Exchange Fund Liquidity Facility
The Office of the Exchange Fund has introduced a liquidity adjustment facility to help licensed banks make late adjustments to their liquidity positions after the interbank market has closed. Government funds will normally be provided through a sale and repurchase agreement of exchange fund bills and government bonds held by the bank making use of the facility. Lending on an unsecured basis may also be extended depending on the prevailing market conditions and credit risk involved. As part of the scheme, the Office of the Exchange Fund is providing an additional facility to banks. It is prepared to accept overnight surplus funds that banks may want to offer at the bid rate.
AmCham Members Bullish
US business confidence in Hong Kong and China has risen strongly in the past year, according to a recent annual survey by the American Chamber of Commerce in Hong Kong (AmCham). About 89 per cent (78 last year) of respondents considered the investment climate in Hong Kong for the next five years as either "favourable" or "very favourable". Of the 405 members participating in the survey, only seven per cent said the five-year investment outlook for China was "not favourable”, compared with 31 per cent a year ago. Thirty per cent (eight per cent last year) described investment climate as "very favourable".
Digital New Asian HQ
American computer giant Digital Equipment Corporation has opened a new 160,000 square foot headquarters in Taikoo Shing. The company signed a nine- year lease for the office, believed to be one of the largest commercial leases in Hong Kong's history. The Taikoo Shing headquarters will house Digital's biggest Asian operation, to be created from July 1 by merging its China and Hong Kong activities.
Tai Po Site Fetches HK$533m
A consortium led by Nan Fung Development paid HK$533 million (US$68 million) for a residential lot at Tai Po, slightly higher than expectations. The selling price represented HK$2,138 (US$274) per square foot, 10 per cent higher than the HK$1,949 paid by Realty Development Corp for an adjacent site last month.
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