1959 they have been granted for 99 years from 1st July 1898, less the last three days. All the New Territories Crown leases therefore expire three days before the expiry of the period of the lease of the New Territories from China.
Sales and Grants of Land
32. 113 agreements for the sale or grant of Crown land were registered, the lowest total for seventeen years. The various types, with the corresponding 1967-68 figures, were as follows:
Conditions of Sale
Conditions of Extension ...
Conditions of Exchange
Conditions of Grant
Conditions of Regrant
:
1967-68
1968-69
3
16
10
5
17
17
...
68
30
17
45
115
113
33. The first sale of Crown land by public auction in 1968-69 was not held until 21st October 1968, but since then there have been indications of revived interest in Crown land put up for sale. By 31st March 1969, a total of eleven lots had been put up for sale by public auction at the City Hall, and all but one were sold, many of them at three times the upset price. At the fall of the hammer 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, Sam Ka Tsuen, 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.
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