Land Registry FY2011 profit soars to 35.9%

The agency has launched a new option involving two stages of automatic conversion to accommodate divergent views and concerns of stakeholders.

The Land Registry Trading Fund profit rose 35.9% on total income of $203.5 million for the financial year ended March 31, while the rate of return on fixed assets was 52.6%.

It will pay a $101.7 million dividend to the Capital Investment Fund.

Speaking on the publication of the registry's report Wednesday, Land Registrar Olivia Nip said it had another year of impressive performance and will remain committed to delivering highest quality services.

The development and implementation of a title registration system in Hong Kong is another key aspect of its work, Ms Nip said in a government report.

“To accommodate divergent views and concerns of stakeholders, we have recently put forward a new option involving two stages of automatic conversion. A ‘mandatory rectification’ rule will apply during the first stage of conversion for 12 years, and an ‘immediate indefeasibility’ principle will be adopted after the final stage of full conversion,” she said.

“An ‘opt-out’ arrangement will be available to those who prefer not to proceed to full conversion.”