XN000022-1991-11-01 — Page 6

5

FRIDAY, NOVEMBER 1, 1991

LEGISLATIVE

OF

OF

AND

TWO

ARE

"SECONDLY, THE GOVERNMENT IS PREPARING FOR THE INTRODUCTION AMENDMENTS TO GRANT PROFITS TAX EXEMPTION IN RESPECT HONG KONG DOLLAR DEBT INSTRUMENTS ISSUED BY THE ASIAN DEVELOPMENT BANK, THE INTERNATIONAL BANK FOR RECONSTRUCTION AND THE INTERNATIONAL FINANCE CORPORATION (THE LATTER ORGANISATIONS WITHIN THE WORLD BANK GROUP).

DEVELOPMENT

"WE BELIEVE THIS MOVE SHOULD ENHANCE THE ATTRACTIVENESS OF HONG KONG MARKET TO THESE MULTILATERAL DEVELOPMENT INSTITUTIONS, SAID.

THE HE

EARLIER, THE FINANCIAL SECRETARY MENTIONED THAT FOLLOWING A

CHANGE POLICY

IN 1988 PERMITTING NON-RESIDENTS TO RAISE HONG KONG FOR DOLLAR FUNDS IN THE LOCAL CAPITAL MARKETS, THE INTERNATIONAL BANK RECONSTRUCTION AND DEVELOPMENT (THE WORLD BANK) HAD LAUNCHED FOUR HONG KONG DOLLAR BOND ISSUES IN OUR DOMESTIC MARKET.

THE FIRST WAS IN MAY 1989, AND THE MOST RECENT, A HK$500 MILLION ISSUE, WAS LAUNCHED THIS SEPTEMBER.

THE

"THE ASIAN DEVELOPMENT BANK IS ALSO PLANNING TO LAUNCH AN ISSUE OF HONG

HOSTING KONG DOLLAR BONDS HERE IN 1992 WHEN WE WILL BE 25TH ANNUAL MEETING OF THE BANK'S BOARD OF GOVERNORS.

"WE BELIEVE THAT THE PARTICIPATION OF THESE MULTILATERAL INSTITUTIONS IN HONG KONG'S DEBT MARKET WILL PROVIDE AN IMPETUS TO THE DEVELOPMENT OF OUR MARKET, MR MACLEOD SAID.

11

NOTE TO EDITORS:

THE FULL TEXT OF MR MACLEOD'S SPEECH WILL BE SENT BY FACSIMILE. ENBARGOED PLEASE NOTE THAT BOTH THIS PRESS RELEASE AND THE SPEECH ARE FOR USE UNTIL 9 PM TODAY (FRIDAY).

0

-

INSHORE WORKS TO FACILITATE AIRPORT-RELATED DEVELOPMENTS

THE GOVERNMENT IS TO RECLAIM ABOUT 9. 8 HECTARES OF FORESHORE

LANTAU ISLAND TO AND SEABED AT SIU HO WAN,

PROVIDE LAND FOR THE NEW AIRPORT AND CONSTRUCTION OF SEWAGE TREATMENT WORKS TO SERVE THE FUTURE DEVELOPMENTS IN NORTH LANTAU.

THE WORKS WILL START NEXT JANUARY

AND BE

COMPLETED BY LATE

1993.

TELEPHONE CO. LTD MEANWHILE, HONG KONG

ΤΟ INTENDS OPTICAL FIBRE SUBMARINE CABLE FROM DISCOVERY BAY TO PENG CHAU APRIL AND MAY NEXT YEAR WITHIN AN AREA OF ABOUT 2,400 SQUARE OF FORESHORE AND SEABED.

/APART FROM

LAY AN

BETWEEN METRES