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Historically it marked the boundary between the southern part of Kowloon, ceded by Qing China to Great Britain in 1860, and the northern part of Kowloon ( New Kowloon), which remained part of China until it was leased as part of the New Territories to Great Britain in 1898 for 99 years.
In modern day conversations, however, New Kowloon is often not regarded as part of the New Territories, but as an integral part of the Kowloon urban area on both sides of Boundary Street.
On July 1, 1997, the territories on both sides of Boundary Street were returned to China, along with the rest of Hong Kong.