TNAG-1247-FCO40-1561-Press-reports-on-the-future-of-Hong-Kong-1983 — Page 24

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In April, 50 real estate agencies took part in a three-day conference and exhibition to promote the sale of property in North America. The show, held in the Furamar Hotel, was co-sponsored by The Asian Wall Street Journal and The International Management Planning Centre. Attendance figures were not published but the exhibition received wide publicity in the local media. The HK Economic Journal published a six-page supplement on April 11. This was followed by a four-page supplement in the Sing Tao Jih Pao on April 15. Each was aimed at attracting prospective Chinese-speaking buyers. In each of the supplements, half of the space was taken up by advertisements of the participating units. The remainder contained articles highlighting the advantage of investing in North America and the emigration rules in USA and Canada.

MEASURES DECREED BY GOVERNMENTS

According to international news agency reports, a number of countries have decreed measures aimed at wooing investments from HK.

A UPI despatch last November said the Taiwan Government was to capitalise on the uncertainty over HK's future by introducing measures aimed at attracting US$40 000m investment from HK. In December, it was reported that Taiwan planned to relax banking regulations to encourage foreign investors, particularly those from HK, to put their money in Taiwan banks. In March, a Central News Agency despatch said the Taiwan Government would further amend legislation on investment to attract funds from overseas Chinese. Taiwan's Economic Ministry would offer special services to HK people who intended to buy property in Taiwan for permanent settlement.

Measures were also taken by the Thai and Philippine Governments to lure investors from HK. A Reuters despatch in November said President Marcos of the Philippines had decreed that permanent residence would be offered to foreigners who invested US$200 000 in the country. The report quoted him as saying that the measure was aimed at attracting investors from HK who might flee the territory before a Chinese takeover. Earlier, head of the Ayala Investment Development Corporation, Mr. Enrique Zobel, called for the develop- ment of a "new HK" on the isalnd of Mactan about 300 miles southeast of Manila. From Bangkok, an AFP report said the Thai Prime Minister had ordered the industry Ministry to set up a working group tasked with wooing investments from HK. In December, the secretary general of the Thai Board of Investment visited HK on a fact-finding mission. He told The Asian Wall Street Journal that Thailand wanted to attract investments from HK industrialists and not from those who might be packing up in HK.

COMMERCIAL FIRMS

One of the biggest endeavours to woo investments from HK was made by the Portugese Investments Association which was formed last December by a local property developer, John Wu, of Trafalgar Housing under the auspices of the Macau Governor.

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