After several requests to see something done about the low value of premiums charged by the government when it grants land concessions to third parties, these will now be updated on a yearly basis.

The announcement was made by chief executive Fernando Chui Sai On during the Chinese New Year holiday.

He said the reason for assessing land concessions premiums regularly is to meet the reality of market values.

Mr Chui also says he recognizes there are different opinions regarding the new Law on Lands and insisted works are underway for the bill to be presented to the Legislative Assembly still this year.

Works are also underway for the final draft of the Urban Plan Bill to be ready by year-end.