Section 2: Land Leases
Article 119
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All leases of land
granted, decided upon or
renewed before the establish ment of the Hong Kong SAR which
extend bey cnd 30 June 1997, and all rights in relation to
such leases, shall continue to be recognized
to be recognized and protected
under the law of the Region.
Article 120
As regards leases of land granted or renew ed where
the original leases contain no right of renewal, during the
period from 27 May 1985 to 30 June 1997, which ext end
beyond 30 June 1997 and expire not later than 30 June 2047, the lessee is not required to pay
required to pay an additional premium as from 1 1 July 1997, but an annual rent equivalent to 3 per
cent of the rateable value of
of the property at that
at that date,
ad justed in step with any changes in the rateable value thereafter, shall be charged.
Article 121
In the case of old schedule lots, village lots, small houses and similar rural holdings, where the property
was on 30 June 1984 held by, or, in the case of small houses granted after that date, where property is granted to, a person descended through the male line from a person
who was in 1898 a resident of an establish ed village in Hong Kong, the previous rent shall remain unchanged so long
as the property is held by
is held by that person or by one of his
lawful successors in the male line.
Article 122
Where leases of land
without
a right of renew al expire after the establish ment of the Hong Kong SAR, they
shall be dealt with in accordance with laws and policies
formulated by the Region on its own.