ENG-1957 — Page 213

182

HONG KONG ANNUAL REPORT

the sale of land by auction amounted to $4,428,858, while that arising from sale by private treaty, extensions of area, modifications of leases, and grants in exchange was $9,248,211.

Government Land Transactions. Demand for industrial sites was intense at the beginning of 1957 but had been partly satisfied towards the end of the year by the sale of some 80 lots, varying from 10,000 to 100,000 square feet in extent, at the new Kwun Tong Reclamation on the north- east side of Kowloon Bay. (See also page 255 of Chapter 14). The upset price in all cases was $5 a square foot. At the earlier sales purchase prices exceeded $20 a square foot, but later prices dropped to $10 or $12 a square foot, and in a few cases as low as the upset price. However, since December prices have risen once again above $20 a square foot. In all, between September 1956 and the end of 1957, about 34 acres of factory sites at Kwun Tong were sold for $19,765,000. Purchasers are allowed to pay by instalments spread over 18 years and the total payments by the end of the year amounted to $2,263,133. Considerable efforts were made during 1957 to find suitable sites for certain categories of industries which are excluded from Kwun Tong. Demand for small industrial sites in Central Kowloon was main- tained, realized prices going as high as $50 a square foot.

Little land was sold by auction for housing due to scarcity of sites and the higher priority accorded to approved low- cost, non-profit-making housing schemes, land for which may be granted by private treaty at roughly one-third of market value. This concession has greatly helped the Housing Authority, the Housing Society, employers and civil servants' housing co-operatives to implement such

schemes.

Where it is not possible to dispose of land immediately, usually because public services are not yet available or because a site is reserved for some future purposes, the land is not left empty or unused, but is granted on a