Summary of Decision Made by the Home Ownership Committee

Summary of Decision Made by the Home Ownership Committee Paper Number : HOC 96 /2001 Paper Title : Tenants Purchase Scheme Phase 5 Date of Meeting : 4 January 2002 Summary of Recommendations Members were invited to approve (a) sale prices as set out in Annexes B, C and D; (b) Intention Money of $2,500; (c) (d) (e) (f) (g) the management fee levels for Phase 5 estates as set out in Annex E; the contribution of a Maintenance Fund of $14,000 per flat and the time frame for contribution; the lump sum contribution of $0.84 M to the management funds of the Phase 5 estates in respect of the use of facilities by adjoining HOS estates; the refinement of minor operational arrangements; and declassification of the paper. Decision The above recommendations were endorsed. Paul WAN Secretary, Home Ownership Committee Tel : 2761 5035 Fax : 2761 0019 File Ref. : HA/COM/6/11 Date : 10 January 2002

Tenants Purchase Scheme, Phase 5 Proposed Average List Prices Annex B (1) (2) (3) (4) Full Market Value of Assessed Proposed List Price Estate Comparable flats Market Value 55% Discount of Estate from Item (3) ($ per m 2 saleable) ($ per m 2 saleable) ($ per m 2 saleable) Block Age Date of Date of Estate Type (Yrs.) Development Average Price Completion Transaction Tung Tau (II) Trident 4 (T4) 10 Hsin Kuang Centre 30,900 1987 10-11/2001 27,000 12,200 Linear 1 (LR1) 12 Lung Poon Court (HOS) 33,900 1986 10-11/2001 25,000 11,300 Linear 3 (LR3) 11 Tin Ma Court (HOS) 28,500 1986 10-11/2001 25,500 11,500 New Slab (NSL) 20 19,000 8,600 Single H (SGH) 18 19,000 8,600 Double H (DBH) 16 19,500 8,800 Lei Cheng Uk Trident 4 (T4) 13 Cronin Garden 26,500 1995 10-11/2001 25,000 11,300 Linear 1 (LR1) 12 Mei Fu Sun Chuen 29,000 1966-77 10-11/2001 24,500 11,000 Linear 3 (LR3) 12 Po Hei Court (HOS) 34,400 1993 10-11/2001 24,500 11,000 Old Slab (OSL) 17 Yee Kok Court (HOS) 29,700 1981-83 10-11/2001 20,000 9,000 Double H (DBH) 17 19,000 8,600 Tsui Ping (N) Trident 2 (T2) 16 Sceneway Garden 39,800 1992 10-11/2001 24,000 10,800 Linear 1 (LR1) 11 Laguna City 38,700 1991-92 10-11/2001 26,000 11,700 Linear 3 (LR3) 12 Hong Wah Court (HOS) 23,400 1987 10-11/2001 25,500 11,500 New Slab (NSL) 12 Cheung Wo Court (HOS) 27,200 1984 10-11/2001 22,500 10,100 Old Slab (OSL) 18 20,500 9,200 Double H (DBH) 20 19,000 8,600 Kwai Hing Linear 1 (LR1) 10 Kwai Chung Plaza 39,700 1990 10-11/2001 22,000 9,900 Hang King Garden 40,300 1996 10-11/2001 Sun Kwai Hing Garden 31,100 1983 10-11/2001 Kwai Hong Court (HOS) 24,600 1993 10-11/2001 Pok Hong Trident 2 (T2) 16 Garden Rivera 31,200 1984 10-11/2001 20,000 9,000 Old Slab (OSL) 19 City One Shatin 34,600 1980-87 10-11/2001 17,000 7,700 Double H (DBH) 18 Yue Shing Court (HOS) 23,600 1980 9-10/2001 16,500 7,400 Fung Shing Court (HOS) 23,800 1985 10-11/2001 Tai Ping Linear 1 (LR1) 13 Sheung Shui Centre 34,300 1993 10-11/2001 18,000 8,100 Venice Garden 26,500 1993 10-11/2001 Metropolis Plaza 32,800 1991 10-11/2001 Sunningdale Garden (PSPS) 21,800 1992 10-11/2001 Hoc94-01AnnexB

Tenants Purchase Scheme, Phase 5 Assessed Market Values and List Prices for Buildings of Different Ages within the same Block Type Annex C (1) (2) (3) (4) (5) (6) Estimated Average Proposed List Price Block Building Full Market Value 55% Discount Estate Type Block Name Age (Yr.)* ($/M 2 SA) from Item (5) Tung Tau (II) LR1 Shing Tung ) Yan Tung ) Mau Tung ) Yat Tung ) Ying Tung ) 13 24,500 11,000 Pak Tung ) Wai Tung ) Wing Tung ) 11 25,500 11,500 Choi Tung 9 26,500 11,900 LR3 Wong Tung 14 24,000 10,800 On Tung 13 24,500 11,000 Cheung Tung ) Hing Tung ) 9 26,500 11,900 SGH Yue Tung 20 18,500 8,300 Yiu Tung 16 19,500 8,800 Tsui Ping (N) LR1 Tsui Tsz ) Tsui Lau ) Tsui Pak ) Tsui Yue ) 12 25,500 11,500 Tsui Cheung 7 28,000 12,600 OSL Tsui Yeung 20 20,000 9,000 Tsui To 16 21,000 9,500 Kwai Hing LR1 Hing Kok ) Hing Yat ) 11 21,500 9,700 Hing Fuk ) Hing Lok ) 9 22,500 10,100 Pok Hong DBH Pok Man ) Pok On ) 19 16,000 7,200 Pok Tat 17 17,000 7,700 * Compared with January 2002. Hoc94-01AnnexC

Tenants Purchase Scheme, Phase 5 - Average Flat Sale Prices (with 50% credit) Annex D 1 of 3 Sale Price Total Total Housing Size List Price (List Price Mortgage Rates & Management Housing Expenditure Block Age No. of FMV (at 55% with 50% Rent Payment Govt. Rent Fee Expenditure as a multiplier Estate Type (yrs.) (M 2 GFA) (M 2 SA) Flats ($) discount) credit) ($p.m.) ($p.m.) ($p.m.) ($p.m.) ($p.m.) of Rent Tung Tau (II) T4 10 25.1 19.3 116 521,100 235,500 117,800 733 671 191 200 1,062 1.448 45.5 34.9 144 942,300 425,800 212,900 1,395 1,212 346 360 1,918 1.375 49.2 37.8 431 1,020,600 461,200 230,600 1,466 1,313 374 392 2,079 1.418 53.7 41.2 172 1,112,400 502,600 251,300 1,620 1,431 408 424 2,263 1.397 65.8 50.5 112 1,363,500 616,100 308,100 1,947 1,754 500 520 2,774 1.425 72.4 55.6 58 1,501,200 678,300 339,200 2,241 1,931 550 576 3,057 1.364 LR1 12 35.1 24.8* 346 620,000 280,200 140,100 909 798 231 280 1,309 1.440 49.5 35.0 405 875,000 395,500 197,800 1,279 1,126 326 392 1,844 1.442 57.7 40.8 786 1,020,000 461,000 230,500 1,517 1,312 379 456 2,147 1.416 64.9 45.9 251 1,147,500 518,700 259,400 1,742 1,477 427 512 2,416 1.387 75.1 53.1 59 1,327,500 600,000 300,000 2,034 1,708 494 600 2,802 1.378 LR3 11 34.7 24.8* 568 632,400 285,200 142,600 1,089 812 233 272 1,317 1.209 48.9 35.0 236 892,500 402,500 201,300 1,494 1,146 329 384 1,859 1.244 57.1 40.8 552 1,040,400 469,200 234,600 1,754 1,336 384 456 2,176 1.240 63.8 45.6 240 1,162,800 524,400 262,200 2,044 1,493 429 504 2,426 1.187 69.1 49.4 68 1,259,700 568,100 284,100 2,154 1,618 464 552 2,634 1.223 74.3 53.1 48 1,354,100 610,700 305,400 1,971 1,739 499 592 2,830 1.436 NSL 20 35.1 25.7 357 488,300 221,000 110,500 958 629 180 280 1,089 1.137 SGH 18 43.1 33.3 146 632,700 286,400 143,200 1,170 815 243 344 1,402 1.199 50.9 39.3 542 746,700 338,000 169,000 1,389 962 287 400 1,649 1.187 80.0 61.8 52 1,174,200 531,500 265,800 2,148 1,513 451 640 2,604 1.212 DBH 16 43.2 33.3 154 649,400 293,000 146,500 1,222 834 243 344 1,421 1.163 51.0 39.3 622 766,400 345,800 172,900 1,447 984 287 408 1,679 1.161 84.5 65.1 2 1,269,500 572,900 286,500 2,464 1,631 475 672 2,778 1.128 Lei Cheng Uk T4 13 45.3 34.8 411 870,000 393,200 196,600 1,248 1,119 320 351 1,790 1.435 53.7 41.2 183 1,030,000 465,600 232,800 1,507 1,326 379 413 2,118 1.405 68.5 52.6 228 1,315,000 594,400 297,200 1,970 1,692 484 530 2,706 1.374 LR1 12 48.2 35.0 52 857,500 385,000 192,500 1,273 1,096 319 374 1,789 1.405 54.9 39.8 151 975,100 437,800 218,900 1,507 1,246 362 421 2,029 1.347 63.3 45.9 101 1,124,600 504,900 252,500 1,733 1,438 418 491 2,347 1.354 73.2 53.1 49 1,301,000 584,100 292,100 2,024 1,663 483 569 2,715 1.341 Hoc94-01AnnexD

Tenants Purchase Scheme, Phase 5 - Average Flat Sale Prices (with 50% credit) Annex D 2 of 3 Sale Price Total Total Housing Size List Price (List Price Mortgage Rates & Management Housing Expenditure Block Age No. of FMV (at 55% with 50% Rent Payment Govt. Rent Fee Expenditure as a multiplier Estate Type (yrs.) (M 2 GFA) (M 2 SA) Flats ($) discount) credit) ($p.m.) ($p.m.) ($p.m.) ($p.m.) ($p.m.) of Rent Lei Cheng Uk LR3 12 49.5 35.0 164 857,500 385,000 192,500 1,273 1,096 315 382 1,793 1.409 56.3 39.8 654 975,100 437,800 218,900 1,510 1,246 358 437 2,041 1.352 65.0 45.9 397 1,124,600 504,900 252,500 1,733 1,438 413 507 2,358 1.360 69.9 49.4 69 1,210,300 543,400 271,700 1,834 1,547 445 538 2,530 1.380 75.2 53.1 113 1,301,000 584,100 292,100 2,016 1,663 478 585 2,726 1.352 OSL 17 33.2 25.7 1,470 514,000 231,300 115,700 959 659 193 257 1,109 1.156 DBH 17 43.1 33.3 154 632,700 286,400 143,200 1,202 815 236 335 1,386 1.153 50.9 39.3 468 746,700 338,000 169,000 1,427 962 279 390 1,631 1.143 53.3 41.2 154 782,800 354,300 177,200 1,459 1,009 293 413 1,715 1.175 84.3 65.1 2 1,236,900 559,900 280,000 2,382 1,594 462 655 2,711 1.138 Tsui Ping (N) T2 16 50.5 35.4 612 849,600 382,300 191,200 1,323 1,089 308 380 1,777 1.343 64.9 45.5 204 1,092,000 491,400 245,700 1,762 1,399 396 486 2,281 1.295 LR1 11 35.9 24.8* 494 644,800 290,200 145,100 915 826 221 266 1,313 1.435 50.7 35.0 490 910,000 409,500 204,800 1,256 1,166 312 380 1,858 1.479 57.6 39.8 768 1,034,800 465,700 232,900 1,484 1,326 354 433 2,113 1.424 66.4 45.9 258 1,193,400 537,000 268,500 1,710 1,529 409 502 2,440 1.427 LR3 12 36.2 24.8* 92 632,400 285,200 142,600 915 812 216 274 1,302 1.423 51.0 35.0 87 892,500 402,500 201,300 1,256 1,146 305 388 1,839 1.464 59.5 40.8 215 1,040,400 469,200 234,600 1,469 1,336 355 448 2,139 1.456 66.9 45.9 96 1,170,500 527,900 264,000 1,710 1,503 399 502 2,404 1.406 72.0 49.4 23 1,259,700 568,100 284,100 1,805 1,618 430 547 2,595 1.437 NSL 12 43.5 32.4 532 729,000 327,200 163,600 1,224 932 233 327 1,492 1.219 OSL 18 34.4 25.7 1,388 526,900 236,400 118,200 992 673 182 258 1,113 1.122 DBH 20 44.9 33.3 154 632,700 286,400 143,200 1,202 815 230 334 1,379 1.148 53.0 39.3 416 746,700 338,000 169,000 1,420 962 271 403 1,636 1.152 55.5 41.2 154 782,800 354,300 177,200 1,462 1,009 284 418 1,711 1.170 59.6 44.2 52 839,800 380,100 190,100 1,554 1,082 305 448 1,835 1.181 87.8 65.1 2 1,236,900 559,900 280,000 2,214 1,594 449 661 2,704 1.221 Hoc94-01AnnexD

Tenants Purchase Scheme, Phase 5 - Average Flat Sale Prices (with 50% credit) Annex D 3 of 3 Sale Price Total Total Housing Size List Price (List Price Mortgage Rates & Management Housing Expenditure Block Age No. of FMV (at 55% with 50% Rent Payment Govt. Rent Fee Expenditure as a multiplier Estate Type (yrs.) (M 2 GFA) (M 2 SA) Flats ($) discount) credit) ($p.m.) ($p.m.) ($p.m.) ($p.m.) ($p.m.) of Rent Kwai Hing LR1 10 34.7 24.8* 208 545,600 245,500 122,800 972 699 196 282 1,177 1.211 49.0 35.0 307 770,000 346,500 173,300 1,472 987 277 407 1,671 1.135 57.1 40.8 734 897,600 403,900 202,000 1,711 1,150 322 473 1,945 1.137 64.3 45.9 254 1,009,800 454,400 227,200 1,819 1,294 363 531 2,188 1.203 74.3 53.1 25 1,168,200 525,700 262,900 2,345 1,497 419 614 2,530 1.079 Pok Hong T2 16 48.7 35.4 1,810 708,000 318,600 159,300 1,420 907 290 365 1,562 1.100 62.6 45.5 604 910,000 409,500 204,800 1,868 1,166 373 471 2,010 1.076 OSL 19 33.6 25.7 703 436,900 197,900 99,000 1,093 564 159 251 974 0.891 DBH 18 43.5 33.3 458 549,500 246,400 123,200 1,366 701 220 327 1,248 0.914 51.4 39.3 1,248 648,500 290,800 145,400 1,622 828 259 388 1,475 0.909 53.9 41.2 458 679,800 304,900 152,500 1,681 868 272 403 1,543 0.918 57.8 44.2 158 729,300 327,100 163,600 1,770 932 292 433 1,657 0.936 85.1 65.1 6 1,074,200 481,700 240,900 2,681 1,372 430 646 2,448 0.913 93.9 71.8 2 1,184,700 531,300 265,700 3,025 1,513 474 707 2,694 0.891 Tai Ping LR1 13 46.1 33.2 100 597,600 268,900 134,500 1,060 766 219 391 1,376 1.298 48.6 35.0 206 630,000 283,500 141,800 1,092 807 231 408 1,446 1.325 56.6 40.8 715 734,400 330,500 165,300 1,298 941 269 476 1,686 1.299 63.7 45.9 308 826,200 371,800 185,900 1,488 1,058 303 536 1,897 1.275 73.7 53.1 100 955,800 430,100 215,100 1,738 1,225 350 621 2,196 1.263 Notes: - * maximum size of 1P and 2P flats average 1.257 - areas quoted are typical sizes only - mortgage payment is calculated on the following assumptions : mortgage rate 4.5% (approx. one year average of the year 2001), mortgage amount 90% of the sale price; and mortgage period of 20 years. - rates and Government rent are derived from the block assessments for 01/02. - effective date of bold and italic rents were in 9.1995 whereas the others were effective from 9.1996. - management fee is based on the proposed management fee for respective Phase 5 estates. Hoc94-01AnnexD

Annex E Name of Estate Proposed Management Fee Levels for Phase 5 Estates Domestic Flats and Integrated HA Accommodation 1 Management Fee ($ per management share) Detached HA Accommodation and GA 2 Tung Tau II 8.00 3.00 Lei Cheng Uk 7.80 2.93 Tsui Ping (N) 7.60 2.85 Kwai Hing 8.30 3.11 Pok Hong 7.60 2.85 Tai Ping 8.50 3.19 Average 8.00 3.00 1 2 Integrated HA Accommodation - HA non-domestic properties located within residential blocks. Similar to domestic flats, Integrated HA Accommodation will contribute towards the management fees in respect of both RBCA and ECA. Detached HA Accommodation - free-standing HA properties, e.g. shopping centres, carparks, etc. GA (Government Accommodation) - e.g. schools, indoor recreation centre, community centre, etc. Both Detached HA Accommodation and Government Accommodation will contribute towards the management fees in respect of ECA only. Hoc94-01AnnexE