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The Land and Building Advisory Committee (LBAC) is today (October 31) briefed on the Policy Objective of the Planning and Lands Bureau and noted the Government's determination to enhance people's quality of life through sustainable development and visionary planning strategy.
"Members noted the directions Government proposed regarding long term planning, urban renewal, renewal of existing buildings and innovation of future buildings," said Professor Yeung Yue-man, Chairman of the LBAC.
"They look forward to the detailed proposals in these areas, in particular with regard to maintenance of existing buildings."
"While supporting Government's initiatives in general, some members hope that Government will take into account the financial ability of the owners in maintaining their building and provide them with appropriate assistance," he added.
Members were also briefed on the Policy Objective of the Housing Bureau.
"The Committee noted Government's intention to encourage home ownership."
"Members generally think that the 70 per cent home ownership rate can be kept as a long term, flexible target. This will finally be decided by market force," Professor Yeung said.
The proposed requirement for bank guarantees in land tenders suggested by the Public Accounts Committee (PAC) Report early this year was also discussed at the meeting.
The suggestions included requiring prospective tenderers to submit their tenders with evidence of their ability to discharge their obligations under the Conditions of Sale, and requiring successful tenderers to procure a bank guarantee for a sum equivalent to the balance of the tender price.
"Having heard the views expressed by various concerned bodies, the Committee came to the view that the current practice has already provided sufficient protection against default, while PAC's suggestions might cause hindrance to market entry by newcomers.
"Members therefore did not support the proposals," he added.
End/Tuesday, October 31, 2000
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