XN000022-1989-12-20 — Page 2

WEDNESDAY, DECEMBER 20, 1989

-

1

NO SIGNS OF DECLINE IN OVERSEAS INTEREST IN HK

THE SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, SAID TODAY (WEDNESDAY) THAT HE HAD SEEN NO SIGNS OF ANY DECLINE IN INTEREST OF OVERSEAS INSTITUTIONS IN ESTABLISHING PRESENCES IN HONG KONG.

OFFICIATING AT THE OPENING OF THE PORT CENTRE, A PRIVATE COMMERCIAL AND RESIDENTIAL DEVELOPMENT IN ABERDEEN, MR NENDICK AFFIRMED THAT HONG KONG CONTINUED TO GROW AS AN INTERNATIONAL FINANCIAL CENTRE.

"SINCE THE EVENTS IN CHINA LAST JUNE, NO FEWER THAN SEVEN OVERSEAS BANKS HAVE ESTABLISHED FULL BANKING PRESENCES AND SEVERAL OTHERS. INCLUDING ONE OF THE LARGEST PRIVATE BANKS IN THE UNITED STATES, HAVE OPENED LOCAL OFFICES.

"WE ARE ALSO SEEING A GROWTH IN THE NUMBER OF FOREIGN INSURANCE COMPANIES SETTING UP OPERATIONS IN HONG KONG, HE SAID.

MR MENDICK POINTED OUT THAT HE KNEW OF AT LEAST FIVE MAJOR CONCERNS WHICH HAD EITHER SET UP THEIR REGIONAL HEADQUARTERS IN HONG KONG OR HAD TRANSFERRED THEM TO THE TERRITORY OVER THE COURSE OF THE LAST FEW MONTHS.

HE SAID WHILE IT HAD BECOME FASHIONABLE IN RECENT MONTHS ΤΟ ASSERT THAT HONG KONG WAS IN DECLINE, SUCCESSFUL PROJECTS AND DEVELOPMENTS CURRENTLY TAKING PLACE IN, OR PLANNED FOR, THE TERRITORY BELIED SUCH ASSERTIONS.

THE

'THE UNIVERSITY OF SCIENCE AND TECHNOLOGY, THE NEW AIRPORT, CENTRAL/WAN CHAI RECLAMATION SCHEME, THE ENLARGEMENT OF THE CONTAINER TERMINAL FACILITIES AND THE NEW NOTELS AND COMMERCIAL COMPLEXES IN AND AROUND CENTRAL ARE ALL PROJECTS KILICH DEMONSTRATE A CONTINUING FAITH IN HONG KONG'S FUTURE.

"LET US NOT FORGET, EITHER, OUR NEW CULTURAL CENTRE NOR THE CONVENTION CENTRI OPENED EARLIER THES YEAR WHICH HAS BOOKINGS STRETCHING OVER FIVE YEARS AHEAD, HE SAID.

'AS FAR AS THE ECONOMY 18

CONCERNED, HONG KONG'S PROBLEMS,

SUCH AS THEY ARE. STEM MAINLY FROM THE INEVITABLE PRESSURE RESOURCES THAT RESULT FROM CONTINUING SUCCESS, MR WENDICK ADDED.

ON

/2