HONG KONG: GOVERNMENT TO TURN TO EXCHANGE FUND?

Article Abstract:

In a bid to off-set a budget deficit for the year ending 31 March 2001 and thus avoid a possible tax increase, it has been proposed that the Hong Kong government turn to the investment returns derived by the Exchange Fund for the 2000/2001 financial year. The proposal calls for the Exchange Fund to dole out HK$ 18.1 bn out of the HK$ 34.3 bn in investment returns it made in the 2000/2001 year. The proposal was made by a Hong Kong legislator, who said that the Exchange Fund had high assets and could spare some of its profits to the government. However, the Exchange Fund's operator, the Monetary Authority, dismissed the proposal on the grounds that it needed the surplus investment returns to protect Hong Kong's currency in the wake of the uncertainties plaguing the global economy.

Public Finance Activities, Government domestic functions, Budget Process, Budgeting

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HONG KONG: APPROVAL FOR AMOY'S RESIDENTIAL PLAN

Article Abstract:

The Buildings Department of Hong Kong has given its consent to a residential tower project proposed by local developer Amoy Properties. The project is to build 23,000 square feet of commercial area and 114,680 square feet of domestic floor space in the Ho Man Tin site. The tower will have 29 storeys once completed.

Residential Buildings, Residential Building Construction, Capital expenditures, Commercial and Institutional Building Construction, Office Buildings, Nonresidential construction, not elsewhere classified, Construction industry, Residential construction, Office construction, Amoy Properties Ltd.

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