II.
but an annual rent equivalent to 3 per cent of the
rateable adjusted
value of
at
that date,
the
rateable
the property in
in step with changes value thereafter, shall be charged.
(4) The total amount of new land to be granted
limited to 50 hectares a year (excluding
be
shall
land
Authority
into
to be granted to the Hong Kong Housing for public rental housing) from the entry force of the Joint Declaration until 30 June 1997.
(5)
From the entry into force of the Joint Declaration until 30 June 1997, premium income obtained by the British
from land Hong Kong Government transactions shall, after deduction of the average cost of land production, be shared equally between the British Hong Kong Government and the future HKSAR Government.
(a)
(b)
All the income obtained by the British Hong Kong Government shall be put into the Capital Works Reserve Fund for the financing of land development and public works in Hong Kong.
premium banks
be land
The HKSAR government's share of the income shall be deposited in incorporated in Hong Kong and shall not drawn
except for the financing of development and public works in Hong Kong.
on
(Note: From 1986,
the future HKSAR Government's share of premium income is held in a trust fund, called the Hong Kong Special Administrative Region Government Land Fund. The Trustees are advised by an Investment Committee, the membership of which includes prominent bankers in Hong Kong as well as a monetary expert in the Hong Kong Government.)
FUNCTIONS OF THE LAND COMMISSION
The
Land Commission
was established
upon the
immediately
in
Hong Kong the Joint
entry into force of Declaration. It will be dissolved on 30 June
1997.
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