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Land Fund
常常
Following is a question by the Hon Sin Chung-kai and a reply by the Secretary for Treasury. Mr K C Kwong, in the Legislative Council today (Wednesday):
Question:
Will the Government inform this Council whether it has made a proposal to the Chief Executive (Designate) of the Hong Kong Special Administrative Region for depositing the Hong Kong Special Administrative Region Government Land Fund in the Exchange Fund managed by the Monetary Authority; if so, of the reasons for putting forward the above proposal; if not, of the options being considered by the Government for handling the Land Fund?
Reply:
Mr President,
The Hong Kong Special Administrative Region Government Land Fund is now managed under trust. While the trustees of the Land Fund are responsible for the management of the Land Fund, the beneficial ownership of the Land Fund belongs to the HKSARG when it comes into being on 1 July 1997 as provided for under the Joint Declaration. How to handle the Land Fund as from 1 July 1997 is a matter for the HKSARG to decide. We have raised the subject in our general briefing for the Chief Executive (Designate) on the matters which have to be dealt with by the HKSARG but we have not made any specific proposal to the Chief Executive (Designate) as to how the Land Fund should be managed as from 1 July 1997.
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