LAND, PUBLIC WORKS AND UTILITIES
Corporation and Hong Kong Housing Society, together with other smaller projects involved 538 properties and expenditure of $2,244 million.
Land Disposal
All land in Hong Kong is held by the government which sells or grants leasehold interests. Such grants and leases are made in accordance with the terms set out in Annex III to the Sino-British Joint Declaration. The total amount of new land to be granted is not to exceed 50 hectares a year, excluding land to be granted to the Hong Kong Housing Authority for public rental housing, but the Land Commission may increase this limit and regularly does. The land disposal limit this year is 164.30 hectares with a 5-hectare reserve. Premium income obtained from land transactions is shared equally, after deduction of the average cost of land production, between the Hong Kong Government and the future Hong Kong Special Administrative Region Government.
Normal land grants and leases are now made for terms expiring not later than June 30, 2047. They are made at premium and nominal rental until June 30, 1997, after which date an annual rent equivalent to three per cent of the property's rateable value will apply.
Land Sales
There was a steep increase in residential property prices in 1991 exacerbated by the problem of speculation in new developments. In order to combat this, and in addition to other fiscal measures introduced by the Government, the Lands Administration Office, with the agreement of the Land Commission, disposed of land through the Land Sales Programme that will provide a substantial increase in the number of residential units when compared with previous years.
Major land transactions/negotiations in 1992 included the invitation of expressions of interest for a 60-hectare site on east Tsing Yi for Container Terminal 9 with the granting of the site in early 1993.
Two grants of land in the Central District of Hong Kong Island were made to the Land Development Corporation for redevelopment of inner city areas into new commercial/ residential buildings with provision for markets, bazaars and varying social service facilities.
Three sites with a total area of 3.07 hectares were sold under the Private Sector Participation Scheme which will provide a total of 4 600 flats. A further eight sites were granted to the Hong Kong Housing Authority for the development of home ownership Schemes. These included two large sites comprising 2.66 hectares and 2.77 hectares in Kowloon East.
In the New Territories, nine sites with a total area of 9.98 hectares were sold by tender restricted to holders of Land Exchange Entitlements (Letters A/B), thereby reducing the amount of outstanding Letters B to be redeemed to approximately, 3 500 000 square feet. Commercial/residential sites in Tseung Kwan O comprised a total of three sites in this programme and amounted to an area of 7.05 hectares.
Land Registration
The Land Registration Ordinance provides for registration of all instruments affecting land in the Land Office, one of the two major sections of the Land Division of the Registrar General's Department. Registration is by means of a memorial form containing the
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