In practical terms the system is 'Freehold' as in the UK. It is also standard practice to get legal title confirmed prior to exchanging on a property. Technically, properties in Hong Kong enjoy various kinds of Leasehold Title where leases range from 40 - 999 years. Under the Joint Declaration between the UK & PRC Governments of 19th December 1984, many leases will be automatically renewed for a further 50 years in the event that they expire prior to 2047. Since 1985, lands were granted up to 30 June 2047 and then after 1997, lands were granted for 50 years tenure. Under the Basic Law, in the event of land leases expiring before 30 June 2047, the leases can be extended before 30 June 2047 with an annual rent equivalent to 3% of the ratable value of the property at that date.