10.
To further this objective, I introduced the Banking and Deposit-taking Companies Amendment Bills to the Legislative Council last month. Some of the amendments flowed from recent experience. Their overall thrust is to produce an improved and somewhat tougher regulatory environment for registered dtc's, with some associated changes for licensed dtc's and, to a lesser extent, banks, If necessary, further measures will де introduced. Have по doubt of my
determination.
11.
The property sector is one area where activity nas shown virtually no signs of revival, except for small residential flats where demand has remained fairly buoyant. There is in general terms an over-supply of finished property, reflecting with the wisdom of hindsight degree of bad
planning and marketing in the past Dy some speculative developers aided of course by those who financed them. Demand has also been constrained by the slower growth in incomes and wealth Last year because of the recession and DY the prevailing anxiety about the political future of Hong Kong. Consequently, prices and rentals for commercial and, particularly, Industrial property have now fallen to a level which places Hong Kong in a nighly competitive position in comparison with other big cities
particularly in terms of foreign currency, which should
De attractive to foreign and domestic investors, Once again the market
market has adjusted. I am, however, Aware of the problems faced by building and construction firms and by construction workers
WorKEIB who have lost their jobs or who have to work shorter hours.
12.
whole
-
The employment situation of the labour force as a
has however greatly improved. Both the unemployment rate and the underemployment rate have fallen. In the three months May to July, the seasonally adjusted unemployment was 3.9% and the underemployment
rate was 1.78,
rate
both
well
5
/below