Tag Archives: China

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TV programme “Belt and Road: HK in Action” highlighting Hong Kong as functional platform to launch tomorrow

      “Belt and Road: HK in Action”, a television programme jointly produced by the Belt and Road Office of the Commerce and Economic Development Bureau and Radio Television Hong Kong (RTHK) highlighting Hong Kong’s vital role as a functional platform for the Belt and Road Initiative, will explore how Hong Kong can contribute to building a connected, innovative and green new Silk Road. The programme will premiere tomorrow evening (September 21) on RTHK TV 31.

     The Ninth Belt and Road Summit, which ran for two days and concluded on September 12, attracted about 6 000 participants from Belt and Road countries and regions and across the globe. The summit led to a record-high 25 memoranda of understanding, with four involving government/ public bodies and 21 on commercial collaboration, enhancing government-to-government co-operation and assisting enterprises and professional services in exploring more business opportunities.  

     Echoing the Ninth Belt and Road Summit, “Belt and Road: HK in Action” consists of four episodes under the themes of innovation and technology, green development, clean Silk Road, and the Youth Chapter. Through interviews and case studies, the programme elaborates on the co-operation and exchanges in various areas with Belt and Road countries and regions and the relevant opportunities.

     The Cantonese version of “Belt and Road: HK in Action” will be broadcast on RTHK TV 31 from 6.25pm to 6.28pm on Saturdays and Sundays for two consecutive weeks from tomorrow until September 29. The programme can be reviewed on the RTHK website, RTHK YouTube channel and Belt and Road Office website. The English version of the programme will be aired later on RTHK TV 31 and online platforms.

     The Government has been stepping up its diverse promotional efforts regarding the Belt and Road Initiative through various channels. The Belt and Road Office has actively encouraged community stakeholders to organise related events in conjunction with the Ninth Belt and Road Summit, creating synergies that will enhance Hong Kong’s collaborations with Belt and Road countries and regions in a wide range of areas, as well as positioning Hong Kong as a key platform for showcasing achievements in people-to-people exchanges and promoting cultural collaboration. read more

16 landlords of subdivided units under regulated tenancies convicted of contravening relevant statutory requirements

     Sixteen landlords of subdivided units (SDUs), who contravened Part IVA of the Landlord and Tenant (Consolidation) Ordinance (Cap. 7), pleaded guilty and were fined a total of $39,600 today (September 20) at the Eastern Magistrates’ Courts. Since the Ordinance came into force, the Rating and Valuation Department (RVD) has successfully prosecuted 400 cases involving a total of 345 SDU landlords, with fines ranging from $400 to $34,800, amounting to a total of $817,010.
 
     The offences of these landlords include (1) failing to submit a Notice of Tenancy (Form AR2) to the Commissioner of Rating and Valuation within 60 days after the term of the regulated tenancy commenced; (2) failing to produce copies of the bills and provide an account in writing when requiring the tenant to pay for the reimbursement of the apportioned water and/or electricity charges; (3) requiring the tenant to pay for the reimbursement of the apportioned water and/or electricity charges at a sum exceeding the apportioned amount as shown in the relevant account in writing; (4) failing to provide the tenant with a rent receipt; and (5) requesting the tenant to pay money other than the types permitted under the Ordinance (including requiring the tenant to pay an amount of rent for the second term tenancy exceeding the maximum amount of rent permitted under the Ordinance). One of the landlords committed 10 offences under (1) to (4) and was fined $8,400.

     The RVD earlier discovered that the landlords failed to comply with the relevant requirements under the Ordinance. Upon an in-depth investigation and evidence collection, the RVD prosecuted against the landlords.
 
     A spokesman for the RVD reiterated that SDU landlords must comply with the relevant requirements under the Ordinance, including prohibiting the landlords from requiring the tenant to pay an amount of rent for the second term tenancy exceeding the maximum amount of rent permitted under the Ordinance, and also reminded SDU tenants of their rights under the Ordinance. He also stressed that the RVD will continue to take resolute enforcement action against any contraventions of the Ordinance. Apart from following up on reported cases, the RVD has been adopting a multipronged approach to proactively identify, investigate and follow up on cases concerning landlords who are suspected of contravening the Ordinance. In particular, the RVD has been requiring landlords of regulated tenancies to provide information and reference documents of their tenancies for checking whether the landlords concerned have complied with the requirements of the Ordinance. If a landlord, without reasonable excuse, refuses to provide the relevant information or neglects the RVD’s request, the landlord commits an offence and is liable to a maximum fine at level 3 ($10,000) and to imprisonment for three months. Depending on the actual circumstances, and having regard to the information and evidence collected, the RVD will take appropriate actions on individual cases, including instigating prosecution against suspected contraventions of the Ordinance.
 
     To help curb illegal acts as soon as possible, members of the public should report to the RVD promptly any suspected cases of contravening the relevant requirements. Reporting can be made through the telephone hotline (2150 8303), by email (enquiries@rvd.gov.hk), by fax (2116 4920), by post (15/F, Cheung Sha Wan Government Offices, 303 Cheung Sha Wan Road, Kowloon), or in person (visiting the Tenancy Services Section office of the RVD at Room 3816-22, 38/F, Immigration Tower, 7 Gloucester Road, Wan Chai, Hong Kong, and please call 2150 8303 to make an appointment). Furthermore, the RVD has provided a form (Form AR4) (www.rvd.gov.hk/doc/en/forms/ar4.pdf) on its website to facilitate SDU tenants’ reporting to the RVD.
 
     The RVD reminds that pursuant to the Ordinance, a regulated cycle of regulated tenancies is to comprise two consecutive regulated tenancies (i.e. the first-term tenancy and second-term tenancy) for an SDU, and the term of each regulated tenancy is two years. A tenant of a first-term tenancy for an SDU is entitled to be granted a second-term tenancy of the regulated cycle, thus enjoying a total of four years of security of tenure. Since the first batch of regulated tenancies has already approached their second-term tenancies, the RVD has started a new round of publicity and education work in order to assist SDU landlords and tenants to understand the important matters pertaining to the second-term tenancy, and procedures that need to be followed about two months prior to the commencement of the purported second-term tenancy. In addition, the RVD has started issuing letters enclosing relevant information to the concerned landlords and tenants of regulated tenancies in batches, according to the expiry time of their first-term tenancies, to remind them about their respective obligations and rights under the Ordinance. These landlords and tenants may also visit the dedicated page for the second-term tenancy on the RVD’s website (www.rvd.gov.hk/en/tenancy_matters/second_term_tenancy.html) for the relevant information, including a concise guide, brochures, tutorial videos and frequently asked questions. SDU landlords and tenants are also advised to familiarise themselves with the relevant statutory requirements and maintain close communication regarding the second-term tenancy for handling the matters properly and in a timely manner according to the Ordinance.
 
     For enquiries related to regulated tenancies, please call the telephone hotline (2150 8303) or visit the RVD’s webpage (www.rvd.gov.hk/en/our_services/part_iva.html) for the relevant information. read more

Statistics of payment cards issued in Hong Kong for second quarter 2024

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) published today (September 20) statistics of payment cards issued in Hong Kong for the second quarter of 2024.

     The payment card statistics (see Annex) include quarterly data on credit and debit cards issued in Hong Kong under the credit and/or debit card schemes of the eight payment card scheme operators (Note 1). The HKMA began to publish the payment card statistics on a quarterly basis in June 2010 to enhance transparency of the payment card industry in Hong Kong, in line with international practice.

     According to the quarterly statistics, the total number of credit cards in circulation (Note 2) was 19.89 million by the end of Q2/2024. The figure represents a 0.5 per cent decrease from the previous quarter and a 0.9 per cent increase from the previous year. The number and value of credit card transactions (including retail sales and cash advances) (Note 3) are susceptible to seasonal factors and the general economic environment, making the trends more prone to fluctuation. The total number of credit card transactions was 322.06 million for Q2/2024, representing a 6.5 per cent increase from the previous quarter and a 26.7 per cent increase from the same period in 2023. The total value of credit card transactions was HK$239.2 billion for Q2/2024, representing a 5.4 per cent decrease from the previous quarter and a 10.0 per cent increase from the same period in 2023. Of the total transaction value, HK$165.6 billion (69.2 per cent) was related to retail spending in Hong Kong, HK$64.6 billion (27.0 per cent) in retail spending overseas and HK$9.0 billion (3.8 per cent) in cash advances.

     The total number of debit cards in circulation is not available due to overlapping of debit card brands in a single card. Like the number and value of credit card transactions, the number and value of debit card transactions in relation to retail sales and bills payments (Note 4) are also affected by seasonal factors. On a quarterly basis, the total number of debit card transactions in relation to retail sales and bills payments increased by 7.2 per cent to 51.78 million while the total value decreased by 11.3 per cent to HK$66.8 billion in Q2/2024. When compared to the same period in 2023, the total number increased by 16.5 per cent and the total value dropped by 1.9 per cent in Q2/2024.

Note 1: The payment card statistics are compiled from data on credit and debit cards issued in Hong Kong by both authorized institutions (AIs) and non-authorized institutions (non-AIs) under the credit and/or debit card schemes of the eight payment card scheme operators (the card operators).  The card operators, in alphabetical order, are American Express International, Inc., Discover Financial Services (Hong Kong) Limited, EPS Company (Hong Kong) Limited (EPSCO), JCB International (Asia) Ltd, Joint Electronic Teller Services Ltd. (JETCO), MasterCard Asia/Pacific Pte. Ltd., UnionPay International Co. Ltd and Visa Worldwide Pte. Limited. 

Note 2: A credit card issued in Hong Kong only carries one credit card brand. The total number of credit cards in circulation refers to the total number of credit cards (i.e. cards with a credit function) issued in Hong Kong under the credit card schemes of card operators (but excluding EPSCO and JETCO, which do not operate a credit card scheme). Some of these credit cards carry debit card functions, i.e. the credit card can be used for making purchases/payments or cash withdrawal at ATMs through directly debiting cardholders’ bank accounts. 

Note 3: The total number/value of credit card transactions refer to the total number/value of transactions made via credit card accounts of credit cards issued in Hong Kong under the credit card schemes of card operators (excluding EPSCO and JETCO). Starting from March 2015, a Hong Kong/overseas spending breakdown of credit card retail sales transactions is provided. 

Note 4: The total number/value of debit card transactions in relation to retail sales/bill payments refers to the total number/value of those transactions made via debiting cardholders’ bank accounts. Some of the eight card operators do not operate a debit card scheme. Care should be exercised in combining the credit card retail sales figures and the debit card retail sales/bills payment figures because of the possibility of double counting.  read more

Composite Interest Rate: End of August 2024

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announced today (September 20) the composite interest rate at the end of August 2024 (Note 1).

     The composite interest rate, which is a measure of the average cost of funds of banks, decreased by 6 basis points to 2.52 per cent at the end of August 2024, from 2.58 per cent at the end of July 2024 (see Chart 1 in the Annex). The decrease in composite interest rate mainly reflected the decreases in the weighted funding cost for deposits and interbank funds during the month (see Chart 2 in the Annex) (Note 2). 

     The historical data of the composite interest rate from the end of the fourth quarter of 2003 to the end of August 2024 are available in the Monthly Statistical Bulletin on the HKMA website (www.hkma.gov.hk).

Note 1: The composite interest rate is a weighted average interest rate of all Hong Kong dollar interest-rate-sensitive liabilities, which include deposits from customers, amounts due to banks, negotiable certificates of deposit and other debt instruments, and all other liabilities that do not involve any formal payment of interest but the values of which are sensitive to interest rate movements (such as Hong Kong dollar non-interest bearing demand deposits) on the books of banks. Data from retail banks, which account for about 90 per cent of the total customers’ deposits in the banking sector, are used in the calculation. It should be noted that the composite interest rate represents only average interest expenses. There are various other costs involved in the making of a loan, such as operating costs (e.g. staff and rental expenses), credit cost and hedging cost, which are not covered by the composite interest rate.

Note 2: Since June 2019, the composite interest rate and weighted deposit rate have been calculated based on the new local “Interest rate risk in the banking book” (IRRBB) framework. As such, these figures are not strictly comparable with those of previous months. read more