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LAND LEASES
1.
All land leases granted before the agreement
which extend beyond 1997 will be honoured.
2. Those leases which expire on or before 1997,
except short-term tenancies, may be extended
if desired until 2047 without additional pay-
ment.
(F8)
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3.
An annual rent shall be charged on these lease
extensions equivalent to 3% of the rateable
value of the property.
4. The British Hong Kong Government may grant
new leases expiring not later than 2047
on the same terms as above.
5. The amount of new land to be leased will
be limited to 50 hectares a year.
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6. A land commission will be established com-
posed of equal numbers of officials from
Britain and China. The purpose of this
commission will be to make decisions with
regard to land leases beyond the 50 hectares
limit before 1997.
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