Issued by Hong Kong Special Administrative Region Government Information Services
Garden Road, 5th-8th Floors, Murray Building, Hong Kong. Tel: 2842 8777
Tuesday, March 3, 1998 CONTENTS ======== 1. Transcript of media session by the Chief Secretary 2. SCA's opening remarks at Finance Committee 3. Presentation by Secretary for the Treasury 4. Joseph W P Wong accepts ATV's apology 5. Mutual Legal Assistance Unit soon comes into operation 6. National Day fireworks displays 7. Hong Kong signs air services agreement with Bahrain 8. Central allocation of primary one places 9. Early application for travel documents 10. Land Registry statistics for February released 11. Hong Kong Monetary Authority Tender Results 12. Temporary closure of visitor centre 1. Transcript of media session by the Chief Secretary ************************************************** Following is the transcript of a media session given by the Chief Secretary for Administration, Mrs Anson Chan, after attending the Executive Council meeting today (Tuesday): Mrs Chan: I want to comment on yesterday's bomb incident. Several points I wish to stress. First of all, this is a civil society and law and order is extremely important both from the Government's point of view and from the point of view of the community. And we cannot tolerate such incidents. The Police will carry out a thorough investigation. It is our hope that we can soon get to the bottom of this and ensure the culprits are brought to court. I also wish to stress that the Police have adequate resources, both manpower and other resources, to get to the bottom of this incident and to ensure the safety of the entire community. Reporter: Are you worried that this is the start of a trend? We've had the firebombs...? Mrs Chan: No, I think this is an isolated incident but it is important for us to send a clear message to the culprits that this sort of incident will not be tolerated by the Government and we will do everything we possibly can to get to the bottom of this incident. Reporter: (Question on sentencing of Harris Meyers) Mrs Chan: I was making absolutely clear that there is no, I said, no victimisation. Reports have found that Mr Meyers did infringe Government Regulations. As a senior civil servant, he does have an obligation to set a good example. He has admitted the offence in court and has received appropriate sentence from the court. Sentencing is, of course, the duty of the court and it is not a matter in which the Government will interfere. We wish to ensure that the civil service remains a clean civil service. The government regulations as regards advantages and the receiving of advantages are very very clear and there is a particular obligation on the part of senior officers to set a good example for the junior officers. There is no victimisation and absolutely no truth to an allegation in one of the overseas press that we are trying to get rid of expatriate officers. Reporter: (Follow-up question on Meyers' gratuity) Mrs Chan: We will consider within the Administration what appropriate follow-up action we need to take following the court's sentence. But we will act in accordance with well laid-out procedures and Government Regulations. Reporter: Are you worried that more stores will close in the future? Mrs Chan: Of course one can't rule out that from time to time individual businesses might decide for purely commercial reasons that it is not possible for them to continue their businesses. The important thing is that the economy should remain strong and robust and various measures announced by the Financial Secretary in his Budget will stimulate the economy and will relieve hardship on the part of the community. What we can do, through the Labour Department, is to make sure that those who wish to change job or find new employment can be put in touch with new employment opportunities. For those who wish to receive further training in order to enable them to change their occupation, then they can receive appropriate retraining. Reporter: Regarding Mr Joseph Wong.....? Mrs Chan: I think the Secretary for Education and Manpower has given a very detailed explanation on why he did not appear that particular ATV programme. Of course, we accept that as public figures, we will come in for our fair share of criticisms. But civil servants while accepting on the one hand an obligation to explain government policies and government programmes, we also hope that the media in their criticisms will adopt a balanced and objective standpoint. In this particular case, Mr Joseph Wong has made it quite clear that he accepts ATV's apology and that's the end of the matter as far as he is concerned. I very much hope that it indeed will be the case. I also want to stress one point, and that is, some newspapers have suggested that this is an interference with press freedom. I don't think that there is the remotest connection between this, a somewhat unfortunate incident, and press freedom. You all know, the Government and my own personal view on press freedom and press freedom continues to exist and continues to thrive. And that is the way we wish to see it after July 1. I repeat the point I made earlier - that is while we accept criticisms, we hope that criticisms will be fair and will be objective. And in this particular case, I hope that this is the end of the matter. End 2. SCA's opening remarks at Finance Committee ****************************************** Following is the translation of the opening remarks by the Secretary for Constitutional Affairs, Mr Michael Suen, at the Finance Committee special meeting on the 1998/99 Budget today (Tuesday). Introduction Following the establishment of the Hong Kong Special Administrative Region on 1 July 1997, the main tasks for my Bureau in 1998/99 are to ensure full and faithful implementation of the Joint Declaration and the Basic Law, to develop effective channels of communication with the Central People's Government and other Mainland authorities, and to ensure that arrangements for future elections for representative institutions are open, fair, honest and acceptable to the community. Major Tasks One of the paramount tasks for me and my colleagues is to ensure full and faithful implementation of the Basic Law. We accord high priority to promoting public awareness and understanding of the Basic Law. To step up the existing promotional efforts, we have established a Basic Law Promotion Steering Committee to provide the necessary steer on the overall programme and strategy for promoting the Basic Law and to co-ordinate the efforts of various parties concerned, both in the Government and in the community. Another area of responsibility for my Bureau is to assume an overall co-ordinating role in managing contacts between the HKSAR Government and the Office of the Commissioner of the Ministry of Foreign Affairs (MFA Office). Our interface with the MFA Office has been effective, and we will endeavour to further develop and enhance our working relations in handling HKSAR's external affairs. So far as the development of communication channels with the Central People's Government is concerned, preparatory work for the establishment of an HKSAR Office in Beijing is underway. This will further strengthen our liaison and contacts with the Mainland authorities. CAB is also responsible for conducting a review of the structure of district organizations and take forward the public consultation of this issue. Through the review, we hope to come up with a structure of district organizations which will improve administrative efficiency, ensure an effective system of public accountability, and proper allocation and use of public funds. We also hope to maintain public participation in community affairs in the exercise. An inter-departmental steering group has been set up to oversee the conduct of the review. Electoral Issues On the electoral front, our focus is the Legislative Council (LegCo) election scheduled for 24 May. Our task is to encourage as many eligible electors as possible to come out to vote, and to ensure that all the electoral arrangements are open, fair and acceptable to Hong Kong people. To achieve this, the REO will have a total allocation of $368.4 million in 1998/99 for all the preparatory work, including promotion, publicity and various practical arrangements. As regards the practical arrangements for the coming elections, the REO is actively planning and putting into place the necessary arrangements to ensure the smooth conduct of the coming elections, including the identification of polling stations, printing of poll cards and nomination forms, etc.. On publicity, we have already launched an intensive publicity campaign to urge registered voters to exercise their voting right at the coming Election Committee subsector elections on 2 April, and the LegCo election on 24 May. Honorable Members would have seen our announcements of public interest as well as posters and advertisements in prominent locations throughout the territory. Our publicity campaign will continue until the polling day for the LegCo elections on 24 May. There will be a series of publicity activities through various channels, including printed and electronic media, roving exhibitions and briefings etc. Our aim is to arouse an awareness of the coming election throughout the territory, and to urge all registered voters to cast their vote on the polling days. Through these publicity activities, we will educate the public on the functions and composition of the LegCo, as well as the general features of the elections. We will familiarize them with the electoral and polling arrangements, especially the list voting system to be introduced for the first time for Geographical Constituency election. In our campaign, we will disseminate three messages to encourage voters to vote. (1) We will emphasize that all voters only need to visit a polling station near their home to cast a vote. (2) We will demonstrate that the functions of LegCo are closely related to the everyday life of Hong Kong people and casting their vote is a fulfilment of their civic right and responsibility. (3) It is a way to realize Hong Kong people running Hong Kong. All registered voters should participate in this historic event and elect their representatives to the legislature. On 12 March, we will launch a series of roving exhibitions at major shopping arcades in the territory. These exhibitions will cover the main features of the LegCo election and the polling procedures demonstrated by videos and computer games. These roving exhibitions will be supplemented by smaller-scale mobile exhibitions at district level to reach a wider audience. Publicity will also be made through announcement of public interests on television and radio, advertisements in newspapers, posters, leaflets and special TV and radio programmes. We have already held a number of targetted briefings for representative organizations in different subsectors to explain the detailed arrangements for the EC subsector elections in April and the LegCo election in May. The nomination period for the EC subsector elections will start next Friday (13 March). To enable voters to know more about the subsector candidates, the REO will send introductory leaflets on the candidates to all voters, and put the candidates' information on the Internet. Each candidate will also be allowed one round of free mailing to his or her voters. After the EC subsector elections on April 2, we will enhance our publicity on the LegCo elections on May 24, to build up the atmosphere and further heighten public awareness of the polling day. In particular, the RTHK will produce various television and radio programmes such as election fora and platforms as well as documentary programmes. As in the case of EC subsector elections, the REO will send introductory leaflets on candidates to voters, and put candidates' information on the Internet. Each candidate will be given two rounds of free mailing to his or her voters. We will also publish an "Election Special" to introduce all candidates and polling procedures. The publicity activities and practical arrangements I have just mentioned require additional manpower and resources. These are budgeted for in the allocation of $368.4 million for the REO in the estimates. End 3. Presentation by Secretary for the Treasury ****************************************** Following is a presentation by the Secretary for the Treasury, Mr K C Kwong, at the Special Meeting of the Finance Committee of the Provisional Legislative Council today (Tuesday): Mr Chairman, I would like to begin by introducing the ten Controlling Officers who are appearing with me before this Committee - - Mr H S Wong, the Commissioner of Inland Revenue, - Mr Brian Dagnall, the Director of Accounting Services, - Mr Barry Woodroffe, the Commissioner of Rating and Valuation, - Mr S F Li, the Commissioner of Customs and Excise, - Mr Nigel Shipman, the Director of Government Supplies, - Mr K H Lau, the Director of Information Technology Services, - Mr Albert Lai, the Government Property Administrator, - Mr S H Pau, the Director of Architectural Services, - Mr Benjamin Tang, the new Government Printer, and - Mr P B Walker, the Government Land Transport Administrator. Under Finance Bureau's policy responsibilities, I would like to highlight four areas for Members's information. These are - - Target-based Management - Profits Tax Review - Revenue Protection - Optimisation of the Development of Government, Institution and Community (GIC) Sites Target-based Management On October 11, 1997, I briefed the Financial Affairs Panel on this initiative announced in the 1997 Policy Address. The objective of Target-based Management is to ensure that the Government manages for results by results. To achieve this, we are working to - - Shift the focus to results : We have adopted this approach in the four Strategic Policy Objectives (SPO) of Better Housing, Care for the Elderly, Quality Education and Business and Industrial Development. This is reflected in the booklets produced for these SPOs in support of the Policy Address last October. In the past few months, we have been working closely with the relevant bureaux to define more precisely the output targets and performance measures; - Focus resources on key priorities : expenditure proposals in the 1998-99 Budget reflect the priority we attach to the CE's selected strategic objectives Housing (+52 per cent in total public spending), Care for the Elderly (+16.3 per cent in recurrent spending), Quality Education (+6.3 per cent in recurrent spending and within it, over 9 per cent growth for basic education), Infrastructural development (some $230 billion over the medium range forecast period). We aim to integrate further the annual resource allocation exercise with the determination of strategic policy objectives; - Manage delivery across traditional organisational boundaries: the SPO approach is bringing together different bureaux and departments responsible for delivering the results. For example, a number of bureaux and departments are pulling together to ensure that we produce sufficient land, supported by the necessary infrastructure, for the delivery of the housing targets; - Clarify responsibilities and relationships between Policy Bureaux and Departments: we are working towards assigning a lead policy secretary for each policy objective. He or she will have to monitor the outputs of the delivery departments and other agents and seek, on their behalf, additional resources required to achieve the results; - Raise level of Performance Review: we are developing management information systems to support the output and performance reviews. Our intention is that the management information system would build on a shared core of data, reduce duplication in reporting requirements and make the best use of IT support. We have already developed a Housing Monitoring Information System for monitoring all housing sites intended for meeting the flat production targets. We will draw on experience with the SPOs to roll out Target-based Management to other policy areas. Profits Tax Review In the 1997-98 Budget, the Financial Secretary undertook to conduct a comprehensive review of profits tax to examine whether we can make our taxation system and business environment more competitive. A report on the review was published with the Budget Speech. As a result of the review, - the Financial Secretary announced a wide range of proposals in the 1998-99 Budget. These include a reduction of corporate profits tax rate from 16.5 per cent to 16 per cent, various tax allowances, deductions, concessions and relief. The total cost to revenue of the entire profits tax review package is $1.6 billion in 1998-99 and $19.9 billion up to 2001-02. The package will serve the objective of making our taxation system and business environment more competitive. It is also fully consistent with our policy of maintaining a low, simple and predictable tax regime; - we intend to implement all the proposals in the package with effect from 1 April 1998. Most of them require legislative amendments. We gazetted a bill to amend the Inland Revenue Ordinance for this purpose on 27 February. The bill will be introduced into this Council on 4 March. I hope Members will give the bill favourable consideration; - we have entered into an arrangement with the Mainland tax authorities for the avoidance of double taxation between the Mainland and Hong Kong on income covering shipping, aviation, land transport, permanent establishments, services and personal taxation, etc. The arrangement, in the form of a Memorandum, was signed between the State Administration of Taxation of the Mainland and the Finance Bureau on February 11, 1998; - we estimate that we would forgo revenue of $15 million per year under the arrangement, based on the position in 1996-97. However, we should be able to derive much greater economic benefits from the arrangement which will lower the tax liability of Hong Kong residents working and enterprises operating on the Mainland, and will establish a sound foundation for further cooperation between the Mainland and Hong Kong on economic and trade matters in future; - the Chief Executive in Council has declared by order, under Section 49 of the Inland Revenue Ordinance, that the arrangement with the Mainland should take effect on April 1. The order was gazetted on February 27. It will be tabled in this Council for Members' scrutiny on March 4. Revenue Protection There have been concerns that the proposed adjustment of duties on fuel will encourage illicit use of marked oil and smuggling of diesel oil. We have - earmarked additional resources in 1998-99 for the Customs and Excise Department to strengthen its investigative capability and prosecution work against such offences; and - introduced more effective measures in the enforcement against illicit use of marked oil e.g. since December 1996 we have introduced fingerprinting of the offenders and forfeiture of vehicles. The Customs and Excise Department is exploring additional enforcement measures against the use of smuggled diesel oil. For example, it will consult the Government Chemist, private research laboratories and local oil companies to examine the feasibility of using chemical reagents to help in distinguishing smuggled diesel oil from duty-paid diesel oil. This will facilitate the checking of road vehicles by field officers and thus deter vehicle drivers from using smuggled diesel oil. Optimisation of the Development of Government, Institution and Community (GIC) Sites The Government Property Agency (GPA) has been working closely with concerned departments, with a view to coordinating joint-user developments for GIC sites and releasing surplus sites for other purposes wherever possible. A Property Strategy Group has been set up under Finance Bureau to oversee the progress of work in this area. The joint efforts of various departments have begun to bear fruit. Let me give a few examples - - GPA has so far identified nine under-developed government quarters sites, with a total area of about 35 ha, which are suitable for redevelopment. Two of these sites (35 - 37 Cloudview Road and Tudor Court at 83 Broadcast Drive) will be released for sale in 1998-99 and 1999-2000 respectively, and the remaining seven sites scheduled for disposal in the following years. Utilisation of the maximum development potential of these nine sites could generate an additional 300,000 sq.m. gross floor area; - GPA has recently conducted a review of the government offices building programme. Our preliminary conclusion is that with better planning and optimal use of the sites, our projected office accommodation requirements could be met with two fewer sites, thus releasing two such sites for other uses; - GPA has been working with Home Affairs Department (HAD) to review the utilisation of the 67 sites reserved for community halls/community centres. HAD has now agreed to release 16 sites, with a total area of about 4 ha, to meet other more pressing needs of the community, including housing. For the remaining 51 sites which will be considered for community halls/community centres, 18 so far have been identified for developments which will incorporate other compatible GIC facilities in order to fully utilise the sites concerned; and - GPA is now discussing with Health Department on some under-utilised clinic sites to see how best we can further improve the site utilisation, while at the same time bringing the clinic facilities to present day standards. With additional resources provided to the Government Property Agency, we would step up our efforts in optimisation of site utilisation in 1998-99. Concluding Remarks Mr Chairman, I have concluded my opening remarks. My colleagues and I will be pleased to answer Members'squestions. End 4. Joseph W P Wong accepts ATV's apology ************************************* The Secretary for Education and Manpower, Mr Joseph W P Wong, said today (Tuesday) that he had accepted the apology of Asia Television Limited (ATV) over the remarks made on him in the ATV programme "Hong Kong Affairs" last Monday (February 23) and would not pursue the matter further. End 5. Mutual Legal Assistance Unit soon comes into operation ****************************************************** A Mutual Legal Assistance (MLA) Unit will become operative shortly within the Department of Justice to demonstrate full commitment to meeting the challenge of international legal co-operation, Law Officer (International Law), Mr David Little said today (Tuesday). Noting that the kind of a legal system is always a prime concern of overseas business partners when considering Hong Kong as a potential partner or potential venue for investment, Mr Little said Hong Kong offers as good a legal system as any in the region. "In order to keep that reputation, and indeed in order to enhance it, we have to equip our law enforcement authorities to be as fully effective as possible. The MLA Unit will play an important part in that task," he said. Speaking at a Rotary Club luncheon, Mr Little said the rationale behind the establishment of such a Unit is to set up a central point in the HKSAR to process incoming and outgoing requests for mutual legal assistance. "The MLA Unit will be able to improve co-ordination and effectiveness in Hong Kong's handling of international legal co-operation. It will in turn improve Hong Kong's prospects of receiving assistance in the investigation and prosecution of crime here," he said. The unit, which will be a part of the International Law Division, will initially be responsible for work relating to: *the surrender of fugitive offenders; *assistance in the investigation and prosecution of crime (including the restraining and confiscation of the proceeds of crime); and *the transfer of prisoners. Mr Little pointed out that the "one country, two systems" concept has given Hong Kong a unique status, particularly its own identity in the conclusion of international legal arrangements. To date, agreements on the surrender of fugitive offenders have been signed with the Netherlands, Canada, Australia, the USA, the Philippines, Malaysia, Indonesia, India, the United Kingdom and Singapore. Negotiations with other jurisdictions are being conducted. In addition, agreements in relation to the reciprocal provision of legal assistance in criminal matters have been signed with Australia, France, the USA and the UK, and others are ready to be signed or are under negotiation. Mr Little said that apart from legal co-operation arrangements, the Basic Law also authorises the Hong Kong SAR to enter into binding international agreements with foreign States and international organisations in various fields including economic, trade, financial and monetary, shipping, communications, tourism, cultural and sport. At present, over 200 multilateral treaties have been extended to Hong Kong as a Special Administrative Region of China and 40 per cent of these treaties do not apply in the rest of China. "All of them are important to Hong Kong and play a vital role in facilitating its legal and commercial links with the international community," Mr Little said. Hong Kong has also signed with foreign States about 50 agreements on air services, investment protection and promotion, the surrender of fugitive offenders, mutual legal assistance, and the transfer of sentenced persons. "Negotiations on the above subjects are continuing with other governments and Hong Kong is looking at the possibility of concluding agreements on other subjects too," he added. Meanwhile, Hong Kong continues to participate in a number of international organisations including the World Trade Organisation, the Asian Development Bank, the World Health Organisation, the World Customs Organisation and the International Maritime Organisation. End 6. National Day fireworks displays ******************************* The Government announced today (Tuesday) that the Chief Executive in Council had approved the staging of fireworks display on National Day (October 1) on an annual basis. Fireworks display has been held each year in the Harbour during the Lunar New Year since 1982. Following the successful organization of the fireworks display on October 1, 1997, the first National Day after Hong Kong's reunification with China, the public is expected to welcome an annual display to celebrate National Day in addition to the traditional Lunar New Year fireworks. In order to ensure that the relevant government departments have sufficient time to plan the arrangements for the National Day fireworks display, the deadline for making applications to sponsor the National Day display this year will be May 31, 1998. Interested parties are now invited to apply to sponsor the fireworks display on October 1, 1998 by contacting the Broadcasting, Culture and Sport Bureau on telephone number 2594 5657 or 2594 5659. End 7. Hong Kong signs air services agreement with Bahrain *************************************************** The Hong Kong Special Administrative Region today (Tuesday) signed an air services agreement with the State of Bahrain. The Secretary for Economic Services, Mr Stephen Ip, signed the agreement on behalf of the HKSAR Government while the Minister of Transportation of Bahrain, Mr Ali Bin Khalifa Al Khalifa, signed on behalf of the Government of the State of Bahrain. Speaking at the signing ceremony, Mr Ip said: "Bahrain and Hong Kong have long enjoyed a cordial bilateral relationship. Our air links dated back to more than two decades ago." The agreement signed today opened a new page in the aviation relationship between Hong Kong and Bahrain. It provided a legal framework for the further expansion of the air links. "With the very positive support from the Central People's Government and acting under its authorisations, the HKSAR Government is going to conclude more air services agreements in the near future," he said. Mr Ip pointed out that the establishment of an extensive network of air services agreements was very important for the development of Hong Kong's economic relations with the rest of the world and the maintenance of Hong Kong's status as a centre of international and regional aviation. Cathay Pacific and Gulf Air respectively operate four and three return services per week between Hong Kong and Bahrain respectively, carrying almost 60,000 passengers in 1997. To meet the traffic demand, Cathay Pacific will shortly introduce an additional weekly service to Bahrain. The HKSAR/Bahrain agreement, which enters into force today, is the twenty-fourth air services agreement signed by Hong Kong. Hong Kong has signed similar agreements with the Netherlands, Switzerland, Canada, Brunei, France, New Zealand, Malaysia, Brazil, Sri Lanka, Australia, Germany, Korea, Singapore, Italy, India, Japan, Myanmar, Thailand, USA, the Philippines, Indonesia, UK and Pakistan. End 8. Central allocation of primary one places **************************************** All children who have applied for a public-sector primary one place but have not secured a discretionary place will be allocated a government or aided primary school place for entry in September 1998 by the Education Department through Central Allocation. Parents will receive a letter from the department's School Places Allocation Section (SPAS) requesting them to collect a "Choice of Schools" Form and a list of all government and aided primary schools in their home school net from a specified Distribution/Collection Centre. The centres will operate on March 7 (Saturday) and March 8 (Sunday) from 9.30 am to 12.30 pm and 1.30 pm to 4.30 pm. They will remain open during the specified time on Sunday (March 8). Completed forms should be returned to the same centre within the specified period. Parents are reminded that if they do not receive the letter from the department by March 6 (Friday), they should contact the SPAS on 2832 7700 immediately. The Central Allocation of primary one places is based on parental choices with no reference to the "Points System". However, when a school is oversubscribed, random numbers will be generated by computer to decide the order of priority in allocating places of the school. This is to ensure fairness to all applicants. Parents who have moved house recently or are planning to move house in the near future are required to inform the SPAS so that arrangements can be made to allocate a place to their children in their new home school net. Results of the Central Allocation will be released in early June this year and details of arrangement will be announced later. Parents are welcome to make use of the department's automatic telephone enquiry service on 2891 0088 for the latest information on Central Allocation. End 9. Early application for travel documents ************************************** Anyone intending to travel abroad during the Easter holiday are reminded to apply for travel document as early as possible. A spokesperson for the Immigration Department said,"The number of people travelling abroad may greatly increase during this time of the year. In order to avoid last minute rush, people are advised to apply for Hong Kong Special Administrative Region (HKSAR) passports well in advance of their trips." Under the present arrangement, applications for HKSAR passports can be submitted to the Immigration Department by post or being deposited into the drop-in boxes installed at the Immigration Headquarters or at any immigration branch offices. The Immigration Department has acquired additional equipment and deployed more staff to handle and shorten the processing time of passport applications. Normal processing time for the HKSAR passport is now 15 working days (excluding Saturday, Sunday and general holidays) irrespective of any actual possession or the validity of any other travel documents held by the applicants. Applicants who have urgent travel needs may request early issue of the HKSAR passport and each case will be considered on its own individual merits. Up to the end of February, a total of 45 countries have agreed to grant visa free access to HKSAR passport holders. These countries include the 10 most favourite travel destinations for Hong Kong residents. "Other than applications for Hong Kong travel documents, applications for identity cards and other Registration of Persons services may also on high demand during this time of the year. To avoid congestion, applicants are also requested to submit their applications before school holidays and public holidays. Furthermore, applicants are encouraged to make use of the Automated Telephone Appointment Booking System which is operating 24 hours a day. The telephone number is 2598 0888," the spokesperson added. Information leaflets on application procedures and documents required are issued together with application forms which are available at the Immigration Headquarters and all Immigration branch offices. For enquiry, members of the public may contact Immigration Department at telephone number 2824 6111, by fax 2877 7711 or through the Internet http://www.info.gov.hk/immd/. End 10. Land Registry statistics for February released ********************************************** The Land Registry received 4,647 sale and purchase agreements on residential and non-residential units last month (February). The figure represented a decrease of 37.7 per cent from the previous month and 72.6 per cent from February last year. The total consideration of these agreements was $16.8 billion, down 44.9 per cent and 77.1 per cent respectively when compared with the amounts in January 1998 and February last year. The figures are contained in the monthly statistics released today (Tuesday) by the Land Registry on deeds relating to property transactions received for registration in the Urban and New Territories Land Registries in February 1998. Relevant statistics for January 1998 and February 1997 are provided for comparison. Figures on sale and purchase agreements received for the past 12 months and the year-on-year rate of change are also released. These statistics generally relate to land transactions executed up to four weeks prior to their submission for registration as there is usually a time lag between the execution of deeds and their lodgement for registration. End 11. Hong Kong Monetary Authority Tender Results ******************************************* Tender date : 3 March 1998 Paper on offer : EF Bills Issue number : Q172 Issue date : 4 March 1998 Maturity date : 1 April 1998 Amount applied : HK$15,924 MN Amount allotted : HK$5,000 MN Average yield accepted : 5.47 PCT Highest yield accepted : 5.53 PCT Pro rata ratio : About 14 PCT Average tender yield : 5.62 PCT * * * * * * * Tender date : 3 March 1998 Paper on offer : EF Bills Issue number : Q809 Issue date : 4 March 1998 Maturity date : 3 June 1998 Amount applied : HK$9,695 MN Amount allotted : HK$2,000 MN Average yield accepted : 6.30 PCT Highest yield accepted : 6.34 PCT Pro rata ratio : About 43 PCT Average tender yield : 6.46 PCT Hong Kong Monetary Authority **************************** Tender to be held in the week beginning - 9 March 98 : Tender date : 10 March 1998 Paper on offer : EF Bills Issue number : Q810 Issue date : 11 March 1998 Maturity date : 10 June 1998 Tenor : 91 Days Amount on offer : HK$2,000 + 500 MN * * * * * * * Tender date : 10 March 1998 Paper on offer : EF Bills Issue number : H859 Issue date : 11 March 1998 Maturity date : 9 September 1998 Tenor : 182 Days Amount on offer : HK$1,000 + 300 MN End 12. Temporary closure of visitor centre *********************************** The Tai Mo Shan Country Park Visitor Centre will be temporarily closed for maintenance starting from tomorrow (Wednesday). An Agriculture and Fisheries Department (AFD) spokesman said that maintenance work will take about three weeks to complete. He noted that during the closure of the centre, members of the public could still obtain useful information on country parks from the Country and Marine Parks homepage (http://www.afdparks.gov.hk), facsimile hotline 2485 3250/2733 2300 or call AFD's Country Park Ranger Service Division on 2422 4164. The spokesman added that parks visitors could also make use of the other six visitor centres in the territory. These include visitor centres located at country parks in Aberdeen, Sai Kung, Clear Water Bay, Shing Mun and Plover Cove, as well as the Lions Nature Education Centre in Tsiu Hang, Sai Kung. All these centres are open to the public daily between 9.30 am and 4.30 pm, except Tuesday. End
