Land Fund

The HKSAR Government Land Fund Trust was established on August 13,
1986. The Land Fund Trust was set up to facilitate the management of
the HKSAR's share of revenue obtained from land sales during the period
commencing from the entry into force of the Joint Declaration (i.e. May
27, 1985) until China's resumption of exercise of sovereignty.

Upon the establishment of the Special Administrative Region on July 1,
the assets of the Land Fund Trust were vested in the HKSAR
Government. The Chief Executive of the HKSAR has appointed the
Financial Secretary as the public officer to receive, hold and manage the
fund, as part of the HKSAR Government reserves. Subsequently, the
Land Fund was established by resolution made and passed by the
Provisional Legislative Council on July 23 under section 29 of the Public
Finance Ordinance. The fund is now managed by the HKMA under the
direction of the Financial Secretary as a separate portfolio from the
Exchange Fund. A Land Fund Advisory Committee, chaired by the
Financial Secretary, was set up on July 1 to advise the Financial
Secretary on the management and investment strategy of the fund. At
December 31, the total assets of the Land Fund stood at $195.6 billion.

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