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The Land Registry had another year of impressive performance and would remain committed to delivering services of the highest quality, the Land Registrar, Ms Olivia Nip, said today (October 19).
Speaking on the publication of the report of the Land Registry Trading Fund 2010/11, Ms Nip said, "Our business is susceptible to the external economic environment. Underpinning our solid financial performance is our ongoing commitment in providing quality and efficient customer services."
The Land Registry continued to enhance its services during the year, including raising the service standard for registration of land documents by reducing the time span from 16 to 15 working days and launching a new search system with service hours extended from 16 to 20 daily. An online version of the Street Index and the New Territories Lot/Address Cross Reference Table for free browsing has recently been launched to facilitate land searches.
"The development and implementation of a title registration system in Hong Kong is another key aspect of our work," Ms Nip said.
"To accommodate divergent views and concerns of stakeholders, we have recently put forward a new option involving two stages of automatic conversion. A 'mandatory rectification' rule will apply during the first stage of conversion for 12 years, and an 'immediate indefeasibility' principle will be adopted after the final stage of full conversion. An 'opt-out' arrangement will be available to those who prefer not to proceed to full conversion.
"We are encouraged that the initial response of stakeholders is positive. Subject to a consensus being reached with key industry players, we plan to update members of the public on the latest developments and listen to their views on the proposed way forward," she said.
For the financial year ended March 31, 2011, the Land Registry Trading Fund achieved an increase of 35.9 per cent in profit and total comprehensive income of $203.5 million. The rate of return on fixed assets was 52.6 per cent. The Trading Fund will pay a dividend of $101.7 million to the Capital Investment Fund.
The above results were released in the 18th Annual Report of the Land Registry Trading Fund tabled in the Legislative Council today by the Secretary for Development, Mrs Carrie Lam.
The 18th Annual Report of the Land Registry Trading Fund can be viewed or downloaded from the Land Registry website at www.landreg.gov.hk.
Ends/Wednesday, October 19, 2011
Issued at HKT 15:04
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