27-APR-1992 14:45
INFORMATION SERVICES DEPT
+ 852 521 7242
P.03/03
A
-3-
The banks introduced the 70 per cent restriction on mortgage lending last year from a high of up to 90 per cent, in a move to curb property speculation which had led to an overheated property market.
INSURANCE AGREEMENT FOR ACP
An
HK$18.5 million (US$2.4 million) agreement has been signed with insurance insurance broker, Gilman Swire Willis Ltd to arrange coverage for six government-funded projects under the airport programme (ACP).
core
The projects are the Lantau Fixed Crossing, Tung Chung Development Route Three, West Kowloon Phase 1, the North Lantau Expressway, Reclamation and the West Kowloon Expressway.
insurance market
market to The agreement requires
requires approaching the world
insurance and obtain the most favourable terms,
terms, placing the
insurance programme administering the government's owner controlled insurance for the duration of the construction and stated maintenance period.
a major
Airport Projects Co-ordination Office (NAPCO) says the insurance programme has already been placed with total
HK$240 million about far placed amounting to
The New
part of premiums
SO
(US$31
million).
NEW AIRPORT NO DELAY
The
ensuring the extending the
government says it is studying alternative ways of ensuring airport reclamation contract falls within budget, by time and by looking for alternative sources of fill.
However, the Chief Secretary, Sir David Ford, says affect the completion date.
this will not
"We are quite convinced we can make adjustment and still keep within the time scale we envisage for the project," he said.
VIETNAM INVESTMENT
now
Hong Kong is continuing with its investment drive in Vietnam and has the distinction of having the largest number of approved projects under way in the country.
Vietnamese government figures show that Hong Kong companies accounted of HK$3.1 billion projects with total for 90
approved capital (US$393.9 million).
The investment emphasis is in the hotel sector, but company is starting up a large-scale textile operation.
Overall, the biggest
biggest foreign investor is Taiwan totalling HK$4.7 billion (US$602 million).
one Hong Kong
with with 46 projects
ENDS
TOTAL P.03
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