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to
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
date have been widely welcomed and appreciated in Hong Kong. The
friendly and cooperative atmosphere
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.
in
(c)
Land Commission
12.
from
The Sino-British Land Commission has continued to make good
progress, reaching agreement on the
for the accounting arrangements
sharing of income
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 the Hong Kong Government
account.
and
To date more
the future pecial Administrative Region Government.
than HK$1.6 billion has been credited to the future Special
Administrative Region Government's
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
The in August 1986. up
Fund
expected to continue to grow So that a very substantial sum will be
future Special Administrative Region Government
The Commission also reached agreement on the land disposal
available to the
set were
is
in
The
1997.
programme
programme
for the
agreed
was
was
above the
1 period
1986 April
57.58 hectares.
this
limit annual
III to the Joint Declaration. Thus
to
for the second
31 March
As with the previous year,
of 50 hectares specified in Annex
successive year
1987.
the Land Commission has made sensible use of the provision in Annex III which permits flexibility in the application of the annual limit
of new land to be granted.
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