Following are the remarks by the Chief Executive, Mr John Lee, at a media session before the Executive Council meeting today (March 17):

Reporter: Good morning. Your administration has placed significant focus on exploring business opportunities in the Middle East amid geopolitical tensions. But is it still the right course of action when the recent conflict in the region reflects the risks there? How has the conflict affected the Government's plan, and does the Government have any response for measures for the global surge in fuel prices? What is the latest progress for engagement work on Wang Fuk Court’s resettlement plan? What's the proportion of residents who have made their decision? Which option are they inclined to choose, and how many of Wang Chi House owners are inclined to sell their ownership? Thank you.

Chief Executive: The conflict in the Middle East has posed both risks and opportunities to Hong Kong. It is a region which is developing fast economically. That is why I have been working hard to open the market in the Middle East, and I have visited four countries during my term of office so far, and the visits have been successful, resulting in a lot of contracts being signed, a lot of co-operation work has already started, and also a lot of investment capital to and fro both places. The conflicts now in the Middle East actually highlight the strengths of Hong Kong, and also, I think, will create new opportunities for us, because while development is an important consideration when investment is considered, what is even more important is stability, security, and also what in the long term a market will create for the investors. For stability, security, I think Hong Kong is a showcase to the world, that under "one country, two systems", Hong Kong will be very safe, which will be a big contrast to the situation of the Middle East. So investors and businesses looking for diversification at the same time looking for security of the investment will definitely look to Hong Kong. Hong Kong has an added strength because we are connected to both the Mainland market and the international market. So when investors think of where to invest, other than ensuring that their money will be safe, Hong Kong will also ensure that they have vast opportunities. And in my description about the 15th Five-Year Plan, you can see that China, our country, is a big market with profound opportunities for everybody, and you can see so many countries knocking on the door of China. So we'll continue our relations with the governments in the Middle East, and I think it will only add to the gains and the attractions of Hong Kong. There are, of course, risks, because the conflict is creating disruption to the supply of oil. The Strait of Hormuz is disrupted in regard to ships shipping oil to different parts of the world. And a lot of the supply actually will be received in this region, Asia. So we will be seeing shocks and volatility. 

     In regard to the supply of oil, because of the disruption of supply, oil prices have gone up. We will, of course, take action to try to mitigate the risks. So what the Government is working on is, first of all, ensuring that there will be a stable energy supply. And we also want to ensure that transparency of information relating to supply and energy prices will be enhanced, and the Government will continue to monitor price fluctuations as well as the reasonableness and need of price adjustments. And we will also remind service providers of their social responsibility. Obviously, disruption in oil supply affects different parts of the world, Hong Kong included. So all cities and all governments are working to mitigate the risk. It is something we will have to let people know that we should be paying attention together to be alert, so that we can all work to overcome the challenges. One thing we do to ensure safer supply is making suppliers aware of the risk to ensure that they will have contingency plans. First of all, they should work on ensuring alternative supplies, if it is possible. The second thing is ensuring that they have enough stockpiles. And for electricity production, it is also very important to prepare to adjust the fuel mix so that the proportion of natural gas, coal and nuclear power can be adjusted readily in view of the changing situation. The government departments and authorities under the Government are already in position. For example, under the Commerce and Economic Development Bureau, we have the Competition Commission and the Consumer Council in position, ready to deal with the changing situation. The Competition Commission will monitor the market situation where there is any possible indication of malpractice, such as unfair competition or manipulation of prices, then they will exercise their power to demand information or even ask responsible people to come to the inquiry. The Consumer Council has also made appeals to suppliers so that they will bear in mind people's affordability and also social responsibility. The Government has also been in touch with local airlines, and also will be meeting petrol fuel suppliers so as to ensure that they will know their social responsibility and also provide more updated and early information about supply, about prices, and that is important so as to let people know more about potential changes. So transparency is important.

     Regarding Wang Fuk Court, we have done quite a number of things. First of all, we have already rolled out a plan about long-term accommodation, and we have a team of over 100 people to talk to the different families so as to explain and let them choose their option. We will give them sufficient time. And so far, they have been working for over two weeks, and the feedback in some way aligned with our expectations. And I also know that there will be strong demand for the residents to go back to look at their houses. We are working on this. We want to ensure that this can be done early. The Deputy Chief Secretary for Administration, Warner (Mr Cheuk Wing-hing), is working hard on the plan so to ensure it will be done safely and orderly, because a lot of units have been burned very seriously, have structural problems, including ceiling, walls, beams, some have no windows or doors, and the floor is full of debris. So we have to ensure that the number of people that will be allowed to go up and down the staircase, it will be done safely and orderly. And also any support that we need to render to the families when they return to their flats, including help to maybe, people who are of old age, when they have to walk up and down the staircases, then assistance will be required, support for taking care of their personal belongings in big quantity. We need to make arrangements, and there is no lift, no electricity and no water supply. So it is a very difficult scene, and we have to ensure that it will be done properly. We hope to be able to announce our plan this month so that in April, the residents of Wang Fuk Court can go back to their houses to take back their belongings. 

     And as regards to Wang Chi House, there have been indications that a lot of the families want the Government to also allow them to consider taking up the plan in the same way as the other seven buildings, but there are also residents of Wang Chi House who want to go back. After all, Wang Chi House hasn't been burned, so in that way, we have to respect the decisions of the families. While we will not proactively include them into our plan, which have been rolled out for the seven buildings, we have also indicated, if there is a great consensus that the residents of Wang Chi House be included in the government plan, we may consider it and we can then talk to the residents. The "engagement team" will be working on all these things so as to find out the position.

(Please also refer to the Chinese portion of the remarks.)

Ends/Tuesday, March 17, 2026
Issued at HKT 15:01

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