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HK Land Registry Records Net Profit of HKD95.7 Million
The Land Registry of Hong Kong continued to operate successfully as a self-financing trading fund government department, despite the difficulties in the property market over the past financial year.
The Land Registry achieved a net profit of 95.7 million HK dollars (12.3 million U.S. dollars) for the year which ended March 31, 2000, resulting from the overall revenue increase by 7 percent over the previous year and the operating expenses decrease by 5 percent.
This represents an annual rate of return of 23.6 percent on average net fixed assets, as compared with the target of 10 percent, according to the seventh Annual Report of the Land Registry Trading Fund available Thursday.
"This outturn will enable the Land Registry to continue its investment in the Strategic Change Plan (SCP) to bring about even more efficiency at reduced cost," Anthony Cooper, a land registrar, said in the report.
He pointed out that the SCP would have a fundamental effect on conveyancing and registration services in Hong Kong, and on the long-term future of the Registry.
Once implemented, it would realize the registry's vision of a fully computerized and integrated land registration and search system.
"The system will offer convenient, speedy and cost-effective services, including central registration, guaranteed land title and a 'one-stop' search service without geographic restrictions," he added.
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