Posted by
kitty
17 yrs ago
i've noticed a few people mention "government leases" on properties. is this the norm in HK? Are all the builidings here not FREEHOLD?
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kitty
17 yrs ago
Thanks, Cara. please excuse my ignorance :) I did ask a real estate agent and she said the building i was looking at was freehold. i presume she didn't know what i was talking about!
How long are the leases for? Are they all 100 yrs? Does it mean that if you buy a place that is 40 yrs old, you only 'own' it for 60 years .. then the govt gets it?
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Trici
17 yrs ago
All the answers you got so far is correct. It may be helpful if you know that most of the lands in Kowloon and NT got the leases renewed by operation of law i.e. the Govt passes the law effecting the renewal rather than renewing property by property. Refer to Section 4 & 5 of the Government Leases (Renewable) Ordinance (Cap 40 of The Laws of Hong Kong) and New Territories Leases (Extension) Ordinance (Cap.150). Lands in New Territores with Government Leases expiring on or before 30the June 1997 were effectively renewed up to 2047. Hope this helps.
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