S.L. 573.7 Art. 6Value for the redemption of perpetual and revisable ground rent on property belonging to the Government or to the Authority. 

(1) When property belonging to the Government or to the Authority has been granted under a title of perpetual and revisable emphyteusis, the emphyteuta has the option to redeem the ground rent as provided in the following regulations, unless the contract itself provides differently as to how the redemption may be carried out.

 (2) The sum to be paid for the redemption of the perpetual and revisable ground rent before the first revision, shall be equivalent to the amount of the ground rent payable at the time of the submission of the application, adjusted according to the index of inflation taken from the year preceding the submission of the application in accordance with these regulations and the index of inflation taken from the year prior to the commencement of the contract of perpetual emphyteusis capitalised at the rate of five per cent (5%):

Provided that in cases where the application for redemption has been submitted in the year preceding the date of the first revision of the ground rent, the sum to be paid for the redemption of the perpetual and revisable ground rent shall be equivalent to the amount of the ground rent payable at the time of the submission of the application adjusted according to the index of inflation taken from the year preceding the last revision capitalised at the rate of five per cent (5%):

Provided further that if the contract had already been subject to revision, the redemption of the perpetual and revisable ground rent shall be equivalent to the amount of the ground rent payable at the time of the submission of the application adjusted according to the index of inflation taken from the year preceding the last revision capitalised at the rate of five per cent (5%):

Provided further that this sub-regulation shall apply irrespective of the method used to revise the perpetual ground rent.

(3) If the revisable perpetual emphyteusis was made before

1946, the index of inflation for 1946 as indicated in the Housing

(Decontrol) Ordinance, capitalised at the rate of five per cent (5%), should be taken as a basis for determining the amount of ground rent due.