Land Registry releases Trading Fund Annual Report
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"For the financial year ending March 31, 2016, the LRTF posted a profit of $38.8 million and achieved a 4.1 per cent financial return on fixed assets. It will pay a dividend of $19.4 million to the Capital Investment Fund," said the Land Registrar, Ms Doris Cheung.
According to the report, the total number of documents registered and searches of land registers decreased by 11.9 per cent and 2.4 per cent respectively when compared to the financial year of 2014/15.
Ms Cheung 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 July 2015 for subscription by property owners. Property owners will receive an email alert if any instrument affecting their properties has been lodged for registration.
Regarding the development of a title registration system, the Land Registry has been working closely and exchanging views with stakeholders on the revised proposals for rectification and indemnity provisions as well as on options for converting land to the title registration system. The Land Registry will continue the discussion with them for drawing up a package of proposed legislative amendments for further public consultation.
The report has been submitted to the Legislative Council. It can also be viewed or downloaded from the Land Registry's website (www.landreg.gov.hk).
Ends/Wednesday, October 26, 2016
Issued at HKT 15:00
Issued at HKT 15:00
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