TNAG-1603-FCO40-2210-Future-of-Hong-Kong-annual-reports-to-Parliament-on-Hong-Kon-1987 — Page 244

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to

The work of the Group has been taken forward not only at the regular

plenary meetings but also by smaller groups of experts meeting on an

ad hoc basis to discuss specific issues. The Group's achievements

date have been widely welcomed and appreciated in Hong Kong. The

friendly and cooperative atmosphere

which all contacts in and

under the Group have taken place is most encouraging and augurs well

for the continued close cooperation that will be needed between

Britain and China as 1997 approaches.

in

(c)

Land Commission

12.

from

The Sino-British Land Commission has continued to make good

progress, reaching agreement on the

for the accounting arrangements

sharing of income

land sales and on the form and content of a

number of important legal documents for use in land transactions in Hong Kong, Under the Joint Declaration, premium income from land.

transactions, after deductions for the average cost of land

production, is shared equally between the Hong Kong Government

account.

and

To date more

the future pecial Administrative Region Government.

than HK$1.6 billion has been credited to the future Special

Administrative Region Government's

The Chinese side of the

Land Commission manages this income in trust, through a Hong Kong Special Administrative Region Government Land Fund and an Investment

Committee, both of which

The in August 1986. up

Fund

expected to continue to grow So that a very substantial sum will be

future Special Administrative Region Government

The Commission also reached agreement on the land disposal

available to the

set were

is

in

The

1997.

programme

programme

for the

agreed

was

was

above the

1 period

1986 April

57.58 hectares.

this

limit annual

III to the Joint Declaration. Thus

to

for the second

31 March

As with the previous year,

of 50 hectares specified in Annex

successive year

1987.

the Land Commission has made sensible use of the provision in Annex III which permits flexibility in the application of the annual limit

of new land to be granted.

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