Registrar-Generals-Department-Annual-report-1966-1967 — Page 20

Conditions of Sale

Conditions of Extension

Conditions of Exchange

Conditions of Grant

Conditions of Regrant

:

1965-66

1966-67

29

21

14

9

52

33

91

49

47

25

233

137

36. During the year 27 lots of Crown land were put up for sale by public auction at the City Hall, but only 19 of these were sold. At the fall of the harmmer the successful bidder for a non-industrial lot has to pay a specified sum as deposit and in part payment of the premium, the balance of premium being payable within one month. For industrial sites in the Kwun Tong, Tsuen Wan and Kwai Chung areas 90% of the premium may be paid in up to twenty equal annual instalments with interest at 5% per annum. In sales of industrial land outside those special areas, the successful bidder for an industrial lot pays the premium by four equal instalments, interest-free, over two years, which is the normal building covenant period for such lots, the first instalment within three days of the sale, the second within twelve months, the third within eighteen and the fourth and last within twenty- four months from the sale. One or two Land Office Assistant Registrars attend all auction sales to supervise the execution of the Conditions of Sale by the successful purchasers.

37. Where sale conditions for industrial lots give the option of paying the premium by instalments, they also provide that purchasers electing to pay by instalments shall not be entitled to assign, underlet or otherwise dispose of the lot until the whole amount of the premium and interest has been paid. In some cases there is a further condition prohibiting sub-division of the lot and building without the consent of the Director of Public Works. Having regard to the prevailing circumstances, the Government decided to allow subletting of these industrial buildings or parts thereof without prior payment of the out- standing premium and interest, on certain terms and conditions set out in an announcement made in February 1967. Provided that where an anti-split condition exists the Director of Public Works has given his prior consent, permission to sublet will on application be given by way of modification of the sale conditions providing for one or other of two alternatives specified in the announcement, the second of which,

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