•
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 as 1997 approaches.
(c)
Land Commission
12.
:
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 in
Hong Kong. Under the Joint Declaration, premium income from land
transactions, after deductions for the average cost of land
production, is shared equally between
shared equally between the Hong Kong Government and
the future Special Administrative Region Government. To date поге
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 an Investment
Committee, both of which vere set up in August 1986. The Fund is
expected to continue to grow SO that a very substantial sum will be
available to the future Special Administrative Region Government in
1997. 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
III to the Joint Declaration. Thus for the second successive year
the Land Commission has made sensible use of the provision in Annex
III which permits flexibility in the application of the annual liai
of new land to be granted.
Joint
-
The