Hong Kong’s renewal of land leases expiring by 2047 to boost confidence in city: experts
- More than 300,000 commercial, residential and industrial land parcels will be automatically extended for another 50 years upon expiration
An arrangement that automatically renews more than 300,000 land leases due to expire in 2047 will bring certainty to Hong Kong’s long-term development and boost investor confidence, industry leaders and lawmakers have said.
The Extension of Government Leases Bill would take effect via government gazette notices on Friday, allowing commercial, residential and industrial land leases to be automatically extended for another 50 years upon expiry on June 30, 2047.
The expiration date marks 50 years since Hong Kong’s handover of sovereignty to mainland China.
Lawmaker Jeffrey Lam Kin-fung, who chairs the committee studying the bill, said the new regulation would ease cumbersome renewal procedures and benefit banks in the mortgage business.
“It will give investors, especially newcomers, a shot in the arm in confidence in Hong Kong’s long-term investments,” he told the Post on Monday. “This is particularly important at a time when the city wants to attract more family offices and promote the Greater Bay Area market.”
The bay area is Beijing’s plan to turn Hong Kong, Macau and nine cities in Guangdong province into a hi-tech economic powerhouse.