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Accord on Hong Kong change reached by China and Britain

After two years of bargaining, Britain and China announced Wednesday the completion of a draft agreement on how Peking will regain sovereignty over Hong Kong when the 99-year British lease on the colony expires in 1997.

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Immediate reaction was favorable in Hong Kong, where the Hang Seng Stock Market index rose 8.87 points. Uncertainty over the trading center's future adversely affected the property market, stocks, and the Hong Kong dollar during the negotiations, which began in September 1982.

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