ENG-1963 — Page 220

176

LAND AND HOUSING

is equivalent to the difference in total value of the land surrendered and the land re-granted.

Following the publication in 1960 of a statement of Govern- ment's land policy in the New Territories, the Heung Yee Kuk submitted a petition in February 1961, asking for extensive changes in this policy. In August the District Commissioner, New Terri- tories replied at length to the Kuk, explaining in detail why Government could not accept this petition. The Heung Yee Kuk has never accepted Government's explanation and continues to campaign for the modification of the policy.

Government Land Transactions. The system of selling Crown land in the urban area in accordance with programmes announced in advance continued during 1963. Auction sales took place almost weekly with up to ten lots going under the hammer on most sale days. Industrial land continued to sell but competition was not as marked at the beginning of the year as in previous years with the general result that realized prices showed a more even trend with sales at figures not far in excess of upset prices. The main bulk of sites were again at San Po Kong and Kwun Tong but a number of sites were also sold at Cheung Sha Wan, Tai Kok Tsui, Chai Wan and Aberdeen. In Kwun Tong purchasers of industrial lots are permitted to pay for their land by instalments over a period of up to 20 years at five per cent interest and this practice was extended to Tsuen Wan and Kwai Chung during the year. Government further announced that in future the purchase price of all industrial lots other than at Kwun Tong or Tsuen Wan would be payable in four equal instalments free of interest spread over two years from the date of sale.

Land was sold for housing purposes in various districts through- out the urban area. It became evident that there was a considerable easing in demand for land for low density development by luxury type flats, to the extent that several sites failed to attract any bids and accordingly had to be withdrawn from sale. This was attribut- able partly to the amount of redevelopment that had recently taken place of already leased land suitable for these purposes and which had temporarily exceeded demand. Sites were offered for mixed commercial and residential use in several commercial districts and the competition for them indicated that there was considerable

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