999-year_leases_in_Hong_Kong

999-year leases in Hong Kong

999-year leases in Hong Kong

Type of lease in Hong Kong


999-year leases in Hong Kong are a rare form of lease in Hong Kong.

History

Consulate General of the United States, which has the last 999-year lease in Hong Kong.

They were almost exclusively granted from 1849 to May 1898 on Hong Kong Island and in Kowloon.[1] Some exceptions include Hang Cheong Tai Building (1900), Cheung Ling Mansion (1900), Ka Yue Building (1901), Princeton Tower (1901), Lun Fung Court (1903) and the Consulate General of the United States, Hong Kong and Macau, which was granted a 999-year lease in April 1999.[2] The US Consulate had an option to buy the plot as a freehold in its 1950 lease, but this was eliminated in 1999 in exchange for the 999-year lease.[2]

The only current freehold in all of Hong Kong belongs to St John's Cathedral, which was granted freehold in 1847 with perpetual ownership under the condition that the land be used as a church.[1] The University of Hong Kong had a freehold, which was surrendered in the 1920s in exchange for a 999-year lease.[3]

Some leases were marginally shorter, ranging from 978 to 997 years. In a December 2016 research publication, the Legislative Council said that "At present, only a few pieces of land on the Hong Kong Island and Kowloon are with the lease term of 999 years."[1]

Lots

Land in Hong Kong is separated into "lots," pieces of land which are leased out by the government. Lots can be further broken down into portions of Sections, Sub Sections, Remaining Portions, and Extensions.

A single building can be erected on one lot or a combination of different lots and portions. As each lot is leased out by the government with its own terms, a single building may therefore sit on land with multiple lease terms. For example, Floral Tower at 22 Robinson Road is built on 3 lots, each with different terms- IL 347: 999 years from 27 November 1849, IL 392: 999 years from 17 March 1855, and IL 717: 999 years from 25 June 1861.

The government provides several tools which can be used to inspect lots:

  • Geoinfo Map - a map which displays lots and associated buildings/addresses
  • Street Index - a text version of Geoinfo Map
  • IRIS - a database where details of each lot (such as terms of length) can be obtained

By using these tools, a lot can be inspected to see if it has a lease of 999 years, and all buildings on those associated lots can be listed- therefore, a list of every building which has a 999 year lease can be generated.

Valuation

In the 2008 research paper, "Intergenerational Discounting: A Case from Hong Kong" from the University of Hong Kong, researchers found that properties on lots with 999-year leases commanded a premium of 5.74% over similar properties on lots with 99-year leases in the time period from 1992 to 2006.[4]

List of properties

The below tables are not exhaustive.

Sub 999-year leases

The following table lists properties in all districts that have sub 999-year leases.

More information District, Building ...

Central and Western District

The following table lists properties in the Central and Western District that have 999-year leases.

More information Street, Building ...

Wan Chai District

The following table lists properties in the Wan Chai District that have 999-year leases.

More information Street, Building ...

Eastern District

The following table lists properties in the Eastern District that have 999-year leases.

More information Street, Building ...

Southern District

The following table lists properties in the Southern District that have 999-year leases.

More information Street, Building ...

Yau Tsim Mong District

The following table lists properties in the Yau Tsim Mong District that have 999-year leases.

More information Street, Building ...

Kowloon City District

The following table lists properties in the Kowloon City District that have 999-year leases.

More information Street, Building ...

See also


References

  1. "Legislative Council of the Hong Kong Special Administrative Region - Land tenure system in Hong Kong". www.legco.gov.hk. Retrieved 28 June 2020.
  2. "A rare 999-year lease tops America's property portfolio in Hong Kong". South China Morning Post. 26 June 2020. Retrieved 28 June 2020.
  3. Wong, Siu Kei; Chau, K. W.; Yiu, Edward Chung Yim; Yu, M. K. W. (4 May 2008). "Intergenerational Discounting: A Case from Hong Kong". Rochester, NY. SSRN 1370756. {{cite journal}}: Cite journal requires |journal= (help)
  4. "Kennedy 38 Sales Brochure" (PDF). Archived (PDF) from the original on 3 December 2021.
  5. "En-Bloc Serviced Apartment in HK". List Sotheby's International Realty Hong Kong. Retrieved 4 August 2020.
  6. "Hong Kong Investors' Desire For the "Permanent Lease"". www.linkedin.com. Retrieved 28 June 2020.
  7. "How HK Was Made: Iconic Buildings Under Construction". Hong Wrong. 6 June 2014. Retrieved 19 July 2020.
  8. MarketScreener. "Emperor : Acquires the Renowned Wincome Centre | MarketScreener". www.marketscreener.com. Retrieved 28 June 2020.
  9. "Savills Hong Kong | 24 Elgin Street". www.savills.com.hk. Retrieved 4 August 2020.
  10. Wexler, Alexandra (24 August 2011). "Hong Kong Cathedral Sits on Pricey Site". Wall Street Journal. ISSN 0099-9660. Retrieved 28 July 2020.
  11. "Union Church Historic Building Appraisal" (PDF). Archived from the original (PDF) on 24 July 2020. Retrieved 23 July 2020.
  12. "God or Mammon? Who gains when Hong Kong's historic churches are turned into blocks of flats". Hong Kong Free Press HKFP. 19 November 2017. Retrieved 12 July 2020.
  13. "Taking control". South China Morning Post. 13 February 2011. Retrieved 28 July 2020.
  14. "Hanison and Angelo, Gordon Sell Hong Kong Building to Hugo Lam". Mingtiandi. 15 May 2018. Retrieved 29 July 2020.
  15. "Sales Brochure". The Queens (in English and Chinese (Hong Kong)). Retrieved 3 December 2021.
  16. Ng, Joyce (12 March 2013). "Complaints after tree branches hacked off". South China Morning Post. Archived from the original on 15 March 2013. Retrieved 28 July 2020.
  17. "Real Estate Express - Belcher - Island Crest". www.bestfortune.com.hk. Retrieved 4 August 2020.
  18. "Jamia Masjid – Islamic Trust". Retrieved 28 July 2020.
  19. "Knight Frank". www.knightfrank.com. Retrieved 29 July 2020.
  20. "42 Tung Street Brochure" (PDF). Archived (PDF) from the original on 9 November 2021.
  21. MarketScreener. "S E A : Discloseable Transaction - Acquisition of Property". www.marketscreener.com. Retrieved 13 July 2020.
  22. "What's driving up the shares of these two hotel giants?". The Edge Markets. 30 June 2017. Retrieved 29 July 2020.
  23. "Causeway Bay Commercial Site Put on the Market for HK$1B". Mingtiandi. 21 April 2020. Retrieved 28 June 2020.
  24. "Strong demand for CLSA-Roxy's HK retail floors". Retail in Asia. 13 February 2014. Retrieved 28 June 2020.
  25. "Cemetery | Ohel Leah Synagogue". Retrieved 28 July 2020.
  26. "Sales Brochure of Southsky" (PDF). southsky.com.hk. Retrieved 9 October 2023.

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