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How many years are the land use rights in all countries?
Hong Kong
Land transfer system
(1) Government ownership of land in Hong Kong
Hong Kong includes Hong Kong Island, Kowloon Peninsula and New Territories, with a total land area of 65,438+0,097 square kilometers. 1903, the British Hong Kong government completed a detailed cadastral survey of all land in Hong Kong, investigated and registered the property right, location, area and use of land in Hong Kong, and reformed the land ownership system at the same time, announcing that all land in the New Territories except some agricultural land was collectively called "official land", and the final ownership belonged to the British royal family and was exercised by the British Hong Kong government on its behalf.
After China resumed the exercise of sovereignty over Hong Kong in July 1, 1997, according to the Basic Law of the Special Administrative Region of People's Republic of China (PRC) passed by the National People's Congress of China in April 1990, "the land and natural resources of the Hong Kong Special Administrative Region belong to the state, and the government of the Hong Kong Special Administrative Region is responsible for the management, use, development, lease or grant to individuals, legal persons or groups for use or development.
(B) Hong Kong's land contract system
1842 After Hong Kong became a British colony, Hong Kong began to implement the land lease system, that is, the land ownership belongs to the British royal family, and the Hong Kong British government takes charge of it on its behalf, and leases the land to land developers or land users. The developer or user obtains the land use right through lease within the prescribed time limit, and pays the land use right transfer fee to the British Hong Kong government at one time. After the return of Hong Kong from 65438 to 0997, in accordance with the Sino-British Joint Declaration, the Basic Law and the relevant laws passed by the legislature of the Hong Kong Special Administrative Region, the land leasing system during the period of Hong Kong and Britain was continued, and the system of granting land use rights by the Hong Kong Special Administrative Region Government was continued, and all its income was controlled by the SAR Government.
The Hong Kong government leases the land use right of different periods to the transferee through the land contract. A land contract is an agreement reached between the land transferor and the transferee. In the agreement, the transferor promises to transfer the land use right to the transferee within a certain period of time, and the transferee will have the land use right within a specified period of time after paying the land transfer fee, and return the land after the expiration. The land contract clearly stipulates the geographical location, area, lease term, land use (such as residential use, industrial and commercial use or other uses) and restrictions on land use (such as the height and style of buildings). ), without the consent of both parties, the terms of the land contract shall not be changed. If the transferee requests to change the land use, the government is allowed to change the relevant clauses in the contract without violating the urban planning, but the land use can only be changed after applying in advance, obtaining consent and paying the corresponding land price.
(3) Term of land lease in Hong Kong
During the more than 100 years of British rule in Hong Kong, the lease term of land in Hong Kong has changed many times. (1) Land south of Boundary Street between Hong Kong Island and Kowloon. 184 1 year, the Hong Kong government leased land for the first time. At that time, the lease term was not clearly defined. The lease term after 1844 is determined to be 75 years and cannot be renewed; 1848, because the lessee complained that the lease term was too short, the British Hong Kong government extended the lease term from 75 years to 999 without paying any premium. In the next 50 years, except for most of the plots on the Kowloon Peninsula and the seashore, the lease term of land south of Hong Kong Island and Kowloon Boundary Street was 999. 1898, the British Hong Kong government realized that the lease period was too long and the government could not share the land appreciation income with the lessee, so it cancelled the 999 lease and changed it to a 75-year lease, which could be renewed for another 75 years without additional land premium. At the same time, the government requires the lessee to pay the land rent set according to the new standard after the 75-year lease expires. After that, the 75-year lease term became the standard lease term until 1998. (2) Land in North Kowloon and the New Territories. From 65438 to 0898, the land in North Kowloon and the New Territories was leased to China by the British government and taken over by the Hong Kong government. 1 The last three days of 1999 (July 1898 to July1) were leased by the Hong Kong government to land developers and users, recovered on June 27th and returned to China by the Hong Kong government on June 30th.
Before Hong Kong's return to China, all land leases will expire. In order to maintain the political and economic stability of Hong Kong during the transitional period, the Sino-British Joint Declaration 1984 stipulates that the land lease system during the period of Hong Kong and Britain will continue to be implemented. Land leases that expire before July 1 0997 can be renewed; The land lease that expires in July 1997 can be automatically extended to 2047; Land leases with a lease term exceeding 1 July 19971are still valid. At present, the Hong Kong government still grants land by auction, tender or agreement, but the new lease can only last until 2047.
Land in Hong Kong
Land rent and land price
Rent, land transfer fee and land price
The government ownership of land in Hong Kong (belonging to the category of land public ownership) strictly restricts the transfer of land ownership, and the Hong Kong government can only transfer land use rights. The Hong Kong government relies on the monopoly of land ownership to provide land use rights in exchange for collecting land rent from land users.
For land owners, land rent is the reward for transferring land use rights for a certain period of time, while for land users, land rent is the price paid for obtaining land use rights for a certain period of time. Land rent can be divided into "lease system" and "annual rent system" according to the way owners charge users. Among them, "tenancy system" refers to the system of collecting land rent for the whole lease period at one time, and "annual rent system" refers to the system of collecting land rent by year. The essence of the land leasing system in Hong Kong is that the Hong Kong government transfers the land use right for several years at one time, and collects the sum of the annual discounted land rent during the whole transfer period. This money is the compensation for the land use right during the transfer period, which is usually called the land transfer fee.
In Hong Kong, land transfer fees are usually considered to be linked to land prices. First of all, the concept of land price in Hong Kong is different from that under the private land system in western countries. Under the private land system, land ownership is allowed to be bought and sold, and land price refers to the price of land ownership. Under the land owned by the government, land ownership is not allowed to be bought and sold, but land use rights are allowed to be bought and sold. So in Hong Kong, land price usually refers to the price of land use right (including the auction price of land use right in the primary market and the transfer price of land use right in the secondary market). As the reward of the land use right during the transfer period, the land transfer fee has both identity and great difference with the land price. The main difference between the two is that the land leasing fee reflects and applies to the land leasing relationship, while the land price reflects and applies to the buying and selling relationship of the land use right. Both of them have their own unique functions and cannot replace each other.
(2) Land lease price and nominal annual rent system
Under the land leasing system, the land price in Hong Kong can be divided into three types: full market price, reduced land price and nominal land price (only a small part of the full market price). Only non-profit organizations (such as government, schools, hospitals, monasteries), Hong Kong Housing Department, which is responsible for providing low-rent housing for low-income groups in Hong Kong, and special industries supported by policies (energy, transportation, communications, etc.). ) is eligible to apply for land grant at nominal premium and reduced premium; Commercial industrial and commercial land and commercial residential land are sold at the whole market price. The complete market price of land is realized by public auction in the primary land market, and the land use right is usually obtained by the highest bidder.
While the Hong Kong Government is implementing the land leasing system, it also implements the "nominal annual rent system", which collects nominal annual rent for land leased before May 27 or land in the subsequent period. 1985. The symbolic annual rent is levied to symbolize the land ownership of the Hong Kong government. Generally, the amount is very small (the annual rent for residential, commercial and industrial land south of Boundary Street in Hong Kong Island and Kowloon is HK$ 65,438+0,000, regardless of the size). It is fixed at the beginning of land lease, and the rent value is not adjusted every year.
(3) the actual annual rent system in Hong Kong.
1984 The Sino-British Joint Declaration has made some amendments to the land leasing system in Hong Kong. According to the Regulations on the Assessment and Collection of Government Rent, after the land expires on May 27th, 1985, the land lessee does not need to pay the land price, but needs to pay the actual annual rent during the renewal period. At the same time, it is stipulated that for the land newly sold after1May 27, 985, the land lessee shall pay the actual annual rent in addition to the land price. At present, nominal annual rent and actual annual rent coexist, the unexpired leased land is still subject to nominal annual rent, and the renewal and new leased land are subject to actual annual rent system. As far as the scope of expropriation is concerned, except for the village houses of the indigenous villagers in the New Territories, the nominal annual rent and the actual annual rent cover all properties in Hong Kong. At present, among the 2,654,380,000 properties in Hong Kong, the number of properties that actually pay annual rent is 6,543,800+580,000.
The actual annual rent is calculated by multiplying the rent of the property by the fixed rent. The Rating and Valuation Department under the Hong Kong Government annually evaluates the rental market value of real estate (land and housing merger assessment) to determine the taxable value, and then the government multiplies the adjusted taxable value by 3% to determine the actual annual rent amount of land. After the implementation of the actual annual rent system, because some land rents have changed from the first auction land price to the actual annual rent, in theory, the auction land price is bound to decrease compared with before the implementation of the actual annual rent system. At present, with the increase in the cumulative number of newly leased land due for renewal, the actual annual land rental income has a trend of increasing year by year. In the past five years, the Hong Kong government's annual rent revenue accounted for an average of about 2% of the total fiscal revenue.
Annual Rent System in Hong Kong
Comparison with leasing system
(A) Analysis of land lease system
According to the land rent theory, urban land rent mainly includes absolute land rent and differential land rent (monopoly land rent in individual land rent is not included in this discussion). Absolute rent generally refers to the lowest standard rent that must be paid by the land with the worst status in the town; Differential land rent generally refers to the difference of land rent caused by the difference of urban land location and land fixed capital content, in which the advantages and disadvantages of location form differential land rent ⅰ and the amount of land investment forms differential land rent ⅱ. The rent of a piece of land in a town is usually the sum of absolute rent, differential rent I and differential rent II. In Hong Kong, the land rent in the urban-rural fringe is usually regarded as absolute land rent, and the absolute land rent of a piece of land can correspond to the land acquisition cost in the process of the government converting agricultural land into urban construction land, which occurs before the transfer of land use rights; The differential rent II of a piece of land can correspond to the pre-development expenses paid by the government for this piece of land (seven connections and one leveling), and it also occurs before the land is transferred. Different from absolute land rent and differential land rent II, differential land rent I depends on the location of land, and its value depends on the supply and demand situation determined by the location of land (according to the characteristics of land rent I, it can be called differential land rent). The different supply and demand situation in different periods determines that the differential rent I value in different years during the transfer period is different and needs to be determined through evaluation. Therefore, the land rent in Hong Kong mainly consists of three parts: land acquisition fee before transfer, pre-development fee and differential land rent during transfer, among which differential land rent will change greatly with the changes of external factors during the use period, thus playing a decisive role in the whole land rent.
As mentioned above, the land leasing system in Hong Kong is that the government transfers the land use right for several years at one time, and then collects the sum of the discounted value of the annual land rent during the transfer period (transfer fee) at one time. Through the analysis of the composition of land rent, we can see that the annual land rent in Hong Kong is not fixed. Although the land purchase fee and the pre-development fee are fixed, the differential rent value in different years during the transfer period is different and needs to be determined through evaluation. Only by determining the differential rent in different years during the land transfer period can the land transfer fee be finally determined. In the initial stage of land transfer, it is impossible to know all the information that will affect the differential land rent in different years in the future, so it is impossible to calculate the current land transfer fee by determining the differential land rent in future years and discounting it in the initial stage. Therefore, the land transfer fee is only of theoretical significance and cannot be directly determined as the land transfer price. In practice, the Hong Kong government mainly sells land by auction in the primary land market, and the auction price forms the land price (the selling price of land). Comparing the land price with the land transfer fee, we can find that the only difference between the land price and the land transfer fee is that the "expected differential rent" will replace the "real differential rent" in the next few years. At the initial stage of land transfer, the buyers and sellers of land use rights pre-evaluate the differential rents of all years in the future transfer period, and then discount the assessed rents into their respective recognized current land prices, and then reach a land transfer transaction in the primary market. Because the "expected differential rent" replaces the "real differential rent", there are speculative factors in the land market, and land prices and land transfer fees will inevitably deviate. The degree of deviation depends on the incomplete grasp of future land supply and demand information and the degree of speculation in the land market. The result of deviation will inevitably lead to the distortion of land market price. In reality, the fluctuation of land market price is greater than that of land rent. The relationship between house price and rent in Hong Kong's commercial housing market provides evidence for this deviation between land price and rent. As can be seen from the attached figure, the fluctuation range of house prices in Hong Kong is much higher than that of rents.
(B) Analysis of the annual rent system
Compared with the land lease system, the annual land rent system is different in the following two aspects: first, the annual land rent system does not collect all the land rent during the lease period at the beginning of the land lease, but collects the land rent separately every year; The second is to adjust the rent every year. The annual rent charged by the annual rent system is not fixed (different from the nominal annual rent system in this respect), but the rent value of the land is adjusted every year.
Land rent is the reward of land use right. At this point, the essence of the annual rent system and the land lease system is the same, but the two systems are slightly different in collection methods: under the land lease system, the land rent is the land transfer fee (the sum of the discounted values of the land rent in each year during the transfer period); Under the annual rent system, land rent is the annual rent of land. It should be noted that the annual rent system and the land lease system are not completely opposite in terms of collection methods. The implementation of the annual rent system does not mean that the land lease system must be abolished. As mentioned above, the land requisition fee and the land pre-development fee included in the land rent have already occurred before the land transfer, and the amount is fixed, which can be collected at the initial stage of the land transfer without having to be apportioned to the annual rent in different years. What needs to be levied on an annual basis is mainly the differential rent included in the rent. Theoretically, the differential rent in different years should be determined by the market, that is, by the relationship between supply and demand of land use rights in that year. However, due to the real nature of land, its right to use cannot be traded in the land market every year, so differential land rent is not feasible in actual expropriation. In practice, the evaluation value of land market value or rent value is often used as the basis for collecting differential rent. This is the case with the annual rent system actually implemented by the Hong Kong Government. Every year, the Hong Kong government evaluates the market value of real estate rent to determine the rent payable, and then multiplies the rent payable by the fixed rent rate to determine the actual annual rent of land.
In addition, the actual annual rent reflects the land lease relationship with year as the unit time, not the land use right buying and selling relationship with year as the unit time, that is, the actual annual rent is the annual rent of land, not the annual price of land. Theoretically, only the differential rent can be used as the annual price of land. In Hong Kong, although the actual annual rent changes synchronously with the market differential rent by reassessing the market value of rent every year, there is a problem of information distortion when evaluating the market value of rent. In addition, the rent rate is determined by the government rather than the relationship between supply and demand, so there must be a "rent difference" between the actual annual rent and the differential rent. The size of the "rent difference" is determined by the accuracy of evaluating the market value of rent and the rationality of the government setting the actual annual rent rate. Under the actual annual rent system in Hong Kong, the actual annual rent cannot fully reflect the relationship between supply and demand of land use rights in that year, which leads to the existence of "rent difference". Because the "rent difference" in different years cannot be reflected in the annual rent of land, it must be discounted into the land transfer fee and become an integral part of the initial land price.
(3) The mixed system of lease system and annual rent system.
According to the above analysis, it can be concluded that the current land transfer system in Hong Kong is essentially a mixed system of lease system and annual rent system. In the first auction, the land price includes the sum of the land acquisition cost, the land pre-development cost and the discounted value of the "rent difference" during the land transfer period. During the land transfer period, the annual rent is determined by multiplying the market value of real estate rent by the fixed rent rate. The mixed system of land transfer can make up for the deficiency of single system. From the user's point of view, land users don't have to pay all the land price at one time, which reduces the initial burden and makes the land investment arrangement more reasonable. From the perspective of government revenue, although the annual rent revenue is less, because the rent value can be reassessed every year, the income from land appreciation can be continuously obtained, which makes the government's rent revenue more balanced.
Land transfer system in Hong Kong
Enlightenment and suggestions
Through the empirical analysis of the development process of land leasing system in Hong Kong, we can see that the mixed system implemented in Hong Kong is still a land transfer system under the premise of land government ownership. In the way of land rent collection, the mixed system essentially includes two parts: price and rent, in which the price part is still a one-time transfer fee when the land is sold, which is the price of land use right determined by the relationship between supply and demand in the land market; The part of "rent" is the annual rent, which is the reward for the land owner to transfer the land use right, the way for the land owner and user to distribute the land income, and the real rent. After the implementation of the mixed system, the initial land transfer price will drop, because part of the land rent will change from the initial land price to the annual rent, and how much the initial price will drop depends on the rent rate of the annual rent. After the land value evaluation method is determined, the annual rent rate can be used as an effective policy lever to adjust the interest relationship between land owners and land users. If properly designed, the mixed system has the following advantages compared with the land lease system: (1) establishing a reasonable incentive mechanism for local governments; (2) transmitting relatively accurate price signals to the land market; (3) Standardize the rational distribution and intensive utilization of land resources; (4) Reduce the fluctuation range of land price and reduce the risk of financial system.
China Mainland implements the same land public ownership and land lease system as Hong Kong. Since 1990, the State Council promulgated and implemented the "Provisional Regulations of the People's Republic of China on the Assignment and Transfer of Urban State-owned Land Use Rights", China has started to implement a land lease system based on the separation of land ownership and use rights and characterized by paid assignment of land use rights. In the process of formulating specific plans, China also chose the same land lease system as before Hongkong 1985, instead of the annual lease system or mixed system. For more than ten years, the land leasing system has played an important role for local governments to speed up urban construction and promote urban development, but its disadvantages have gradually emerged in the process of implementation, mainly in two aspects: First, the fiscal revenue realized by land leasing is unsustainable, because urban land resources are limited. Although the land leased at the current market price has collected all the rents within the term of land use rights at one time, it cannot obtain the benefits of future land appreciation. In addition, China lacks a land fund system similar to Hong Kong's (half of the land transfer income belongs to the current government, and the other half belongs to the land fund for future government use), resulting in a structural imbalance in the short-term and long-term distribution of land transfer income; Second, the land lease system distorts the land price signal. Under the land lease system, the relationship between supply and demand of land use rights in the future should be fully reflected in the current land lease price, because it is impossible for the government and land developers to grasp all the information of supply and demand of future land use rights at present, so whether the land is leased in a market-oriented way or not, the initial price of land will inevitably not accurately reflect the real value of land. In addition, the existence of speculative factors in the land market may directly cause speculation and cause bubbles.
Through the above overall analysis, it is suggested that the annual land rent system and the mixed land lease system should be one of the alternative schemes for the reform of land transfer system in China.
Source: China Economic Times.
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