Land Tenure
34. With the exception of St. John's Cathedral all land in the Colony is held leasehold from the Crown. In the very early days of the Colony, Crown leases were granted for 75 years, but in 1849 the term was extended to 999 years, and much of the most valuable land in the centre of the city is held on leases for that term. The 75-year non-renewable lease did not however entirely drop out of use, and from 1875 onwards large numbers were granted mainly for lots on the Peak and in Kowloon. The practice of granting 999-year leases was discontinued in 1898, since when leases of land in the ceded areas have been granted for 75-year terms, usually with the right of renewal for a further 75 years at a re-assessed rent. Exceptionally, leases of the lots in the Praya East Reclamation carried out in the 1920s are for 99 years renewable for 99 years. Crown leases for lots in the New Territories were until 1959 granted for a term of 75 years from 1st July 1898, renewable for 24 years less the last three days thereof. Since late 1959 they have been granted for 99 years from 1st July 1898, less the last three days. All the New Territories Crown leases therefore expire three days before the expiry of the period of the lease of the New Territories from China.
Sales and Grants of Land
35. 270 agreements for the sale or grant of Crown land were registered, 12 less than the previous year's total. The various types, with the corresponding 1971-72 figures, were as follows:
1971-72
1972-73
Conditions of Sale Conditions of Regrant
59
84
103
76
...
Conditions of Exchange
47
39
Conditions of Grant
40
36
Conditions of Extension
15
20
•
Conditions of Exchange in lieu of Renewal
18
15
282
270
36. During the year, 89 lots of Crown land were put up for sale by public auction at the City Hall, and all but five were sold, many of them at two or three times the upset prices. The total realized premium amounted to over $520m., which included two sales at $105m. and $50m. respectively (both payable by instalments over ten years with interest at 10% per annum). The first of these two sales was of a
11
-
No comments yet.
Private notes are available after approval.