Crown leases were granted for 75 years, but in 1849 the term was extended to 999 years, and much of the most valuable land in the centre of the city is held on leases for that.term. The 75 year non-renewable lease did not however entirely drop out of use, and from 1875 onwards large numbers were granted mainly for lots on the Peak and in Kowloon. The practice of granting 999 year leases was discontinued in 1898, since when leases of land in the ceded areas have been granted for 75 year terms, usually with the right of renewal for a further 75 years at a reas- sessed rent. Exceptionally, leases of the lots in the Praya East Reclamation carried out in the 1920s are for 99 years renewable for 99 years. Crown leases for lots in the New Territories were until 1959 granted for a term of 75 years from 1st July 1898, renewable for 24 years less the last three days thereof. Since late 1959 they have been granted for 99 years from 1st July 1898, less the last three days. All the New Territories Crown leases therefore expire three days before the expiry of the period of the lease of the New Territories from China.
Sales and Grants of Land
33. 548 agreements for the sale or grant of Crown land were registered. The various types, with the corresponding 1962-63 figures, were as follows:
1962-63
1963-64
Conditions of Sale Conditions of Extension Conditions of Exchange Conditions of Grant ... Conditions of Regrant
259
255
...
..
...
31
14
41
28
88
34
...
429
217
...
...
848
548
34. The intensive programme of land sales introduced by the Crown Lands Office in 1962 continued throughout the year with sometimes as many as 8 to 10 lots a week put up for auction at the City Hall. At the fall of the hammer the successful bidder for a non-industrial lot has to pay a specified sum as deposit and in part payment of the premium, the balance of premium being payable within one month. For industrial sites in the Kwun Tong area 90% of the premium may be paid in up to twenty equal annual instalments with interest at 5% per annum. In December 1963 these concessionary terms of payment were extended to the new industrial areas at Tsuen Wan and Kwai Chung. At the same time a further concession was granted to industrialists in relation to normal sales of industrial land outside those special areas. Instead of
10