Registrar-Generals-Department-Annual-report-1969-1970 — Page 8

that date. Table II lists the senior staff of the Department during the year.

The Property Market

3. As in the last three years there was a decline in the cost of new building work completed during the year, the figure being $482m. as compared with $580m. in the preceding year and the $1,017m. record set in 1965-66. The cumulative effect of four successive years of decline was a growing shortage of accommodation of most types, and as the last traces of the 1967 troubles were finally erased and confidence was restored the erstwhile buyers' market quickly gave way to a sellers' market. To help finance the increasing demand for domestic accom- modation, the Government-sponsored Hong Kong Building and Loan Agency Limited in July 1969 made a final call on its issued share capital, bringing the paid up share capital to $2m., and in October 1969 raised additional finance by the issue of a third series of Government-guaranteed 5-year notes to a total value of $15m. In anticipation of future requirements the Agency in January 1970 in- creased its nominal capital from $2m. to $15m. Owing to the further reduction in new buildings completed, the number of flats vacant in January 1970 when the Commissioner of Rating and Valuation made a survey of the situation was down from 7,282 to 2,439, the lowest figure recorded for eight years, while the average period premises re- mained empty following the issue of an Occupation Permit dropped from 3.71 months at the previous survey to 1.91 months.

4. There was a sharp revival in the market for new land, both for industrial and other purposes. The number of agreements for the sale or grant of Crown land was up from 113 to 185, there being 68 sales by auction, 31 private treaty grants and 60 regrants of lots previously held on 75-year leases, as compared with 10, 30 and 45 respectively in the previous year. So great was the demand for land that some lots were selling at public auction at over six times the upset price, while one choice site at the junction of Nathan Road and Salisbury Road in Kowloon considered suitable for a hotel was sold for $130m. (payable by interest-free instalments over ten years), which was the highest price ever obtained at an auction of Crown land. The renewed activity was also reflected in the increase from nine to thirty-four in Exclusion Orders made under the Landlord and Tenant Ordinance, and in the increase from 47 to 60 in the number of applications for modifications of Crown lease restrictions, both of which are normally the prelude to redevelopment.

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