*****************************************

Following is the translation of the speech by the Chief Executive, Mr Tung Chee Hwa, tonight (January 25) at the grand opening of Langham Place, an urban renewal project in Mong Kok:

Mr Edward Cheng, Dr Lo Ka-shui, ladies and gentlemen,

It is my pleasure to join you all here tonight at the grand opening of Langham Place. Langham Place is the largest urban renewal project of its kind hitherto in Hong Kong, jointly undertaken by the Urban Renewal Authority (URA) and Great Eagle Holdings. Congratulations on your remarkable success!

In my Policy Address this year, I stressed the importance of speeding up urban renewal which aims at improving living conditions in old districts. It can also increase employment for the construction and related industries, enhance the distinctive characteristics of different districts, create a cultural atmosphere conducive to cultural and creative industries and local community economy, and be a major force for economic growth.

Langham Place has literally realised these goals of urban renewal. Living conditions in this old district have been improved. This is where the so-called "Mong Kok Six Streets" used to be - a cluster of dilapidated buildings housing more than 6,000 people. Because of the scattered ownership, our renewal initiative was the only way for these 6,000 residents to improve their overall living conditions through cash compensation or resettlement.

It also invigorates this old district and improves the overall business environment. I understand that of the 300 shops in Langham Place shopping mall, 70% are new to Mong Kok, including many international and quality brands. Only two months since the soft operation of the mall, sales and business in the neighbourhood are on the rise. It also offers a favourable environment for our young people to start their businesses and it creates jobs. As this new vitality gathers momentum and spreads, Mong Kok is set to become a more colourful attraction for Hong Kong citizens and tourists worldwide.

Langham Place involves a total investment of more than $10 billion. Because of the site's vast area, the scattered ownership and the then inadequate legislation on urban renewal, it took a daunting 16 years to complete the whole project. The Great Eagle Group has displayed remarkable entrepreneurial perseverance. The SAR Government and the URA, committed to pressing forward urban renewal, have also gained valuable experience and will do even better in future to speed up the process.

The Urban Renewal Authority, a public body charged with a mission, has adopted a holistic strategy to rejuvenate old districts and the Government fully endorses and supports its work. We will not only speed up redevelopment but formulate plans to significantly increase the number of buildings to be rehabilitated every year. In the near future, you will see the result of these facelifts and find Hong Kong an even more beautiful home for everyone.

Thank you.

Ends/Tuesday, January 25, 2005

NNNN

News clip (Real Media/Windows Media)