Hong Kong REITS Association (HKREITA) issued a letter to the Development Bureau (DEVB) on 29 December 2023 to support the Promulgation of the Extension of Government Leases Bill (“Bill”).
HKREITA believes that the Bill establishes an effective mechanism to streamline the basis for and process of land lease extension. The Bill has addressed most of our key recommendations as stated in our letter to the Development Bureau dated 6 July 2023, including lengthening of the notice period for the publication of the negative list through Gazette notice, clarification of what constitutes “public interest considerations” and “additional clauses” that the Government intends to incorporate in the renewed leases.
We look forward to seeing more measures from the Government that can promote growth of the property and REIT market in Hong Kong. HKREITA will continue to solicit comments and support from the H-REIT industry and provide the Government with our humble views and suggestions.
Document can be viewed here.