§ Mr. Parry
asked the Lord Privy Seal what is the present level of compensation per square foot for (a) shops, (b) other businesses and (c) flats being currently offered to tenants of Sai Lau Kok in Hong Kong; and how these levels compare with market prices for similar properties, bearing in mind the enhanced values that obtain by close proximity to the proposed mass transit railway station.
§ Mr. Blaker
Statutory compensation is based on open market values at the time when the property in question is resumed by the Crown. Depending on the size, location and other facilities of the properties, compensation at the date of rever-404W sion on 12 November 1978 was as follows:
Commercial PremisesBetween HK$850 and HK$1,100 per square foot. Comparable properties in the area were then selling at about HK$800 per square foot.
FlatsBetween HS$400 and HK$450 per square foot. Similar flats in buildings without lifts were being sold at similar rates.
§ Mr. Canavan
asked the Lord Privy Seal if representations have been received from Peking or the Chinese Embassy in London concerning the expropriation of property at Sai Lau Kok, Tsuen Wan in Hong Kong.
§ Mr. Canavan
asked the Lord Privy Seal if he will publish in theOfficial Report the company or companies involved in the private development of the mass transit railway depot site proposed at Sai Lau Kok, Hong Kong, their authorised and paid-up capital, the officers and principal shareholders and which of these officers or shareholders, if any, are members of (a) the Lands Tribunal, (b) the Advisory Committee on Transport or (c) any other committee that advises on or is consulted over the route and planning of finance of the mass transit railway operations in the New Territories.
§ Mr. Blaker
The area of land known as Sai Lau Kok is required for the construction of Tsuen Wan station, the main line, associated lines and some highway works. The private development planned is to the east of this area.
The companies currently involved in this development are the Sun Company Limited and the Kiu Kwong Investment Corporation Limited. The involvement of Jardine Matheson and Company Limited and the Hong Kong Land Company Limited has been agreed but not yet finalised. The details requested are contained in public documents available in Hong Kong. Copies will be placed in the Library of the House when available. However, none of the officers or principal shareholders is a member of the Lands Tribunal or of the Transport Advisory Committee.
Details of the companies are as follows:405W
COMPANIES INVOLVED IN THE PRIVATE DEVELOPMENT OVER THE RAIL DEPOT AT TSUEN WAN Company Authorised capital (Hong Kong $) Paid up capital (Hong Kong $) Officers Principal shareholders Sun Company Ltd. … … 100,000,000 52,660,000 John Lok Hsiao-pei † Stanley Lok Hsiao-yin Chan Shin Madam Tan Kwun Yuan Kiu Kwong Investment Corporation Limited … … 1,000,000 1,000,000 Woon Kong-lai Chuang Shih-ping Chuang Shih-ping Sung Wen-ming Cheong Man-chung Cheong Man-chung Liang Sien Tsa Ping Jardine Matheson and Company Limited* … … 1,500,000,000 1,259,408,586 D. K. Newbigging † J. J. o. Brown W. J. Downey B. Dickinson D. C. Le F. Edwards C. W. F. Fiddian-Green E. J. V. Hutt Hsu Hou-yu J. A. Heywood H. N. L. Keswick Sir J. H. Keswick S. L. Keswick Robert Chiu Kung Kwok D. D. B. McLeod R. D. P. Michell R. E. Moore M. I. M. Smith E. G. Vorster Sir M. A. R. Young-Herries The Hong Kong Land Company Limited* … … 4,000,000,000 2,403,487,985 D. K. Newbigging † Lo Man-wai Sir Y. K. Kan L. W. Gordon George Ho T. J. Bedford Wu Shun-tak Hui Sai-fun * Involvement of companies agreed but not yet finalised. † Information not immediately available.