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China.Hawaii Chamber of Commerce ® "Hawaii-China Guan Xi, We Get Things Done™" - Trade Advocacy Organization
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How to Do Business with China, through Hong Kong & Setting up Business in China? - last update Feb 8, 2003 Our Resource Center Page provide daily Updates on SARS (HK Gov, WHO & CDC)
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Hong Kong: The World Health Organization (WHO) announced on June 23rd, Monday it will remove Hong Kong from its list of Sars-affected areas after the territory reported no new Sars infections for 20 consecutive days....Go to our resource center page for detail Do you know our dues paying members attend events sponsored by our collaboration partners worldwide at their membership rates - go to our event page to find out more!
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research findings upon conclusion of the project in September 2003. July 31, 2003 Hong Kong: Preparations have begun for a constitutional review, Chief Executive Tung Chee-hwa revealed yesterday. But he said he would not respond to calls for faster progress towards full democracy until a thorough study had been completed. Secretary for Housing, Planning and Lands Michael Suen Ming-yueng said on Wednesday he was "cautiously optimistic'' about the residential property market - as the private housing supply would decline over the next three years. If Sars returns in the winter, portable isolation units will be erected and empty public flats may be used for quarantining patients' families and as staff housing. Pearl River Delta cities must improve their co-ordination or risk losing out in the race to make the region China's economic centre, a conference in Guangdong was told. Hong Kong, Macau and mainland officials will hold talks in Beijing today on the final consultancy studies for two key cross-border transport projects. The government, theme park operators and hotel owners will be able to issue real estate investment trusts (REITs) under a revised regulatory code announced yesterday by the Securities and Futures Commission (SFC). The easing of restrictions on real estate investment trusts (REITs) will boost Hong Kong's competitiveness against Singapore and other international markets, according to developers and investment bankers. MTR Corp (MTRC) has questioned the fairness of a government proposal to revise the route of the $33 billion Sha Tin-Central rail link - a project that the company lost to rival Kowloon-Canton Railway Corp (KCRC) last year. China: Beijing's Capital Airport has slashed the cost of more than 70 products after coming under heavy criticism for its exorbitant food and beverage prices, which rival those of Hong Kong's five-star hotels.
Mainland enterprises have invested US$27.6 billion abroad, and although that is just a fraction of the global total of foreign direct investment (FDI), China is among the fastest-growing sources of such investment in the world, according to a survey released yesterday. Removing the last vestiges of the planned economy, the Beijing municipal government is poised to announce a series of administrative reforms, sources say. China, the world's largest cellphone market, will have more than 400 million mobile users in four years' time, according to government forecasts quoted by state media on Wednesday. July 30, 2003 Hong Kong: Last-minute political manoeuvring - some of it sourced to Beijing - has dashed the chances of Hong Kong's director of health replacing the WHO official who headed the global battle against Sars. Liberal Party chairman James Tien Pei-chun said yesterday Chief Executive Tung Chee-hwa was no longer angry with him over his shock resignation from the cabinet earlier this month, a move which forced the Hong Kong government to shelve the controversial National Security Bill. The free-trade agreement between Hong Kong and the mainland should be extended to Macau and Taiwan to create a Greater China free-trade area, an authoritative report has recommended to the central government. Hongkong Land Holdings, Central's largest office landlord, has posted a 13 per cent fall in interim net profit and warned of a tough outlook for the second half because of continued weakness in the commercial sector.
An innovative scheme that allows offenders to perform community service instead of languishing behind bars is being extended to more mainland cities and provinces. July 29, 2003
The Kowloon-Canton Railway Corporation has offered to return its property development rights to the government to aid the administration's efforts to boost the battered housing market. For motorists using the planned bridge across the Pearl River Delta from Hong Kong to Macau and Zhuhai, cross-border hold-ups are likely to be a thing of the past. Cheung Kong (Holdings)' first real estate investment trust (REIT) was oversubscribed yesterday after being launched in Singapore, according to a source familiar with the company.
The price war in the residential
fixed-line telephone market has intensified with one operator offering a
promotional HK$1 monthly tariff to attract subscribers to switch networks. China: China will probably not heed calls from policymakers in the United States and Europe, who say that the yuan is undervalued and that the central government should raise the value of its currency, according to a representative of investment bank Credit Suisse First Boston (CSFB). An American envoy said China had done all it can diplomatically in a still-unsuccessful bid to get North Korea to resume nuclear talks. China's dominant offshore oil producer CNOOC has unveiled a gas discovery in the South China Sea that is estimated to contain reserves amounting to about 10 per cent of the company's existing oil and gas reserves. Potential buyers of a large Shanghai Land Holdings stake are being asked to come up with a preliminary offer, it was revealed yesterday. July 28, 2003 Hong Kong: International business groups, upset by recent changes to the Immigration Department's policy on dependant visa holders, have complained to the government over what they see as an erosion of the qualities that make Hong Kong attractive to overseas firms and professionals. Tung Chee-hwa should appoint ministers who dare to give frank advice, former executive councillor James Tien Pei-chun says. Many residents of four Guangdong cities who can visit Hong Kong on their own from today do not know how to apply for a permit, a survey has shown. Hong Kong property developers plan to step up mainland marketing of their luxury residential projects following the central government's decision to relax restrictions on individual tourists traveling to the territory. Looming competition in Hong Kong's pay-television market is expected to see only two of the four mainstream players survive, according to analysts. China: The Pearl River Delta faces serious flooding, according to mainland scientists who say the sea level in the region is likely to rise by as much as 30cm by 2030. The Sars outbreak took a heavy toll on rural income on the mainland during the second quarter of the year, especially among the millions of migrant workers who lost their jobs in cities, according to the National Statistic Bureau. Zheng Xiaohui Major Internet portals in China are abandoning alliances with small and individual Web sites in exchange for keeping business relations with China Mobile Communications Corp. July 25 - 27, 2003 The Hawaii Tourism Authority (HTA) announced today the agencies selected to market Hawaii in North America, Japan, Asia, Oceania and Europe. The selections were the result of a request for proposal process that began in March of this year. The winning agencies in the HTA review are:
"The Hawaii Tourism Authority
review process attracted international bidders who demonstrated that they can
develop exciting, creative and innovative marketing programs based on a deep
understanding of their markets," said Rex Johnson, president of HTA. The Hawai'i
Visitors and Convention Bureau (HVCB) will continue to market Hawaii in North
America. "HVCB has a long history of implementing successful programs in North
America and we look to them to continue the momentum for growth there," Johnson
said. "The HVCB contract will provide continuity for the North American
marketing program while the Hawaii Tourism Authority completes its investigation
of the issues raised in the recent state auditor's report." The HTA will begin
developing contracts for the selected marketing agencies to begin January 1,
2004; however, planning for 2004 industry programs will begin immediately in
order to coordinate the state's plans with those of private industry.
Detailed profiles on the
companies are available on the HTA website
www.hawaii.gov/tourism
Mainland authorities are
considering allowing Hong Kong lenders to provide personal yuan banking services
to Hong Kong residents in an extension of the Closer Economic Partnership
Arrangement, it was revealed yesterday. Chief Executive Tung Chee-hwa has finally agreed to meet the pro-democracy camp - three weeks after a march in which 500,000 people turned out in protest against the National Security Bill. Dozens of pro-Beijing figures have been invited to the capital by central government officials anxious to keep them united in support of the Tung administration. Mao Zedong's only son, Mao Anying, has been remembered in an article in Guangming Daily in the run-up to the 50th anniversary of the Korean armistice tomorrow. Individual tourists from Beijing and Shanghai are to be allowed to visit Hong Kong, in another attempt by the central government to boost tourism in the city. Sars investigators have questioned management at the Prince of Wales Hospital over their failure to promptly close a medical ward, where the outbreak first started among the hospital's health-care workers in March. The International Monetary Fund is understood to have "softened" its opposition to any loosening of Hong Kong's currency peg to the US dollar in the light of changed economic circumstances. While most of Hong Kong slept through the worst of Typhoon Imbudo, 15 staff at the government's Emergency Transport Co-ordination Centre worked through the night to ensure public transport services would resume smoothly yesterday morning. Hongkong and Shanghai Hotels (HSH) is seeking legal advice on a potential insurance claim to recoup business losses incurred from the Sars outbreak in Hong Kong. China: Typhoon Imbudo killed at least six people and caused economic damage worth an estimated 1.9 billion yuan (HK$1.8 billion) during its brief passage through Guangdong on Thursday, according to preliminary reports. Officials fear that a central government relief package worth 420 million yuan (HK$394.8 million) allocated to help flood-stricken areas falls far below the amount required to meet the needs of millions of victims who lost their homes. The developer of China's Three Gorges hydro-power project, China Yangtze Three Gorges Project Development, plans to invest in an additional six generators worth 2.45 billion yuan (HK$2.29 billion) to handle power demand during peak periods, according to senior officials. United States textile manufacturers have petitioned the Bush administration to restrict imports of brassieres, gloves, dressing gowns and knitted fabric from China, saying a surge in imports is threatening their survival. Zheng Xiaohui Major Internet portals in China are abandoning alliances with small and individual Web sites in exchange for keeping business relations with China Mobile Communications Corp. Internet portal Lycos Asia has retrenched staff as part of a downsizing of operations in Singapore to focus on the booming China market, an executive of the company said yesterday. Several eastern and southern provinces are facing power shortages this summer, as unusually high temperatures and rapid economic growth increase demand for electricity in Shanghai and booming coastal regions, state media said yesterday. The three-month ban on mandatory subscriptions to Communist Party newspapers has received a new boost, with the party's central disciplinary committee and the Ministry of Agriculture linking the prohibition to efforts to ease the financial difficulties of rural people. Chau Ching-ngai and his wife Mo Yuk-ping are being sued by Shanghai Land Holdings for misappropriating US$34.2 million for their own use between April and May, according to a High Court writ. Nasdaq-listed mainland Internet portal Sina.com said yesterday that its profit rose by 110.9 per cent to US$7.12 million in the three months to June on the back of a 43.4 per cent rise in revenue to $25.98 million. July 24, 2003
Mainland leaders have decided to take a more personal interest in major Hong Kong matters, sources said yesterday. A second round of public consultation on Hong Kong's National Security Bill will be launched in September, lawmakers were told yesterday. But hopes for the bill to be drastically altered, possibly in the shape of a so-called white bill, appear likely to be dashed. The committee scrutinising the National Security Bill should be disbanded to restore public confidence in future examination of the laws, pro-democracy lawmakers urged yesterday.
Regina Ip Lau Suk-yee will put
her otherwise smooth 28-year government career behind her as she steps down as
secretary for security at the end of today. Property owners will be able to apply to sell assets through real estate investment trusts (REITs) from next week after the Securities and Futures Commission (SFC) announces the regulatory framework, according to a source familiar with the situation. A major property developer has joined a growing debate over the government's preferential land supply policy for Hong Kong's two railway firms, saying it is outdated. City Telecom plans to enter the pay-television market next month, offering a package of 10 to 12 channels aimed at budget-minded consumers, chairman Ricky Wong Wai-kay said.
China: The Group of Eight leading industrialized nations may soon ask China and several other countries to join a new body it plans to form, the European Union Trade Commissioner, Pascal Lamy, said yesterday. Plans are being finalized for the formation of five shareholding banks that aspire to become China's first joint stock banks founded on purely private initiatives. July 23, 2003 Hong Kong: The central government expects Chief Executive Tung Chee-hwa to undertake political reforms in the near future, the state councilor in charge of Hong Kong affairs said yesterday. The Hong Kong Observatory said it would issue the No. 3 Strong Wind Signal early on Wednesday afternoon and may raise the alert to Storm Signal No. 8 in the evening, as Typhoon Imbudo is heading toward Guangdong. As his political troubles swirled at home, British Prime Minister Tony Blair weighed in on Tuesday on big Asian worries, predicting Beijing would soon arrange more talks on the North Korean nuclear crisis and praising its hands-off approach to Hong Kong's political dilemma. Hong Kong's Commercial Radio, which broadcasts programmes critical of the government, will have its licence renewed for another 12 years, despite earlier speculation that it would only be allowed to operate for another three years. BOC Hong Kong (Holdings) (BOCHK) is among the largest of Zhu Kuan Group's 28 creditor banks which are owed a total HK$4.49 billion, a Zhu Kuan official has revealed.
The first berth in the
long-awaited Container Terminal 9 project opened yesterday and was hailed by
government and port officials as a shining example of the power of private and
public sector co-operation. China: China's top trade officials put on a show of economic solidarity during the opening of the fifth Asia-Europe Economic Ministers' Meeting yesterday, saying economic development and co-operation is the key to world peace. China Netcom Group has moved a step closer to a merger with Little Netcom after reaching an agreement to integrate the two companies' operations in northern China. One of the three companies allowed to run casinos in Macau announced plans yesterday to spend more than US$12 billion to turn the enclave into the largest destination resort in Asia. Former president Jiang Zemin returned to the media spotlight for the first time in three weeks when he met Mr Blair at the Zhongnanhai government compound. China's largest steel-maker, Baoshan Iron & Steel, has reached an agreement in principle with Japan's Nippon Steel on the establishment of a 6.5 billion yuan (HK$6.09 billion) joint venture to make steel products for China's booming car industry. July 22, 2003
Nearly three-quarters of people surveyed in Hong Kong said they agreed with the resignation of financial chief Antony Leung Kam-chung last week. Lawmakers yesterday attacked the review of the much-criticized ministerial system for avoiding comment over the chief executive's role in recent political controversies. Chief Executive Tung Chee-hwa is likely to look for a new financial secretary outside the Hong Kong government as two ministers in his cabinet have indicated they are not interested in the job. Media representatives said yesterday they were still unhappy with the restrictions on news coverage at the Central Government Offices in Hong Kong after the government agreed to partial relax them.
MTR Corp (MTRC) is eyeing a possible listing for its consultancy business, which it expects to generate $600 million in revenue in the next three years. China: A Y-shaped bridge linking Hong Kong to Macau and Zhuhai should go ahead as soon as possible, a central government agency has concluded. The frontline regulator of listed companies, Hong Kong Exchanges and Clearing (HKEx), is among 86 public firms to be named and shamed for flouting some of the most basic requirements for corporate filing. How bad really was the Sars outbreak in Beijing? This is the question starting to trouble World Health Organization officials after Beijing health authorities admitted they had no accurate record of the number of people infected by the deadly disease in the capital earlier this year. Residents of Hong Kong, Macau and Taiwan will for the first time be allowed to take the national qualification test for professional translators, according to Xinhua. The mainland is likely to face renewed pressure to revalue the yuan when 25 economic ministers from Europe and Asia meet at a conference in Dalian this week. Shanghai plans to merge or restructure five government bodies, including key economic agencies, in an effort to meet the demands of a market economy, state media and officials say. Mainland chipmaker Semiconductor Manufacturing International Corp (SMIC) has appointed Credit Suisse First Boston (CSFB) as a book-runner for its planned international initial public offering next year, according to banking sources. July 21, 2003 Hong Kong: The retiring government auditor has fired his last salvo, saying departments are still wasting taxpayers' money despite the mounting budget deficit. Officials have tried to influence the Audit Commission to tone down its criticisms, according to Dominic Chan Yin-tat. The Hong Kong government should consider adopting British-style public-private partnerships (PPPs) rather than opting for wholesale privatization of its assets, a consultant has said. About 80 million Guangdong residents might be able to visit Hong Kong without joining tour groups from May next year. Growth-challenged local telecommunications operators cheered their late inclusion in Hong Kong's free trade pact with the mainland, seeing opportunities to own and control "value-added" data services which have boomed in recent years.
Beijing woman Lei Reman, 25, has done what no other woman in the capital has ever done before: she has brought a man to court for sexual harassment. Shanghai property tycoon Chau Ching-ngai was close to repaying the remaining $741 million on a $1.77 billion Bank of China (Hong Kong) Holdings loan when he was detained by mainland authorities in May. China's car love affair shows no sign of abating with newly rich consumers buying 120 per cent more BMW's in the first half of this year than the whole of last year. July 18 - 20, 2003
The cash-strapped Housing Authority yesterday announced a radical privatization plan to solve its budget deficit by selling off its shopping centres and car-parking spaces to a new company - a move which could generate $20 billion. Investment bankers said the Housing Authority's plan to sell its car parks and shopping malls through a real estate investment trust (REIT) should be attractive to investors, but they say the necessary market framework would need to be put in place first. Hong Kong's director of health, who is facing an investigation for her handling of the Sars outbreak, is considering a senior post at the World Health Organization.
The investment bank sponsors of PCCW's poorly received US$400 million share placement have been criticised by investors after a negative report issued by its research department contributed to the counter plunging to a historic low yesterday. Serious consideration should be given to allowing the election of Hong Kong's third chief executive by universal suffrage, the head of the biggest pro-Beijing party believes. Central government leaders are expected to voice strong public support for the chief executive and his administration during their meetings in Beijing at the weekend, mainland sources familiar with Hong Kong affairs said yesterday. Antony Leung's resignation as financial secretary and the uncertainty surrounding his replacement have cast doubt over the government's fiscal policies, legislators and academics say. A World Trade Organization agreement was breached by the Hong Kong government when it awarded a multi-billion dollar reclamation contract, according to a ruling handed down by a review body. A second round of public consultation on the National Security Bill will be conducted, the chief executive announced yesterday.
The European Commission has added its voice to those in the United States expressing fears that the low level of the yuan is becoming a problem for the world's financial system. A key investment vehicle of Zhuhai's municipal government is on the brink of collapse after banks rejected an "insulting" offer to restructure HK$4.49 billion in debts and threatened to take steps to liquidate the company. The financial dire straits of Zhu Kuan Group raise major questions about the Zhuhai government's ability to take part in the proposed bridge to Lantau Island. About 10,000 rhesus monkeys and thousands of snakes now being held in wild animal farms in Guangzhou are waiting for health authorities to determine their fate. Yao Jingyuan, chief economist of the National Bureau of Statistics, loves to crack jokes, and his tale of "romance being in the air" when announcing first-half economic results was a telling insight into how the mainland economy was able to escape Sars. British Prime Minister Tony Blair is scheduled to arrive in Beijing on Sunday for a four-day visit for wide-ranging discussions on bilateral, regional and global issues. Taiwan's top mainland policy formulator, Tsai Ing-wen, yesterday painted a rosy picture for future cross-strait exchanges, with the island normalizing activities such as direct shipping and financial trade with the mainland.
It is practically an article of faith to the electronics industry that another production boom is just around the corner and an increasing amount of this production will be in China. July 17, 2003
Regina Ip's legacy is almost certain to be marked largely by the Article 23 controversy, but Secretary for Security Regina Ip Lau Suk-yee yesterday announced the end of a vast and diverse 28-year-old career in public service in Hong Kong. Police Commissioner Tsang Yam-pui last night was touted as a frontrunner to take over from Regina Ip. Mrs Ip's fellow minister Michael Suen Ming-yeung also was mentioned as a possible successor.
Former Financial Secretary Antony
Leung Kam-chung had joined the Government with great enthusiasm, and his
controversial purchase of a luxury car was an "unfortunate incident", Chief
Secretary Donald Tsang Yam-kuen said on Thursday.
The Hong Kong Monetary Authority (HKMA) has hired Goldman Sachs and HSBC to lobby rating agencies in an attempt to curb the risk of being downgraded. China: Elite members of the Communist Party will meet soon to discuss a revision of the state constitution to include former president Jiang Zemin's Theory of Three Representatives. Taiwan yesterday resumed normal exchanges between the outlying islands of Kinmen and Matsu and the mainland province of Fujian, more than two months after it cut off the links due to the outbreak of Sars.
Shanghai Merchants Holdings was
stripped of HK$35.1 million in three questionable money transfers between
February and April, according to new findings by the company's receivers. July 16, 2003
Singapore has overtaken Hong Kong as the best place to do business in the Asia-Pacific region, an economic intelligence group said on Wednesday after surveying the world's 60 biggest countries. Hong Kong's leading property firm Sun Hung Kai Properties (SHKP) will take a 10 per cent stake in Hopewell Highway Infrastructure, Gordon Wu, chairman of Hopewell Holdings, said on Wednesday. The Department of Justice would treat the investigative report on Financial Secretary Antony Leung Kam-chung's controversial car purchase like any other potential criminal prosecution case, Secretary for Justice Elsie Leung Oi-sie said on Wednesday. Entertainment tycoons Albert Yeung Sau-shing and CCT Telecom chairman Clement Mak Siu-tong were among the list of prominent show business personalities being questioned by the Independent Commission Against Corruption (ICAC) on Wednesday morning. The Secretary for Housing, Planning and Lands Michael Suen Ming-yeung on Wednesday warned of the difficulties in maintaining the quality of public housing if the Housing Authority (HA) was forced to lower rents. Outgoing MTR Corp chief executive Jack So Chak-kwong on Wednesday said lowering or raising train fares should be carried out carefully - to avoid breaching the company's commercial principles. Shares in Sunday Communications surged another 30.64 per cent on Tuesday as the company confirmed the departure of a senior executive. The surge, which followed a 37.78 per cent surge on Monday, took the shares to a 16-month closing high of 40.5 cents.
Japanese carmaker Toyota and China's First Automotive Works (FAW) Group said on Wednesday they had begun operations at their sports utility vehicle (SUV) joint venture in northeast China. China's leading PC manufacturer Legend Group is not ready to expand overseas yet, the group's chairman Liu Chuanzhi said on Tuesday. China's second-quarter gross domestic product (GDP), due out on Thursday, was set fall sharply due to the impact of Sars, potentially marking its lowest level since 1991, state press reported on Wednesday. A state newspaper has raised the alarm over a steady increase in financial crime in Shanghai, saying the prevalence of the trend threatens the city's rise as an international financial centre. In a revolutionary step aimed at injecting competitiveness into mainland aviation, regulators held an unprecedented meeting with consumer groups yesterday - taking in both their criticism as well as advice, ahead of finalising the nation's new air ticket pricing system. Six people have been reported killed in a mudslide in southwestern China as torrential rains feed floodwaters from the remote desert west to the densely populated east. Rescuers were still searching yesterday for 50 people missing after a landslide at a mountain resort in western Sichuan province, but hopes of finding any survivors were fading, state media reported. July 15, 2003 Hong Kong: The number of families trapped in negative equity soared to more than 177,000 last month, as the Sars outbreak pushed housing prices even lower, according to a study by Midland Realty. China Telecom Corp, the Hong Kong-listed arm of the mainland's largest fixed-line carrier, has announced a long-awaited multi-billion-yuan plan to acquire six networks from its parent. Hong Kong companies, heeding lessons learned during the Sars outbreak, have increased their spending on information technology in preparation for other contingencies.
Mainland tourism will have to wait until the end of next year or possibly early 2005 to recover fully from the impact of the Sars outbreak, according to a leading academic. Male government officials in Sichuan have been banned from hiring women as personal assistants or drivers in a bid to clamp down on high-powered pillow talk. Government regulators are holding talks with consumers and airlines today as it prepares to liberalise the mainland's air fare system - a move applauded by frequent travelers. The head of the State Asset Management Commission is proposing higher wages at state-owned enterprises (SOEs) in an effort to improve management efficiency. China's central government has proposed prohibiting car dealerships that sell domestically made vehicles from carrying imported models, in a move aimed at protecting mainland producers.
With great fanfare, UBS Warburg
last Wednesday become the first foreign investor to buy A shares, purchasing the
stock of four blue-chip companies on the Shanghai and Shenzhen markets. July 14, 2003 Hong Kong: The central government is considering more flexible policies towards Hong Kong due to the serious challenge to "one country, two systems" presented by opposition to the National Security Bill. For the third time in two weeks, thousands of people took to the streets yesterday in protest at government policy - demanding the speedy introduction of full democracy for Hong Kong. More than 3,000 drummers set the world record for striking Chinese drums simultaneously in Victoria Park yesterday.
The government has ruled out
spending billions of dollars to buy up sites of ecological importance, according
to a consultation document on nature conservation to be released this week. China: A million people filled Beijing's parks yesterday to celebrate the end of the city's Sars outbreak.
The Chinese leadership came close to announcing the framework of a scheme allowing mainland investors to buy Hong Kong stocks, but the decision was delayed because of opposition by the China Securities Regulatory Commission (CSRC) and the Sars outbreak. July 11 - 13, 2003
A former director of the United States Federal Reserve's board of governors is to replace David Carse as deputy chief executive of the Hong Kong Monetary Authority (HKMA), marking an end to the decades-long tradition of employing an envoy from the Bank of England to take charge of Hong Kong's banking policy and supervision. Global consulting and IT services company Cap Gemini Ernst & Young has relocated the headquarters of its Chinese operations from Hong Kong to Shanghai this week in an attempt to capture growing demand in the mainland market. The central government is quietly rethinking and redressing what is described as "rash tendencies" in investigating cases involving businessmen, amid concerns over the handling of fraud allegations against Liu Jinbao. Disgraced former Hong Kong solicitor and failed Legco candidate Helen Chung Yee-fong is due to arrive in Hong Kong this morning after extradition from the United States to face nine fraud charges, following a two-year battle to bring her to justice. Hong Kong insurance companies have had to pay out $105.28 million as a result of the Sars outbreak, making the virus the city's second-most expensive insurance catastrophe. HSBC Holdings yesterday agreed to sell its loss-making Italian private banking operations for 10.8 million euros (HK$95.5 million) to investment bank Banca Profilo. China: Wal-Mart founder Sam Walton would have been proud had he been at the grand opening of the new Sam's Club in Beijing's Shijingshan district yesterday. When Li Changchun was put in charge of ideology in the Standing Committee of the Politburo, hopes were high that his experience in Guangdong, which has the most open media environment in the country, would lead to long-awaited media reforms. The Agricultural Bank of China (ABC), the weakest of the mainland's four biggest lenders, put its non-performing loans (NPL) ratio at 30.07 per cent at the end of last year, under new disclosure requirements.
One of the country's top private property developers has slammed a new People's Bank of China lending policy that tightens the rein on the real estate market. Officials issued the policy without adequate public consultation, says Pan Shiyi. The mainland China has lifted 150 million people out of poverty in the past 10 years - the biggest success story in international poverty alleviation, the United Nations said yesterday. Foreign manufacturers are slashing their prices in a bid to restore their dominance in China's high-end television market. July 10, 2003
The Hong Kong Jockey Club can start receiving bets on soccer games as early as next month after the Betting Duty (Amendment) Bill passed its third and final reading by 30 votes to 24 in the Legislative Council on Thursday. Dozens of mainland officials from various departments have been rushed to Hong Kong to meet people from different sectors of the community and assess the political crisis facing the Tung administration. Pressure mounted yesterday for security chief Regina Ip Lau Suk-yee to be removed from handling Article 23 legislation, with a fellow cabinet member saying she would face great difficulties if she remained associated with the bill. Environmentalists yesterday outlined a vision for Victoria Harbor of promenades, a musical fountain and a harbourside entertainment precinct, as they warned that the fight to protect the waterfront from alternative projects resulting in reclamation may not be over yet. At least 21 people were killed and 21 injured when a bus skidded off Tuen Mun Road near Ting Kau bridge around 6.35am on Thursday, a police spokesman said. Hong Kong's top banking regulator yesterday warned that banks' mortgage portfolios could deteriorate further unless borrowers were granted leniency in restructuring their debts. Cathay Pacific Airways' passenger numbers last month surged more than 88 per cent from May when the Sars outbreak was at its peak. China: Authorities have evacuated 68,000 people from around a lake in Jiangsu province to clear the way for the next flood peak on the Huai river as it experiences its worst flooding since 1991. Premier Wen Jiabao says he will stick to a reform agenda and will not waver despite recent debate on the pace of change in light of the Sars crisis. Asian tourism officials gathered in Beijing yesterday to hammer out a strategy to lure tourists back to the region after the Sars crisis. Negotiations over the rescue of SK Global will enter another round in Hong Kong today after foreign creditors rejected a token top-up of the previous 40 per cent cash offer to buy out their debt. July 9, 2003 Hong Kong: Against the backdrop of the ongoing crisis of confidence faced by Tung Chee-hwa, Foreign Ministry spokesman Kong Quan yesterday defended the "one country, two systems" blueprint and suggested the central government remained determined the security bill should become law.
Hopewell Highway Infrastructure (HHI), to be spun off by Hopewell Holdings on the main board early next month, will have net debt that is up to 92 per cent higher than shareholders' equity after the listing, despite raising up to $3.64 billion. A $3.11 billion real estate investment trust (reit) to be launched by Cheung Kong (Holdings) in Singapore will set a benchmark for future issues in Hong Kong, it was claimed yesterday. SK Global will meet domestic and foreign creditors in Hong Kong today for restructuring negotiations that may decide the fate of the debt-ridden South Korean conglomerate. Hong Kong Exchanges and Clearing (HKEx) has shelved a plan to extend trading hours in yet another embarrassing backdown in the face of opposition from brokers. China: The mainland has stepped up arrests and violence against HIV-positive villagers protesting for more government help, rights groups said on Wednesday. Shenzhen's new mayor, Li Hongzhong, used his first media interview since taking office to make a pledge - to build the city into a "world-class metropolis". Chinese-language portal Sohu has notched up profits of US$7.5 million for the second quarter, a 63 per cent leap from the previous quarter. July 8, 2003
The Liberal Party would not turn away from Tung Chee-hwa or play the role of an opposition party, party chief James Tien Pei-chun said yesterday.
A meeting between Tung Chee-hwa and Guangdong Governor Huang Huahua scheduled to be held today on a bridge linking Hong Kong, Macau and Zhuhai has been postponed because of the current political crisis. Global express operator United Parcel Service (UPS) is set to splash out US$100 million to make Hong Kong its hub for trade with Europe, pending regulatory approval of its second tranche of aviation rights under last year's Air Services Agreement with the United States, according to industry sources. The Hong Kong arm of SK Global has won two weeks' breathing space to sell a US$561 million debt-restructuring plan to foreign creditors, a last-ditch reprieve from the prospect of liquidation. Swire Pacific faces paying an estimated HK$4.5 billion to the government after Hong Kong's top court threw out an attempt by the conglomerate to quash a ruling over Taikoo Shing land premiums. Hong Kong has risen in the ranks of owners of the world's fastest supercomputers by doubling the number of its high-performance computing sites over the past six months.
After conquering Sars, the mainland China has once again become the lone bright spot in the world economy, Morgan Stanley chief economist Stephen Roach said yesterday.
July 7, 2003
Increased capital requirements would be likely to speed up consolidation in Hong Kong's overcrowded stockbroking market. The craze in Asia for downloading personalised ring tones, games and pop hits on to mobile phones has rapidly developed into a multi-billion-dollar industry with the boom expected to surge as technology improves in the next five years, analysts say.
China's attempt to use administrative pressure to force coal suppliers and the nation's power producers to resolve a deadlock in price negotiations has failed to secure the signing of all relevant contracts by the end of last month. Investigators have arrested the chairman of a major state IT company on suspicion of fraud involving nearly one billion yuan (HK$937 million) just after it cleared the first hurdle towards an overseas listing, an official newspaper reported yesterday. July 4 - 6, 2003
Mickey Mouse may hail from the land of hamburgers and hotdogs, but when he makes his debut in Hong Kong, he will be serving up dim sum.
A blueprint for sweeping structural reforms of China's print media could rock the foundations of lumbering state-run newspapers and prepare the industry for market competition. Unshaken by the Sars outbreak, foreign investors committed US$6.07 billion in funds to Shanghai in the first half of this year, up 40 per cent on last year. July 3, 2003 Hong Kong: Hong Kong's chief executive called an urgent meeting with his ministers yesterday to consider the government's response to this week's 500,000-strong protest against the proposed national security law. Australia on Thursday joined the United States and Britain in expressing concern over Hong Kong's plan to enact controversial anti-subversion legislation next week. Police Commissioner Tsang Yam-pui on Thursday warned that future protests in Hong Kong need to remain law abiding. Activists warn there could be clashes with supporters of Article 23 when they besiege the Legislative Council on the day the national security legislation is put to a vote. A working group led by the Securities and Futures Commission (SFC) has backed down from a proposal to raise the capital requirement for stockbrokers by up to 10 times after the government supported objections from brokerages, according to a source familiar with the situation. China: The lifting of restrictions on individual tourists from Guangdong will help the retail and hotel sectors in Hong Kong but may not help tour operators, academics and business leaders said yesterday. Export growth will slow this year because of a sluggish world economy and growing anti-China trade sentiment around the globe, mainland experts predicted yesterday. AOL Time Warner has sold a controlling stake in Chinese Entertainment Television Broadcast (CETV) to Tom.com for stock worth HK$53.23 million, less than two years after the struggling channel secured coveted landing rights in Guangdong province. July 2, 2003 Hong Kong: Hong Kong students have been revealed as the "star performers" in a major international study of maths, science and reading literacy - although the report's authors note that pupils here are weaker in areas that involve more creative and critical thinking. About 9,500 foreign domestic helpers lost their jobs at the height of the Sars outbreak in Hong Kong from March to May, Immigration Department figures show. China: President Hu Jintao unveiled little of groundbreaking nature yesterday in his first speech as general secretary on the birthday of the Communist Party. He told cadres to launch a "new wave" of studying the "Theory of the Three Representatives" put forward by predecessor Jiang Zemin and to dedicate themselves to "serving the people". The People's Daily has attacked foreign critics for talking up the value of the Chinese currency, the first clear sign that mainland leaders are tiring of international pressure to revalue the renminbi. China's National Development and Reform Commission (NDRC) has announced ground-breaking provisional rules banning price-fixing alliances, monopoly profits and predatory pricing. China Southern Airlines has ruled out an initial public offering (IPO) in the mainland market this month but analysts expect a listing debut as early as this quarter. July 1, 2003
Cantonese and Putonghua speakers use more areas of their brains than people who speak English, scientists said yesterday, providing an insight into why the languages are so difficult for foreigners to learn. Standard Chartered, Hong Kong's fourth-largest bank, will not benefit from dramatically relaxed entry requirements into the mainland banking sector under a free-trade pact designed to give Hong Kong firms a leg up over foreign rivals. Global beer giant SABMiller has made its second significant move into the mainland with the purchase of a 29.6 per cent stake in Hong Kong-listed Harbin Brewery Group. Mainland telecommunications operators and regulators have expressed concern over a flood of pornography on Chinese Web sites, including the Li Ka-shing-controlled Tom.com.
Beijing's 2008 Olympics will be postponed by two weeks because organizers are concerned that the city's stiflingly hot summer will affect the performance of athletes and spectators' enjoyment. US business magazine Forbes will press ahead with compiling a list of the mainland's 100 richest people despite the legal problems associated with some of the previous entrants that have made many entrepreneurs reluctant to co-operate. Germany's Siemens will launch its Xelibri brand handset in China this week to gauge demand for the quirky mobile-phone in the world's biggest market. June 30, 2003
A landmark free-trade agreement with the mainland has been signed, giving Hong Kong companies and professionals a critical advantage over foreign competitors in accessing the nascent Chinese market. The closer economic partnership arrangement (Cepa) signed yesterday in theory significantly lowers the barriers for Hong Kong banks seeking to tap the mainland market. Cepa will probably not result in a flood of orders for Willy Lin Suen-mo, managing director of Milo's Knitwear. Cepa will bring valuable opportunities for Hong Kong businesses and professionals, and will give local companies competitive advantage over their foreign rivals, business leaders said last night. Restrictions on tourists entering from Guangdong province will be progressively lifted from July 28, giving Hong Kong's struggling tourist sector a much-needed boost.
The government has for the first time committed itself to formal monetary policy, with top officials defining their roles in an attempt to remove question marks about who makes key finance decisions. Chief Executive Tung Chee-hwa and Guangdong Governor Huang Huahua will take personal charge of a cross-border forum to boost co-operation after the signing tomorrow of a free-trade pact with the mainland.
The government has made what is believed to be its final concessions on the national security bill ahead of an expected large turnout at Tuesday's public rally.
The job of deputy chief executive at the Hong Kong Monetary Authority (HKMA) is likely to go to a foreign banking regulator after the hunt to replace David Carse failed to turn up any suitable local candidates.
A corruption scandal unfolding in Wenzhou has put the spotlight on the rise of a local official and shady land deals in the eastern port city, where loose regulations have allowed private business to flourish. The China Construction Bank has punished nearly 500 employees after authorities uncovered fake loans and other problems involving more than one billion yuan (HK$940 million), state media said yesterday. ICEA Capital is confident about the near-term prospects of Dawnrays Pharmaceutical (Holdings), whose initial public offering (IPO) is the first share offer lead-managed by ICEA after its reputation was tarnished by former client Euro-Asia Agricultural (Holdings). China's biggest cotton mill is seeking to raise nearly two billion yuan (HK$1.88 billion) from a listing on Hong Kong's main board during the summer, according to an official newspaper. A little-known private developer from Ningbo is buying the Shanghai Hilton, the city's first five-star hotel, for US$150 million, an official newspaper reported. Indian Prime Minister Atal Behari Vajpayee yesterday ended the first visit by an Indian leader to the mainland in a decade, saying it will help settle decades-old border disputes and restore trust. Taiwan president Chen Shui-bian's decision yesterday to press ahead with his plan to hold a referendum on a nuclear power plant despite United States' concern is being seen by analysts as a ploy to boost his chances of re-election. Yuan forward contracts rose yesterday after United States Treasury Secretary John Snow said China was considering widening the range in which the currency could trade. China has issued a provisional rule on banking fees to curb price competition between lenders and bring its banking sector closer to international standards. June 27 - 29, 2003
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Policemen form a security line
before Real Madrid players arrive at the Tuodong Stadium for a training session
in Kunming, the capital of the southwestern province of Yunnan. Real Madrid,
with their new signing David Beckham, are on a two-week tour of Asia, which
includes Hong Kong and Japan.
China:
This is - or rather, was - the Yellow
river in Lanzhou, 2,000km upstream from Jinan. A bulldozer levels land reclaimed
from the river, which is at its lowest level in 50 years. The Yellow river may
be regarded as the mother of Chinese civilization, but that does not impress
tourist Liu Yan as she looks out over its insignificant, muddy flow.
Hong Kong: 
Chief Executive Tung Chee-hwa, with Tsang
Hin-chi (left) and Chan Wing-kee, at the meeting with pro-Beijing business
leaders. In sharp contrast to his meeting with members of the pro-democracy
camp, Chief Executive Tung Chee-hwa earlier in the day admitted his weaknesses
to a group of businessmen and told them that their concerns would be "properly
addressed".
Hong Kong School Net managing director
Professor Wong Po-choi envisions a "healthy internet" for families by offering
parents services such as the ability to control how much time their children can
surf. 
Hong Kong: 
The Enzo Farrari is unveiled at The Peninsula. Charles Kwan, the owner of one
of the eight bound for Hong Kong, will keep his in a showroom.
Stanley Ho Hung-sun's privately controlled gaming flagship in Macau has spent
about HK$500 million to raise its stake in Shun Tak Holdings to 13 per cent,
sparking speculation it may inject its casino operation into the Hong Kong.
Stanley Ho Hung-sun's privately controlled gaming flagship in Macau has spent
about HK$500 million to raise its stake in Shun Tak Holdings to 13 per cent,
sparking speculation it may inject its casino operation into the Hong
Kong-listed company.
Hong Kong: 
Hang Lung Properties chairman Ronnie Chan
yesterday said the government had given the MTR Corp and Kowloon-Canton Railway
Corp land-development rights as an indirect grant to provide them financial
support when the property market was booming. "However the structural change in
the market since 1997 means the policy is no longer suitable," he said.
Takeover target: While Sunday has
found a new calling as a takeover target, its award- winning branding exercise
featuring its beach ball in quirky locations, has given way to promotions, such
as handing out flyers.
Hong Kong: 
July 20 marks the 30th anniversary of the
death of legendary film star and martial artist Bruce Lee in Hong Kong. Bruce
Lee's sudden, untimely death at age 32 and the circumstances surrounding it has
sparked endless rumour and speculation.
Singapore's DBS Bank is in talks
to buy stakes in mainland lenders after receiving at least five unsolicited
proposals. Randy Sullivan, chief executive at DBS in Hong Kong, Jackson Tai,
group vice-chairman and Frank Wong at the official launch of DBS's operations in
Hong Kong yesterday. Mr Tai says the firm has received five or six unsolicited
requests from banks in China.
China:
Hawaii: 
Hong Kong: 
Constitutional Affairs Secretary
Stephen Lam confirms yesterday that he will be acting security chief when Regina
Ip leaves. 
Andrew Sheng, chairman of the Securities
and Futures Commission, has not yet signed a new contract even though his term
expires at the end of September. The impasse has sparked expressions of concern
from legislators and brokers worried that the ongoing political crisis could
impact on the markets watchdog.
China:
A sale looms for caged civet
cats at Xin Yuan market, Guangzhou. Forestry officials have lifted the ban on
trade of 40 wild animals, which was imposed during the Sars outbreak. A member of the University
of Hong Kong's team of microbiologists which detected the Sars virus in civet
cats says Guangdong is making a mistake by lifting a ban on the trade in wild
animals.
Aircraft movements at Beijing Capital
International Airport in the first week of this month have bounced back to near
pre-Sars levels, with about 600 aircraft landing or taking off at the airport
daily. 
Hong Kong: 
Financial Secretary Antony Leung
leaves the Central Government Offices following his resignation. He faces
possible prosecution over his purchase of a Lexus ahead of his budget.
The resignation of
former Financial Secretary
Antony Leung Kam-chung would not harm Hong Kong's economy, leading businessmen
said on Thursday.
The commercial-based business model
of MTR Corp (MTRC) must not be sabotaged in the face of the government shifting
its policies on transport fares and land supply, the outgoing chairman and chief
executive Jack So Chak-kwong told the administration.
Hong Kong: 
China:
China:
Jiangsu province, where water levels
have reached their highest for 10 years. Xinhua says 569 people have died due to
flooding this year. The dykes of the swollen Huai river in Anhui province are
being patrolled around the clock by 1.74 million residents and soldiers as
efforts to protect the population from the deadly flood waters are stepped up, a
spokesman for the Anhui Flood Control and Drought Relief headquarters said
yesterday.
Members toasting the successful launch
of Asia Aluminum's $3 billion project to develop an industrial city in Zhaoqing
include (from left) managing director Benby Chan, chairman Kwong Wui-chun,
Zhaoqing City mayor Deng Yaohua and deputy mayor Liang Guoan.
Hong Kong: 
Hong Kong: 
A
model wearing an outfit by local designer Ika sashays down the catwalk at a
showcase of spring and summer collections for Hong Kong Fashion Week.
Hong Kong: 
Gao Siren (left), head of the
Beijing Liaison Office, presents a medal to a relative of Joanna Tse during a
ceremony to honor health workers. Sars Heroic Medals were presented to more than
300 public health workers, including those who contracted the disease, academic
and scientific researchers, and private doctors and Chinese herbalists who
contributed to the effort. 
China:
3Com North Asia chief David Tang sees the
venture becoming the leading enterprise networking equipment supplier in China.
Networking gear maker 3Com, which has suffered several years of diminishing
sales, hopes to turn its fortunes around through its joint venture with the
mainland's Huawei Technologies.
Hong Kong: 
China:
Hong Kong: 
(Left) Financial
Secretary Antony Leung and Vice-Minister of Commerce An Min exchange CEPA
documents as Premier Wen Jiabao (5th from left) and CE Tung Chee-Hwa applaud.
International firms targeting China's market could enjoy special treatment under
the newly-announced Closer Economic Partnership Arrangement (CEPA) between Hong
Kong and the Chinese mainland.
Hong Kong will have a better tomorrow because of its competitive advantages and
the ability of its people to forge ahead, said Premier Wen Jiabao. He was
speaking on July 1 at celebrations marking the sixth anniversary of the
establishment of the Hong Kong Special Administrative Region.
With Sars behind Hong Kong, HK is busier than ever as international visitors
make up for lost time.
China:
China:
Hong Kong: 
An unusual queue has formed in Sai Wan Ho every afternoon in recent months,
with housewives and maids - even one working for tycoon Li Ka-shing - waiting to
buy salty geese from a small Chiuchow takeaway. Shun Hing Chiushan Salty Food
Company has been open for only a year but has already gathered a city-wide
reputation. 
South China Morning Post Group
Editor-in-Chief David Armstrong presents a cheque for $8.8 million to Hospital
Authority chief executive William Ho Shiu-wei on behalf of Project Shield, the
campaign conducted by the Post between April 25 and May 6. The cheque
brings to $21.14 million the total spent on protective equipment for medical
workers. A final purchase of equipment will be made soon to clear the Project
Shield bank account.
Hong Kong Exchanges and Clearing (HKEx)
chief executive Paul Chow Man-yiu yesterday rejected suggestions the exchange
needed to take responsibility for the quality of new listings after a string of
recent stock-market scandals.
China:
