Tag Archives: China

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CE inspects urban renewal project in Kwun Tong (with photos/video)

     The Chief Executive, Mrs Carrie Lam, accompanied by the Urban Renewal Authority (URA) Board Chairman, Mr Chow Chung-kong, and the URA’s Managing Director, Mr Wai Chi-sing, today (March 24) visited Kwun Tong to inspect the newly completed Yue Man Square Public Transport Interchange (PTI), which will commence operation shortly. As one of the important facilities of the URA Kwun Tong Town Centre redevelopment project, it will be the largest covered PTI in Hong Kong. The bus terminus is located on the first floor of the project’s podium and the minibus terminus is on the ground floor, with multiple entrances and exits connecting to the shopping arcade and streets nearby. The PTI will commence operation next Friday (April 2).

     Mrs Lam said she was pleased to note that the new PTI has leveraged various innovative and smart elements, including the application of the idea of separating pedestrians and vehicles in setting up Hong Kong’s first air-conditioned waiting area and the artificial intelligence-operated gate control system at the bus terminus, and the installation of smart ventilation facilities researched and developed by local enterprises at the minibus terminus, providing a better waiting environment and convenience for passengers. To tie in with the Government’s policy in promoting electric vehicles, charging facilities for minibuses will be provided at the minibus terminus.

     The Kwun Tong Town Centre redevelopment project is the biggest redevelopment project of the URA, with the site, spanning more than 50 000 square metres, involving more than 1 600 private property titles and 3 000 residents. The total development cost amounts to tens of billions of dollars. The redevelopment area held a number of facilities providing public services including government offices and a health centre which required appropriate reprovisioning during the redevelopment period. The relocation of a Chinese banyan tree which had accompanied local residents of Yuet Wah Street for several decades also took tremendous effort. Taking into account the huge size of the project, the URA adopted a planning-led and district-based approach in taking forward the project. Capitalising on the redevelopment opportunities, the URA has replanned the traffic routes, pedestrian facilities and green and leisure spaces to create a more people-oriented community and bring greater benefits to residents.

     “During my tenure as the Secretary for Development, I personally supervised the Kwun Tong Town Centre redevelopment project and also conducted several site visits to inspect the work progress, including viewing the relocation of the Chinese banyan tree at midnight in May 2011, the memory of which remains fresh in my mind today,” Mrs Lam said.

     “The Kwun Tong Town Centre redevelopment project has been in progress for more than 10 years and facilities in various phases have been commissioned gradually. It is an extremely arduous project and it is expected to be fully completed by 2029-30. This redevelopment project has not only improved the living environment of residents in an old district, but has also transformed Kwun Tong into a more liveable and work-friendly district, adding colour to the Energizing Kowloon East project. I commend the URA Board and staff members for their hard work.”

     Mrs Lam subsequently viewed the site of the new Civil Service College nearby and was briefed by the Secretary for the Civil Service, Mr Patrick Nip, and the Director of Architectural Services, Ms Winnie Ho, on the design of the project. The Chief Executive announced in the 2018 Policy Address that a site in Kwun Tong had been identified for composite development under which two buildings, a high block and a low block, were planned to be built. The high block, which will have a net operating floor area of about 15 000 sq m, will mainly house the Civil Service College and other civil service facilities and will be equipped with better and more diversified facilities for civil service training, while the low block will mainly provide social welfare and community facilities to serve the residents in the district. The composite development will also provide elevated walkways, public open space and a landscaped deck to enhance walkability in the area. If funding for the project is approved next year, it can be completed in phases from the end of 2026.

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SFST promotes Hong Kong’s strengths in financial services to Indonesian business community (with photos)

     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, took part in a webinar today (March 24) to promote Hong Kong as a comprehensive international financial centre to the Indonesian business community.
      
     Following the webinar held earlier this month for the Singapore business sector, this was the second webinar Mr Hui joined in a month to exchange views with seasoned business and finance leaders of the Association of Southeast Asian Nations region.
      
     During the webinar, entitled “Resilience in the post-COVID era: Indonesian enterprises to leverage on Hong Kong’s leading financial infrastructure”, Mr Hui spoke with the participating members of the business community on the latest developments and initiatives in Hong Kong’s financial arena, highlighting the city’s competitive edge in initial public offering (IPO) fundraising, green and sustainable finance and fintech innovations.
      
     He also pointed out the new opportunities arising from the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and how Hong Kong can help Indonesian enterprises in spurring economic development in the post-pandemic era.
      
     “Over the past year or so, despite the evolving situation of the COVID-19 pandemic and other uncertainties in the global environment, Hong Kong’s financial system has been operating smoothly. Our markets have demonstrated resilience and robust performance in terms of IPO funds raised and trading volume,” Mr Hui said.
      
     “The institutional strengths of Hong Kong as an international financial centre are obvious. Our markets are highly open and internationalised, with robust infrastructure support and internationally aligned regulatory regimes. Coupled with our rule of law, a large pool of financial talents and diversified financial products, as well as a free flow of information and capital, we will continue to consolidate Hong Kong’s status as a leading international financial centre.”
      
     Mr Hui added, “Hong Kong has a well-developed ecosystem for tech listings since we introduced our listing reform back in 2018. With dual or secondary listings of tech companies proven to be successful in Hong Kong, we encourage Indonesian businesses to make use of Hong Kong, an offshore financial centre for Mainland enterprises and an important conduit for international capital to enter the Mainland market, to establish a presence or expand their businesses here.”
      
     Also speaking at the webinar were the Group General Manager and Chief Executive (Hong Kong) of the HSBC, Ms Diana Cesar, and the Founder and Group CEO of WeLab, Mr Simon Loong. They highlighted Hong Kong’s role as the natural partner for Indonesia in trade, investment and wealth management, especially given the city’s unique combination of connectivity and access to Mainland China and the GBA. They also discussed experiences of building a highly scalable and transferable business model to tap into the opportunities in the region.
      
     The webinar was moderated by the Chairman of the Permanent Committee for Asia Pacific Region, Indonesia Chamber of Commerce and Industry, Mr Bernardino Moningka Vega, Jr. The Director-General of the Hong Kong Economic and Trade Office in Jakarta, Mr Law Kin-wai, gave closing remarks.
      
     Today’s webinar was co-organised by the Financial Services and the Treasury Bureau of the HKSAR Government, the Hong Kong Economic and Trade Office in Jakarta and the Financial Services Development Council, and was supported by Invest Hong Kong of the HKSAR Government, Indonesia Fintech Lending Association, the Venture Capital Association of Indonesia, the Health Tech Association of Indonesia and the Asset Management Association of Indonesia.

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