Is there freehold land in Hong Kong?

The only current freehold in all of Hong Kong belongs to St John’s Cathedral, which was granted freehold in 1847 with perpetual ownership under the condition that the land be used as a church. The University of Hong Kong had a freehold, which was surrendered in the 1920s in exchange for a 999-year lease.

What is a freehold in property law?

freehold, in English law, ownership of a substantial interest in land held for an indefinite period of time. The term originally designated the owner of an estate held in free tenure, who possessed, under Magna Carta, the rights of a free man.

What does freehold only mean?

Freehold property defines a property title by which the owner of the land owns for perpetuity (“free from hold”). In other terms: freehold property ownership has no limit in time for the landowner and its beneficiaries. Other ownership titles include leasehold, strata title, company titles and retirement villages.

Does the government own all the land in Hong Kong?

Land in Hong Kong is owned by the Chinese government and the Chief Executive of Hong Kong has the power to grant leases and state land to members of the public for a limited amount of time.

Who owns the freehold on my property?

The freeholder of a property owns it outright, including the land it’s built on. If you buy a freehold, you’re responsible for maintaining your property and land, so you’ll need to budget for these costs. Most houses are freehold but some might be leasehold – usually through shared-ownership schemes.

Are there different types of freehold?

There are three primary types of freehold estates: fee simple absolute, fee simple defeasible, and life estates. A nonfreehold estate is when you have the right to use the property but you don’t own it.

Does freehold mean you own the land?

Can government take back freehold land?

“The government can still take back freehold land under the Land Acquisition Act 1960, to be developed for public purposes [such as an MRT project] or economic development. “If this occurs, the government has the right to seal the property and auction it off.

Is land owned by the government in Hong Kong?

What is leasehold property in Hong Kong?

In other words, every piece of land in Hong Kong (with the sole exception of St. John’s Cathedral, the only freehold property in Hong Kong) is leasehold property . When the government decides to release land for building it usually does this by selling the land (or ‘parcel’ or ‘lot’) at an auction.

Who owns the land in Hong Kong?

In Hong Kong, since 1997, all land has become the property of the People’s Republic of China while the government of the Hong Kong Special Administrative Region is responsible for its management, use and development.

What is the difference between Freehold and leasehold ownership?

An interest in land/real estate can either be held under freehold or leasehold ownership. If you acquire a freehold property, you acquire the exclusive right to both the building and the land where the building is erected on. A freehold owner can use and make alterations to the building as it wishes so long as it acts lawfully.

What is a multi-storey building in Hong Kong?

In Hong Kong where supply of land is limited, real estate is usually developed in form of a multi-storey building. Under this system, the entire land and building is notionally divided into a number of undivided shares which are allocated to different flats.