increased development value in a lump sum within a specified time, not being later than the date of the first assignment of the whole or part of the property. The re-assessed Crown rent would however remain unaltered.
41. Two new concessions were announced by the Government on 8th July 1967. The first of these is that at any time within 20 years of the expiry of the original lease a lessee who wishes to redevelop his lot can apply for a new lease on payment of a premium payable in a lump sum or by three annual instalments. The second concession is that if any lessee waits until the expiry of his original lease term, he will then have the choice of paying each year a re-assessed Crown rent or of paying in a lump sum the capitalized value of the re-assessed Crown rent, after deducting the current zone or standard New Territories Crown rent, which would continue to be payable throughout the new term. In the same announcement, the Government also made known its deci- sion that holders of Old Schedule Lots and certain other lots held under 75-year renewable leases in the New Territories, including Survey District Lots in New Kowloon which are registered in the Southern District Land Office, will be allowed to renew their leases in 1973 for the balance of the New Territories lease (less the last 3 days) without paying a re-assessed Crown rent, and that legislation will be introduced in due course to put this decision into effect.
42. In connection with all Conditions of Sale, Regrant, Exchange, etc., close liaison is maintained with the Colonial Secretariat and the Crown Lands and Survey Office, and so far as possible all major questions arising in the course of scrutiny are discussed and decided at weekly meetings of the Superintendent of Crown Lands and Survey, the Principal Assistant Colonial Secretary (Lands) and the Registrar General or his representative. After the terms have been agreed, the Land Office is responsible for having the Conditions duly executed by the lessees.
43. The New Territories Section of the Registrar General's Depart- ment, described in paragraph 48, scrutinized and commented on 169 draft Conditions of Sale etc. relating to New Territories lots.
Sale of Flats in Uncompleted Buildings
44. The Conditions of Sale of new lots and Exclusion Orders made under the Landlord and Tenant Ordinance after 20th December 1961 contain clauses prohibiting the owners from entering into agreements for the sale of units in uncompleted buildings without the prior consent
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