ENG-1967 — Page 178

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LAND AND HOUSING

of property continued to be depressed when compared with the high rate of building that went on before 1965. In January 1967, there were 16,389 unoccupied domestic premises of all types com- pared with 18,519 in March, 1966, but newly-built premises are being occupied more quickly than in the preceding two years. The slackening of interest in flat purchase has resulted in more flats being available for rent instead of for sale, and special inducements are being offered to attract tenants. There has also been a continued interest shown in the building of smaller and cheaper flats.

To facilitate home ownership the Hong Kong Building and Loan Agency Limited was set up in 1964 by the government in conjunc- tion with the Commonwealth -Development Corporation and four of the leading banks in the Colony. The agency's object is to make mortgage finance available at reasonable rates on a long-term basis to prospective owner-occupiers of new flats in the middle-income group. Applications are considered from people with total incomes in the range of $700 to $2,500 per month and loans are granted up to a maximum of $50,000. At the end of the year 50 blocks con- taining 3,000 flats were approved by the agency for loan purposes. In 1967, 804 applications were approved for a total of $19 million, compared with 523 approvals for $15.2 million in 1966.

The Hong Kong Housing Authority, a statutory body created in 1954, provides accommodation for people in need of low-cost housing. The authority consists of all members of the Urban Council, ex officio and certain other members appointed by the Governor. It plans, constructs and manages its own estates, which are designed for those with family incomes ranging from $400- $900 a month. The authority had housed 137,973 people in 22,950 flats in seven completed estates by the end of the year. Two new large estates are under construction, one at Wah Fu, near Pok Fu Lam on Hong Kong Island, covers more than 24 acres, and is the largest project so far undertaken. It will accommodate 53,740 people in 7,788 flats at a cost of $89.8 million. The estate includes four schools, kindergartens, a town centre with 16 shops and a market, medical and dental clinics, a post office, a public library, party rooms and other amenities. The first phase of the scheme was almost ready for occupation at the end of the year and the whole estate is due to be completed in 1970.