TNAG-1603-FCO40-2210-Future-of-Hong-Kong-annual-reports-to-Parliament-on-Hong-Kon-1987 — Page 84

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MY THIRD IPT: ANNUAL REPORT ON HONG KONG PASSAGE ON THE LAND

COMMISSION

C)

1.

LAND COMMISSION

·

THE SINO-BRITISH LAND COMMISSION HAS CONTINUED ITS RECORD

OF GOOD PROGRESS, REACHING AGREEMENT ON THE PROPOSED NEW TERRITORIES LEASES (EXTENSION) BILL AND ON THE METHODS OF

DEALING WITH LEASES FOR SPECIAL PURPOSES. UNDER THE

TERMS OF THE JOINT DECLARATION, PREMIUM INCOME FROM LAND SALES IS SHARED EQUALLY AFTER DEDUCTIONS FOR THE AVERAGE COST OF LAND PRODUCTION, BETWEEN THE HONG KONG GOVERNMENT AND THE FUTURE SPECIAL ADMINISTRATIVE REGION GOVERNMENT.

TO DATE, MORE THAN HK DOLLARS

BILLION HAS BEEN CREDITED

TO THE FUTURE SPECIAL ADMINISTRATIVE REGION'S GOVERNMENT'S ACCOUNT. THE MONEY IS MANAGED IN TRUST BY THE CHINESE

SIDE OF THE LAND COMMISSION FOR THE USE OF THE FUTURE

SPECIAL ADMINISTRATIVE REGION GOVERNMENT AFTER 1997.

...

IN MARCH, THE COMMISSION REACHED AGREEMENT ON THE LAND DISPOSAL PROGRAMME FOR THE PERIOD 1 APRIL 1987 TO 31

MARCH 1988. THE PROGRAMME AGREED WAS 61.74 HECTARES.

THIS EXCEEDED THE ANNUAL LIMIT OF 50 HECTARES SPECIFIED

IN ANNEX III OF THE JOINT DECLARATION. THUS THE LAND

COMMISSION ONCE AGAIN MADE SENSIBLE USE OF THE PROVISION

IN THE ANNEX WHICH ALLOWS FOR FLEXIBILITY IN ESTABLISHING

THE ANNUAL LAND DISPOSAL LIMITS TO MEET REQUIREMENTS.

HOWE

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