Page "Kwantung Leased Territory" Paragraph 12

After the foundation of Japanese-controlled Manchukuo in 1932, Japan regarded the sovereignty of the leased territory as transferred from China to Manchukuo.

A new lease agreement was contracted between Japan and the government of Manchukuo, and Japan transferred the South Manchurian Railway Zone to Manchukuo.

However, Japan retained the Kwantung Leased Territory as a territory apart from the nominally-independent Manchukuo until its surrender at the end of World War II in 1945.