TNAG-1603-FCO40-2210-Future-of-Hong-Kong-annual-reports-to-Parliament-on-Hong-Kon-1987 — Page 97

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8.

Work in the Group and among experts was

again characterised by a friendly and co-operative

atmosphere and a practical approach to the resolution

of problems.

Its achievements have been welcomed in

Hong Kong.

(c)

Land Commission

9.

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

transactions is shared equally, after deduction for

the average cost of land production, between the Hong

Kong Government and the future Special Administrative

Region Government. To date, more than HK$4 Billion

been credited to the future Special

has

Administrative

Region

Government's

account.

The

money is managed in trust by the Chinese side of the

for the use of the future Special

Land Commission

Administrative Region

Government

after 1997.

The

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