Early Negotiations on the Happy Valley Racecourse Lease: Setting a Win-Win Precedent for Government-Business Renewals

In 2016, the Sha Tin Racecourse surrendered its Special Purpose Lease—originally set to expire in 2047—to the HKSAR Government through an 'in-situ land exchange with land premium payment' in return for a new lease (Sha Tin Town Lot No. 590) extending to 2066. Subsequently, the Home Affairs Bureau announced the 'Results of the Review of Private Recreational Lease Policy' in 2018, recommending that upon its expiry in 2034, the Happy Valley Racecourse lease could follow the Sha Tin model by being renewed as a Special Purpose Lease.

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