168
HONG KONG ANNUAL REPORT
Several large areas of private land, principally agricultural, were acquired by compulsory purchase. These areas were required mainly for resettlement estates, schools, roads and other main services. In some cases former owners received their compensa- tion in land instead of cash.
Once again the amount of land sold at auction for housing was small. This is believed to be due partly to scarcity of suitable Crown Land in or near the urban areas where the demand for housing is strongest. There was a diminished demand for sites for this type of building on a commercial basis, thereby reflecting Government's contribution towards solving the low-cost housing problem, which is described later in this Chapter.
Revenue obtained from the sale of land by auction amounted to $4,051,587.70, from renewals of expired 75-year leases $1,809,897.67 and from private treaty sales, modifications, extensions and ex- changes $23,323,267.58.
Where it is not possible to dispose of land immediately, either because public services are not yet available or because a site is reserved for some future purpose, the land is not usually left empty, but is allowed to be occupied on a temporary annual licence. The 1958-9 revenue from these licences was $3,031,447.88. Due to the expansion of permanent development, it became neces- sary to cancel some of these licences, and the remainder are likely to decrease in number as time goes on. Legislation was prepared to revise the scale of fees for temporary occupation of land to more realistic figures which would take into account present high land values. This legislation, the Summary Offences (Licences and Fees) Regulations, 1959, took effect from the 1st September 1959.
Land Value and Development Trends. Although the sale of Crown Land for residential development declined, the reduction in the volume of sales was more marked than the drop in values. The value of industrial land on the other hand was maintained and even rose in the best industrial areas. In mixed industrial and residential areas the gap between the respective values diminished noticeably.
The trend towards higher buildings continued, particularly in the main commercial centres. Redevelopment of existing premises continued on a considerable scale and tenancy tribunals were kept
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