In modern day conversations, the term "New Kowloon" is now rarely heard in Hong Kong. New Kowloon is no longer regarded as part of the New Territories, but as a part of the Kowloon urban area beyond Boundary Street. Nevertheless, the legal definitions of Kowloon, New Kowloon and New Territories remain unchanged - New Kowloon has remained legally part of the New Territories instead of Kowloon. On July1, 1997, the territories on both sides of Boundary Street (ceded and leased respectively) were transferred to the People's Republic of China, along with the rest of Hong Kong.
The designation "New Kowloon" still has some legal implications, however. Because New Kowloon technically remains part of the New Territories in law, privately owned land in New Kowloon is held by way of a land lease from the Hong Kong government, and is thereby subject to rent payments.