THURSDAY, OCTOBER 18, 1984
11
'SOUND BASIS FOR LAND POLICY DEVELOPMENT'
****
THE SECRETARY FOR LANDS AND WORKS, MR CHAN NAI-KEONG, TODAY COMMENDED ANNEX | TO THE DRAFT AGREEMENT AS +A SOUND BASIS FOR DEVELOPMENT OF LAND POLICIES AND PROCEDURES IN THE FUTURE+.
SPEAKING ON THE DRAFT AGREEMENT IN THE LEGISLATIVE COUNCIL, HE SAID THERE WOULD INEVITABLY BE MATTERS OF DETAIL OR INDIVIDUAL CONCERN WHICH WOULD REQUIRE FURTHER EXAMINATION AND EXPLANATION, BUT THESE WOULD BE DEALT WITH AT THE APPROPRIATE TIME.
+THE MOST IMPORTANT FEATURE OF ANNEX 111 IS THE EXTENT TO WHICH IT PROVIDES FOR CONTINUITY, HE SAID.
RIGHTS UNDER EXISTING LEASES GRANTED OUTSIDE THE NEW TERRITORIES AND NEW KOWLOON (MAINLY 75 YEARS RENEWABLE FOR 75 YEARS AND 999-YEAR LEASES) WERE RECOGNISED IN THE ANNEX AND WOULD BE PROTECTED UNDER THE LAWS OF THE SPECIAL ADMINISTRATIVE REGION.
+ALL LEASES IN THE NEW TERRITORIES, INCLUDING NEW KOWLOON, WHICH EXPIRE IN JUNE 1997 WILL BE EXTENDED FOR 50 YEARS UP TO JUNE 2047. THIS WILL ALSO NORMALLY APPLY TO 75-YEAR NON-RENEWABLE LEASES ON HONG KONG ISLAND AND IN KOWLOON WHICH EXPIRE NO LATER THAN JUNE 30, 1997.
+NEW LEASES MAY ALSO BE ISSUED TO EXPIRE NOT LATER THAN 2047 AND THE PRESENT SYSTEM OF GRANTING MODIFICATIONS OF LEASE CONDITIONS WILL CONTINUE, HE SAID.
MR CHAN SAID THE ANNEX ALSO PROVIDED CLARITY AND AS MUCH CERTAINTY AS POSSIBLE SO FAR IN ADVANCE AS TO THE FINANCIAL IMPLICATIONS FOR MOST LESSEES BEYOND 1997.
HE SAID THAT NO NEW OBLIGATIONS WERE IMPOSED IN THE CASE OF LEASES WHICH EXTENDED BEYOND JUNE 1997. RENEWABLE LEASES WOULD BE RENEWED AT A FIXED ANNUAL RENT OF THREE PER CENT OF THE RATEABLE VALUE AT THE DATE OF RENEWAL.
+NEW TERRITORIES, INCLUDING NEW KOWLOON, LEASES AND 75-YEAR NON-RENEWABLE LEASES EXPIRING NOT LATER THAN JUNE 30, 1997 WILL NORMALLY BE EXTENDED AT AN ANNUAL RENT OF THREE PER CENT OF CURRENT RATEABLE VALUE, THAT IS A RENT WHICH WILL CHANGE AS RATEABLE VALUES CHANGE, HE SAID.
REFERRING TO THE HON MR F.K. HU'S QUESTION OF NON-RENEWABLE LEASES WHICH EXPIRE AFTER JUNE 30, 1997, HE SAID WHILE ANNEX 111 PROVIDED FOR THE RECOGNITION AND PROTECTION OF RIGHTS GRANTED BEFORE JUNE 30, 1997 BEYOND THAT DATE, IT DID NOT LAY DOWN ANY PROVISIONS FOR THE GRANTING OF NEW RIGHTS AFTER IT, AS THIS WOULD BE A MATTER FOR THE FUTURE HONG KONG SPECIAL ADMINISTRATIVE REGION GOVERNMENT, ADDING: +THE CONCERN EXPRESSED ON THIS MATTER IS UNDERSTOOD AND IT WILL NEED TO BE CONSIDERED IN DUE COURSE.+
/ON EXTENSION