What is the annual rent charged on leases of land granted without a right of renewal from 1 July 1997 until expiry?

The annual rent charged on leases of land that are granted without a right of renewal, effective from 1 July 1997 until their expiry, is set at 3 percent of the rateable value. This is established to ensure a consistent and fair method for determining the annual charge on such leases, reflecting the property's value and generating revenue for the government without overburdening lessees.

The rateable value is a figure determined by the government, representing the estimated annual rental value of a property, allowing for a structured approach to rental fees. This percentage is intended to strike a balance between the interests of the government as the lessor and the lessee’s ability to maintain their use of the land.

Other options, while they state different percentages, do not align with the established legislative framework governing land leases in this context. The specific percentage of 3 percent of the rateable value provides a benchmark established by regulations, which is crucial for understanding fiscal responsibilities associated with property ownership in Hong Kong post-1997.