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WEDNESDAY, DECEMBER 11, 1991
WELFARE AND COMMUNITY FACILITIES PLANNED FOR THE PERIOD INCLUDED ONE EACH FOR NEIGHBOURHOOD COMMUNITY CENTRE, RURAL CENTRE, SMALL GROUP HOME, CHILDREN AND YOUTH CENTRE, EARLY EDUCATION AND TRAINING CENTRE, SPECIAL CENTRE FOR THE ELDERLY, MULTI-SERVICE CENTRE FOR THE ELDERLY, HOME CUM CARE AND ATTENTION UNIT FOR THE ELDERLY, AND DAY ACTIVITY CENTRE FOR THE MENTALLY HANDICAPPED.
THERE WOULD ALSO BE THREE DAY NURSERIES, TWO FAMILY SERVICES CENTRES, TWO DAY CARE CENTRES FOR THE ELDERLY, AND TWO HOSTELS FOR THE DISABLED.
PROJECTS FOR OTHER NECESSARY SERVICES SUCH AS POLICE STATION, FIRE STATION AND AMBULANCE SERVICES HAD BASICALLY BEEN COMPLETED.
REGARDING RECREATION AND CULTURAL FACILITIES FOR THE COMING SIX YEARS, MR BARNES SAID A CULTURAL COMPLEX HAD BEEN PLANNED FOR IN TAI PO. THERE WOULD ALSO BE SEVEN DISTRICT OPEN SPACE PROJECTS IN THE NORTH DISTRICT, AND FIVE IN TAI PO.
GOVT'S SALE OF CHTC SHARES EXPLAINED
THE SALE OF THE GOVERNMENT'S 24.3 PER CENT OF THE SHARES OF THE CROSS HARBOUR TUNNEL CO., LTD ("CHTC") TO WHARF (HOLDINGS) LIMITED WAS IN ACCORDANCE WITH THE GOVERNMENT'S LONG DECLARED INTENTION THAT THE EXCHANGE FUND SHOULD DISPOSE OF THE WHOLE OF ITS EQUITY STAKE IN APPROPRIATE ASSET FOR THE CHTC, ON THE GROUNDS THAT THIS WAS NOT AN THE FUND.
THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, STATED THIS IN A WRITTEN REPLY TO A QUESTION FROM THE HON LI WAH-MING IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MR NENDICK EXPLAINED THAT IT WAS NOT A LIQUID INVESTMENT AND ALSO THERE WAS A POTENTIAL FOR CONFLICTS OF INTEREST ΤΟ ARISE WHERE THE GOVERNMENT WAS BOTH REGULATOR AND A SIGNIFICANT SHAREHOLDER.
THUS IN 1986, THE THEN FINANCIAL SECRETARY, SIR JOHN BREMRIDGE, ANNOUNCED IN HIS BUDGET SPEECH THAT THE GOVERNMENT HAD DECIDED TO
HONG DISPOSE OF THE EXCHANGE FUND'S EQUITY HOLDINGS IN
KONG AS AND WHEN APPROPRIATE AND THAT THE DEALS SHOULD BE "AT ARM'S LENGTH ON THE STRENGTH OF IMPARTIAL OUTSIDE ADVICE", HE SAID.
MR
AS REGARDS THE PRICE AT WHICH THE CHTC SHARES WERE SOLD, NENDICK SAID THE PRICE ($12.035 PER SHARE) WAS DETERMINED ON THE BASIS OF SEVERAL FACTORS.
/THESE INCLUDED