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The Land Registry today (October 14) released the Land Registry Trading Fund (LRTF) Annual Report 2014/15.
"For the financial year ending March 31, 2015, the LRTF posted a profit of $45.7 million and achieved a 7.8 per cent financial return on fixed assets. It will pay a dividend of $22.8 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 19.1 per cent and 10.7 per cent respectively compared to the financial year of 2013/14.
Miss Chow said that the Land Registry exceeded all targets set in its performance pledges and implemented various enhancements to the Integrated Registration Information System Online Services. The Land Registry also launched the e-Alert Service in the third quarter of 2015 to notify the property owners who have subscribed to the service if any instrument affecting their properties has been lodged for registration.
Regarding the development of a title registration system, the Land Registry has further studied different options for converting existing land to the new regime. It has been forging consensus among key stakeholders on the conversion mechanism and rectification and indemnity provisions.
The report was tabled in the Legislative Council today. It can also be viewed or downloaded from the Land Registry's website, www.landreg.gov.hk.
Ends/Wednesday, October 14, 2015
Issued at HKT 15:02
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