Land Registry releases Trading Fund Annual Report
The Land Registrar, Ms Joyce Tam, said, "For the financial year ending March 31, 2022, the LRTF achieved a profit of $121.2 million and recorded a 22.5 per cent financial return on fixed assets, mainly due to an overall increase in business volume of registration of documents, land search, and copying and reports on title, with the effect of the fifth wave of the COVID-19 epidemic yet to be fully reflected."
According to the report, the total number of documents delivered for registration and searches of land registers increased by 18.3 per cent and 4.3 per cent respectively when compared to the financial year of 2020/21.
During the year, the LR has implemented various service enhancements, including the adoption of the "iAM Smart" mobile app to facilitate customers to login the Integrated Registration Information System Online Services in a simple and secure way, the full implementation of the e-Channel for the e-Alert Service for Authorised Institutions under the Banking Ordinance (Cap. 155), and the introduction of online application for subscription to the Property Alert service.
Ms Tam appealed to property owners to subscribe to the Property Alert service so that they will be informed of any new registration in their property and alerted early to any possible fraudulent transactions.
The Government has proposed to implement the Land Titles Ordinance (Cap. 585) (LTO) on newly granted land first (the "new land first" proposal) in the 2021 Policy Address to establish a more certain title registration system for privately owned land. All key stakeholders have indicated support in principle for the "new land first" proposal. The LR will proceed with the proposed legislative amendments to the LTO and consult the Legislative Council (LegCo) as early as possible.
Ms Tam concluded that although the LR's business is subject to high uncertainties associated with the COVID-19 epidemic and the overall economic outlook, the LR remains committed to enhancing its services for the members of the public and exploring new initiatives.
The report was tabled in the LegCo today. It can also be viewed or downloaded from the LR's website (www.landreg.gov.hk).
Ends/Wednesday, October 26, 2022
Issued at HKT 14:45
Issued at HKT 14:45