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During the year 26 meetings of the Bills Committee were held
to examine the proposed legislation. A new approach to bringing
existing properties under the title registration system was developed
to address objections to the provisions in the Bill. This was
canvassed with the Law Society, Bar Association, Heung Yee Kuk,
Consumer Council, Real Estate Developers Association, the Hong
Kong Association of Banks and various other parties. As it proved
generally acceptable to these parties it was presented to the
Bills Committee, which agreed to consider the substantial amendments
to the Bill and to the Land Registration Ordinance that were needed
to give effect to the new conversion mechanism.
After a further 13 meetings during April, May and June 2004,
the revised Bill was cleared by the Bills Committee on 21st June,
passed through its second and third readings on 7th July
and was gazetted on 23rd July. Only 8 of the 102 clauses in the
original bill remain unchanged. Two new schedules have been added,
one dealing with the conversion of existing land at the end of
a 12 year 'incubation' period, the other setting out substantial
amendments to the Land Registration Ordinance in preparation for
that conversion. Extensive follow up work remains to be done,
involving further review of certain aspects of the main legislation,
preparation of regulations and professional guidance material,
professional training, public education and development of supporting
IT systems. Report will be made in due course to the Legislative
Council on the progress with this preparation work before a commencement
date for the Land Titles Ordinance is set. It is expected that
at least two years will be required before commencement.
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