ENG-1959 — Page 200

LAND AND HOUSING

167

Considerable interest has been shown in these zoning schedules and many developers have availed 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's policy on that group of new Crown leases 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 them- selves of the latter method of payment. For this reason the revenue in any one year is relatively small, but since payments will con- tinue to be made for upwards of 80 years, the total revenue involved is considerable.

On renewal, the boundaries of these 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 announced its intention to pay ex gratia_compensation for buildings.

Government Land Transactions. In 1959 the demand for Crown land for industry continued to be brisk, but the amount available for sale was not as great as in the previous year. Two lots were sold at Kwun Tong for industrial purposes. The development of lots sold at Kwun Tong in the previous year did not continue as rapidly as expected and it became clear that some purchasers were not in a position to finance development. 35 sites totalling about 14 acres were sold at Yau Tong Bay (also known as Kwun Tong Tsai Bay), restricted to the shipbuilding and timber and sawmill trades, the total amount realized being $4,488,000. When, however, the practice at Kwun Tong of allowing payment by instalments over a period of 18 years was extended to this area, the majority of purchasers took the opportunity to pay in this manner and the actual amount received was $481,072.70. Two sites were granted by private treaty for low-cost housing schemes. Other grants were made for various non-profit-making and institu- tional purposes, including eight lots for schools.