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The Land Registry has continued to maintain operational efficiency and provide the highest standard of services for its customers, the Land Registrar, Ms Olivia Nip, said today (October 24).
Speaking on the publication of the report of the Land Registry Trading Fund 2011/12, Ms Nip said, "The impact of the European debt crisis has taken a toll on us, like the rest of the world. Local economic growth slackened in the second half of 2011, which was aptly reflected in the property market. This inevitably had a bearing on our revenue. Nevertheless, we managed to contain our operating costs despite a drop in business volume."
For the financial year ended March 31, 2012, the Land Registry Trading Fund achieved a profit and total comprehensive income of $98.3 million. The rate of return on fixed assets was 19.7 per cent. The Trading Fund will pay a dividend of $49.2 million to the Capital Investment Fund.
On service delivery, the Land Registry exceeded all targets set out in the performance pledges and initiated further enhancements, including launching two enhanced versions of the e-Memorial Form with auto-fill and bulk data input functions, which greatly improved the efficiency and accuracy in completing the form.
To bring the quality of services to the next level, the Land Registry is exploring the feasibility of providing a transaction monitoring and notification service (the e-Alert Service). This new e-Alert Service, if introduced, would provide an early email alert to property owners for better protection of their properties and would help prevent property fraud.
"In the longer run, the best means to enhance security of property title is to implement a title registration system," Ms Nip said.
The Land Registry has developed a Two-stage Conversion Proposal to address stakeholders' divergent views as to whether the mandatory rectification rule under the Land Titles Ordinance should be replaced by the principle of immediate indefeasibility. Under this proposed mechanism, the mandatory rectification rule would be applied during the first stage of conversion for 12 years and the immediate indefeasibility principle would be adopted after the final stage of full conversion.
"The stakeholders' feedback is generally positive. I look forward to an early consensus with stakeholders, which would form the basis for further public engagement," she said.
The above results were released in the 19th Annual Report of the Land Registry Trading Fund tabled in the Legislative Council today by the Secretary for Development, Mr Paul Chan.
The 19th 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 24, 2012
Issued at HKT 15:01
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