327 M. Valuations amounting to $955 M. were also undertaken for special and general purposes.
### Resumption Section
7.26
There are two Resumption Sections which deal with all acquisition of land for public purposes, except land required for Mass Transit, Urban Renewal and Environmental Improvement purposes.
7.27
Evidence was given by expert witnesses to 9 Compensation Boards and compensation totalling $33,609,630 was awarded in respect of 55 lots. The Section also completed 21 cases for road widening purposes at a cost of $11,735,145 and 17 cases have been agreed at a cost of $3,450,989 but these transactions have not yet been completed. In addition, 20 free surrender cases were completed involving a total area of 796 square metres and in 20 cases Crown land was granted as extensions to existing lots affected by Government proposals requiring surrender of portions of the lots, in lieu of cash compensation.
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Regrant/Lease Renewal Section
7.23
Work continued on the regrant of non-renewable Crown leases and on the renewal of renewable Crown leases. Non-renewable leases are normally regranted at a premium assessed on the value of the land at the date of application for the regrant. The resulting premium, subject to certain requirements being met, may be paid by annual instalments over an agreed period not exceeding 20 years subject to the payment of interest at the rate of 10% per annum. To enable owners of individual units in a compositely owned property to take up a regrant on payment of an apportioned premium relevant to their respective units, a non-renewable lease may be regranted to the Colonial Treasurer Incorporated which will assign the various relevant interests in the property back to the individual owners. Renewable leases are now renewed under the provisions of the Crown Leases Ordinance 1973 at a new Crown Rent assessed at 3% of the rateable value of the property concerned.
7.24
Difficulties have been encountered with regard to certain properties to be regranted where the premium falls to be assessed at a time when land values were relatively high and where the provisions of the Landlord and Tenant (Consolidation) Ordinance Part II apply. These two factors combine to create a situation where some owners could be required to pay more by instalments of premia for a regrant than the net income receivable from those same premises. This Office is considering various alternatives to alleviate or overcome the difficulties which some owners would undoubtedly suffer if the present policy was implemented as it now stands.
VALUATION DIVISION
Records Section
7.25
The Records Section records and analyses all sales of land in the urban areas and conducts continuous research into all factors that affect the value of land, including sale prices of flats, shops, factories, and building costs. The Section also has the responsibility for training new officers for departmental and professional examinations. During the year, the Section completed 64 assessments of incremental value under the provisions of the Demolished Buildings (Redevelopment of Sites) Ordinance and valued for Estate Duty purposes 1,517 properties with a total value of $327 M. Valuations amounting to $955 M. were also undertaken for special and general purposes.
Resumption Section
7.26
There are two Resumption Sections which deal with all acquisitione of land for public purposes, except land required for Mass Transit, Urban Renewal and Environmental Improvement purposes.
7.27
Evidence was given by expert witnesses to 9 Compensation Boards and compensation totalling $33,609,630 was awarded in respect of 55 lots. The Section also completed 21 cases for road widening purposes at a cost of $11,735,145 and 17 cases have been agreed at a cost of $3,450,989 but these transactions have not yet been completed. In addition, 20 free surrender cases were completed involving a total area of 796 square metres and in 20 cases Crown land was granted as extensions to existing lots affected by Government proposals requiring surrender of portions of the lots, in lieu of cash compensation.
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