Notes:
29
1.
This represents revenue from land transactions which were completed or decided upon after the coming into force of the Joint Declaration, i.e. after 27 May 1985, and which confer a benefit that expires after 30 June 1997.
2.
3.
4.
In accordance with procedures agreed by the Land Commission, revenue collected in each quarter (and credited initially to the Hong Kong Government (HKG) Capital Works Reserve Fund (CWRF) Suspense Account) is only paid into the HKG CWRF Works Account and the future Hong Kong Special Administrative Region (HKSAR) Government Land Fund in the following quarter. Thus revenue collected in the final quarter of a financial year is only paid into the respective accounts in the first quarter of the following financial year. As a result, the gross revenue collected in each financial year is not equal to the total of the amount paid into the HKG CWRF Works Account and the future HKSAR Government Land Fund in the same financial year.
Revenue from land transactions completed or decided upon before the coming into force of the Joint Declaration, i.e. before 27 May 1985, or land transactions conferring a benefit that expires on or before 30 June 1997 are wholly credited to the HKG.
In accordance with Annex III to the Joint Declaration, premium income obtained from land transactions, after deduction of the average cost of land production, is shared equally between the HKG and the future HKSAR Government. The total amount paid into the HKG CWRF Works Account is thus the sum of the HKG's share of net premium income and the amount which represents the agreed average cost of land production. As a result, the total amount credited to the HKG CWRF Works Account in any financial year is slightly larger than the amount credited to the future HKSAR Government Land Fund.
End/Wednesday, May 10, 1995