Hong Kong Land Registry: Income and profit for the 2024/25 fiscal year decreased by 4% and 42.7% respectively.

On October 22, the Hong Kong Land Registry issued the 2024-25 Land Registry Operating Fund Report. Director of the Hong Kong Land Registry, Tan Wai Yee, stated that due to a decrease in overall revenue from document registration, property reports, and electronic notification services, the department's revenue and profit (including interest income) decreased by 4% to 3.994 billion Hong Kong dollars and 42.7% to 10.5 million Hong Kong dollars, respectively. The fixed asset return rate for the overall financial of the Operating Fund was -12.3%. Despite the fact that the revenue of the Operating Fund is easily affected by property market conditions, the department quickly took measures to strengthen control over operating expenses and improve operational efficiency through revising work priorities, internal reallocation, and streamlining work procedures. Tan Wai Yee stated that preparations for the new Land First Registration Scheme ("New Land First" Scheme) have reached a significant milestone. The "2025 Land and Property Rights Registration (Miscellaneous Amendments) Bill" was passed by the Hong Kong Legislative Council in September 2025, and the government plans to submit related subsidiary legislation to the Hong Kong Legislative Council in 2026, with the goal of implementing the Land First Registration Scheme in new land by the first half of 2027. The "New Land First" Scheme adopts a pragmatic and "easier first, harder later" strategy to realize the benefits of the property rights registration system as soon as possible, providing greater security and clarity for property rights and simplifying property transaction procedures. The Hong Kong Land Registry expects to learn from the implementation of the Land First Registration Scheme in new land and gradually expand the system to existing land to reach consensus among stakeholders. The Hong Kong Land Registry has launched the AI-powered chatbot "Tieni" on the "Comprehensive Registration Information System" online service website to provide interactive support for land search queries. The department also collaborated with the Hong Kong Monetary Authority and the Hong Kong Digital Policy Office to develop application programming interface services for financial institutions to timely access electronic notification of land records and mortgage documents. These measures reflect the department's commitment to promote innovative services, facilitate the development of the property market, and implement digital governance.