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The work of the Group has been taken forward not only at the regular
plenary meetings but also by smaller groups of experts meeting on an
ad hoc basis to discuss specific issues. The Group's achievements to
date have been widely welcomed and appreciated in Hong Kong. The
friendly and cooperative atmosphere in which all contacts in and
under the Group have taken place is most encouraging and augurs well
for the continued close cooperation that will be needed between
Britain and China a s 1997 approaches.
(c)
Land Commission
12.
in
land
The Sino-British Land Commission has continued to make good
progress, reaching agreement on the accounting arrangements for the
sharing of income from land sales and on the form and content of a
number of important legal documents for use in land transactions
Hong Kong. Under the Joint Declaration, premium income from
transactions, after deductions for the average cost of
1 and
production, is shared equally between the Hong Kong
Government and
the future pecial Administrative Region Government. To date more
than HK$ 1.6 billion has been credited to the future Special
Administrative Region Government's account. The Chinese side of the
Land Commission manages this income in trust, through a Hong Kong
Special Administrative Region Government Land Fund and
Committee, both of which were set up in August 1986.
expected to continue to grow SO that a very substantial
available to the future Special Administrative Region overnment
1997.
an Investment
The Fund is
sum will be
in
The
The Commission also reached agreement on the land disposal
programme for the period 1 April 1986 to 31 March 1987.
programme agreed was 57.58 hectares. As with the previous year, this was above the annual limit of 50 hectares specified in Annex
Joint Declaration. Thus for the second successive year
III to the
the Land Commission has made sensible use of the provision in Annex
III which permits flexibility in the application of the annual
annual limit
of new land to be granted.
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