TNAG-1332-FCO40-1762-Future-of-Hong-Kong-White-Paper-on-the-Joint-Declaration-1984 — Page 58

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between the two Governments. the period between the entry into force of this Agreement and 1 July 1997 is divided into two periods. In the first period the joint liaison group will concentrate on the necessary action by the two Governments to ensure Hong Kong's continued position in the international economy and in particular its participation in GATT, the MFA and other international

agreements. In the second half of this period it will discuss procedures for ensuring a smooth transition from the Hong Kong

Government to the Government of the SAR. The group shall meet in London, Peking and Hong Kong with at least one meeting in each

location per year until 1 July 1988 when it will establish its principal base in Hong Kong. From then until 1 January 2000 it will continue to meet in London, Peking and Hong Kong. The group may establish sub-groups to deal with prticular problems if and when

necessary.

ANNEX 3: LAND LEASES

1. The main purposes of this annex are to make arrangements for leases of land to be granted between now and 1997 which extend

beyond 1997, and to provide that existing land leases in Hong Kong

Island and in Kowloon which extend beyond 1997 continue to be recognised after then.

The

2. Paragraph 1 of the annex deals with the second point.

rights mentioned include the rights granted in the lease to the

original lessor and rights later acquired by other parties following

private transactions. One of the rights included in many such

leases is the right of renewal of leases for a specific period.

3. New leases, and extensions of leases which expire before 1997,

unless there is a right of extension for a specific period already

included in the lease, will be for 50 years after 1997 ie to 2047.

4. The amount of new land to be leased for periods extending

beyond 1997 will be discussed in the proposed land commission, which will consist of officials appointed by both the Chinese and British

Governments. the same commission will monitor the division of

income from such leases between the present Hong Kong Government and

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