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The huge amount of land premium which the Hong Kong Government receives over the years from land sale and lease modifications is legendary. It gives rise to claims that the Hong Kong Government accumulates its fiscal reserve from the sale of land, and it should be able to fund a much higher level of recurrent expenditure in much needed services. This paper points out that within the structure of government budget, land premium revenue is credited to the Capital Works Reserve Fund, from which capital works expenditure is funded. The legend that the Hong Kong Government's fiscal reserve owes much to the contribution of the land premium is true before 1997 but has turned into a myth since the changeover of sovereignty. Since 1997, the land premium revenue is just sufficient to pay for the capital works expenditure, with a slight surplus. The reality seems to be that since 1997, the land premium enables Hong Kong to build a first-rate transportation infrastructure, schools, hospitals and other public facilities.
This dissertation, "Hong Kong Government Budget: a Policy Perspective" by Chiu-ming, Chik Lau, 戚劉昭明, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b3197472 Subjects: Budget - China - Hong Kong Program budgeting - China - Hong Kong Budget Economic policy
"Hong Kong is frequently acclaimed as being the most open and business user friendly environment in the world. However, it is often forgotten or overlooked that this paragon of capitalism is founded, and indeed underpinned, by a socialist leasehold land tenure system. As the government is landlord to virtually all land in the Special Administrative Region, it plays a pivotal role in the administration of this scarce and therefore valuable resource. The purpose of this book is to explain both the historical development and current practice of land administration. It should therefore be of interest not only to students and practitioners of surveying, architecture, planning and law, but also to the wider business and financial community."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved
This title describes the present political system and development in Hong Kong. The second edition assesses the main strands of continuity and change in Hong Kong's government and politics since the creation of the Hong Kong Special Administrative Region in 1997.
This book presents an analysis of betterment and compensation issues under the Land Use Rights (LURs) System in China since 1988. The topic originates from the observation of widening inequity and increasing uncertainty associated with the failure of g
This dissertation, "Study of Rates in Hong Kong: Implications for the Mainland Property Tax Reform" by Rong, Tang, 唐荣, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Enlightened by the theory of Tiebout and Hamilton about property tax as a benefit tax and the new view reformulated by George R. Zodrow and Peter Mieszkowski, this dissertation seeks to study the capitalization and regressivity of Government Rates in Hong Kong, which have already existed for 165 years in the city and are equivalent to property tax mentioned in western literature. Since both Hong Kong and Mainland China share the same structure of land lease system, it is meaningful to study the implications of Rates in the property market in Hong Kong at the juncture of a new wave of property tax reform in China commencing with the latest property tax experiment in two major cities: Chongqing and Shanghai. This dissertation first reviews the history and describes the roles of Government Rates in the financial revenue and expenditure system of the Hong Kong Government to get a clear picture of where Rates are from, how they are collected and where they have been spent on. Meanwhile, effects of Rates and public expenditures on local residential property values of different classes during the year 1974-2008 are examine by applying time series of housing price index, percentage of Rates charge, and public expenditure, etc. Furthermore, in order to test whether Hamilton's intra-jurisdictional capitalization exists, transaction data of the year 2000 from EPRC are employed to examine whether low income housing (small units) sells at relatively higher price compared with high income housing (large units) due to the fiscal surplus. The empirical results show no capitalization of Rates but capitalization of public goods exists and the Rates payment is shifted forward into the housing price. We find out that Rates in Hong Kong is not a capital tax, and actually it is a benefit tax and user fee paid for public goods. The last part of the dissertation concludes valuable lessons for the property tax reform in Mainland China. ii 2 DOI: 10.5353/th_b5137966 Subjects: Property tax - China Real property tax - China - Hong Kong
Hong Kong is widely regarded as an exemplar of authoritarian jurisdictions with a positive history of adhering to Rule of Law–shaped governance systems. British Hong Kong provides a remarkable story of the effective development and consolidation of such a system, which has continued to apply since 1997, when it became the Hong Kong Special Administrative Region (HKSAR) within the People’s Republic of China (PRC). This book adopts a fresh approach in examining the evolution of Hong Kong’s political-legal experience. It establishes that these prominent governance achievements were built on particular British constitutional foundations forged over many centuries. The work shows how the analysis of the British theorist Albert Dicey and, in particular, “Diceyan Constitutionalism” was fundamental, within the pivotal context of “Chinese Familism”, in shaping the development of governance institutions and operational procedures within the new British Colony. It discusses how Hong Kong’s system of Authoritarian Legality has come to pass. Exploring the essence of that system, the study probes how thoroughly it has been stress-tested, not least in 2019, and how well it may be placed to cope with tests yet to come. It also analyzes Hong Kong–Beijing relations and the long-term prospects for the HKSAR within the PRC based on a balanced contemporary assessment of China’s exceptional One Party State.