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The Land Registry today (October 23) released the Land Registry Trading Fund (LRTF) Annual Report 2012/13, which indicates that it has recorded healthy results in the last financial year.
"For the financial year ending March 31, 2013, the LRTF posted a profit of $143 million and achieved a 34 per cent financial return on fixed assets. It will pay a dividend of $71.5 million to the Capital Investment Fund," the Land Registrar, Miss Mary Chow said.
According to the report, the total number of documents registered and searches of land registers increased by 4.5 per cent and 5.9 per cent respectively when compared to the financial year of 2011/12. The growth rate of Land Registry registration and search business slowed down in the latter half of 2012/13 following the introduction of new stamp duty measures by the Government in October 2012 and February 2013.
Miss Chow said that the Land Registry implemented a number of measures last year to upgrade its services, including introducing an upgraded version of the e-Memorial Form with an auto-fill function and enhancing the Integrated Registration Information System Online Services. The Land Registry also exceeded all targets set in its performance pledges.
On the progress of introducing a title registration system, the Land Registry has been in discussion with major stakeholders on the Two-Stage Conversion Mechanism and is consulting them on a revised proposal.
"Subject to the progress of the consultation with the stakeholders, we will launch a public consultation exercise on the proposed amendments to the Land Titles Ordinance," Miss Chow added.
The report was tabled in the Legislative Council today. It can also be viewed or downloaded at the Land Registry's website, www.landreg.gov.hk.
Ends/Wednesday, October 23, 2013
Issued at HKT 14:31
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