t
DISTR
A
13
OP
In Chilla Ha Hory Kay Byst
FLO
- OCT 24*
کے
(26)
* 13:33
RESTRICTED
FM HKONG XBGRØ994 240CT83
TO EXTOTT PER
НКК
090/4
ALCEIVED IN REGISTRY
28 CCT 1983
DESK OF
INDEX
REGISTRY
PA
lAction Taken
INFO PEKIN WSHDC IDN TOKYO
DISTR PET PED PGB EER
---THE HKONG ECONOMY
WHILE PUBLIC ATTENTION HAS BEEN FOCUSSING PRIMARILY ON TRIBULATIONS
OF HKONG DOLLAR, OTHER DEVELOPMENTS IN HKONG ECONOMY HAVE BEEN NO/NO
LESS SIGNIFICANT.TOTTERING PROPERTY VENTURES AND FINANCIAL
INSTITUTIONS AND VERY UNBALANCED ECONOMIC INDICATORS ADD UP TO A
GREAT DEAL OF UNCERTAINTY.SOME OBSERVERS BELIEVE THAT WITH EXTENT
OF DAMAGE FROM IMPRUDENT PROPERTY INVESTMENTS NOW PRETTY WELL KNOWN,
AN ADMITTEDLY CAUTIOUS OPTIMISM IS BEGINNING TO EMERGE BASED ON
GOVTS APPARENT WILLINGNESS TO ACT, CHASTENED CORPORATE BOARD ROOMS
AND NOT/NOT LEAST ESSENTIAL SOUNDNESS OF ECONOMY.
2.ALTHOUGH FURTHER REVELATIONS COULD STILL ROCK BOAT OF WELL KNOWN
HONGS, MOST OF WHICH HAD EXPOSURE IN SOME HIGH FLYING VENTURE IN
HEY-DAY OF COLONYS ECONOMIC BOOM, HKONG SEEMS TO BE CLEANING UP ITS
ACT.LATE LAST MONTH WITH UNPRECEDENTED SPEED AND DEFTNESS, GOVT TOOK
OVER HANG LUNG BANK TO PREVENT ANY BANK/FRINGE BANK DOMINOES FALLING.
NEW MANAGEMENT HAS HONOURED ALL PANKS DEPOSITS AND NEW DIRECTOR
CONFIMRED THAT HE HAS NOT/NOT DISCOVERED ANY IRREGULARITIES IN WAY
BANK HAD BEEN RUN PRIOR TO GOVT TAKEOVER.FEW DAYS LATER SUN HUNG
KAI BANK, WHICH HAD SUFFERED FROM RUMOURED RUN ON DEPOSITS, HAD TO
...2
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