price. These factors resulted in the continuance of a buyers' market, in which buyers had to be wooed with cut prices and/or extended terms of payment. That buyers could be found if the price and terms of pay- ment were right is proved by the number of assignments of units registered in the Land Office, which at 18,782 was the third highest figure ever recorded. In spite of all the new buildings completed, the number of flats vacant in January 1968 when the Commissioner of Rating and Valuation made a survey of the situation, was down by 1,893 or some 11% from 16,389 to 14,496 since his previous survey in February 1967. The average period premises were empty following the issue of an occupation permit, however, rose from 3.24 months at the previous survey to 4.58 months. The Survey also revealed a trend towards the building of more flats in the lower price ranges.
6. While the market for new flats was therefore not unsatisfactory at lower price levels, that for new land both for industrial and other purposes remained very depressed. In fact, the number of agreements for the sale or grant of Crown land was at 115 the lowest for over ten years, there being only 3 sales by auction, 68 private treaty grants and 17 regrants of lots previously held on 75 year leases. This lack of activity was also reflected in the extremely small total of eleven Exclusion Orders made under the Landlord and Tenant Ordinance, which meant both fewer new projects and fewer tenants to be rehoused.
7. There were, however, many hundreds of new projects in the pipeline, being either projects planned in previous years and which developers had as a condition of obtaining an Exclusion Order under the Landlord and Tenant Ordinance undertaken to complete within a specified period, or projects on lots sold by auction or by private treaty in respect to which the purchasers had entered into similar building covenants. Recognizing the difficulties of developers in completing their projects at a time when there was a temporary oversupply of accom- modation of all grades and when the building industry was still more or less fully extended, the Government on 8th November 1967 further extended the free extension of one year granted in November 1965 for yet another one year (see paragraph 47).
8. In view of the substantial improvement in the supply of new private accommodation the Rent Increases (Domestic Premises) Control Ordinance had been allowed to lapse on the due date, 30th June 1966, but it continued to protect certain tenancies during the year under review. Most developers and owners for investment purposes, however,
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