Land Registry releases Trading Fund Annual Report
The Land Registry (LR) today (October 30) released the Land Registry Trading Fund (LRTF) Annual Report 2023/24.
The Land Registrar, Ms Joyce Tam, said, "Due to an overall decrease in business volume of registration of documents, searches, copying, reports on title and e-Alert services, the LRTF recorded a loss from operations (i.e. before interest income) of $36.1 million and a negative return on fixed assets of -10.5 per cent for the financial year ending March 31, 2024. After taking into account interest income, the LRTF achieved a profit of $18.3 million."
The total number of documents delivered for registration and searches of land registers decreased by 12.6 per cent and 10.2 per cent respectively when compared to the financial year of 2022/23.
Ms Tam said the LR continues to implement initiatives to reform the land registration system and is working on the amendment bill on the Land Titles Ordinance (Cap. 585) (LTO). The target is to introduce the amendment bill into the Legislative Council (LegCo) in the first quarter of 2025. The implementation of the title registration system under the LTO aims to provide better assurance and greater certainty of property titles and simplify conveyancing procedures.
The LR is also committed to promoting digitalisation and enhancing services to support the property market and the economy. Ms Tam said that the LR is working with the Digital Policy Office and the Hong Kong Monetary Authority (HKMA) on land data interchange through the secure data gateway of the Government and the HKMA to facilitate enhancement of banking services. The initiative is targeted to be implemented progressively in 2025.
The report was tabled in the LegCo today. It can also be viewed or downloaded from the LR's website (www.landreg.gov.hk).
Hong Kong Customs seizes smuggled goods worth over $3 million
Hong Kong Customs on October 17 detected a suspected case of using an ocean-going vessel to smuggle goods to Pakistan at the Kwai Chung Container Terminals. A batch of suspected smuggled goods with an estimated market value of over $3 million was seized.
Through intelligence analysis and risk assessment, Customs discovered that criminals intended to use ocean-going vessels to smuggle goods. Strategic enforcement operations were formulated, with a suspicious container, scheduled to be shipped from Hong Kong to Pakistan via an ocean-going vessel and declared as containing mixed metal and used machinery, was selected for inspection.
On October 17, Customs officers examined the container at the Kwai Chung Container Terminals, and found a batch of suspected smuggled goods, including electronic goods, watches, cosmetic products and accessories, therein.
An investigation is ongoing. The likelihood of arrests is not ruled out.
Being a government department primarily responsible for tackling smuggling activities, Customs has long been combating various smuggling offences on all fronts. Customs will keep up its enforcement action and continue to resolutely combat sea smuggling activities through proactive risk management and intelligence-based enforcement strategies, and carry out targeted anti-smuggling operations at suitable times to disrupt relevant crimes.
Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years upon conviction.
Members of the public may report any suspected smuggling activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
Hong Kong Customs seizes smuggled goods worth over $3 million Source: HKSAR Government Press Releases
