charge at HK$180,000 (US$23,100) The capping of the fees will remove a disincentive to registration in Hong Kong of ships above 30,000 gross registered tonnage (GRT), particularly those over 60,000 GRT.
River trade terminal development
The private sector is being invited to develop a HK$1.5 billion (US$192 million) river trade terminal near Tuen Mun to serve growing traffic from the Pearl River Delta. It has been estimated that about 42,000 river trade vessels will use the terminal in 1996, a figure that is forecast to more than double by the year 2006.
1992 land sales programme
In the 1992/1993 financial year the government will transfer almost 30 hectares of land for development purposes, under the provisional land sales programme. The land will involve 45 sites which are expected to produce about 16,500 residential flats. It's estimated the total revenue from land sales during the year will be HK$8.6 billion (US$1.1 billion) compared to the record HK$13.8 billion (US$1.8 billion) raised in 1991/1992.
Regional business HQ
Hong Kong continues to expand its role as a leading regional business centre in Asia, according to a new survey released by the Industry Department. The survey shows that overseas companies have now set up some 880 regional establishments in Hong Kong, including 602 regional headquarters and 278 regional offices. In the first survey in 1990, 572 regional headquarters were identified.
The United States had the largest number of regional headquarters with 278 companies, followed by the UK (75) and Japan (44).
Details of HSBC takeover bid
HSBC Holdings announced the full details of its offer for the takeover of Britain's Midland Bank. The deal values Midland at HK$45 billion (US$5.8 billion or £3.1 billion) or 378 pence a share. The offer is a combination of stocks and bonds and is worth 27 per cent more than the actual value of Midland.
The HongkongBank group has held just over 14 per cent of Midland since 1987. If shareholders of both groups approve the deal, the merged conglomerate will have 3,300 offices in 68 countries and assets of HK$2,106 billion (US$270 billion or £145 billion).
Inner reserves revealed
The release of HSBC's offer for Midland has revealed one of Hong Kong's best kept secrets, the inner reserves of the HongkongBank and of its subsidiary, the Hang Seng Bank. HSBC Holdings, the holding company for the Hongkong Bank group, had accumulated HK$16.6 billion (US$2.1 billion) by the end of last year. Together with
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