XN000022-1994-01-03 — Page 4

MONDAY, JANUARY 3, 1994

LATE APPLICATIONS WILL NOT BE ACCEPTED, REGISTRATION FEE FOR EACH SUCCESSFUL APPLICANT IS $2,700.

ENQUIRIES SHOULD BE MADE AT THE IMMIGRATION DEPARTMENT HOTLINE

802 9900.

-

GOVT PUBLISHES AIRPORT CORPORATION BILL

FOR CONSULTATION

THE GOVERNMENT

HAS TODAY

GAZETTED (MONDAY)

THE AIRPORT

CORPORATION BILL IN THE FORM OF A WHITE BILL FOR PUBLIC CONSULTATION.

IS TO THE PURPOSE OF THE BILL

RECONSTITUTE THE PROVISIONAL AIRPORT AUTHORITY AS A PERMANENT GOVERNMENT-OWNED ORGANISATION CALLED THE AIRPORT CORPORATION, WHICH WILL BE RESPONSIBLE FOR DEVELOPING OPERATING HONG KONG'S NEW AIRPORT AT CHEK LAP KOK.

THE

POWERS

OF THE

AND

CORPORATION, AND

THE

THE BILL SETS OUT CONTROLS THAT THE GOVERNMENT WILL EXERCISE OVER IT.

IMPORTANT STEP FORWARD AIRPORT AT CHEK LAP кок,

"PUBLICATION OF THIS WHITE BILL IS AN IN THE PROCESS OF PREPARING FOR THE NEW SECRETARY FOR ECONOMIC SERVICES, MR GORDON SIU, SAID TODAY.

HE

THAT ADDED

THE GOVERNMENT COMPLEMENTARY AIMS IN DRAFTING THE BILL.

HAD

HAD

TWO

11

PRIMARY

AND

FLEXIBILITY ΤΟ

AT

CHEK LAP

КОК

"WE NEED TO CREATE A CORPORATION WHICH HAS THE

AIRPORT ACT

AND TO DEVELOP THE COMMERCIALLY IN A COST-EFFECTIVE WAY WITHIN A TIGHT TIME-FRAME.

CONTROLS NEEDED "AT THE SAME TIME, THE GOVERNMENT MUST RETAIN

OF THE AIRPORT'S STRATEGIC TO: PROTECT THE PUBLIC INTEREST BECAUSE

THE GOVERNMENT'S COMPLIANCE WITH IMPORTANCE; ENSURE OBLIGATIONS; AND ENSURE THAT THE GOVERNMENT, AS THE SOLE RECEIVES A REASONABLE RETURN ON ITS INVESTMENT,

INTERNATIONAL SHAREHOLDER,

"THIS IS A

DELICATE

BALANCE

TO

STRIKE

BETWEEN

COMMERCIAL

FREEDOM AND ACCOUNTABILITY TO GOVERNMENT.

"WE OBVIOUSLY CANNOT CREATE

GOVERNMENT-OWNED

CORPORATION TO SUCH WITHOUT CONTROLS, BUT NEITHER CAN WE FETTER THE CORPORATION

INTERNATIONAL MARKETS, AN EXTENT THAT IT IS UNABLE TO RAISE FUNDS IN

AND ATTRACT INVESTORS IN AIRPORT FACILITIES, AND OPERATE COMMERCIALLY FLEXIBLY," MR SIU SAID.

THE BILL

UNDERSTANDING'S THE MASS TRANSIT

(MOU) RAILWAY

FOLLOWED THE MEMORANDUM OF REQUIREMENT THAT IT SHOULD BE MODELLED ON CORPORATION (MTRC) ORDINANCE.

SOME MODIFICATIONS HAVE BEEN NECESSITATED TO TAKE INTO THE DIFFERENCE BETWEEN RUNNING AN DOMESTIC RAILWAY.

INTERNATIONAL

AIRPORT

ACCOUNT AND

A

/"OUR PLAN