Those Government Leases expiring between the effective date of the Sino-British Joint Declaration (i.e. 27 May 1985) and 30 June 1997 with no right of renewal (i.e. most Government Leases in the New Territories) may be extended to no later than 30 June 2047, subject to payment of a yearly government rent equivalent to 3% of the rateable value of the property for the year concerned upon the commencement date of the extended term.