THE ECONOMY
Declaration, revenue from land transactions decided upon before the coming into force of the Joint Declaration, and from those conferring a benefit that expires on or before June 30, 1997, (amounting to $393 million in 1994–95), has been credited to the General Revenue Account. All revenue from other land transactions is credited to the Suspense Account of the Capital Works Reserve Fund, pending sharing with the future Hong Kong Special Administrative Region Government as provided for under Annex III. The sharing arrangements in 1994–95 resulted in the transfer of $18.7 billion to the Works Account of the Capital Works Reserve Fund and $16.3 billion to the future Hong Kong Special Administrative Region Government's Land Fund.
A further $2.3 billion was received in the same year by way of royalties and concessions. These are paid by certain major companies holding franchises, such as the Cross-Harbour Tunnel Company Limited and television broadcasters, as well as holders of concessions to operate taxis and petrol stations.
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