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handy "jump links" to quickly access the news item
you're looking
for. 1.
Asbestos Abatement in North Point Estate Safe 2.
Submission for pre-qualification of tenderers for Tamar
closes today 3.
Contract for construction of the Sha Tin Heights Tunnel
awarded 4.
Temples in Fanling and Sai Kung gazetted as historical
buildings 5.
Housing prices up to market to decide: Suen 6.
Eight groups vie for $4.9b Tamar contract 7.
Decision on the bridge called for The private sector
expertise in that area is staggering. Let Hutchison, Wharf, Hopewell, Swire and
the likes take the lead instead of dithering over another consultancy report 8.
Measures to boost prices lift property counters 9.
Results will take time, says Suen 10.
Financial chief assures no new levies are needed 11.
Strong medicine is right remedy, says Stanley Ho
1. Asbestos Abatement in North Point Estate Safe
Hong
Kong Government, 15 November 2002 In
response to media reports today (November 15) concerning the asbestos abatement
works in North Point Estate, the Business Director/Development of the Housing
Department, Mr Vincent Tong assured that required procedures would be strictly
followed to ensure that there would be no health hazards to the workers and residents
in the neighbourhood. "A
full list of requirements in accordance with those of the Environmental Protection
Department (EPD) has been spelt out in the contracts granted to the demolition
contractors of the estate. It includes hiring EPD-registered asbestos abatement
specialist and commissioning an independent consultant to carry out investigation
and survey, and submitting detailed work proposal," Mr. Tong said. While
the work proposal has been submitted to the EPD, demolition works would only commence
after approval has been secured, he said. "Though
the survey report prepared by the independent consultant indicated that most of
the asbestos materials in North Point Estate were found inside sealed places like
electricity meter rooms and pipe ducts, meaning that they are relatively easy
to handle, we nevertheless will monitor closely the work of the contractor, "
Mr. Tong stressed. Safety
measures proposed by the contractor include: conducting a detailed survey on areas
covered by the abatement work, sealing off the areas, use of protective gear by
workers and proper disposal of materials. Mr.
Tong said the Department has been very concerned with safety in building demolition,
the handling of asbestos in particular. Record
of asbestos materials in all estates are updated regularly, and are available
for public viewing he said. The Department will maintain a close dialogue with
the Eastern District Council on the demolition project and keep them posted of
its progress.
2. Submission for pre-qualification of tenderers for Tamar closes today
Hong
Kong Government, 15 November 2002 The
Government has received a total of eight applications after the invitation for
submissions for pre-qualification of tenderers for the Tamar development project
closed at noon today (November 15). "The
Special Selection Board chaired by the Chief Secretary for Administration will
select no more than five applicants before the end of this year," a Government
spokesman said. "The
shortlisted applicants will be invited to tender for the design and build contract
for the project in the second quarter next year," he added. The
Tamar development project covers the design and construction of a new Central
Government Complex, Legislative Council Complex, Exhibition Gallery, Civic Place,
associated carparking spaces and pedestrian footbridges at the Tamar site. The
Government aims to complete the project in 2007.
3. Contract for construction of the Sha Tin Heights Tunnel awarded
Hong
Kong Government, 15 November 2002 The
Territory Development Department today (November 15) awarded a $1,074 million
contract for the construction of the Sha Tin Heights Tunnel and Approaches of
Route 9. The
new road is part of the section of Route 9 between Cheung Sha Wan and Sha Tin.
Upon completion in mid 2007, this section of Route 9 will provide a direct connection
with shorter travel time between Sha Tin and west Kowloon and will help alleviate
the existing traffic congestion at Lion Rock Tunnel, Tate's Cairn Tunnel and Tai
Po Road. Works
under the contract mainly include the site formation for a toll plaza with an
area of about 5.6 ha at the valley of Sha Tin Heights, the construction of a 1-km
long dual three-lane tunnel under the Sha Tin Heights and a 0.6-km long dual two-lane
tunnel approach road in Tai Wai. The
contract will also include the construction of two slip road viaducts with a total
length of approximately 1 km connecting to Che Kung Miu Road. Associated drainage
and slope works as well as landscape works will also be carried out. Under
the contract, extensive noise mitigation works including an approximately 460-m
long full enclosure and 2.3-km long cantilever and vertical noise barriers ranging
from 3 to 5.5 metres high will be built. A
stringent environmental monitoring and audit programme will be introduced to control
the environmental impact arising from the construction works. The
contract was signed today between the Director of Territory Development, Mr Wong
Hung-kin and representatives from the contractor, China State - China Railway
Joint Venture. The
first section of Route 9 comprising the North Lantau Highway and Lantau Link from
Chek Lap Kok to north Tsing Yi was completed in 1997. Construction of the remaining
section of Route 9 between Tsing Yi and Cheung Sha Wan has also commenced. The
entire Route 9 between Chek Lap Kok and Sha Tin is scheduled to open by end of
2007.
4. Temples in Fanling and Sai Kung gazetted as historical buildings
Hong
Kong Government, 15 November 2002 With
the full support of the Tang clan in Lung Yeuk Tau and the villagers on Kau Sai
Chau (Island), the Tin Hau Temple in Lung Yeuk Tau and the Hung Shing Temple on
Kau Sai Chau (Island) are both gazetted as historical buildings under the Antiquities
and Monuments Ordinance (Chapter 53) today (November 15). Situated
between the Tang Chung Ling Ancestral Hall and Lo Wai at Lung Yeuk Tau, the Tin
Hau Temple is the main temple in the Lung Yeuk Tau area in Fanling. According
to the village elders, the temple was even constructed earlier than Tang Chung
Ling Ancestral Hall, which was probably built in the early 16th century. Legend
has it that Tin Hau, the original name being Lin Mo, was born in Pu Tian, Fujian
province in the Song dynasty (960-1279). Skilled in astronomy and climatology,
she rescued many people from the sea. After her death, temples were erected far
and wide in her memory. She was also conferred various official titles by successive
emperors. Tin Hau is believed to be the guardian of those who are connected with
the sea and is especially popular in the coastal provinces of Guangdong and Fujian.
The Tin Hau Temple
in Lung Yeuk Tau is a traditional two-hall building with a courtyard in between.
The facade of the temple is exquisitely decorated with plaster mouldings and murals
of auspicious motifs. The main hall of the temple is devoted to the worship of
Tin Hau and her guards, Chin Lei Ngan, who is believed to possess eyes that can
see things a thousand miles away, and Shun Fung Yi, whose ears can hear sounds
as far away as from heaven. The
oldest relics surviving in the temple are two bronze bells which are kept in the
east chamber of the rear hall. One of the bells was cast in 1695 as a gift from
the Tang clan to thank Tin Hau after having their sons adopted to her. The other
bell was cast in 1700 as an offering to Tin Hau so that the young men of the clan
could be blessed during their journey to the city for taking the provincial examinations.
The Hung Shing
Temple on Kau Sai Chau (Island), another historical building gazetted today, is
a typical example of a small rural temple. According to local legends and the
stone tablet at the temple, the building was probably built before 1889 by the
Kau Sai villagers. Kau
Sai Village, which is located at the southern part of Kau Sai Chau (Island), is
a small fishing hamlet with about ten houses. The early dwellers were mainly Hakka
people. Since the livelihood of the local residents relied mainly on fishing,
Hung Shing Temple was originally constructed as a result of their donations. In
the temple, they could worship Hung Shing and beseech his blessings. According
to legend, the original name of Hung Shing was Hung Hei, the Governor of Kwong
Lee in the Tang dynasty (618-907). Hung Hei was a virtuous person and a government
official of high moral integrity. During his tenure in office, he encouraged the
study of astronomy and geography, and his accurate weather forecasting proved
to be of great value to traders and fishermen. After his death, the reigning emperor
bestowed upon him the posthumous titles of "Hung Shing", "Chiu
Shun" and "Wai Hin". Hung Shing has become very popular in southern
China, particularly among fishermen and seafarers. The
Hung Shing Temple is a two-hall, three-bay structure with a "dong-chung"
door in the front hall. The temple is built of green bricks with a stone lintel
with the Chinese name of the temple and a couplet carved in granite at the main
entrance. Altars are placed in the main hall where Hung Shing, Choi Pak Shing
Kwan and Shui Sin Yeuh are worshipped. The main hall displays drums, a bronze
temple bell, a cloud "gong", four timber guardian figures, an offering
table, furniture and carvings, all of which are of the late Qing period (1644-1911).
A model of a dragon boat and various seafaring items are also kept in the temple.
It was used as
a school in the 1950s. The right-hand side chamber of the front hall was then
used as a classroom while the left-hand side chamber was used as quarters for
the temple keeper. Being a district temple of Kau Sai Chau (Island), it has long
been a place to pray for the safety of fishermen and to hold social functions
for strengthening the coherence of the community. Besides, large scale celebrations
are held by the locals on the birthday of Hung Shing every year. Renovations
of the temple were carried out in 1949, the 1970s and 1985, with modern additions
to the original design. The latest restoration, sponsored by the Hong Kong Jockey
Club, managed and supervised by the Antiquities and Monuments Office, took place
in November 1999 and completed in March 2000 to revert the building to its original
design. With the full support and active participation of the villagers, the restoration
project won the "Outstanding Project" of the UNESCO Asia-Pacific Heritage
2000 Awards. Visitors
are welcome to these two historical buildings. The opening hours of the Tin Hau
Temple is from 9 am to 5 pm daily whereas the Hung Shing Temple from 6 am to 6
pm daily.
5. Housing prices up to market to decide: Suen
Matthew
Lee, The Standard 16 November 2002 Secretary
for Housing, Planning and Lands Michael Suen refused yesterday to gauge how the
government's support plan for the housing market might affect prices. Fielding
legislators' questions on the nine-point plan released on Wednesday, Suen said
no one could tell how the market would react to the policies. ``I
am not commenting on how much the property market should increase, it is a market
decision,'' Suen said, while reiterating that the oversupply in the market could
be cleared within a year. Challenged
by several legislators on the question of housing supply, Suen said he was confident
that the 25,000 new public units to be built every year would meet needs. Asked
if past housing policies were wrong, Suen admitted that the government had lacked
a comprehensive vision on housing, and had now decided on a hands-off policy.
This would not change in future, although minor adjustments might be needed to
meet changing circumstances. Legislator
Albert Chan blasted the government for allowing large developers to change the
use of land they already owned for property development during the one-year freeze
on land sales. ``Over 165 hectares of land were changed into property developments
in 1998 and 2001, when the government halted land sales and Home Ownership Scheme
(HOS) sales, respectively.'' Chan said. Suen
admitted that private developers could do the same this time but he believed that
they would not, given current market sentiment. Legislator
Lee Cheuk-yan doubted if the government really needed to stop selling HOS flats,
a move that could lead to families earning less than HK$20,000 a month - those
who qualify for the subsidised flats - being ``abandoned''. Legislator
Frederick Fung suggested the government was paying for 60,000 flats over-supplied
by developers through their own mistakes. ``The
developers have ordered 60,000 units of dim sum and the government is not only
allowing them to order more, it is also footing the bill on behalf of the public,''
Fung said. Suen
insisted the government was not subsidising the developers. Independent
legislator Abraham Shek suggested building more public housing when it was cheap
to do so as jobs would be created as well. Speaking
on radio earlier, Suen said now was not the right time to remove the 70 per cent
cap on residential mortgages. A
Hong Kong Monetary Authority spokesman said the purpose of the 70 per cent loan-to-value
guideline was to help reduce the impact on the banking industry of fluctuations
in property prices by ensuring that banks did not assume more than 70 per cent
of the risk in any residential mortgage.
6. Eight groups vie for $4.9b Tamar contract
Keith
Wallis, The Standard 16 November 2002 Eight
groups of construction contractors, totalling 21 firms, have applied to tender
for the HK$4.9 billion design and construction of the government's new landmark
headquarters complex at Tamar in Admiralty. Firms
had until noon yesterday to seek prequalification for what will be one of the
government's largest and most prestigious individual building projects. They
are thought to include major Hong Kong companies such as Gammon Skanska, Shui
On, Paul Y and Hsin Chong Construction, plus the local offshoots of international
firms such as Balfour Beatty and Dragages. Constitutional
affairs spokeswoman Claudia Yeung confirmed the firms included four from the mainland.
These are believed to include China Civil Engineering Construction Corporation
and China State Construction Engineering (Hong Kong). She
refused to name individual companies but said the eight would-be tenderers comprised
one company bidding individually, with the remaining 20 contractors grouped in
seven joint ventures. She
added that the eight construction groups included architects from Hong Kong, Australia,
France, Japan, Britain and the United States. These included Wong Tung & Partners
and US firm Skidmore Owings and Merrill. Aside
from submitting technical and financial details, each of the eight had to submit
a concept design that incorporated the government and Legislative Council complex
together with the planned promenade that will run between the Star Ferry and Fenwick
Pier near Wan Chai. The
aim is to show how the area could be developed under an integrated design, although
the construction stage only involves the government and Legco buildings. Under
the terms of the competition, a special selection board chaired by Chief Secretary
for Administration Donald Tsang will shortlist up to five of the groups by the
end of this year. Other
members of the committee are Legislative Council president Rita Fan, Tourism Board
chairwoman and legislator Selina Chow and Permanent Secretary for Planning and
Lands John Tsang. Yeung
said the government was looking for a ``world-class design'' while candidates
would be selected on their ability to complete a quality project in time and within
budget. Selected
consortiums would be invited to tender for the contract in the second quarter
of next year. The
government plans to award the design-and-build contract by the end of 2003 ready
for construction to begin in January 2004. The
contractor will be expected to complete the complex within 39 months.
7. Decision on the bridge called for The private sector expertise in that area
is staggering. Let Hutchison, Wharf, Hopewell, Swire and the likes take the lead
instead of dithering over another consultancy report
RUSSELL
BARLING, SCMP 16 November 2002 SAR
must always look on the bright side of life. It must be basic human nature to
expect the worst. With
all the doom and gloom surrounding Hong Kong and its economic future, it's easy
to lose sight of some pretty basic facts. The
decades of prosperity we have enjoyed have always been down to the SAR's status
as a world-leading trade entrepot. That
status, and the prosperity which traditionally accompanies it, is as safe now
as it was in the trading heyday of the mid-90s. Our
location at the mouth of the Pearl River, gateway to the burgeoning southern China
manufacturing sector, has not changed. In
fact, the nearby industries which need the world-class trade transport services
we provide continue to produce goods in record numbers. There
are a few points the naysayers should consider before they lower the curtain on
Hong Kong's prosperity in the post-colonial era. Despite
all the talk of recession, the airport is on track for a record year for both
passengers and cargo throughput. Cargo
throughput, barring some calamitous event, is assured this year of eclipsing the
1.75-million tonne mark set in 2000, once again making Hong Kong International
Airport the biggest handler of international air freight in the world. With
last month's 17 per cent year-on-year jump in passenger traffic, the airport this
year will also come very close to, if not surpass, 2000's record of 33.4 million
people. The recently expanded air services agreement with the United States will
only strengthen those figures next year. At
the seaport, the main terminals at Kwai Chung (Remember? The ones that were too
expensive, too congested, too shallow and losing cargo hand over foot to cheaper
ports in south China) are close to moving 11.9 million containers - eclipsing
2000's record of 11.6 million containers. Where
we are in trouble is that we continue to let our successes sit on the shelf while
we highlight local failures, and we direct our valuable resources towards initiatives
of questionable worth. Perhaps
because they have become the norm after so many years of prosperity, Hong Kong
continues to let its achievements pass unnoticed. If
Singapore was on track to be the biggest seaport and airport for trade in the
world, do you think they would be letting us know about it? Of
course they would. We would have to turn off our televisions and stop reading
newspapers to avoid the din. Where
Hong Kong falls flat on its face is in the marketing department. The
most dominant story of the past month, Bali bombing aside, has been the furore
over Article 23 of the Basic Law and the debate about an anti-subversion law.
Is Hong Kong
really so threatened by subversive elements that we must spend all our time and
energy debating the merits of a counter-measure? Wouldn't
our resources, intelligence and efforts be better spent on improving connections
to our pot of gold in the Pearl River Delta? First,
let's make a decision on the bridge to the western side of the delta and after
that put in place our long-awaited, but vitally needed, digital trade transport
network. The
private sector expertise in that area is staggering. Let Hutchison, Wharf, Hopewell,
Swire and the likes take the lead instead of dithering over another consultancy
report. And maybe
we should top that off with a plan to ease congestion at the border. There are
several such plans available. And
when we do, let's tell the world about it instead of dwelling on the exploits
of Nicholas Tse Ting-fung. There
is nothing wrong with Hong Kong that a few positive words in some key markets
cannot fix.
8. Measures to boost prices lift property counters
JON
OGDEN and DAVID WILDER, SCMP 15 November 2002 Property
stocks rebounded yesterday as investors responded enthusiastically to the government's
nine-point package to revive sagging flat prices; but market players warned the
feel-good factor towards the sector might be short-lived as shaky fundamentals
would not change overnight. "We
have done something about the supply side but the demand side is still in question,"
a Hong Kong-based fund manager said. Sun
Hung Kai Properties surged 3.5 per cent to HK$51.75, Cheung Kong (Holdings) gained
2.85 per cent to HK$54, while Kerry Properties soared 4.5 per cent to HK$5.80.
The 2.68 per
cent move higher by the property sub-index helped the Hang Seng Index gain 124.22
points, or 1.29 per cent, to 9,740.84 points. "The
market is happy in the short term," KGI Securities director Ben Kwong Man-bun
said. However,
the suspension of land sales, a key revenue source for the government, added to
growing concerns about the government's chronic budget-deficit problem. Those
worries fed through into higher forward rates on the Hong Kong dollar as investors
hedged against a potential dismantling of the link to the US dollar. The
one-year forward contract rose 30 pips to a bid-offer spread of 300-310 pips over
the spot rate from the previous day's close of 270-280 pips. A pip is equal to
one-hundredth of a Hong Kong cent. "If
government stops selling land, how is it going to fill the gap? Investors will
continue to worry about this deficit problem," KGI's Mr Kwong said. Chief
Executive Tung Chee-hwa laid out the broad outline of the measures on Wednesday
but Secretary for Housing, Planning and Lands Michael Suen Ming-yeung did not
unveil the details until after the market closed. That meant investors had to
wait until yesterday morning to adjust their portfolios in light of the news.
The halting of
land sales to the end of next year was a measure which favoured the big developers
and left the smaller players that lacked large land banks starved of new supply,
analysts said. SHKP
and Henderson Land Development, which own large tracts of farmland as well as
urban plots, should benefit in particular, ING Financial Markets said. "This
will enable them to well position against the changing markets dynamics in the
long term," analyst Eva Lee said. Merrill
Lynch said developers could gain by slowing the pace of pre-sales, whittling back
the huge amount of excess supply which was overhanging the market. Analyst
Clifford Lam said: "Henderson and Cheung Kong (Holdings) are the duo to benefit
as the inventory of the former would start to come down and the latter has just
replenished its land bank to above three years." However,
some analysts advised investors to use the bounce to sell property into strength.
Morgan Stanley
property analyst Kenny Tse said: "I think on a valuation basis, these stocks
are not cheap and the policy measures aren't going to change the growth profile
straight away. I certainly wouldn't be rushing into the market for these stocks."
With 17,000 completed
new privately built flats sitting idle as unsold inventory at the end of this
year and at least 27,000 more coming on stream in each of the next two years "there's
still a lot of market clearing to be done and I think that is going to take another
12 to 18 months", the fund manager said. MTR
Corp underperformed the sector, gaining just 0.55 per cent to HK$9. The government
ordered it and KCRC to halt site tenders to reduce overall supply of property.
But the move by the government, which is MTR Corp's major shareholder, would hurt
future earnings and had damaged the interests of minority shareholders, the fund
manager said.
9. Results will take time, says Suen
JIMMY
CHEUNG, SCMP 15 November 2002 The
housing chief said it might take up to a year to prove that the government package
to stabilise the property market was working. But
Michael Suen Ming-yeung refused to set any objective target by which people could
judge whether his measures were effective. The
Secretary for Housing, Planning and Lands was busy defending the nine-point package
on radio and TV programmes yesterday. Most
callers remained sceptical that measures to halt land auctions and the subsidised
Home Ownership Scheme would revive the sluggish market. When
asked about plans by some developers to raise prices by 10 per cent, Mr Suen said:
"I think this is the response of the market . . . How the market responds
is not my area of responsibility. I won't comment on that." Mr
Suen said the public should look beyond adjustments made in the first few days
after the measures were announced to determine whether the market had responded
positively. "It
may take months, or even a year, to see the effects. We can't expect instant results.
We need some time," he said. "But
it's not for me to take it up personally and say what price level would be deemed
successful. It is up to the market to decide, not me. Of course, everyone is happy
to see prices going up." He
said the government had discussed lifting the 70 per cent ceiling on mortgages
but eventually dropped the idea because of the Monetary Authority's concern over
its impact on the banking and finance sectors.
10. Financial chief assures no new levies are needed
JIMMY
CHEUNG, SCMP 15 November 2002 Financial
Secretary Antony Leung Kam-chung has sought to calm fears that new levies will
be needed to make up the government's revenue shortfall as it suspends land auctions
to revive the property sector. He
also dismissed worries that the government package to stabilise the real estate
market would derail his plan to balance the Budget by 2006-07. Mr
Leung's remarks came as the Hong Kong Taxation Institute urged the administration
to further cut spending rather than introduce new levies to compensate for the
loss in land revenues. On
Wednesday, the government announced nine measures to revive the ailing property
market, including stopping regular land auctions in favour of developer-initiated
applications. Commenting
on the package yesterday, Mr Leung said property prices would not return to pre-1997
levels. "The
intention is not to push it back up; definitely not to the pre-1997 levels, it
was just way too high," he told the 2002 Asian Venture Forum. Expecting
property prices to fall further, after dropping 65 per cent since 1998, Mr Leung
said the package was needed to better manage demand and supply. The
government has projected a budget deficit of about $40 billion in 2002-03, with
accounts staying in the red until 2006-07. Land
sales have fetched just $8 billion this year, $17 billion short of the finance
chief's estimate in March. Mr
Leung conceded that the measures would hurt public finances over the next two
years but said receipts from land sales, stamp duty and profits tax from the secondary
market would rise if the overall market situation improved. "So
actually in the medium term, this would help our efforts to achieve the target
of a budget balance by 2006-07," he said. When
asked if more measures were needed to tackle the deficit, Mr Leung said: "In
the short-run, we still have sufficient reserves to meet cash flow. We don't have
to take further measures." Hong
Kong Taxation Institute president Joseph Fu Chi-kwong said the budget deficit
was likely to balloon to $60 billion as a result. But
he agreed that the Budget could be balanced as planned even if no other measures
were taken. "It
is true that the deficit might be huge in these two years. We are talking about
balancing the books four years later," the tax expert said. "I
don't think it's necessary to adopt any drastic measures in the meantime."
But he said the
government could consider more vigorous efforts to cut spending to one-fifth of
gross domestic product.
11. Strong medicine is right remedy, says Stanley Ho
KENNETH
KO and JIMMY CHEUNG, SCMP 15 November 2002 Tycoon
Stanley Ho Hung-sun says Hong Kong developers should bow to the government official
who announced the stimulus package for the property market on Wednesday. Mr
Ho, president of the Real Estate Developers Association, said yesterday Secretary
for Housing, Planning and Lands Michael Suen Ming-yeung had given "a dose
of strong medicine" that was beyond his expectations. "I
think all developers of Hong Kong should give a 90-degree bow to Mr Suen,"
he said. He said
it was a clear policy that would put developers at ease to undertake projects.
Democrat legislator
Albert Chan Wai-yip said last night: "I think Mr Ho is just very frank and
he just felt very grateful for what the government has done. "In
the past, the government still resisted some of their demands. But now their wishes
are fully accepted and reflected in the nine measures. "The
fact the developers are so satisfied shows that the package is just tailored for
property tycoons. It's no longer government collaborating with tycoons. There
is indeed an alliance of government and tycoons ruling Hong Kong." Other
developers said that they were more optimistic that prices would rise following
the announcement of the stimulus package. | 
