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1. Legislators concerned over plan to revamp SFC top job

2. Democrats want the cultural site rezoned

3. Arts hub contenders promise to put culture, not profit, first

1. Legislators concerned over plan to revamp SFC top job
Lee Yuk-kei, SCMP 11 November 2004

Lawmakers have voiced concerns that the government may not be able to seek a completely independent candidate to be Securities and Futures Commission (SFC) chairman under a proposal to revamp the top job at the regulator.

Under the proposal to split the SFC's top position into chairman and chief executive roles, the new chairman should not hold any directorships in or have any material interest or business relationships with Hong Kong-listed firms.

``It may be difficult for the government to find a suitable candidate who needs to be independent from the government as well as the business community,'' lawmaker Emily Lau said at a Legislative Council meeting on Wednesday.

The new chairman will take a part-time non-executive role and only engage in high policy-level functions such as setting agenda and establishing priorities, the government suggests.

The chief executive, which will be a full-time job, will carry out day-to-day operations. SFC existing chairman Andrew Sheng, whose contract will expire next September, now performs the executive role in the agency.

Lawmaker James Tien said the demanding criteria of the new post would limit the government's flexibility to find a suitable candidate.

Secretary for Financial Services and the Treasury Frederick Ma admitted that ``the firewall is a little bit too thick'', but he was confident that the government could find a suitable candidate to fill the new post.

Ma added that separating the functions of the regulator's chairman is a global trend to improve the SFC's transparency.

Lau was also concerned about the timeframe in which to revamp the SFC governance structure, because the regulator's operations have been smooth without any material defects.

No other developed market with the exception of the United Kingdom adopted such a practice.

2. Democrats want the cultural site rezoned
GARY CHEUNG, SCMP 11 November 2004

The Democratic Party plans to apply to the Town Planning Board to rezone the site of the West Kowloon cultural district.

If the application is granted, the huge arts hub project would have to win board approval.

Party vice-chairman Albert Ho Chun-yan said yesterday the government's handling of the project lacked transparency and accountability, and the public did not have a real say in the process.

He said the party would lodge an application with the board to rezone the West Kowloon cultural district as a comprehensive development area.

It is currently classified as a site for specified use by the government.

The administration gazetted the zoning plan for the district in July last year.

It announced in November last year that it would seek the board's approval before signing any project agreement with the consortium that wins the bid.

But the board will not have a role when the consortium amends the project's master plan, if the proposed zoning plan is approved.

In this case, developers would need to negotiate only with the government, officials said. In most projects, developers cannot amend a project's master plan without Town Planning Board approval.

Mr Ho said if their application was accepted by the board, the government would have to canvass public views on the project through public hearings conducted by the board, and any changes to the development plan would have to be approved by the board.

The party's other vice-chairman, Lee Wing-tat, said their plan was backed by many architects.

Mr Ho said some architects and lawyers were drafting an application proposal.

Secretary for Housing, Planning and Land Michael Suen Ming-yeung said everybody had the right to make such an application to the board.

3. Arts hub contenders promise to put culture, not profit, first
CHLOE LAI, SCMP 11 November 2004

Property developers shortlisted for the West Kowloon cultural district project yesterday vowed to make the area an international icon.

The companies stressed it was not a property project, and also promised to make the arts and cultural facilities self-sustaining and able to operate over a long period.

Sun Hung Kai Properties executive director Alfred So Chung-keung said its consortium could repeat the success story seen in Paris.

"Paris in the past few hundred years has successfully attracted the best arts talent. I envisage [that] Hong Kong can do it with West Kowloon," he said.

Sun Hung Kai and Cheung Kong Holdings are bidding for the project under a joint venture, Dynamic Star International. Under the government's plan, the successful bidder will manage the site for 30 years.

"We would like to see the cultural district live a very long life. It would be irresponsible if, 30 years later when we return the project to Hong Kong, it is losing money. Not every arts and cultural facility will lose money," Mr So said.

He said the consortium had signed a co-operation memo with the Guangzhou Municipal Bureau of Culture, the Shanghai Museum and China Cultural City.

It had earlier signed deals with the New York-based Guggenheim Foundation, the Pompidou Centre in Paris and the Beijing Palace Museum.

"This is not a property project. The property developments in West Kowloon are to support arts and cultural activities," said Mr So.

Henderson Land vice-chairman Colin Lam Ko-yin said the company's proposed World City Culture Park was also not a property project and was only intended to make "very little profit" while protecting its shareholders' interests.

Mr Lam said the company had no plan to sign deals with any internationally renowned museum or arts group, saying it wanted to listen to the public's views on how the area should take shape.

Sino Land's executive director Yu Wai-wai said the company's plan would raise cultural and economic standards.

Sino Land has formed Sunny Development with Wharf (Holdings) and Chinese Estates Holdings to bid for the project.