ANNEX III: LAND
CONFIDENTIAL
WILL LEASES ISSUED BY THE HONG KONG GOVERNMENT LASTING AFTER 1997
CONTINUE TO BE HONOURED BY THE SAR GOVERNMENT?
126. Yes. Agreement provides for all leases issued by the Hong Kong
Government and all rights in such leases to be honoured by the SAR
Government.
WILL THE PEOPLE OF HONG KONG BE ABLE TO CONTINUE TO OWN AND PASS ON
THEIR LAND?
127. Yes. The right to ownership of property and inheritance is
provided for in the agreement.
WHAT ABOUT LEASES IN THE NEW TERRITORY?
128. Will be extended without payment of premium until 30 June 2047.
An annual rent shall be payable from the date of extension,
equivalent to 3 percent of rateable value.
WHAT ABOUT LEASES ISSUED AFTER 1997?
129. The purpose of this annex is mainly to deal with the problem of
leases existing before 1997 and to enable the Hong Kong Government to grant new leases between now and 1997 which go beyond 1997. It does however refer to the question of leases which expire after 1997, which will be dealt with in accordance with the relevant land laws and policies of the SAR. By definition this would also apply
to new leases after 1997.
WILL NOT THE LAND COMMISSION INTERFERE IN THE ADMINISTRATION OF
HONG KONG?
130. No. The Land Commission has four specific tasks:
to consult on the implementation of the land annex;
to monitor observance of the limit of new law to be granted by
the Hong Kong Government;
to decide on proposals by the Hong Kong Government
to increase
the 50 hectares pa limit on the sale of new land; to examine proposals by the Hong Kong Government to draw on the SAR Government's share of premium income.
CONFIDENTIAL
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