TNAG-1331-FCO40-1758-Future-of-Hong-Kong-test-of-the-acceptability-of-the-Joint-D-1984 — Page 333

4.57

THIS ANNEX WAS WELL RECEIVED BY THE REAL ESTATE SECTOR, LAND OWNERS, PROFESSIONALS SUCH AS ESTATE SURVEYORS, AND THE HEUNG YEE KUK. BY THE NATURE OF THE SUBJECT AND ITS IMPORTANCE TO HONG KONG'S ECONOMY, IT ATTRACTED MANY COMMENTS

AND QUESTIONS WHICH FOCUSSED ON:

·

PAYMENT OF ANNUAL RENT

•

LEASE ARRANGEMENTS

THE LIMIT ON NEW LAND GRANT

THE SHARING OF PREMIUM INCOME

THE LAND COMMISSION

4.58

AS REGARDS PAYMENT OF AN ANNUAL RENT EQUIVALENT TO

3 PER CENT OF THE RATEABLE VALUE OF THE PROPERTIES, CONCERN

WAS EXPRESSED THAT THIS ARRANGEMENT MIGHT BECOME AN EXCESSIVE

BURDEN BECAUSE RATEABLE VALUE, TO WHICH THE RENT WOULD BE

PEGGED, WAS LIKELY TO INCREASE. TO REMOVE THIS ANXIETY, IT WAS

SUGGESTED THAT IN ADJUSTING THE LAND RENT IN RELATION TO THE

RATEABLE VALUE, INCREASES SHOULD BE SUBJECT TO AN ANNUAL UPPER

LIMIT EXPRESSED IN DOLLAR TERMS. AS AN ALTERNATIVE TO THE

PAYMENT OF THE ANNUAL RENT AS DESCRIBED IN THIS ANNEX, LAND

OWNERS SHOULD BE ALLOWED TO PAY LAND PREMIA ON A ONE-OFF

BASIS.

4.59

AS REGARDS LAND LEASES, MANY QUESTIONS WERE ASKED

FOR THE SPECIFIC ATTENTION OF THE LAND COMMISSION. THESE ARE

LISTED BELOW :

IN VIEW OF THE CHANGE IN THE LAND POLICY, WOULD

HOLDERS OF LEASES ALREADY EXTENDED ON PAYMENT OF

PREMIA BY INSTALMENTS BE REQUIRED TO PAY THE OUT-

STANDING INSTALMENTS WHEN THE JOINT DECLARATION CAME

INFO EFFECT IN 1985?

WHAT WOULD BE THE TERMS FOR RENEWAL OF THE LEASES

EXPIRING BEFORE THE DRAFT AGREEMENT BECAME EFFECTIVE

IN 1985?

AS STATED IN THE ANNEX, NON-RENEWABLE LEASES EXPIRING

AFTER 1997 WOULD BE DEALT WITH IN ACCORDANCE WITH THE

RELEVANT LAND LAWS AND POLICIES OF HK SAR, COULD THAT

BE TAKEN TO MEAN THAT THEY WOULD BE DEALT WITH IN THE

SAME WAY AS THOSE LEASES EXPIRING BEFORE 1997?

WHAT WOULD BE THE ARRANGEMENT FOR THE UNIQUE FREEHOLD

LEASE WHICH WAS GRANTED TO A RELIGIOUS BODY?

SECRET-

/HOW.