WEDNESDAY, OCTOBER 14, 1992
PRICE OF TSING MA BRIDGE UNAFFECTED
* * *
THE
PRICE
RANKING OF THE TSING MA BRIDGE TENDERS REMAINS UNAFFECTED BY SUBSEQUENT CURRENCY FLUCTUATIONS EVEN THE TENDERED PRICE
INCLUDED A
THE STERLING,
SECRETARY THE LEGISLATIVE COUNCIL
ACCEPTED
TREASURY,
MR
PART IN POUND K.Y. YEUNG, INFORMED
FOR TODAY
(WEDNESDAY).
REPLYING YEUNG SAID:
WAS
TO A QUESTION BY THE HON MARVIN CHEUNG
KIN-TUNG,
MR
"THE ACCEPTED TENDER PRICE FOR THE TSING MA BRIDGE CONSTRUCTION RATE OF MILLION AND L88 MILLION. HK$4,544
USING THE EXCHANGE
THE HK$3.845 TO THE POUND PREVAILING ON 29 APRIL 1992 THIS YEAR WHEN
BOARD, THE TENDER RECOMMENDATION WAS APPROVED BY THE CENTRAL TENDER HONG KONG DOLLAR EQUIVALENT OF THE TENDERED SUM WAS $7, L44 MILLION.
THIS
WAS THE BASIS ON WHICH THE FINANCE APPROVAL WAS SOUGHT ON MAY 15 THIS YEAR, HE SAID.
COMMITTEE'S
FUNDING
FINANCE THE OF THE FORWARD PERIOD WHEN TO THE
MR YEUNG SAID WITHIN HALF AN HOUR OF RECEIVING
FUNDING
DIRECTOR COMMITTEE'S
APPROVAL FOR THE PROJECT, THE OFFICE OF THE EXCHANGE FUND AT HIS REQUEST ARRANGED FOR PURCHASE OF STERLING THROUGHOUT THE FIVE-YEAR CONTRACT STERLING PAYMENTS WERE REQUIRED, AT A FIXED RATE OF HK$13.4 POUND.
"THE CONTRACT IS THEREFORE PRUDENTLY IMMUNISED AGAINST CURRENCY FLUCTUATIONS," HE SAID.
COVER
THE SECRETARY EXPLAINED THAT AS A RESULT OF THE FORWARD
THE HONG
TSING KONG DOLLAR EQUIVALENT OF THE ARRANGED,
MA BRIDGE THE CONTRACT WAS AT PRESENT $7,060 MILLION, OR $84 MILLION LESS THAN ESTIMATE OF $7,144 MILLION APPROVED BY FINANCE COMMITTEE.
0
LAND GRANTED EXCEEDS SPECIFIED LIMIT
SINCE THE
THE AMOUNT OF LAND GRANTED ANNUALLY FOR DEVELOPMENT ENTRY INTO FORCE OF THE JOINT DECLARATION HAS EXCEEDED THE 50 HECTARE THE LIMIT SPECIFIED BY AGREEMENT IN THE SINO-BRITISH LAND COMMISSION,
LEUNG, ACTING SECRETARY FOR PLANNING, ENVIRONMENT AND LANDS, MR BOWEN TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
THE
MR LEUNG IN A WRITTEN REPLY TO A QUESTION BY THE HON ELSIE TU, SAID THIS DEMONSTRATED THE CO-OPERATION AND UNDERSTANDING BETWEEN TWO SIDES OF THE LAND COMMISSION IN MAKING SUFFICIENT TO MEET JUSTIFIABLE DEMANDS.
WAS VESTED
"A TOTAL OF 274 HECTARES OF LAND AUTHORITY FOR CONTROL AND MANAGEMNT UNDER SECTION 5
++ HE SAID. ORDINANCE BETWEEN 1987/88 AND 1991/92,
LAND AVAILABLE
OF
IN THE HOUSING THE HOUSING
/OVER THE