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According to Dr Choi, there are some 50,000 private buildings in the urban areas, and about half of them are over 20 years old.
Under the proposed mandatory inspection scheme, if and when implemented, owners of the target buildings will be served with notices setting out the time for the inspection reports to reach the Buildings Department.
"At present, we shall focus on consultation with the professional bodies to ensure the technical standards for inspection and repairs are sound and feasible."
"Then we will announce the administrative arrangements of the proposed mandatory inspection scheme for public consultation in July," Dr Choi said.
End
Exchange Fund records healthy growth
The Hong Kong Monetary Authority (HKMA) today (Thursday) announced the audited results of the Exchange Fund at end-1996 with total assets of the Fund up 16% to HK$534.5 bn (1995: HK$460.7 bn) and a 7.9% growth in accumulated earnings. Accumulated earnings in the Exchange Fund increased from HK$160.1 bn as at end- 1995 to HK$172.8 bn at the end of last year, an increase of HK$12.7 bn.
"The HK$12.7 bn increase in accumulated earnings reflected the result of HKMA's prudent management of the Fund at times of volatile bond markets and a strong US dollar. The investment in US equities also contributed to the earnings as that market rallied strongly in 1996," said an HKMA spokesman.
"The outlook for 1997 remains uncertain. Market consensus that US interest rates may increase in 1997, coupled with the strength in the US dollar will impact on the Fund's performance in 1997."
"The HKMA will maintain its prudent policy and continue to invest the majority of the Fund's assets in fixed income instruments," the HKMA spokesman added.
The HKMA also announced today the foreign currency assets (i.e. foreign reserves) within the Exchange Fund totalled US$63.8 bn as at end of February 1997. This represented a drop from the US$65.9 bn figure as at end-January due to seasonal factors.