CE meets Deputy Prime Minister of Vietnam
The Chief Executive, Mr John Lee, met with the visiting Deputy Prime Minister of Vietnam, Mr Ho Duc Phoc, today (December 19) to exchange views on deepening co-operation between the two places. Also attending the meeting were the Deputy Financial Secretary, Mr Michael Wong, and the Secretary for Financial Services and the Treasury, Mr Christopher Hui.
Mr Lee welcomed Mr Ho and his delegation to Hong Kong. Mr Lee noted that Vietnam is Hong Kong's sixth-largest trading partner with close economic and trade relations. In the first three quarters of this year, bilateral merchandise trade reached US$ 49 billion, representing a significant increase of 67 per cent compared to the same period last year. Last year, Mr Lee led a high-level business delegation to Vietnam, during which the two sides signed 30 Memoranda of Understanding and agreements covering various areas including trade, investment, education, tourism, and finance. He expressed confidence that Hong Kong and Vietnam will continue to strengthen multifaceted co-operation and achieve mutual benefit.
Mr Lee highlighted that the Hong Kong Special Administrative Region Government has relaxed immigration arrangements for Vietnamese citizens visiting, working, or pursuing post-secondary studies in Hong Kong. In March this year, new measures were introduced to provide more convenient immigration arrangements for invited persons from the Association of Southeast Asian Nations countries, including Vietnam. These measures will further promote people-to-people exchanges and co-operation between Hong Kong and Vietnam in trade, professional services, and other sectors.
Noting that Hong Kong will actively play its role as a "super connector" and "super value-adder" and fully leverage its unique advantages of connecting the Mainland and the world under the "one country, two systems" principle, Mr Lee said Hong Kong will promote pragmatic co-operation with Vietnam in high value-added areas such as finance, innovation and technology, trade, and the green and digital economy.
CE meets Deputy Prime Minister of Vietnam Source: HKSAR Government Press Releases
Third "Extension Notice" published under Extension of Government Leases Ordinance
The Lands Department published the third "Extension Notice" under the Extension of Government Leases Ordinance (Cap. 648) today (December 19) in accordance with the requirement under the Ordinance to give six years' prior notice, covering general purpose leases (GPLs) (i.e. general residential, commercial, industrial leases, hereafter "applicable leases") which expire in 2032 (i.e. from January 1 to December 31, 2032) and do not contain a right of renewal, to announce that all land leases of the 28 lots involved in this batch have been extended for a term of 50 years. The Extension Notice has been uploaded to the website of the Lands Department (www.landsd.gov.hk/en/resources/gov-notices/lease-extension/ext_2025.html).
Land leases extended under the Ordinance, including the leases of the 28 lots in this batch, do not require payment of additional premium but are subject to an annual payment of Government rent equivalent to 3 per cent of the rateable value of the relevant land. The 28 lots include eight located in Kowloon and 20 on Hong Kong Island.
Regarding the leases extended by the Lands Department through the above "Extension Notice", the encumbrances, interests and rights (such as mortgages) under the original lease will be carried forward to the extended lease term without being affected. Owners do not have to perform any procedures, nor are they required to execute lease extension documents with the Government or rearrange mortgages. The Lands Department has issued letters to the relevant owners or owners' corporations to inform them of the lease extension arrangements.
From January 2026 onwards, the Land Registry will add a remark in the respective land registers of applicable leases covered by the "Extension Notices" to enable the public to be informed of the extension of their leases. As a large number of properties are involved (Note), it is anticipated that the addition of remarks for the land lots involved in the three "Extension Notices" will be completed by the second quarter of next year.
A spokesperson for the Development Bureau said, "The arrangement of extending land leases without having to execute a new contract under the Ordinance brings tremendous convenience to the public and businesses, effectively enhances the confidence of property owners and investors in the real estate market, and has received widespread support from various sectors of the community. The mechanism manifests the solid safeguards for the long-term prosperity and stability of Hong Kong under the steadfast and successful implementation of the 'one country, two systems' principle."
The Ordinance, which came into effect on July 5, 2024, establishes a standing statutory mechanism for handling lease extension matters for applicable leases which do not contain a right of renewal and expire on or after the effective date in batches. Together with the "Extension Notices" published on July 5, 2024, and December 27, 2024, the Government has extended leases expiring from July 5, 2024, to the end of 2032. The Government will publish the next "Extension Notice" by the end of 2026 for handling lease extension for applicable leases expiring in 2033, in accordance with the requirement under the Ordinance to give six years' prior notice.
Note: The three Extension Notices cover a total of 407 lots, involving about 11 500 properties.
Source: AI-found images
