In April 1999, less than two years after Hong Kong returned to Chinese sovereignty, an unusual real estate deal was signed between the city’s administration under then Chief Executive Tung Chee-hwa and the US government.The contract extended the 75-year leasehold land at 26 Garden Road in Central – provided in 1950 by the former British colonial government to the United States as the American Consulate General’s office in the city – into a 999-year lease for a lump sum of HK$44 million,…
Source : South China Morning Post
Read more…A rare 999-year leasehold in world’s costliest city makes US government one of Hong Kong’s biggest foreign real estate owners
