XN000022-1994-08-10 — Page 2

WEDNESDAY, AUGUST 10, 1994

STATEMENT ON FINANCING PROPOSAL FOR AIRPORT AND AIRPORT RAILWAY

IN

MADE IN

BEIJING

STATEMENT ANSWER TO MEDIA QUESTIONS ON A BY THE CHINESE STATE COUNCIL'S DIRECTOR OF HONG KONG AND MACAU AFFAIRS OFFICE, MR LU PING, A GOVERNMENT SPOKESMAN SAID TODAY (WEDNESDAY):

WITH

"WE ARE SINGLE-MINDEDLY WORKING TOWARDS A FINAL AGREEMENT THE CHINESE SIDE ON THE BASIS OF THE FOURTH FINANCING PROPOSAL FOR THE AIRPORT AND AIRPORT RAILWAY.

OF THAT "WE HAVE REACHED A COMMON VIEW ON THE MAIN ELEMENTS

$23 AGREEMENT, INCLUDING THE FIGURES OF $60.3 BILLION FOR EQUITY AND BILLION FOR DEBT.

ADHERED

"BOTH SIDES ARE CONCERNED THAT THESE FIGURES SHOULD BE TO AS THE PROJECTS GO AHEAD, AND OUR EXPERTS HAVE BEEN DISCUSSING THIS CAN BE REFLECTED IN THE DOCUMENTS THAT WILL BE AGREED.

HOW

TO

"HOWEVER WE MUST NOT LOSE SIGHT OF THE OBJECTIVE, WHICH IS

THE PRODUCE

AIRPORT AN

THAT

PROVISIONAL ENABLE AGREEMENT

WILL

RAISE INVESTMENTS AUTHORITY AND MASS TRANSIT RAILWAY CORPORATION TO FROM THE PRIVATE SECTOR IN THE FORM OF LOANS AND FRANCHISES.

"THIS MEANS THAT WE MUST REACH AGREEMENT ON THE SUPPORT AGREEMENTS, WHICH DEAL WITH THE AIRPORT AND FINANCING.

TWO FINANCIAL AIRPORT RAILWAY

OBJECTIVE PROPOSED DRAFT

"THE PRESENT DISCUSSIONS REVOLVE AROUND THIS PRIMARY

THE TO WE AWAIT THE CHINESE SIDE'S RESPONSE DOCUMENTS, WHICH HAVE BEEN WITH THEM FOR MANY MONTHS.

AND

"THE CAPPING OF DEBT IS NOT AN ISSUE AND SHOULD BE ABLE TO RESOLVED QUICKLY, IN LINE WITH THE MEMORANDUM OF UNDERSTANDING."

BE

REGULATORY AUTHORITY FOR ESTATE AGENTS RECOMMENDED

* *

THE WORKING GROUP ON THE REGULATION OF REAL ESTATE AGENTS TODAY AND (WEDNESDAY) PUBLISHED ITS REPORT AND RECOMMENDED THAT A STATUTORY SELF-FINANCING LICENSING AUTHORITY BE SET UP TO REGULATE THE TRADE.

THE WORKING GROUP RECOMMENDED THAT THE ESTATE AGENTS SHOULD HAVE POWERS TO DETERMINE LICENSING REQUIREMENTS AND RULES OF CONDUCT AND PRACTICE.

AUTHORITY PRESCRIBE

AGAINST IT SHOULD ALSO HAVE POWERS TO TAKE DISCIPLINARY ACTION

TO DETERMINE ESTATE AGENTS FOR BREACH OF OBLIGATIONS AND RULES, AND DISPUTES OVER COMMISSIONS AND FEES BETWEEN AN AGENT AND HIS CLIENT.

THE REGULATORY AUTHORITY SHOULD BE COMPOSED OF MEMBERS FROM THE

IN

AND GENERAL, AND THE COMMUNITY TRADE, RELATED PROFESSIONS

DEAL WITH INDEPENDENT APPEAL PANEL SHOULD BE APPOINTED TO AGAINST ITS DECISIONS.

AN APPEALS

/THE PROPOSED

- - - -