commercial or hotel site at the junction of Harcourt Road and Cotton Tree Drive, Hong Kong, and the other of a non-industrial site at Junction Road, Kowloon. 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. At the fall of the hammer the successful bidder for a non- industrial lot has to pay a specified sum as a 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, 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.
38. 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 circum- stances, the Government decided to allow subletting of these industrial buildings or parts thereof without prior payment of the outstanding premium and interest, on certain terms and conditions set out in an announcement made in February 1967. If, where the 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 modifica- tion of the sale conditions providing for one or other of two alterna- tives specified in the announcement. The second of these alternatives, allowing subletting of the whole building, is available only to owners holding under Conditions of Grant or Sale dated prior to 3rd January 1967.
39. The number of private treaty grants during the year decreased to 36. The purposes for which these 36 grants were made were as follows:
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