TNAG-1603-FCO40-2210-Future-of-Hong-Kong-annual-reports-to-Parliament-on-Hong-Kon-1987 — Page 25

dec

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an

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

ad hoc basis to

discuss specific issues. The Group's achievements to

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

friendly and cooperative atmosphere in 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.

<Pa celis)

italia

(c)

Land Commission

<ol>

-)

12.

The Sino-British Land Commission has continued to make good

from

accounting

for

the

reaching agreement progress,

the on

arrangements

sharing of income

land sales and on the form and content of a

number of important legal documents for use in land transactions

Hong Kong.

the Joint Declaration, premium income from

transactions, after deductions for the average cost of

production, is shared equally between the Hong Kong Government

future Special Administrative Region Government.

the

Under

To

in

land

land

and

date more

than HK$ 106 billion has been credited to the future Special

a Hong Kong

an Investment

is Fund

will be

Administrative Region Government's account. The Chinese side of the

Land Commission manages this income in trust, through Special Administrative Region Government Land Fund and

Committee, both of which were set

expected

available to the

the future Special Administrative Region Government

1997. The Commission also reached

programme

programme

up

to continue to

grow

SO

that

in August 1986. The

sum a very substantial

in

agreement on the land disposal

for the

agreed

was

1 period

1986 April

57058 hectares.

to

the

31 March 1987.

As with

previous year,

The

above the

this

was

annual limit of 50 hectares specified in Annex

III to the Joint Declaration. Thus for the second successive year

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. Pa

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