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Hong Kong has always been an international city. A
fresh infusion of talented people from overseas can only
add to our attraction as a business centre.
Bad news is always more eye-catching than good.
Even so,
those of you who scan the business pages will know that Hong Kong is not losing all of its human and financial
capital. Quite the reverse in fact. Investment, much of it
very long-term, is still coming in from abroad. I have
three examples, which illustrate that far-sighted, prudent businessmen recognise Hong Kong's potential:
On July 25, only weeks after the tragic events in
Peking, the Government, went ahead with the sale
by tender of the largest remaining site in the
Central business district. Many said that there
would be few bidders and that the bids would be
unrealistically low. They were proved wrong. Five
serious bids came in, three of them very close.
US$350 million clinched the sale.
US West and Tractebel of Belgium, together with
Hong Kong interests, were the successful bidders
in another long-term project. This was the
franchise for Hong Kong's first cable television
system. It will be the biggest in the world. The
consortium has pledged US$700 million towards its
completion.
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