TNAG-2466-FCO40-3590-Economic-situation-in-Hong-Kong-1992 — Page 21

Tregunter Snapped Up

Luxury apartments in Tregunter Towers Three, Asia's tallest residential building, are reported to have sold out within a week of going on the market. Total pre-sales of the 187 units in the 68-storey Mid-Levels development is said to have netted HK$2.4 billion (US$308 million) for its developer, Allied Properties.

Hong Kong Telecom Results

Hong Kong Telecom has announced a profit of HK$5.67 billion (US$727 million), an increase of 14 per cent over the previous year. turnover increased by 13 per cent to HK$18.4 billion (US$2.4 billion), largely on the growth in international telephone call volume which expanded by 15 per cent last year. Telephone traffic between Hong Kong and China went up by 35 per cent.

Telecom Deregulation

The government has cleared the way for opening up competition in the provision of domestic telephone services with the expiry of Hong Kong Telephone Company's exclusive franchise in 1995, when it will be replaced with a non- exclusive licence.

The move will pave the way for competing networks to provide local fixed-link voice telephone services in the same way that there is competition in the provision of mobile telephone services.

Competition on the Buses

Bus services on Hong Kong island are to be opened up to further competition following the decision of the Executive Council to reduce China Motor Bus Company's franchise to a 90-route operation, in a bid to improve public transport services. The new reduced franchise will come into operation from September 1 1993.

Airport Core Project Contract

An international consortium with representation from China and four other countries has won the second biggest airport-related contract - the Tai Ho section of the North Lantau Expressway. The fixed-price lump sum contract is worth HK$3.5 billion (US$450 million).

Lantau Expressway Joint Venture comprises, China Fujian Corporation for International Techno-economic Co-operation, Downer and Company (New Zealand), Amec International Construction (UK), Eltin Limited (Australia), China International Water & Electric Corporation (China), and Universal Dockyard Limited (Hong Kong).

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