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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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