TNAG-1322-FCO40-1728-Future-of-Hong-Kong-opinion-polls-and-surveys-1984 — Page 178

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LAND LEASES

1.

All land leases granted before the agreement

which extend beyond 1997 will be honoured.

2. Those leases which expire on or before 1997,

except short-term tenancies, may be extended

if desired until 2047 without additional pay-

ment.

(F8)

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3.

An annual rent shall be charged on these lease

extensions equivalent to 3% of the rateable

value of the property.

4. The British Hong Kong Government may grant

new leases expiring not later than 2047

on the same terms as above.

5. The amount of new land to be leased will

be limited to 50 hectares a year.

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6. A land commission will be established com-

posed of equal numbers of officials from

Britain and China. The purpose of this

commission will be to make decisions with

regard to land leases beyond the 50 hectares

limit before 1997.

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