The Government intends to carry out improvement works at Leung Shuen Wan Pier within an area of approximately 0.86 hectares of foreshore and seabed to the west of Leung Shuen Wan. The extent of the area affected is described in a notice published in the Government Gazette today (January 29).

     The proposed works will enhance the safety of pier users while boarding and alighting. During the construction stage, a temporary pier will be provided at the site for public use. The proposed works are scheduled to commence in mid-2022 for completion in mid-2024.
       
     The notice and its related plan are posted near the site. The plan is also available for inspection at:

* Survey and Mapping Office of the Lands Department (23/F, North Point Government Offices, 333 Java Road, North Point, Hong Kong) (where copies can be purchased on order);

* Sai Kung Home Affairs Enquiry Centre of the Sai Kung District Office (G/F, Sai Kung Tseung Kwan O Government Complex, 38 Pui Shing Road, Hang Hau, Tseung Kwan O, New Territories); and

* Lands Department's website (www.landsd.gov.hk) under Government Notices.
     
     Any person who considers that he or she has an interest, right or easement in or over the foreshore and seabed involved may submit a written objection to the Director of Lands, 20/F, North Point Government Offices, 333 Java Road, North Point, Hong Kong, within two months from the above-mentioned date, i.e. on or before March 29. The notice of such an objection shall describe the interest, right or easement of the objector and the manner in which he or she will be allegedly affected.

     The Financial Secretary has appointed Mr Johnny Mok, SC, as the new Chairman of the Standing Committee on Company Law Reform (SCCLR) for a term running from February 1, 2021, to January 31, 2023.

     Mr Mok is a Senior Counsel with broad commercial and public law practice experience. He will succeed Mr John Scott, SC, the outgoing Chairman who has served the SCCLR for six years.

     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said today (January 29), "We look forward to the SCCLR's continuous valuable advice to the Government on matters relating to company law reform under the leadership of Mr Mok. The Committee's advice is essential in advising the Government on reforming Hong Kong's company law regime that underpins our status as a premier international commercial and financial centre."

     He added, "We are grateful to the outgoing Chairman, Mr Scott, for his valuable contributions during his tenure. With his able leadership, Mr Scott has steered the SCCLR in providing insightful advice on the company and insolvency laws in Hong Kong."
 
     The Financial Secretary has also appointed two new Members, Mr Dennis Ho Chiu-ping and Ms Jacqueline Walsh, to the SCCLR, succeeding Mr Bruno Arboit and Mr Keith Pogson who have served the SCCLR for six years. Five incumbent members, namely Mr Clement Chan Kam-wing, Ms Christine Chung Wai-yin, Professor Low Chee-keong, Ms Gillian Meller and Mr Bernie Ting Wai-cheung, have also been re-appointed. The appointments and re-appointments are for a term of two years with effect from February 1, 2021.
 
     Mr Hui said, "We are grateful to the outgoing Members, Mr Arboit and Mr Pogson, for their valuable contributions during the past six years."
 
     The SCCLR was set up in 1984. It advises the Financial Secretary on amendments to the Companies Ordinance and the Companies (Winding Up and Miscellaneous Provisions) Ordinance, as well as amendments to the Securities and Futures Ordinance on matters relating to corporate governance and shareholders' protection, as and when necessary.
 
     As from February 1, 2021, the membership list of the SCCLR will be as follows:
 
Mr Johnny Mok, SC (Chairman)
Mr Clement Chan Kam-wing
Mr Paul Chow
Ms Christine Chung Wai-yin
Ms Julianne Pearl Doe
Mr Dennis Ho Chiu-ping
Mr Jason Karas
Ms Rachel Lam Yan-kay, SC
Mr Robert Lee Wai-wang
Professor Low Chee-keong
Ms Gillian Meller
Mr Albert Ng
Mrs Natalia Seng Sze Ka-mee
Ms Cynthia Tang Yuen-shun
Mr Bernie Ting Wai-cheung
Ms Jacqueline Walsh
Ms Tiffany Wong
 
Ex-officio Members
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Ms Bonnie Chan Yiting
Head of Listing
Hong Kong Exchanges and Clearing Limited
 
Mr Stefan Gannon
Commissioner, Resolution Office
Hong Kong Monetary Authority
 
Ms Annabel Lee Tung-mei
Deputy Chief Counsel, Legal Services Division
Securities and Futures Commission
 
Ms Kitty Tsui Lai-ching
Acting Registrar of Companies
 
Ms Phyllis McKenna
Official Receiver
 
Mr Sam Hui Chark-shum
Deputy Secretary for Financial Services and the Treasury (Financial Services)
Financial Services and the Treasury Bureau
 
Dr Stefan Lo Huoy-cheng
Senior Assistant Law Officer (Civil Law)
Department of Justice
 

     The Government today (January 29) announced the re-appointment of four incumbent non-official members and appointment of three new non-official members to the Construction Industry Council (CIC) for a two-year term from February 1, 2021, to January 31, 2023. The appointments were made by the Secretary for Development.
 
     The four re-appointed non-official members are Mr Eddie Lam Kin-wing, Professor Lo Hong-kam, Dr Derrick Pang Yat-bond and Mr Ken Wong Kin-wai. The three new non-official members are Mr Thomas Ho On-sing, Mrs Lo Lee Oi-lin and Mr Mow Tai-hing.
 
     "We welcome the new members and look forward to working closely with all members for the healthy and continuous development of the construction industry. We would also like to express our gratitude to the three outgoing members, Ms Ada Fung Yin-suen, Ms Amy Lee Sau-king and Mr Ringo Yu Shek-man, for their contributions to the CIC in the past years," a spokesman for the Development Bureau said.
 
     The CIC was established in February 2007 as a statutory body with the mission to forge consensus on long-term strategic issues concerning the construction industry, convey the needs and aspirations of the industry to the Government, and provide a channel for the Government to solicit advice on all construction-related matters. Since its establishment, the CIC has embarked on a range of initiatives to elevate the quality of construction and to uphold the professionalism of the construction industry in Hong Kong, and has collaborated with the industry to launch various caring schemes for industry practitioners, including the work in enhancing construction site safety and fighting against the pandemic.
 
     The appointments were published in the Government Gazette today.
 
     Membership of the CIC as from February 1, 2021, will be as follows:
 
Chairperson
————-
Mr Chan Ka-kui
 
Members
———-
Mr Chan Chi-chiu
Mr Chan Kim-kwong
Mr Chan Pat-kan
Professor Chung Kwok-fai
Mr Ivan Fu Chin-shing
Mr Thomas Ho Kwok-kwan
Mr Thomas Ho On-sing
Mr Eddie Lam Kin-wing
Mr Ricky Leung Wing-kee
Mr Li Tat-wai
Professor Lo Hong-kam
Mrs Lo Lee Oi-lin
Mr Kenneth Mo Kon-fei
Mr Mow Tai-hing
Mr Pan Shujie
Dr Derrick Pang Yat-bond
Mr Rocky Poon Lock-kee
Mr Simon Wong Hin-wing
Mr Ken Wong Kin-wai
Ms Eliza Wong Yeuk-lan
Mr Yu Sai-yen
Permanent Secretary for Development (Works)
Permanent Secretary for Transport and Housing (Housing)
Director of Buildings

     The Government published the Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Bill 2021 (the Bill) in the Gazette today (January 29). 
 
     The Bill aims to amend the Inland Revenue Ordinance (Cap. 112) to provide tax concessions for carried interest distributed by eligible private equity (PE) funds operating in Hong Kong.
 
     "In recent years, PE funds have become a key impetus to the growth of asset and wealth management business. PE funds play a pivotal role in channelling capital, talents and expertise into corporations, in particular start-ups in the innovation and technology sector. The proposed tax concessions for carried interest shall attract more PE funds to operate and be managed in Hong Kong, boost more investment management and related activities which will create business opportunities in related professional services and bring economic benefits to Hong Kong," a spokesman for the Financial Services and the Treasury Bureau said.
 
     "Qualifying carried interest recipients have to provide investment management services in Hong Kong and fulfil substantial activities requirements. For tax concessions to apply, carried interest must arise from eligible transactions in private companies and be distributed by a fund certified by the Hong Kong Monetary Authority or the Innovation and Technology Venture Fund Corporation set up by the Government," the spokesperson added.
 
     The Government proposes that eligible carried interest would be charged at profits tax rate of 0 per cent, while 100 per cent of eligible carried interest would be excluded from employment income for the calculation of salaries tax.
 
     In addition, the Government also proposes to expand the classes of assets that may be held and administered by a special purpose entity on behalf of a fund for the purpose of a profits tax exemption regime for funds, with a view to facilitating the operation of funds in Hong Kong.
 
     Broadly speaking, carried interest refers to a return linked to the performance of an investment of a PE fund, typically upon the disposal of the investment after it has been held for a period of time.
 
     The Bill will be introduced into the Legislative Council for first reading on February 3.

     The Leisure and Cultural Services Department (LCSD) today (January 29) said that an outsourced security guard has tested positive for coronavirus disease 2019 (COVID-19).
 
     The outsourced security guard worked at the Hong Kong Cultural Centre (HKCC) in Yau Tsim Mong District. She last performed duties on January 25 whereas all facilities of the HKCC have been temporarily closed since December 10 last year. She was notified on January 27 that she had tested positive for COVID-19.
 
     The security guard has no recent travel history. She wore surgical masks when performing duties and observed relevant disease prevention measures at work. When performing duties, she underwent temperature checks and her body temperature was normal .
 
     The LCSD has arranged thorough cleaning and sterilisation at the venue according to guidelines provided by the Centre for Health Protection (CHP).
 
     The LCSD is highly concerned about the COVID-19 epidemic and will continue to maintain close liaison with the CHP and co-operate with its quarantine work. Staff are reminded to pay attention to personal hygiene and to stay vigilant. They should seek medical advice immediately if feeling unwell.