Registrar-Generals-Department-Annual-report-1972-1973 — Page 23

the lessee wishes to re-develop his lot more intensively he can apply for a modification of the lease restrictions and pay the full increased development value by instalments within a specified time, not exceeding a period of three years nor being later than the date of the first assign- ment of the whole or part of the property. The re-assessed Crown rent would however remain unaltered.

43. Two concessions were announced by the Government on 8th July 1967. The first of these was that at any time within 20 years of the expiry of the original lease a lessee who wishes to re-develop 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 Terri- tories Crown rent, which would continue to be payable throughout the new term. In the same announcement, the Government also made known its decision that holders of Old Schedule Lots and certain other lots held under 75-year renewable leases in the New Territories, includ- ing Survey District Lots in New Kowloon which are registered in the District Land Office, Sai Kung, would be allowed to renew their leases in 1973 for the balance of the New Territories lease (less the last three days) without paying a re-assessed Crown rent, and that legislation would be introduced in due course to put this decision into effect. The legislation, in the form of the New Territories (Renewable Crown Leases) Ordinance, was duly enacted on 9th May 1969. A further concession was announced by the Government on 3rd June 1969. Under this a lessee who wishes to re-develop his lot will be allowed to surrender his lease at any time within 20 years of the expiry of the original term in exchange for a new lease on payment of a re-assessed Crown rent, but without payment of any premium. In assessing the new Crown rent, allowance will be made for the value of the land for the unexpired portion of the original term.

44. In a statement to the Legislative Council on 24th May 1972, the Colonial Secretary announced further substantial concessions to the holders of renewable Crown leases, not only in respect of 75-year renewable Crown leases but also in respect of 99-year and 21-year leases which contain a proviso for renewal. The principal new con- cessions are that the full renewal rent assessed by the Director of Public Works will be reduced by 20% and, in addition to the 20% reduction,

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