the total amounts of the considerations stated therein. The number of Assignments has jumped from 3,870 in 1954/55 to 5,251 due to a great increase in Assignment of flats, which as noted in previous reports are now commonly sold outright to individual owners. This tendency is reflected in the significant increase from 451 to 706 in the number of Deeds of Covenants registered, for it is the usual practice for the owners of the various flats in a building to enter into a Deed of Covenants whereby the exclusive use of floors or portions of floors is granted to the various owners, and arrangements made for the repair, management and eventual rebuilding of the premises. There has been a comparatively moderate increase of 279 in the number of Mortgages registered, the total considerations amounting to over $209,000,000. The total amount of stamp duty paid on instruments registered was $11,647,749.55, over $2,200,000 more than in 1954/55.
Crown Leases
10. Crown leases are now usually granted for 75 years renewable for a further 75 years, except in New Kowloon and the New Territories, where in order to coincide with the period of the lease from China, which expires on 30th June, 1997, the standard term is 75 years from 1st July, 1898, renewable for a further term of 24 years less the last three days thereof.
11. As shown in Tables I and III, 204 Crown leases were issued in 1955/56 compared with 184 in 1954/55. The fees collected totalled $29,725. Table III shows the number of leases issued in each category.
Surrenders of Crown Leases
12. 123 Deeds of Surrender to the Crown comprising 151 lots or sections of lots, were registered in 1955/56, the total of the considerations paid being $1,114,141. These included the purchase by Government for $685,000 of a block of 14 flats at 2 Forfar Road, Kowloon, for housing Government Servants.
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