Month: June 2025

LCQ18: Bona vacantia properties 
Question:
 
There are views that along with the demographic changes in Hong Kong, it is expected that the number of bona vacantia properties will continue to increase, which could pose potential challenges to the allocation and management of social resources. It has been reported that in recent years, some gangs have exploited bona vacantia properties to obtain benefits illegally, such as by committing unlawful alienation of the properties, using them for loans or even applying for adverse possession of them, indicating that there are gaps in the regulation of bona vacantia properties. In this connection, will the Government inform this Council:
 
(1) of the specific number of bona vacantia properties currently under the management of the Lands Department (i.e. those properties originally held by a company that has been dissolved under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) or the Companies Ordinance (Cap. 622)); the details of the Government’s disposal of such properties in the past five years (including the progress of disposal);
 
(2) whether it has compiled statistics on the number of bona vacantia properties in Hong Kong which were once held in personal names; whether the Government has currently put in place a relevant mechanism to dispose of such properties; if not, whether it will consider introducing dedicated measures or mechanisms to prevent such bona vacantia properties from being used for unlawful acts; if so, of the details, and whether the Government will impose administrative charges in the process of disposing of such bona vacantia properties and set clear charging standards in this regard; and
 
(3) as there are views that the management of bona vacantia properties (including those bona vacantia properties which were once held by private individuals or companies) involves the powers and responsibilities of a number of government departments, whether the Government has put in place a cross-departmental co-ordination mechanism to enhance the efficiency of such work; if not, whether it has plans to further strengthen the cross-departmental collaboration on such work?
 
Reply:
 
President,
 
Bona vacantia properties (BVPs) generally refer to some real properties originally owned by individuals or companies, but the individual owners of properties subsequently dies and no one claims the estate, or the companies were liquidated and dissolved. In accordance with the prevailing laws, real properties owned by individuals or companies are handled by different ordinances to ensure that the rights and interests of the legal owners or successors of the properties will not be infringed and that the properties are properly handled when they become BVPs.
 
Regarding the properties owned by individuals, the Probate and Administration Ordinance (Cap. 10) provides the jurisdiction of the court to handle matters relating to probate and administration of deceased’s estates, including the handling of unclaimed estates of a deceased person. If unclaimed estates involve property assets, the property will be disposed of in an appropriate manner, including sale.
 
For properties owned by companies, in the course of winding up and dissolution, liquidators will sell properties owned by the companies to pay off outstanding liabilities. If a company, pursuant to the Companies Ordinance (Cap. 622) or the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32), completes the procedures for winding up and is about to dissolve, every property and right (such as including some properties that are yet to be sold in the market) vested in or held on trust for the company immediately before the dissolution is vested in the Government as bona vacantia. If such bona vacantia property is a land property, it will be managed by the Lands Department on behalf of the Government.
 
In the past five years (from June 2020 to May 2025), records from the Land Registry show that the number of sales and purchase agreements for building units in Hong Kong was close to 260 000, while the Lands Department received about 50 new cases of BVPs. It can be seen that BVPs only account a very small portion of the overall property market.

In response to the question raised by the Hon Doreen Kong, our reply in consultation with the Home and Youth Affairs Bureau is as follows:
 
(1) As of now, the Lands Department has taken over 411 BVPs previously owned by companies, of which about 30 per cent cases are residential units, industrial units, shops and parking spaces. The remaining 70 per cent are the parts jointly owned with other property owners but inseparable, most of which have no market value and cannot be sold, such as external walls, rooftops, platforms, other common parts. As BVPs, especially the abovementioned 30 per cent cases, often involve unclear ownership, encumbrances or the need to first handle problems such as occupation of units, the Lands Department will carefully clarify the relevant legal rights and seek legal advice after receiving referrals from the Companies Registry, other government departments and the Court, etc. After confirming that the property is a BVP, the Lands Department will notify the Land Registry to add a remark that the property has been vested in the Government as bona vacantia, and choose the most appropriate means to dispose of the property. Generally speaking, if the BVPs are suitable for sale in the market (the appropriate cases among the abovementioned 30 per cent cases), the Lands Department will sell the property by tender. In the past five years (from June 2020 to May 2025), the Lands Department received about 50 new cases of BVPs. The Lands Department also sold 16 BVPs through tendering process in the past five years. As for the properties that cannot be sold (i.e. the abovementioned 70 per cent cases), these will continue to be managed by the Lands Department on behalf.
 
(2) Section 16 of the Probate and Administration Ordinance (Cap. 10) stipulates the cases in which the Official Administrator, assisted by the Probate Registry, is entitled to administer the unclaimed estate of a deceased person as granted by the Court. If the unclaimed estate concerned involves property asset, the property will be disposed of as appropriate. For any unclaimed balance of deceased’s estate, including the money received from the sale of properties, the Official Administrator shall cause an advertisement to invite any claims to be made in accordance with section 23B of the Ordinance. If at the expiration of a period of five years from the date of first publication of such advertisement, the Official Administrator is of the opinion that no claim can reasonably be expected against the estate, the balance of the estate will be transferred to the general revenue of the Government. 
 
Regarding the property fraud issue that the Hon Doreen Kong is concerned about, the current number of cases is still at a low level. Nevertheless, in response to some past fraud cases, the Land Registry will continue to maintain contact and collaboration with the Hong Kong Police Force to exchange information on suspected fraudulent transactions to prevent registrations for properties suspected to have been acquired through fraudulent means. The Property Alert service of the Land Registry will also send email notifications to registered users when the instruments for the sale or mortgage of properties are delivered to the Land Registry for registration.
 
Besides, the Legislative Council is scrutinising the Registration of Titles and Land (Miscellaneous Amendments) Bill 2025. Under the Land Titles Ordinance (Cap. 585), the title registration system will be implemented on newly granted land first and the Land Registry will be empowered to take measures to reduce the risk of property fraud. Adverse possession will also not be applicable to newly granted land.
 
(3) As mentioned above, it is not common for BVPs to arise. For BVPs previously owned by companies, the Companies Ordinance (Cap. 622) currently in force has clearly stipulated the circumstances under which the Government will take over BVPs, and the Lands Department, which is responsible for taking over BVPs, also has a well-established mechanism to properly handle these properties. Therefore, we believe that there is no need to set up an inter-departmental mechanism.
Issued at HKT 15:30

NNNN

Online auction of vehicle registration marks to be held from July 3 to 7 (5) A VRM can only be assigned to a motor vehicle registered in the name of the purchaser. Relevant information on the Certificate of Incorporation must be provided by the successful bidder in the Purchaser Information of the Memorandum of Sale if the VRM purchased is to be registered under the name of a body corporate.

(6) Successful bidders will receive a notification email around seven working days after payment has been confirmed and can download the Memorandum of Sale from the E-Auction. The purchaser must apply for the VRM to be assigned to a motor vehicle registered in the name of the purchaser within 12 months from the date of issue of the Memorandum of Sale. If the purchaser fails to do so within the 12-month period, in accordance with the statutory provision, the allocation of the VRM will be cancelled and a new allocation will be arranged by the TD without prior notice to the purchaser.Issued at HKT 15:00

NNNN

LCQ17: Consolidating Hong Kong’s status as international financial centre 
Question:
 
     There are views that Hong Kong should continue to consolidate and enhance the development of an international financial centre, further dovetail with the national development strategies, expand various mutual access mechanisms, and enhance Hong Kong’s functions in the overall development of the country, so as to attract more Mainland and international capital to Hong Kong. In this connection, will the Government inform this Council:
 
(1) as some members of the industry have relayed that at present, under the Cross-boundary Wealth Management Connect (WMC) in the Guangdong-Hong Kong-Macao Greater Bay Area, products under the Southbound Scheme cannot be directly promoted in the Mainland by Hong Kong financial institutions, and products under the Northbound Scheme cannot be directly promoted in Hong Kong by Mainland financial institutions, whether the authorities will discuss with Mainland regulators enhancement measures on cross-boundary sales and promotion, so as to enable practitioners in both places to fully launch their businesses;
 
(2) as it is learnt that under the existing arrangements for mutual recognition of professional qualifications with the Mainland, Hong Kong practitioners holding the relevant licences of the Hong Kong Securities and Futures Commission are still required to pass the examination on relevant Mainland laws and regulations before they are allowed to practise in the Mainland, whether the authorities will further discuss with the Mainland regulators to explore the streamlining or exemption of the examination on relevant laws and regulations, so as to facilitate Hong Kong practitioners to develop their business in the Mainland;
 
(3) given the views relayed by some members of the industry, whether the authorities can expand the scope of investment products under the WMC Scheme, including providing additional investment options other than those with low or medium risk, including but not limited to alternative investments or private equity funds, so as to meet the diversified risk management needs of both Mainland and overseas investors; and
 
(4) as it has been mentioned in this year’s Budget that the Government will actively enhance the mutual market access mechanism with the Mainland, including the plan for the issuance of offshore Mainland government bond futures in Hong Kong, and implementing block trading of stocks as soon as possible, what measures the authorities have in place to further improve market liquidity and facilitate market transactions when exploring further expansion initiatives in the future?
 
Reply:
 
President,
 
     Hong Kong has been actively leveraging our unique advantages under the “one country, two systems” principle, with the support of our motherland and our connectivity to the world. We have proactively aligned with national strategies such as the 14th Five-Year Plan, the Belt and Road Initiative, and the development of the Guangdong-Hong Kong-Macao Greater Bay Area, with an aim to promoting deeper integration with the Mainland financial markets and to fully capitalising on the opportunities brought by our country’s development. In consultation with the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), my reply to the various parts of the question is as follows:
 
(1) and (3) Cross-boundary Wealth Management Connect (WMC) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) provides GBA residents with a formal, direct and convenient channel for cross-boundary investment in diverse wealth management products and marks a milestone in the financial development of the GBA.
 
     WMC has seen continuous and steady development since its launch in September 2021. “WMC 2.0” commenced in February 2024. Enhancement measures include increasing the individual investor quota from RMB1 million to RMB3 million, lowering the threshold for participating in the Southbound Scheme to support more GBA residents to participate in the scheme, expanding the scope of participating institutions to include eligible securities firms, expanding the scope of eligible investment products, and further enhancing the promotion and sales arrangements.
 
     In terms of sales and promotion, taking banks as an example, enhanced promotion and sales arrangements were introduced last year under the Southbound Scheme. After obtaining written consent from a Southbound Scheme client, the Hong Kong bank concerned could proactively introduce products and relevant information that align with the client’s risk appetite during that sales promotion process. This not only simplifies the sales process of the relevant institutions but also allows Southbound Scheme investors to more conveniently access the needed product information and professional guidance.
 
     In June 2025, we also jointly implemented with relevant Mainland financial regulatory authorities a “Tri-party Online Meeting” sales arrangement. Under this arrangement, at the request of a Southbound Scheme client, a Mainland bank may assist him/her at its Mainland branch to set up a tri-party online dialogue or video conference with a Hong Kong bank in relation to the Southbound Scheme services. During such meeting, representative(s) from the Hong Kong bank can introduce eligible wealth management products under the Southbound Scheme to the Southbound Scheme client. This arrangement provides Southbound Scheme investors with a convenient online channel to learn about relevant Hong Kong wealth management products and is also expected to enhance the convenience of sales and communication for local banks.
 
     Furthermore, we are committed to further enhancing the range of investment products under the “WMC 2.0” policy framework. For example, in the area of funds, since the launch of “WMC 2.0”, the number of eligible public funds under the Southbound Scheme has increased from around 160 in end-2023 to 358 by the end of March 2025, thereby strengthening the range of products available. We will continue to review the operation of “WMC 2.0” under the principles of controllable risk and adequate investor protection, and work with relevant Mainland regulatory authorities to explore the feasibility of further optimisation and expansion of WMC.
 
     As an innovative financial co-operation measure in the GBA involving three different regulatory systems, WMC has been implemented under a pilot approach in a gradual and incremental manner. Since the implementation of “WMC 2.0”, operations have been smooth, with a significant increase in the number of investors and amount of cross-boundary fund remittances. According to statistics from the People’s Bank of China, up to end-April 2025, over 154 200 individual investors in the GBA participated in WMC, with cross-boundary fund remittances (including Guangdong, Hong Kong, and Macao) amounting to over RMB112.2 billion had been recorded. The Government and the financial regulators will continue to monitor market developments and the operation of WMC, collaborate with the Mainland regulatory authorities and the industry to explore room for further enhancement.
 
(2) Regarding mutual recognition of financial professional qualifications with the Mainland, the SFC and the China Securities Regulatory Commission have implemented an arrangement for mutual recognition of professional qualifications for the securities and futures sector, and simplified the relevant procedures for obtaining securities practising registration and applying for the futures or fund practising qualifications in the Mainland. Hong Kong professionals with relevant licence issued by the SFC only need to pass the Mainland’s examination on the relevant laws and regulations; and the examination on the foundation paper is not required.
 
     For the banking sector, the Hong Kong Institute of Bankers (HKIB) and the China Banking Association (CBA) signed the Memorandum of Understanding on Mutual Recognition of Personal Wealth Management Qualification Certificates in 2009, officially launching the mutual recognition mechanism. Subsequently, the two sides signed addendums twice to improve the relevant arrangements. The CBA, the China Bankers Institute and the HKIB signed Addendum III in 2022 to ensure eligible practitioners can obtain the Associate Retail Wealth Professional (ARWP) professional qualification issued by the HKIB. Under the Agreement, financial practitioners from the Mainland and Hong Kong can obtain “dual qualifications” (Level 1 of Qualification Certificate of Banking Professional and ARWP) through the mutual recognition mechanism.
 
     We will continue to examine enhancement measures with Mainland regulatory authorities to explore ways of broadening Hong Kong professionals’ entry into the Mainland market, thereby increasing the flexibility in the provision of human capital for the Mainland and Hong Kong markets.
 
(4) The Government, together with financial regulatory authorities, is actively working with relevant Mainland authorities to advance the inclusion of the Renminbi counters under the Southbound Trading of Stock Connect, introduction of block trading, and the expansion of mutual-market access regime to cover Real Estate Investment Trusts (REITs), with a view to attracting and facilitating greater participation in Hong Kong’s securities market and enhancing market liquidity. We will continue discussions with Mainland counterparts on further expansion and optimisation of the financial market connectivity schemes. This will better meet the needs of domestic and overseas investors for cross-market and diversified asset allocation, supporting the healthy integration and development of the Mainland and Hong Kong capital markets.
Issued at HKT 15:00

NNNN

LCQ15: Providing support for non-local students 
Question:
 
     In recent years, Hong Kong has spared no effort in building the “Study in Hong Kong” brand to develop Hong Kong into an international hub for post-secondary education, and has been gradually enhancing support measures for non-local students while they are studying in Hong Kong. In this connection, will the Government inform this Council:
 
(1) of the respective numbers of non-local students applying through different ways for studying full-time locally-accredited programmes in Hong Kong who have obtained bachelor’s degrees or higher qualifications and those who have eventually been admitted, as well as the percentages of non-local students in the number of places of the relevant programmes, in each of the past three years;
 
(2) given that full-time non-local undergraduate and postgraduate students were required to obtain a “No Objection Letter” (NOL(s)) issued by the Immigration Department before they were allowed to take up part-time jobs in Hong Kong in the past, of the number of non-local students who took up part-time jobs after obtaining NOLs in each of the past three years and, among them, the respective numbers of those who were pursuing undergraduate and postgraduate studies;
 
(3) given that the Government temporarily exempted full-time non-local postgraduate and undergraduate students from the restrictions on taking up part-time jobs in November 2023 and November last year respectively (the temporary exemption arrangements), whether the authorities have compiled statistics afterwards on the number of non-local students who have taken up part-time jobs under the temporary exemption arrangements; if they have not compiled the statistics, whether they will collect the relevant data and review the effectiveness of such measure in future; whether they will consider regularising the temporary exemption arrangements in the long run;
 
(4) as some non-local students have relayed to me that some local employers are deterred from employing non-local students to take up part-time jobs because they are not clear about the temporary exemption arrangements, how the authorities will publicise and promote the temporary exemption arrangements, and whether they have co-operated with the relevant tertiary institutions to provide non-local students with the relevant employment information and support services; and
 
(5) as it has been reported that the Chief Executive has indicated earlier that Hong Kong fully welcomes students who suffer from unfair treatment as a result of the policies of the United States to study in Hong Kong, and that he will do his best to provide the most appropriate support and assistance to students in collaboration with the local universities, of the work progress made by the authorities in supporting such students so far; whether they have set up task forces with various local universities to provide one-stop transfer services for such students, e.g. expediting their admission, transfer of credits, as well as urgent support measures such as providing accommodation arrangements, so as to attract more outstanding students to Hong Kong?
 
Reply:
 
President,
 
     Hong Kong has sound education infrastructure and our overall competitiveness in education ranked top five in the world. Among others, Hong Kong’s post-secondary education is highly internationalised and diversified, and we boast five of the world’s top 100 universities with outstanding talent in technology and research, making Hong Kong an international hub for exchange and collaboration among high-calibre talent. To fully leverage the distinctive advantages of the post-secondary education sector in Hong Kong under “one country, two systems”, and to develop Hong Kong into an international post-secondary education hub, we strive to build the “Study in Hong Kong” brand and attract more non-local students to study and conduct research in Hong Kong.
 
     After consultation with the Labour and Welfare Bureau, our consolidated replies to Hon Kenneth Leung’s questions are as follows:
 
(1) In the 2022/23 to 2024/25 Academic Year (AY), the numbers of non-local students pursuing locally-accredited programmes at undergraduate level or above in Hong Kong, and the number of non-local students as a percentage of relevant undergraduate student places are tabulated below: