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Insolvencies Up
The number of new insolvencies reaching the Official Receiver's Office increased by 27 per cent last year to 629 cases. Businesses mainly affected by compulsory company liquidations and bankruptcies included garment and knitting manufacturing establishment, restaurants and canteens, importers and exporters, and company directors giving personal guarantees. Total dividends declared by the Official Receiver during 1991 totalled HK$92 million (US$11.8 million) in 242 insolvencies, and the funds administered at the end of the year amounted to HK$1.4 billion (US$179 million).
Prime Site Fetches HK$1.25 Billion
A consortium led by Cheung Kong Holdings paid HK$1.25 billion (US$160 million) for a prime commercial site in Tsim Sha Tsui East. The site of nearly 60,000 square feet is said to be the last opportunity for developers to obtain a select site in Tsim Sha Tsui for at least the next two years. The price paid was in line with anaylsts' expectations.
Flat Sales Up
There was 39 per cent increase in the number of sale and purchase agreements of
of flats last year, many of them in uncompleted buildings, according to figures released by the Land Office. A total of 176,700 agreements were registered with the increase being due largely to several large residential developments coming on stream. The amount of money involved in the sale and purchase agreements soared by 97 per cent to HK$285 billion (US$36.5 billion).
Stock Market Surges
The Hong Kong stock market has continued to make significant gains following a 189 per cent increase in the average daily turnover in January. Figures from the stock exchange show that total turnover in January was HK$41.9 billion (US$5.4 billion), or HK$1.9 billion (US$243 million) per day. The daily average for January last year was just HK$660 million (US$84,6 million). The Hang Seng Index climbed 7.08 per cent in January, outperformed by only two other major world stock markets, Germany and Taiwan. Since the Chinese New Year holiday, turnover has continued to surge topping HK$2 billion (US$256 million) on a number of occasions as the bullish mood, evidenced at the end of 1991, extends into 1992.
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