|
Over 60 per cent of families
in Hong Kong own property and at least
half of all financial lending for use
in Hong Kong is made against the security
of registered property. The Land Registry
provides a comprehensive service for registering
documents affecting land and keeping land
records for public inspection. The table
below gives the registry's business volume
in 2005.
Land
Registry Business Volume in 2005
| |
Registration
Services |
| |
(Distribution
of Land Documents Lodged for Registration) |
| |
Nature |
Number |
| |
Agreements
for sale and purchase of building
units |
123
697 |
| |
Agreements
for sale and purchase of land |
2
554 |
| |
Assignments
of building units |
156
280 |
| |
Assignments
of land |
5
807 |
| |
Building
mortgages/building legal charges |
89 |
| |
Other
mortgages/legal charges |
138
135 |
| |
Others |
267
737 |
| |
Total |
694
299 |
| |
Search
Services |
| |
(Distribution
of Searches of Land Registers and
Records) |
| |
Online
Searches* |
Counter
Searches |
| |
Number |
Per
cent |
Number |
Per
cent |
| |
4
350 352 |
81.9 |
958
391 |
18.1 |
| * |
The
online searches conducted on or
before February 8, 2005 were through
Direct Access Services. |
| |
From February
12, 2005, the online searches were
conducted through Integrated Registration
Information System (IRIS) Online
Services. |
The registry is implementing
major changes to improve the security
of title and further enhance the efficiency
and accessibility of its services. In
February 2005, the launch of the Central
Registration System and the IRIS completed
the integration of land registration
services. It has given Hong Kong a unified
land registry service with information
services available to all over the Internet. During the year the
Land Registry established new teams to
undertake the preparation work needed
to replace the present system of deeds
registration with a title registration
system. The title register provides conclusive
evidence of title to property, thus improving
the security and ease with which dealings
in property can be conducted. The principal
legislation to enable this change, the
Land Titles Ordinance, was enacted in
2004. Further legislation, information
technology (IT) systems and training
programmes are required to allow the
new system to be launched. |