ENG-1968 — Page 182

LAND AND HOUSING

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had to be paid by lump sum if sales had taken place within five years of date of application; similarly, where the premium was payable by instalments, the outstanding balance of premium had to be paid up on any sale taking place after re-grant.

On re-grant, the boundaries of these lots are adjusted to conform with street improvement lines, etc, and, where land is needed for major replanning schemes, the leases will not be re-granted. In these cases the Government pays ex-gratia compensation for build- ings. For churches and temples already on non-renewable leases, which were originally granted free of premium, new leases may also be granted free of premium.

Churches and temples held on unrestricted non-renewable leases for which a full-value premium had been paid, may be granted new leases at a premium payable by instalments, and amounting to two-thirds of the full market value of the lot at the date of expiry of the lease.

A further concession was introduced during the year in respect of non-renewable leases to enable lessees who had not or did not wish to pay re-grant premium and redevelop, to hold over for a period up to five years from 1968 at an annual rent equivalent to the net income arising from the property. This concession is only applicable to property which in the opinion of the Director of Public Works is under-developed. Lessees of fully developed post- war property are not eligible for this concession.

An increasing number of 75-year renewable leases are falling due for renewal. In these cases, under terms announced in 1963, the Crown lessee of an under-developed lot has two alternatives. He may renew either at a Crown rent based on the full rental value of the land without added lease covenants, or at a lower Crown rent if he is prepared to accept a covenant limiting the development on the lot to that existing at the time of renewal.

Lots held on 75-year renewable leases, registered in the New Territories District Land Offices will be renewed at the expiration of the first term in 1973 without change in Crown rent. Other New Territories leases recorded in the Registrar General's Department will be renewed at a re-assessed rent on the same terms as urban lots. A further concession, applicable to all these lots which are