Land Fund



DateContextSummary of developmentAction
17.12.98 FA denoting Financial Affairs Panel The Panel discussed with the Administration on the alignment of investment policies of Land Fund (LF) and Exchange Fund (EF). [Minutes]
20.1.99 CQ denoting Council Question Prof Hon NG Ching-fai raised a question on the uses and investment strategies of LF and EF. [Hansard]
7.4.03 FA denoting Financial Affairs Panel The Administration discussed with members on the proposed amendment to the resolution of LF under section 29 of the Public Finance Ordinance (PFO) to permit the transfer of funds from LF to the General Revenue Account (GRA) in order to meet Government expenditure requirements. [Paper]

The Administration provided the following information after the meeting -
 estimated sum to be transferred from LF, the projected balance of the fiscal reserves and statutory provisions on the use of accumulated surplus of EF [Follow-up paper]
 legal advice on the use of the accumulated surplus of EF [Follow-up paper]

4/03 to 5/03 SUBC denoting Subcommittee on the motion to amend the Resolution of the Land Fund under section 29 of the Public Finance Ordinance At the meeting on 11.4.03, the House Committee (HC) agreed to set up a subcommittee to scrutinize the Resolution of LF under section 29 of PFO. The original resolution sought to amend the resolution establishing LF by adding provisions authorizing the Financial Secretary (FS), from time to time, to transfer from LF to the general revenue any balance held in the Fund which was not in his opinion reasonably required for the purposes of LF. [Minutes]

The Subcommittee held two meetings [Meeting schedule].

The Subcommittee reported its deliberations to HC on 25.4.03. [Minutes] [Report]

At the meeting on 7.5.03, the Council passed the resolution to authorize the transfer of $120 billion from LF to GRA under section 29 of PFO in order to meet government expenditure requirements. [Hansard "page 157"]

3.5.04 FA denoting Financial Affairs Panel The Panel discussed with the Administration on the proposed resolution under PFO to authorize the Government to transfer $40 billion from LF to GRA to meet the anticipated cashflow shortfall in 2004-05, and the Administration's proposal to dissolve LF. [Paper]
16.6.04 CM denoting Council Motion The Council passed the Resolution under the section 29 of PFO which authorized the Government to transfer a sum of $40 billion from LF to the general revenue. [Related papers] [Hansard "page 148"]


 Hong Kong Monetary Authority - Land Fund:
http://www.info.gov.hk/hkma/gdbook/eng/l/land_fund.htm


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