ENG-1958 — Page 188

LAND AND HOUSING

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themselves of this opportunity to redevelop existing property by higher buildings.

In recent years certain groups of 75-year Crown leases granted in the Colony's early years, and chiefly affecting land in Kowloon, have reached their expiry dates. Public statements of Government policy in regard to the terms and conditions under which new Crown leases would be granted were made in 1946 and 1949. Terms and conditions for new leases have already been agreed in a large number of cases, and other leases will become due for renewal in rapidly increasing numbers. Renewal premia may be paid either in a lump sum or by instalments over an agreed number of years, and the majority of lessees avail themselves of the latter method of payment. For this reason the revenue in any one year is relatively small, but since such payments will continue to be made for upwards of 80 years, the total revenue involved is considerable.

On renewal, the boundaries of lots are adjusted to conform with street improvement lines, etc., and where land is required for major replanning schemes the leases will not be regranted. In these latter cases the Government has announced its intention to pay ex gratia compensation for buildings.

Government Land Transactions. The demand for industrial sites, which was intense in 1957, continued through 1958 and during this period a programme of sales of lots in Ma Yau Tong Bay (also known as Kwun Tong Tsai Bay) was drawn up to provide areas designed for use by the shipbuilding, timber and sawmill trades. In all, some 38 sites totalling about 16 acres will eventually be offered for auction in this vicinity. One large area of about 5 acres was sold by auction for residential purposes for about $2.5 million, and a considerable number of grants were made by private treaty for approved low-cost housing schemes and other non-profit-making and institutional purposes. Several large areas of private land, for the most part used for agricultural purposes, were acquired by compulsory purchase. These areas were mainly required for resettlement estate schemes, schools and roads to serve such projects; the former owners are sometimes offered other sites, suitable for residential or industrial develop- ment, as an alternative to cash compensation.