Land Registry releases Trading Fund Annual Report
"For the financial year ending March 31, 2017, the LRTF posted a profit of $42.3 million and achieved an 8.1 per cent financial return on fixed assets. It will pay a dividend of $42.3 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 increased by 5.1 per cent and 5.4 per cent respectively when compared to the financial year of 2015/16.
Ms Cheung said that the LR exceeded all targets set in its performance pledges and implemented various enhancements to the Integrated Registration Information System Online Services. The LR also extended the e-Alert Service with modified features to the authorised institutions (AIs) under the Banking Ordinance (i.e. licensed banks, restricted licence banks and deposit-taking companies) to help them better manage credit risks in mortgage lending with effect from February 2017. The AIs, with the consent of the property owners concerned to subscribe to the Service, will receive electronic notifications from the LR when further charges or mortgage documents in respect of the properties mortgaged to the AIs concerned are lodged for registration in the LR. The property owners concerned may opt to receive similar electronic notifications if they so wish.
Regarding the development of a title registration system, the LR has been working closely and exchanging views with stakeholders on the revised proposals for rectification and indemnity provisions, the options for bringing existing land under the title registration system and the proposal for implementing the system on new land first. While continuing to exchange views with stakeholders on the outstanding issues, the LR is also conducting a study on the latest developments regarding title registration legislation and good practices being adopted in several overseas common law jurisdictions in order to enhance the proposals as appropriate.
The report was tabled in the Legislative Council today. It can also be viewed or downloaded from the LR's website (www.landreg.gov.hk).
Ends/Wednesday, October 25, 2017
Issued at HKT 15:10
Issued at HKT 15:10