CONTENTS
Organisation Highlight
Profile
Statement of Net Assets
Financial Summary
The Trustees
The Investment Committee
The Secretariat
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ORGANISATION HIGHLIGHT
Trustees
SUN Yanheng NG Leung Sing
ZHUANG Weigang
Investment Committee
David K.P. LI (Convenor)
CHUNG Shui Ming
NG Leung Sing
Paul SELWAY-SWIFT Joseph C.K. YAM
ZHOU Zhenxing
Chief Executive
CHUNG Shui Ming
Auditors
KPMG Peat Marwick
Certified Public Accountants Hong Kong
Secretariat Address
2601-4 Vicwood Plaza
199 Des Voeux Road Central Hong Kong
Telephone
(852) 545 5828
Telex
81236 SARLF HX
Fax
(852) 545 2543
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PROFILE
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According to Annex III
Sino-British Joint Declaration, premium income obtained by the Hong Kong Government from land transactions during the period from the entry into force of the Joint Declaration (on 27 May 1985) to 30 June 1997 shall, after deduction of the average cost of land production, be shared equally between the British Hong Kong Government and the future Hong Kong Special Administrative Region Government.
The Original Trustees of the Hong Kong Special Administrative Region Government Land Fund ("Land Fund"), who were the three Chinese Representatives to the British Land Commission and duly authorised by the Chinese Government, formally established the Hong Kong Special Administrative Region Government Land Fund Trust in Hong Kong on 13 August 1986 to receive and hold upon trust for the future Hong Kong Special Administrative Region Government its share of the land premium income and to make provision for its proper management and preservation of its value.
As at 31 March 1992, the total net asset value of the Land Fund was HK$33.7 billion, including HK$27.8 billion of premium income obtained from the above-mentioned land transactions and accumulated investment surpluses of HK$5.9 billion.
The primary objectives of the investments undertaken by the Land Fund are to ensure the preservation of capital and to avoid causing an adverse effect on the stability of monetary system of Hong Kong and, subject to these objectives, to maximise the overall investment returns through diversified and low risk investments. The
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held by the Land Fund include bank deposits, bonds, equities and other marketable securities.
The investment decision body of the Land Fund is the
Investment Committee.
A Secretariat headed by the Chief Executive is responsible for the day-to-day management of the Land Fund.
The investment activities of the Land Fund are mainly carried out by external fund managers and by the Investment Division of the Secretariat.
The annual accounts of the Land Fund are audited by certified public accountants practising in Hong Kong. The annual audited accounts are submitted to the Sino-British Land Commission and the Investment Committee.
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