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1. MTR digs deep for new West Island service

2. Developers seek a new look for antiques district

3. Paliburg returns to the black with quest for new land

1. MTR digs deep for new West Island service
ANITA LAM, SCMP 16 September 2005

University of Hong Kong students will ride the city's deepest elevators - running 100 metres, or 30 storeys, underground - to get to class by MTR when the West Island Line station serving the Pokfulam campus opens in 2012.

"We will ensure there are sufficient lifts and they are big and fast enough to keep waiting times to a minimum," MTR senior co-ordinating engineer Tang Pak-hung said.

The MTR Corporation is launching a series of exhibitions about the line and begins consultations with the public next week.

MTR spokeswoman Miranda Leung Chan Chi-ming said: "We want to minimise residents' objections, which could take a long time to resolve. We hope to reach a compromise on issues such as the number of exits and the names of the stations early on, so we keep to our schedule."

The 3km route will have stations at University, Sai Ying Pun and Kennedy Town. The proposed names for the stations - University, Belchers Garden and Shek Tong Tsui - have already sparked debate.

"Foreigners may not like the station to be named Belchers, as it sounds like everyone belches there," Mr Tang said. Meanwhile, councillors want the stations named after their districts.

The line will have a capacity of 20,000 passengers per hour, well short of the 85,000-an-hour maximum on the Island Line. It is expected to cut the travel time between Sheung Wan and Kennedy Town by more than half.

Journeys which now take from 15 to 25 minutes will be completed in just seven minutes. The project has been approved by the Executive Council and the MTR Corp hopes to secure government subsidies for construction soon.

"We will recover half of our $6 billion to $7 billion costs from fares, so we expect the government to shoulder the other half," Mrs Leung said.

She said there were many options for subsidising the project.

"They could either do this by providing a direct cash injection or by developing the property directly above the new stations," she said.

Mrs Leung said the MTR Corp had to await a review of tourism and commercial development in the Southern District and the redevelopment of Ocean Park before it could consider further the proposed South Island Line.

2. Developers seek a new look for antiques district
PAGGIE LEUNG, SCMP 16 September 2005

An artist's impression of Man Mo Temple after Hollywood Road's revamp

Property developers and more than 100 antique-shop owners are proposing a series of landscape enhancements for Hollywood Road and its surroundings, aiming to boost tourism and improve the area's living environment.

The proposal, which would cost almost $10 million, includes tree planting, extension of pavements, repaving and introduction of railings, bollards, banners and planters in selected parts of Hollywood Road and nearby streets.

The three-phase plan also covers sections of Lyndhurst Terrace, Ladder Street, Upper Lascar Row, Tank Lane and Bridges Street,- where part of the historical Sun Yat-sen Trail is located.

Thomas Lam Tat-man, deputy general manager of the sales department at Henderson Land Development, one of the developers involved, said the company had heard complaints about Hollywood Road and hoped the improvements would help attract more tourists.

"It doesn't require a lot of money to improve Hollywood Road and it's cost effective," he said, adding that the project would also pay tribute to next year's 140th birthday of revolutionary leader Sun Yat-sen, who was active in the area 100 years ago.
International labels including Chanel, Cartier, Salvatore Ferragamo and Burberry also supported the plan, Mr Lam said.

He did not rule out the possibility that these labels might fund the project, and said a committee involving different parties might be formed at a later stage to oversee it.

"We have had meetings with the government and we are now waiting for a detailed reply," he said.

Hollywood Road antique-shop owner Victor Choi said that although the government had made some improvements, including repaving and adding street signs and railings in the eastern part of Hollywood Road, the street still lacked artistic style and needed further improvements.

He said it was good that Henderson Land, which had a residential project at 108 Hollywood Road, was willing to contribute to the project.

But Central and Western district councilor Kam Nai-wai feared that further construction work in the area would jeopardise the business of the nearby shops.

"There have been many complaints about road construction in the area in recent years," he said. "We, indeed, are requesting the government to stop digging up the road in the coming five years."

He also doubted whether it was feasible to plant trees near the Man Mo Temple, as similar plans had been abandoned because of underground wires and pipes.

"I welcome suggestions about `software' measures, such as organising activities, to promote the Hollywood Road," Mr Kam said. "Henderson Land [and involved parties] should reveal more details to the public for discussion."

Karen Lee Ka-man, who has lived on Lok Ku Road, near Hollywood Road west, for more than 13 years, welcomed any green plans but opposed construction work.

She pointed out that the government finished road improvement works near her home a year ago, and expressed concern that any construction scheme would bring disturbances.

"I guess tourists don't like to see some really beautifully mended things. That would be too artificial and lose the original colours of the place," Ms Lee said.

"Maybe more promotion work can be done instead to attract tourists,'' she said.

3. Paliburg returns to the black with quest for new land
ERNEST KONG, SCMP 16 September 2005

Paliburg Holdings says it is back in the property game after emerging from a sea of debt last year and is looking to replenish its land bank for new residential projects.

Chairman Lo Yuk-sui said the firm was focusing on new projects in developed mainland cities, which could provide a profit margin of more than 30 per cent.

"Cities that we are looking at include Beijing, Shanghai, Shenzhen and Hangzhou," Mr Lo said, adding most of the projects targeted were residential.

"We are also keeping an eye on available sites in Hong Kong but the competition here is very intense and the prices are quite hefty."

He also said the firm was not interested in acquiring established investment properties.

Mr Lo said the firm was still negotiating with mainland partners to raise its holding in the 4.6 million square foot hotel-office development in Chaoyang, Beijing's core business district, to more than 50 per cent.

Paliburg and associate firm Regal Hotels International jointly hold 23 per cent of the project, which has been suspended since they and parent Century City International Holdings first ran into financial difficulties in 1998 with combined losses of $9.98 billion - the biggest loss announced by a publicly listed group in Hong Kong at the time.

"We are now planning to add another four-star hotel to the Chaoyang project," Mr Lo said, adding the hotel would cost "a few hundred million dollars".

The site formation work for a 900,000 sqft residential project in Ap Lei Chau, in which the company held a 30 per cent stake, would start shortly as the basic terms and the land premium amount for the leased modification had been agreed and finalised with the government, he said.

Asked how Paliburg would finance its forthcoming projects, Mr Lo said: "We have about $100 million cash on hand

The company yesterday reported a net profit of $144.1 million for the six months to June, up 281.2 per cent from the same period last year, mainly driven by Regal, which had contributed a profit of $135.6 million in the period.

Earnings per share increased to two cents, up from 0.83 cent.

At the height of the group's financial problems, it struggled with about $14.8 billion in debt, forcing the sale of most of its assets.

In October last year, Mr Lo agreed to a $1.79 billion debt restructuring programme with creditors, leaving the Century City group almost debt-free.

Meanwhile, Century City, which holds a 55 per cent stake in Paliburg, has returned to the black and reported a net profit of $72.3 million for the six months to June, recovering from a loss of $51.9 million in the corresponding period last year.

Earnings per share for the period were 0.51 cent compared with a loss of 0.96 cent a year earlier.

Neither Paliburg nor Century City declared an interim dividend.

"I hope we can declare a dividend in our full-year result," Mr Lo said.

The chairman also said he would not rule out the possibility of increasing his stake in Century City in the medium to long term.