Recent Developments
Mood of community: "back to work ", although anxieties remain.
Stock market: + 42 % since June 5th (index up from 2093 to 2962).
Property :
i)
Major HK$2.7 B tender (US$350 M) in July 1989; commitment by U. S.
bank to an equity position in project.
Residential properties still selling well.
ii)
iii)
Office rents little changed.
iv)
Mortgage loan requests returned to pre June levels.
v) Recent Government land sales at prices above expectation.
HK$5 B Cable TV System awarded.
Dec 1989 home ownership sales oversubscribed 12.5 times.
Trade with China holding up well: October 1989 domestic exports a record at HK$4b.
HK$10 B loan for container terminal development agreed.
Tourism recovering well. 10% growth expected in 1990.
New foreign investment from USA and Japan committed.
More overseas banks applying to come to Hong Kong.
4 U.S. companies decided to establish regional headquarters in Hong Kong. Japanese retail group has established world headquarters in Hong Kong.
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