Post-enactment Review and Preparation for Title Registration : Position Report (22 May 2012)

The Administration introduced the new proposal – “Two-Stage Conversion Mechanism” to the major stakeholders at the Land Titles Ordinance (LTO) Steering Committee Meeting with representatives from the Consumer Council, the Estate Agents Authority, the Hong Kong Association of Banks, the Hong Kong Bar Association, the Law Society of Hong Kong, the Hong Kong Mortgage Corporation Limited, the Real Estate Developers Association of Hong Kong and the Heung Yee Kuk. Individual briefing and discussion sessions with different stakeholders were also conducted for exchanging views on the proposal. The response from those who had responded was positive and they in general welcomed the new arrangements. The Administration would continue liaising with the stakeholders with a view to developing a consolidated proposal acceptable to the major stakeholders and thereafter proceed to a public engagement exercise.

The review of the LTO continued for the purpose of preparing the Land Titles (Amendment) Bill (LT(A)B), taking into account the newly-developed Two-Stage Conversion Mechanism. As part of the review, the Administration consulted various Government departments and worked closely with them to address and resolve issues arising from the inter-relationship between the LTO and ordinances under their purview. The Administration will continue with the review of the LTO, the preparation of the LT(A)B and the drafting of the subsidiary legislation.