XN000022-1996-05-14 — Page 2

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Transcript of Financial Secretary's remarks at airport

The following is the transcript of the remarks made by the Financial Secretary, Mr Donald Tsang, before his departure for Kuala Lumpur to embark on a visit to Malaysia, Singapore and Thailand this (Tuesday) afternoon:

Question: Are you going to strike any deals for business?

Financial Secretary: No. I think the intention is not to do business as such but rather to explore business opportunity and to strengthen the spirit of partnership between members of the Asia Pacific Economic Co-operation. This is the whole purpose of the visit. It is a visit for the purpose of developing friendship rather than doing deals. That is not the purpose of my visit.

Question: It has been reported that seven property companies are acting as a cartel when they come to selling property in Hong Kong. Do you agree that it is happening and would the Government look into this?

Financial Secretary: I would be very amazed in an enormous market of Hong Kong and a free market spirit, it is impossible to form any cartel at all. Anyone forming any such a cartel is likely to lose a lot of money, in my view. But if there is any substance in that sort of movements, certainly we will look into it.

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Sino-British Land Commission

The 32nd meeting of the Sino-British Land Commission was held on May 14, 1996. The two sides agreed that the Land Disposal Programme for the 1996/97 financial year should amount to 153.01 hectares.

The programme comprises 46.54 hectares for commercial, residential and industrial development; 42.64 hectares for Home Ownership Scheme, Sandwich Class Housing Scheme, Private Sector Participation Scheme, Hong Kong Housing Society development and Village Housing; 16.31 hectares for public utilities, educational, welfare, religious, recreational and other uses; and 47.52 hectares as special requirements.

The two sides also agreed to set aside five hectares of land in a Supplementary Land Disposal Programme.

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