The decarbonisation of the built environment is likely to be on the UK Government’s agenda as it looks to make good on its commitment at COP29 to cut carbon emissions by 81% from 1990s level by 2035. How will this be achieved? Will Minimum Energy Efficiency Standards play a part, will we see more green leases or more building accreditations and is the UN’s Building Breakthrough initiative beginning to make a substantive difference?

The new Extension of Government Leases Ordinance (the “Ordinance”) will take effect this Friday, 5 July 2024. In consideration of the significant number of owners affected by the expiration of Government leases from 2025 onwards[1], this new legislation aims at providing a more streamlined and efficient mechanism for extending Government leases. The market has been looking for clarity on this significant topic for some time. This is therefore a much welcomed initiative especially for international investors seeking comfort on what happens on the expiry of Government Leases in the Hong Kong Special Administrative Region of the PRC (“Hong Kong”). Below is a high-level summary of the scope of application, the new mechanism and some specific points-to-note in relation to the new Ordinance.

The Economic Crime and Corporate Transparency Act 2023 (ECCTA) received Royal Assent on 26 October 2023, with the provisions of ECCTA to be brought in by secondary legislation in stages throughout 2024 and 2025. It was widely thought that the provisions of ECCTA that effect changes to The Register of Overseas Entities regime (originally introduced by the Economic Crime (Transparency and Enforcement) Act 2022 (ECTEA)) would follow later this year, but the Economic Crime and Corporate Transparency Act 2023 (Commencement No. 2 and Transitional Provision) Regulations 2024 have effected certain changes to the regime as of 4 March 2024, which we will discuss further in this Insight.