The Land Registry Trading Fund Hong Kong
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Land Registrar's Statement
Highlights of 2009/10
Organisation Structure
Management Structure
Branch Functions
Services and Workload
Performance Pledges
Customer Services
Development Projects and New Services
Future Plan
Recent Development
Future Plan
Staffing
Staff Training
Staff Development and Management Initiatives
Staff Motivation and Recognition
Staff Relations
Safe Workplace
Knowledge Management
Corporate Citizenship
Future Plan
Service Enhancement to Integrated Registration Information System (IRIS)
IT Security
Future Plan
Financial Objectives
Actual Performance
Fee Reduction
Forecast
Statement of Comprehensive Income
Statement of Financial Position
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
(a) Standing Members of the Land Registry Customer Liaison Group (Private Sector) 2009/10
(b) Membership of the Land Registry Customer Liaison Group (Public Sector) 2009/10
(c) Membership of the Land Registry Joint Standing Committee 2009/10
Seventeenth Year in Review
The Land Registry Trading Fund
Vision, Mission, Values and Functions
Organisation and Management
Customer Services and Operations
Title Registration
Human Resources
IT Services
Financial Management
Report of the Director of Audit to the Legislative Council
Certified Financial Statements
Annex

HIGHLIGHT
  • Due to a revival in the property market since June 2009, the Land Registry achieved a profit and total
    comprehensive income of $149.7 million.
  • For 2009/10, the rate of return on fixed assets was 38.5%.
  • Fees related to opening an IRIS Online Services subscriber account further reduced by 50%.

Financial Objectives

In accordance with the Trading Funds Ordinance (Cap. 430), the Land Registry pursues clearly defined financial objectives as follows:

  • meeting expenses incurred in the provision of services to the public and Government departments out of the income of the trading fund, taking one year with another; and
  • achieving a reasonable return, as determined by the Financial Secretary, on the average net fixed assets (ANFA) employed.
    Actual Performance

    When compared with 2008/09, the Land Registry's overall revenue increased by $67.9 million (up 15.2%) mainly due to revival in the property market. Operating expenses decreased by $3.0 million (down 0.9%) mainly due to lower depreciation charges.

    Fee Reduction

    To further promote the use of e-services, the Land Registry substantially reduced the application fee for opening an IRIS Online Services subscriber account from $2,000 to $1,000 with effect from 1 October 2009.

    At the same time, the minimum deposit for settlement of search and copying services ordered in a subscriber account was reduced from $1,000 to $500 or an amount equivalent to two months' estimated transaction volume of the account, whichever is the higher.

    Forecast

    The Land Registry will continue to exercise strict control on costs. Additional expenditure is expected to be incurred for title registration.

    Revenue and rate of return on fixed assets will depend mainly on transaction volumes in the property market. This in turn depends on wider economic factors and the trend of mortgage interest rates.

    Nevertheless, we expect to be able to achieve the return, as determined by the Financial Secretary, on ANFA employed in the coming financial year.
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