High Quality Content by WIKIPEDIA articles! Land on Hong Kong Island has been sold to private purchasers since 1841. With the exception of the land for the St John`s Cathedral at Garden Road, Central, which was granted freehold, all land has been sold on a leasehold basis. The terms of the land leases vary according to then prevailing land policies. Typical lease terms were either a fixed term of 75 years, 99 years, 150 years or 999 years with no right of renewal, or a renewable term of 75 years, 99 years or 150 years with a right to renew for a further similar period. The purchaser of the land, i.e. the leaseholder, was required to pay to Government a premium, reflecting the current value of the land, upon the grant of the lease and an annual rent (known as Government rent in Hong Kong), usually of a nominal amount.