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August 31, 2007
Mainland China investors have shown strong interest in buying Hong Kong stocks after individuals got approval to directly invest in the market last Monday. Over a thousand mainland investors have registered with four wealth management centers at Bank of China's (BOC) Tianjin branch to enable them to buy Hong Kong stocks, according to a client service hotline at the branch. "And thousands of individuals have made phone enquiries about the process and how to apply," the hotline said. Investors will be able to buy Hong Kong stocks directly five days after they open an account with BOC. They will be charged fees for buying and selling Hong Kong stocks at 0.718 percent of the transaction volume - lower than the rate for buying and selling A shares, according to the hotline. The bank is yet to receive approval from the regulator to get the ball rolling. But as the initial gateway for the pilot scheme, the bank has 17 wealth management centers at its Tianjin branch ready to provide the service once it's approved, the hotline said. Xiao Gang, chairman of BOC, said last Thursday that the bank is expected to publish details and start accepting applications from customers in Tianjin from this week. "The bank will gradually extend the service to 40 major cities," the chairman said. But a BOC source who did not wish to be named said yesterday that risk control concerns might prevent the bank from starting the service this week. "The regulator expects BOC to improve its risk control before it starts providing the new service. There is no clear timetable for that to happen," he said. "The pilot program is a significant part of China's forex administration reform. The regulator needs to fix many details before it starts the business. These include determining whether applicants are qualified, which financial institutions can provide the services and how to protect investors' interests," said Zhao Xijun, a professor at Renmin University of China. Zhang Jianguo, president of China Construction Bank, said yesterday that it had applied to regulators and expects to be involved in the new business soon.
Fashion retailer Esprit Holdings (0330) said it plans to spend about HK$1 billion to open more than 100 new retail stores and upgrade existing stores in Asia and other new markets after the company posted better than expected full-year earnings. CNOOC (0883), the mainland's largest offshore oil and gas producer, said interim earnings tumbled 10.6 percent as global oil prices softened in the second half of last year and the first half this year.
China's top leader Hu Jintao has called for accelerating banking reform to push forward the sustainable and healthy development of the country's financial sector. Hu, state president and general secretary of the Communist Party of China (CPC) Central Committee, made the call on Wednesday when presiding over a brainstorm of the Political Bureau of the CPC Central Committee. Members of the Political Bureau attended and discussed the lectures by two banking experts, Ba Shusong, a researcher from the State Council Research Center for Development, and Li Fu'an, a senior economist from the China Banking Regulatory Commission. Hu pledged in his speech to push forward banking reform in an all-around way, focusing on building a modern banking system and innovating organization, service and administration of the sector. He stressed to accelerate the banking reform for the countryside, and push forward the healthy development of the financial market. He also called for more effective use of financial means in macro-economic control and demanded to strengthen risk control to ensure the country's financial security. He urged officials to take the lead in studying financial theories, particularly knowledge about modern banking, to increase their abilities concerning the banking sector. Toy manufacturers have dismissed recent criticism of "brutal working conditions" leveled by a US-based workers' rights group. "The foreign organization does not understand how difficult it is for us to find and keep skilled workers because of stiff competition.
August 30, 2007
The Hospital Authority on Wednesday announced plans to raise the salary of doctors who joined the public hospital system after 2000, in an effort to retain talents.
China's Tonhwa Grape Wine Co., Ltd inked a contract with the King's Court Estate Winery from Canada to purchase a 70 percent stake of the Canadian company with 50 million yuan (6.6 million U.S. dollars), announced the company on Tuesday. With about 133 hectares of grape plantation and advanced icewine producing technique from its Canadian counterpart, Tonhwa vows to expand its ice wine market. "We would provide the Chinese people the first bottle of classic icewine with VQA (Vintners Quality Alliance) standard produced by an enterprise acquired overseas," said Wang Xiaoming, general manager of Tonhwa. Tonhwa Grape Wine Co., Ltd, established in 1937 and based in northeast China's Jilin Province, is the first icewine producer in China. Tonhwa is China's winery at highest latitude. It took the golden prize in the International Wine Challenge (IWC) last year. Canada is the largest producer of icewine, and the King's Court Estate Winery in Ontario is a supplier of wholesale VQA Canadian wines to other wineries in bulk or bottles worldwide.
Construction will begin this year on a railroad linking Lanzhou, capital of West China's Gansu Province, and Chongqing, on the upper reaches of the Yangtze River. Gansu governor Xu Shousheng said the provincial government had decided that a special railway investment company be set up to represent the provincial government and participate in investing, building and operating the new railway. The Lanzhou-Chongqing double line will run 800 km from Lanzhou, pass through Longnan in Gansu, Guangyuan and Nanchong cities in Sichuan, to Chongqing. It will cost 55.5 billion yuan (US$6.94 billion) to be shared by the Ministry of Railways, Gansu, Sichuan provinces and Chongqing. The railway is intended to increase exchanges between northwest and southwestern China and benefit economic development along its length. Railways Minister Liu Zhijun was quoted as describing the Lanzhou-Chongqing railway as a "strategic national route". "It will be a convenient, fast and efficient transport route for freight and goods alike between northwest and southwest China," said Liu.
China Telecom (0728), the mainland's largest fixed-line services operator, said first-half profit fell 4.8 percent to 13.48 billion yuan (HK$13.91 billion) as growth in its broadband business failed to make up for a decline in voice calls. August 29, 2007
Hong Kong blue chips and H shares capped a day of heavy trading roaring to new record highs yesterday, propelled by positive investor sentiment stemming from strong earnings growth, expectations of a US interest rate cut and a trial investment scheme that opens the door to huge new flows of liquidity into Hong Kong securities. A Legislative Council by-election to fill the seat on Hong Kong Island left vacant by the death of former DAB leader Ma Lik will be held on December 2, the Electoral Affairs Commission said on Tuesday. A spokesman explained that setting the date for December was an attempt to avoid confusion between the by-election and District Council polls, which are to be held in November. “To avoid confusing electors on polling day, the commission considered it was not appropriate to hold the by-election on the same day as the District Council election on November 18,” he said. Nomination was scheduled for mid-October, with the exact date to be published in a government gazette later, the spokesman said. “In accordance with the electoral laws, the nomination period must not be less than 14 days or more than 21 days. It must end not less than 28 days and not more than 42 days before the polling day,” he explained. The seat was left vacant by the death of Beijing loyalist Ma Lik, who was the former chairman of the Democratic Alliance for the Betterment and Progress of Hong Kong. He died aged 55, of colon cancer, on August 8. The pan-democrats are discussing a way to select one single candidate in order to maximize the chance of winning. Several politicians from the camp have expressed interest in contesting the seat. They included former legislator Cyd Ho Sau-lan and Democratic Party member Kam Nai-Wai. The League of Social Democrats also intends to field a candidate. Regina Ip Lau Shuk-yee, former security chief, is tipped as a potential candidate with the backing of Beijing-friendly parties. She has not revealed her intention yet. The DAB is expected to discuss the upcoming by-election later on Tuesday when its central and standing committees meet to elect a new chairman.
The values of Hong Kong's total exports and imports of goods rose 8.6 percent and 9.8 percent respectively in July over a year earlier, according to the statistics announced Monday by Hong Kong Census and Statistics Department. The value of total exports of goods in July rose 8.6 percent to 238.5 billion HK dollars (30.6 billion U.S. dollars), with the value of re-exports surging 10.9 percent to 228.1 billion HK dollars (29.2 billion U.S. dollars) and the value of domestic exports falling 25.1 percent to 10.5 billion HK dollars (1.3 billion U.S. dollars). For this year's first seven months, the value of total exports of goods rose 10.1 percent over a year earlier, with the value of re-exports up 12.4 percent and the value of domestic exports down 25.7 percent. The value of goods imports rose 9.8 percent in July over a year earlier to 246.7 billion HK dollars. The value of goods imports grew 10.7 percent for the first seven months from the same period of 2006. Thirteen men had been arrested in Hong Kong for smuggling VCDs and CDs, Hong Kong Customs said Sunday. During the operation on Saturday, the Customs officers seized 53 million HK dollars (6.8 million U.S. dollars) worth of VCDs and CDs loaded onto mainland-bound speedboats at Lau Fau Shan pier. The 13 men, aged 16 to 44, are local residents. They are on bail pending further investigation, according to the Customs. China Life Insurance (2628), the nation's biggest life insurer, reported a forecast-beating interim profit of 23.29 billion yuan (HK$24.03 billion), a rise of 159.7 percent from a year earlier boosted by soaring returns from stock market investments. The curtain came down on the four-day Hong Kong Computer and Communications Festival 2007 at the Hong Kong Convention and Exhibition Centre yesterday with both attendance and sales at new highs.
Significant mission - The wording may sound strange to you. But Chinese Vice-Premier Wu Yi's description of an impending campaign on product quality and food safety as "a serious political task" is a blessing to all concerned about quality and safety of Chinese commodities, within and without the country. In the lexicon of contemporary Chinese politics, that is the official way to state superlative importance. Things labeled that way have greater chances to be accomplished. Nothing is supposed to be in the way of a mission of political significance. Yesterday's national teleconference inaugurating the high-profile campaign, which will last until year's end, was a great follow-up to the central government's latest efforts to pacify safety concerns at home and abroad. Wu, who heads the leading group overseeing quality and safety issues, termed the campaign as a "special battle" to protect people's lives and health as well as to safeguard the credibility of Chinese products and national image. It is a battle we cannot afford to lose. If recent overseas suspicion over the Made-in-China label is more or less magnified by a protectionist inclination, safety concerns in the home market are based on sometimes-fatal damages in real life. More than 99 percent of our food exports were up to standards. But the present embarrassment reminds us even that the rest less than 1 percent suffices to neutralize long-term confidence-building. We appreciate the inclusiveness and thoroughness the campaign organizers have requested. The chain of oversight they have envisaged is a sensible prescription for most of our current problems. It is good to have specific obligations assigned to specific agencies. That is the way to prevent them from throwing responsibilities. We are particularly impressed by their use of "100 percent" in defining the campaign coverage. The audience heard it dozens of times throughout the conference. The only question left is to what extent such political will be shared at local levels. Building an omnipresent monitoring and guarantee mechanism will prove a challenging mission for a four-month campaign. Especially because, as Wu said, it is aimed at a long-term remedy, instead of achieving one or several goals. Still, an ultimate success is possible, as long as there is a positive resonance from local officials.
Beijing will ban celebrities, including movie stars and pop singers, from endorsing medicines, health supplements and food tonics in a move to ensure product quality, the country's quarantine chief said.
August 28, 2007
Kowloon Canton Railway Corp has proposed to scale down the residential development on West Rail's Nam Cheong Station amid the community's increasing concern over wind-blocking high-rises.
Quality wine from Suntime, a wine company of northwest China's Xinjiang, are now available on 260 global air routes of KLM Royal Dutch Airlines, according to Xinjiang Daily. Three kinds of Suntime grape wine are on board since last April. Wine dealers from Europe and America also expressed intent of cooperation with Suntime. More than 63 percent of Taiwan entrepreneurs want to scale up their investment in the Chinese mainland, a recent survey of the Taiwan Electrical and Electronic Manufacturers' Association (TEEMA) showed. Having inquired its member companies, the Taiwan's largest industry association found that the number of Taiwan business people who hope to return to Taiwan for business has been decreasing in recent years. The proportion reduced to 1.83 percent this year from 1.97 percent in 2006 and 2.7 percent in 2005, showed the 2007 survey on environment and risk of investing in the Chinese mainland. About 34 percent of the respondents said they would continue to invest in Taiwan, the survey said. Also according to the survey, Suzhou in east China's Jiangsu Province was among the most recommended cities in terms of hi-tech, service and traditional industries. Shanghai, Beijing, Kunshan and Chengdu were also on the list. The association, with its member companies contributing to about half of Taiwan's total industrial value, got about 2,500 questionnaires from industries including electronics, machinery, metal processing and plastic products. It has been conducting such surveys since 2000.
As subway construction keeps booming around the country, there has been an increasing demand for talents in the subway sector. Beijing's subway system, for instance, is expected to need about at least 10,000 new staff in the coming years. China Construction Bank (0939) - the last mainland bank to report robust interim earnings - said yesterday it has about US$1.062 billion (HK$8.28 billion) of securities backed by US subprime mortgage loans and has set aside 139 million yuan (HK$143.15 million) to cover potential losses. August 27, 2007
Hong Kong starts investment promotion campaign in Chinese mainland - With Zhejiang Province taking the lead, Invest Hong Kong (InvestHK) on Thursday launched a three-year campaign of business-focused activities in the Chinese mainland. The campaign, under the theme of "On Your Marks, Get Set, Go", will focus on seven key economically developed provinces in the Chinese mainland, namely Zhejiang, Jiangsu, Shandong, Liaoning, Sichuan, Guangdong and Fujian. "On Your Marks" covers promotional activities aimed at raising awareness among China's growing class of privately-owned enterprises of business opportunities in Hong Kong. This stage includes a targeted nationwide advertising and editorial campaign, followed by large-scale seminars highlighting opportunities in Hong Kong. "Get Set" focused on workshops designed to equip local companies with the information and tools to develop an overseas business strategy, using Hong Kong as a springboard. "Go!", the final stage, is a series of visits to Hong Kong. Tailored programs will allow companies that are seriously considering expanding their business in Hong Kong to better understand the market, to meet relevant industry associations and to identify business partners, clients and premises.
China's first anti-monopoly law, which requires foreign purchases of Chinese companies to go through national security checks, is expected to be put to a vote later this month after being 13 years of deliberation. The draft law was "ready for adoption", the Law Committee of the National People's Congress (NPC) told the ongoing session of the NPC Standing Committee on Friday when submitting the bill for consideration. China warned of risks of imbalanced sex ratio - Sex ratio for newborns aged zero to four had reached 163.5 boys to 100 girls by the end of 2005 in Lianyungang, a city in east China's Jiangsu Province.
August 25 - 26, 2007
HSBC (0005) may have to wait at least three years before it will be allowed to purchase majority control of Korea Exchange Bank, as South Korean regulators said yesterday any acquisition of a stake in the controversy-laden lender should proceed only after legal proceedings involving KEB are concluded.
The number of patents filed by foreigners living in the United States has tripled in the past decade - yet the tight cap on permanent visas may force entrepreneurs to go back home to create rival companies in China, India and elsewhere, according to a study.
A nine-year-old boy was on Thursday offered a place at the Baptist University to study mathematics – becoming the youngest university student in Hong Kong. Net Dragon Holdings, a mainland online game company, plans to raise as much as HK$800 million by selling new shares on the Growth Enterprise Market in October, in what will be the first new offering this year on Hong Kong's foundering second board, market sources said. Net Dragon also would be the first online game company to be listed in Hong Kong since the dotcom bubble burst in early 2000. Mainland technology companies have largely eschewed Hong Kong in favour of the Nasdaq Stock Market, where they tend to receive more generous valuations. This has undercut the GEM board, which was set up in 1999 to give start-ups a fund-raising platform but has been struggling to find a direction as turnover fell. Net Dragon initially had intended to list on Nasdaq, the sources said, without explaining why it changed its plans. "The current ample market liquidity could allow the offering to go smoothly even as the company is still in its growing stage, with thin profitability. That is the reason the firm chose to sell shares in GEM but not the main board," a source said. The last online game company to list on the GEM was Hong Kong-based Billybala Holdings, which raised HK$16 million in 2001. It changed hands three years after the GEM listing. US investment bank Bear Stearns, which has been absent from the local equity market for quite some time, had been mandated to lead the Net Dragon offering, a source close to the deal said.
The actual number of enterprises with foreign investment in China grew slowly but their scale continued to expand, according to the State Administration for Industry and Commerce. By the end of June, China had 280,000 foreign-invested enterprises, with their actual investment reaching 1.8 trillion US dollars and a registered capital of 1 trillion dollars. Of them, 38,000 invested more than 10 million dollars, 2,095 more than at the end of last year and taking 13.5 percent of the total number. As more business fields were opened to foreign investors, the number of exclusively foreign-owned enterprises and foreign-funded joint stock limited companies increased, and that of Chinese-foreign joint ventures and contractual joint ventures decreased. This is because that foreign investors favor independent, flexible operations of exclusively funded firms while contractual joint ventures are restricted by some cooperative elements and therefore require higher investment costs. Statistics showed that foreign-funded corporate banks grew rapidly in number, most of them gathering in Shanghai and driving up the finance sector. During the first half of this year ten such banks had a registered capital of 6.49 billion dollars. There were 220 of them across China, 38 more than at the last yearend and rising 20.9 percent. China's main stock index surpassed the 5,000-point mark for the first time on Thursday, even after a couple of cooling measures were unveiled this week. The Tibet Autonomous Region in Southwest China is enjoying a booming tourism industry thanks to the opening of the Qinghai-Tibet Railway over a year ago. The railway, the highest in the world, has been bringing record numbers of tourists into the plateau, with inbound visitors reaching 2.5 million last year, a 40 percent jump from 2005, said Deng Xiaogang, vice chairman of region of Tibet during a press conference in Lhasa on August 22. Opened in July 2006, the railway serves as a major transport link for passengers and goods. It has greatly decreased the cost of moving cargo to 0.12 yuan per ton, compared with 0.27 yuan by road, making commodities more accessible and cheaper for Tibetan residents. At the same time, more Tibetan products are finding their way to bigger markets in the country. But tourism has created the biggest boost in this area. Faced with the unprecedented number of travelers from home and aboard, the vice-chairman said the regional government is paying great attention to preserving culture in the autonomous region where Tibetan residents have developed its own arts.
China appoints new ambassadors - Chinese President Hu Jintao has appointed and dismissed ambassadors to nine countries in accordance with a decision made by the Standing Committee of the National People's Congress (NPC), the top legislature. Zhang keyuan is appointed as ambassador to Iceland to replace Wang Xinshi. Yu Hongyao replaces Gao Shumao as new ambassador to Mongolia. Wang Xiaodu replaces Shen Jiangkuan as new ambassador to Djibouti. Huang Changqing replaces Wang Sifa as new ambassador to Cameroon. Zhou Yuxiao replaces Lin Songtian as new ambassador to Liberia. Ma Zhixue replaces Sun Rongmin as new ambassador to Luxembourg. Sun Rongmin replaces Yuan Guisen as new ambassador to Poland. Cheng Shuping replaces Bao Shusheng as new ambassador to Vanuatu. Wang Xiaoyuan is appointed as ambassador to Costa Rica and he is dismissed from ambassador to Uruguay.
August 24, 2007
The number of Macao's visitor arrivals reached 2.20 million in July, a remarkable year-on-year rise of 22.5 percent, according to official statistics issued Wednesday. The figures from the government-run Statistics and Census Service (SCS) showed that the majority of the visitors in the month came from the Chinese mainland (53.5 percent), Hong Kong (32. 4 percent) and Taiwan (5.6 percent). Among the mainland visitors, some 50 percent traveled to Macao under the Individual Visit Scheme, which frees mainland tourists from the group tour. Macao, the only part of China where casino gaming is legal, has been enhancing its fame as a tourism destination with the aid of the booming gaming industry. Hopewell Holdings (0054) reported net profit for the fiscal year ended June 30 jumped 17 percent to HK$2.63 billion, or HK$2.93 per share, up from HK$2.25 billion, or HK$2.50 a share the previous year. Hutchison Telecommunications International Ltd (2332), the telecom unit controlled by Li Ka-shing's Hutchison Whampoa (0013), recorded a first-half net profit of HK$70.1 billion - of which HK$69.34 billion was derived from the disposal of its controlling interest in Hutchison Essar in India.
City University of Hong Kong is to boost the English language skills of its students by assigning them overseas instructors. Public confidence in the future of Hong Kong and the mainland remains high despite the recent turbulence in global stock markets, an opinion poll shows.
Boeing 737-800 jets used by two
Hong Kong airlines have been inspected to ensure there are no fuel leaks,
according to the Civil Aviation Department.
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The Hong Kong Asian Film Festival will show 80 films in 63 categories this year.
Fest, jointly organized by Ying E Chi and Broadway Cinematheque, will open Sept.
23 with Ang Lee’s “Lust, Caution” and Stanley Tam’s “Breeze in July,” their
Asian premieres. The 18-day festival will close Oct. 10 with Jia Zhang-ke’s
“Useless,” also an Asian preem, and Lee Chang Dong’s “Secret Sunshine” from
Korea. Ang Lee will be on hand during the fest to talk to new directors from
China, Taiwan and Hong Kong as part of a New Directors Forum. Joining him will
be Jia, Jiang Wen (“The Sun Also Rises”), Feng Xiaogang (“Assembly”) and Pang
Ho-Cheung (“Exodus”), among others. All of their respective films will be shown
as part of the fest. New categories this year will include Chinese Cinema: A New
Generation, Asian Classic, Midnite Craze and Festival Gala. There will also be a
New Talent Award to help discover and promote new Asian directors. Seven pics
will be shown in the latter category, including Adam Wong’s “Magic Boy” from
Hong Kong. Pics are from all over Asia: Iraq, Iran, India, Sri Lanka, the
Philippines, Macau, Japan, Malaysia, Indonesia, Thailand, Singapore, Korea,
China, Taiwan and Hong Kong. This will be the fest’s fourth year running.
The Hospital
Authority has unveiled a HK$355 million deal reached with doctors to reduce
disparities in salary scales and to encourage specialists to remain in the
public sector. "Eighteen months ago, when I came to Hong Kong, I heard about the
concept of equal work, unequal pay. It was very strange to me," Hospital
Authority chief executive Shane Solomon said yesterday. "After many months of
negotiation and discussions, we are in a position to at least take a significant
step forward in making our system fairer than what it is now." Under the deal,
the salaries of about 2,000 doctors who joined the authority after April 2000
will be increased by between 15 and 38 percent from October 1. The authority
will also introduce a nine-year contract to replace the current three-year one
to keep doctors undergoing specialist training. 
Workers were
racing against the clock yesterday to repair a road cave-in caused by a burst
water pipe in Kwun Tong and avoid a repeat of the morning's traffic chaos in
Kowloon East.
China:
China's Lenovo has found itself seemingly outmaneuvered by Taiwanese rival Acer
in a global game strategic acquisitions. The news came this week that Acer
succeeded in its US$710 million acquisition bid for American PC maker Gateway,
catapulting it past Lenovo as the world's third-largest computer maker. Not only
does Acer now command 8.8% of the global market to Lenovo's 7.9%, it can also
now block a deal Lenovo had been working on. Lenovo has said it wants to buy
Packard Bell, the No. 4 computer maker in Europe, to help its position in the
desktop market there. But Packard Bell has an agreement that gives Gateway the
right of first refusal over any sale (we're simplifying it a little - there's an
excellent full explanation here). Gateway plans to exercise its right and snatch
Packard Bell from Lenovo - a close call, because Lenovo had already signed a
memorandum of understanding with Packard Bell earlier this month. Lenovo
probably won't get Packard Bell now, although it bravely said it remains
"hopeful." Briefly, there was a rumor that a Chinese buyer (Lenovo, perhaps?)
was in the market for US disk drive maker Seagate. But Seagate's chief executive
dismissed the speculation, saying that there is no Chinese buyer.
Chinese
Defense Minister Cao Gangchuan (L) shakes hands with a Japanese officer after
his arrival of Tokyo, capital of Japan, Aug. 29, 2007. At the invitation of
Japanese Defense Minister Koike Yuriko, Cao arrived in Tokyo Wednesday, starting
his official good-will visit to Japan.
Rescue work is
under way after a section of the Dayang Bridge is rammed down by a cargo boat in
Kunshan, East China’s Jiangsu Province Wednesday, August 29, 2007. One was
injured and two remained missing. 
A plane of Air
China is taking off in Beijing. The carrier says it will not rule out the
possibility of merging with rivals.
Top managers of the country's leading
State-owned enterprise (SOE) risk losing promotion opportunities or even jobs if
their companies fail to meet energy-saving and pollutant-reduction targets. An
accountability system will be implemented for the managers of the 154
enterprises directly under the supervision of the central government starting
September. The State-owned Assets Supervision and Administration Commission (SASAC)
urged all its enterprises to draw up detailed steps to help achieve the national
green goal. "The SOEs, which are the pillars of China's economy, should not only
do well in profit-making, but also become role models in shouldering corporate
responsibility," SASAC head Li Rongrong told a news briefing yesterday.
The opening yesterday of the US$2.4
billion (HK$18.72 billion) Venetian Macao complex - which houses the world's
second-largest building - is expected to hurt Hong Kong's tourism industry in
the short term as the Venetian's convention and exhibition facilities draw more
business visitors to Macau. Las Vegas Sands Corp chairman and chief executive
Sheldon Adelson plans to turn the Venetian Macao on the Cotai Strip into a major
international convention hub. In addition to the world's largest casino at
51,000 square meters and a 3,000-suite hotel, the complex offers about 111,500
sqm of meeting, convention and exhibition space - big enough to accommodate 90
Boeing 747 jumbo jets. The center has already booked 44 events that will be
hosted there over the next two years. "The opening of the Venetian Macao will
inevitably bring novelty," said a spokesperson for the Hong Kong Tourism Board.
"We expect that there will be a certain impact on incentive travel and corporate
meetings from some short-haul markets in the near future." The Hong Kong
Convention and Exhibition Centre in Wan Chai has net space of 49,000 sqm - less
than half of what the Venetian Macao offers. However, the HKCEC's size will
expand to 60,000 sqm in 2009 after the completion of the Atrium Link Extension.
"The Venetian may create a little competition," HKCEC managing director Cliff
Wallace told The Standard. "[But] I don't think it's going to be competition we
have to be concerned about." AsiaWorld-Expo at Hong Kong International Airport
has about 66,000 sqm of ground-floor hall space. The HKTB said it will reinforce
overseas promotions, including targeting corporate decision-makers. It also
plans to encourage business travelers to make side trips to Hong Kong during
their meetings in nearby destinations.
Nearly 300
people were stranded in midair yesterday when a cable car at Ocean Park broke
down for about eight minutes due to a faulty belt. No one was injured in the
incident - the first since the theme park opened in 1977. 
China’s NBA draft pick Yi Jianlian (L)
meets the press during a conference to announce his signing with the NBA
franchise in Hong Kong August 29, 2007. Yi signed a three-year deal after a
two-month stalemate with the Bucks as he refused to embrace the team after the
Draft late in June.
Jiang
Dezhang kisses his bride Tie Guangju during their special mid-air wedding
ceremony in Kunming, West China's Yunnan Province Tuesday, August 28, 2007. Both
Jiang and Tie have been working as high-rise cleaners with a local company for
years.
A white-flag dolphin has been seen
in Yangtze River in east China, just days after a leading Chinese scientist said
the animal was likely extinct. A man with a decoration company in east China's
Anhui Province spotted a "big white animal" in the river at Xuba ferry in
Tongling, Anhui, at 3:10 to 3:20 pm August 19, and filmed it with a digital
camera, said Dr. Wang Kexiong, of the Institute of Hydrobiology of the Chinese
Academy of Sciences. Judged from its appearance and living environment, the
animal in the footage was confirmed by the institute to be a white-flag dolphin,
known in Chinese as "baiji", Wang said. "We are very glad to see baiji still
exist in the world," Wang said. "Many people have believed that baiji is extinct
and this finding brings us a sliver of hope," said Wang Ding, a leading expert
on the species from the hydrobiology institute of the Chinese Academy of
Sciences. But he noted that it is still quite difficult to protect the
endangered animal. Because few of this species still live in the Yangtze River,
their chance of mating is slim, said Wang Ding, who added that a measure is to
gather these animals in one section of the river for breeding. "This is no easy
task. But if we don't do that, white-flag dolphins are doomed to go extinct," he
said. Zeng Yujiang, the man who spotted the dolphin, told Xinhua, "I never saw
such a big thing in the water before, so I filmed it. It was about 1,000 meters
away and jumped out of water for several times." The footages were sent to the
Tongling freshwater dolphin nature reserve to determine what the animal was. A
staff with the Institute of Hydrobiology of the Chinese Academy of Sciences, who
happened to be in the nature reserve, then brought the footages to the institute
based in Wuhan, capital of central China's Hubei Province, which was well-known
for research on baiji. The white-flag dolphin, unique to China's Yangtze River,
is listed as one of the 12 most endangered species in the world. Its population
dropped to below 150 in the early 1990s from around 400 a decade earlier.
The third batch
of Chinese peacekeeping troops for Lebanon receive intensive training in Chengdu
Military Command on Aug 28, 2007. The engineering battalion will leave for
Lebanon in early Sept.
A fighter jet
developed by China Aviation Industry Corp I, China's major supplier of fighter
jets and bombers. The aircraft maker plans to build a marketing platform for its
commercial aircraft.
China, the world's
largest tobacco producer and consumer, will ban all forms of tobacco promotion
by January 2011.
Finance Minister Jin Renqing has been
transferred to a government think-tank and will be replaced by the country's top
tax collector, Reuters reported yesterday citing government sources. Jin, 63,
will be replaced by Xie Xuren, director of the State Administration of Taxation,
the sources said, citing an announcement by the Communist Party's organization
department. Jin's transfer is related to the corruption case involving Chen
Tonghai, former chairman of China Petroleum & Chemical Corp or Sinopec (0386), a
source told The Standard, confirming the news.
Hang Cheung Hong was established in
1971 by chairman Tony Ip Chi-shing as an inconspicuous retail shop in Western
district of Hong Kong, selling raw solvents, lubricants and mixed solvents,
commonly known as thinner. Today, it has transformed into Yip's Chemical
Holdings (0408), a small mid-cap company, which is one of the largest
petrochemical manufacturers in the mainland. Its core business is solvents. Over
the years, it has grown through strategic acquisitions and sharpened its
competitive advantage. 
Three lesser panda cubs held by their caretakers meet the public at the Giant
Panda Research Center in Fuzhou, Fujian Province, August 27, 2007. This is the
second triplet in the center.
The launch of
Beijing's Malaysian Food Festival brought an exotic twist to a perfectly sultry
evening.
Tucked away on the
secluded shore of Xihai, newly opened Club Obiwan offers a sleek reward for
savvy nightlife seekers.
As global
financial markets are entangled with worries about growing liquidity squeeze and
risk aversion among investors, mainland authorities are grappling with a
complete opposite set of problems: excessive liquidity and liquidity-driven
asset price bubble. Faced with heightening concerns that China's soaring trade
surplus is putting pressure on the yuan to appreciate faster, as well as fueling
inflation and the asset price bubble, the central government has announced a
series of measures to slow expansion of its current account surplus and to
encourage capital outflows. Beijing, in its latest move, kicked off a pilot
program last Monday allowing mainland individuals to invest directly in Hong
Kong-listed securities - a move some see as China's biggest step yet towards
making the yuan a free and fully convertible currency. The move was swiftly
followed the next day by the fourth interest rate hike for this year, signaling
that the authorities' concern over the country's rising inflation and roaring
stock market has further intensified. "At this stage, you can already see a
price bubble in China's assets market," says Po Mak-hung, associate professor of
economics at Hong Kong Baptist University. "A limited amount of assets is being
pursued by a lot of liquid money and speculation, and this cannot be sustained
in the long run. So the government has to do something to tackle the excess
liquidity problem." One way to tackle the problem is to encourage capital
outflow, by allowing private and public sectors to purchase assets around the
world. That is what China is doing now, using a gradualist and experimental
approach, Po says. Under the pilot scheme, residents from all over the mainland
will be allowed to invest in Hong Kong-listed equities via the Bank of China
(3988) branch in Tianjin, near Beijing. Mainland investors will be permitted to
use not only their existing foreign exchange deposits, but also to covert yuan
into foreign currencies in order to invest in Hong Kong-listed assets. There is
no official ceiling imposed on the amount of each individual's investment. Bank
of China executives said last Thursday that the bank will start accepting
investors' applications to open foreign currency accounts and to invest in Hong
Kong-listed securities from this week.
Overshadowed by its parent HSBC (0005),
Hang Seng Bank (0011) has always been seen as the Hong Kong satellite arm of the
transcontinental banking giant, receiving orders and implementing strategies
handed down by HSBC. But change seems to be in the air. Recent moves by Hang
Seng, which is 62 percent owned by HSBC, to buy out life insurer Hang Seng Life,
and the appointment of MTR chairman Raymond Chien Kuo-fung as the bank's
chairman were viewed as indicators that Hang Seng is moving away from the
dominance of its parent. "The appointment of Raymond Chien certainly points to
the fact that Hang Seng is moving to become more independent," said Ivan Li,
analyst at Kim Eng Securities. Over the past decade, the chairman of the HSBC
subsidiary, Hong Kong and Shanghai Banking Corp, has simultaneously held the
position of Hang Seng Bank chairman. This tradition ended with Michael Smith's
departure in June. Hang Seng remained quiet over who would take up the role
until Chien was named chairman early this month.
The new casinos
popping up in Macau in the past three years have helped the Chinese territory
surpass the Las Vegas Strip as the world's most lucrative gambling center. This
week, the city begins its most ambitious - and perhaps riskiest - phase of
development with tomorrow's opening of the US$2.4 billion (HK$18.72 billion)
Venetian Macao Resort Hotel. It is the latest mega project from American
billionaire Sheldon Adelson, chairman of Las Vegas Sands Corp. The big bet is
that Macau can be much more than a playground for day- tripping gamblers -
mostly from the mainland - who spend most of their time in the casinos.
Developers are hoping the tiny city on the southern Chinese coast will also be
able to attract shoppers, conventioneers and tourists hungry for gourmet
dinners, pool-side sun-tanning and glitzy shows. The Venetian Macao is the first
mega resort that will try to bring in the new crowds of visitors willing to
spend two or three days in the city. With gondoliers sailing down canals, the
3,000-room Venetian tries to recreate the beauty of Venice. The complex also
boasts a 15,000-seat sports arena, retail space for 350 stores, 1.2 million
square feet of convention space, fine dining, and a Cirque du Soleil- produced
show. Everything will be housed in what will be the largest building in Asia and
the second largest in the world, just behind a Boeing plant in Washington.
JPMorgan Securities analyst Billy Ng said the Venetian's plan makes sense. The
mega resort "will broaden the customer base," he said. "In theory, it should
bring in a lot of customers who had never thought of going to Macau." Ng and
some other observers are also bullish that Las Vegas Sands can capitalize on its
expertise in running trade shows at casinos in Vegas and replicate that success
in Macau. The Venetian's convention facilities will help fill up the thousands
of rooms and boost weekday traffic, they say. Business travelers to conventions
have a larger budget to spend on hotels and the Venetian will probably be
attractive to this segment, said Jonathan Galaviz, a partner at Globalysis, a
Las Vegas-based consultancy. "Asia has yet to see a multibillion dollar
integrated resort with a strong convention center component to it like the scale
that the Venetian Macau will provide," he said. William Weidner, president of
Las Vegas Sands Corp, has said 44 major conventions have already been scheduled
at the Venetian for the next two years. He also said he expects the average
guest to stay at the Venetian for three to four days, compared to the current
average of just 1.2 days in other Macau hotels. Some analysts are not as
optimistic. The Venetian cannot transform deep- seated Chinese attitudes to
gambling overnight, they say, and whether mainland gamblers will be as generous
at the restaurant and at the shows as they are at the casino is still a big
question. "We go to Las Vegas prepared to splurge. [Mainland gamblers] come to
Macau for reckless gambling. We expect to give but they expect to take," said
Gabriel Chan, an analyst with Credit Suisse Hong Kong. "There aren't shows on
yet," he added. "And you can't shop all day every day. The Venetian is a big
property, but it's not enough to create a critical mass for everyone to stay at
least two nights." The lack of alternative entertainment and transport support
in the area will also pose problems in the short term, analysts say. The
Venetian is just the first property to kick-start mega-tourism plans for the
Cotai Strip, a reclaimed area that, according to Adelson, will mimic the heart
of the Las Vegas Strip upon completion. The Sands is set to open more hotels
under brands such as the Four Seasons, Sheraton and St Regis next door. In all,
the company plans to invest up to US$12 billion and build 20,000 hotel rooms on
the strip. 
ASEAN Secretary-General Ong Keng
Yong (L) and China's Minister of Commerce Bo Xilai chat following a news
conference at the Association of Southeast Asian Nations (ASEAN) Economic
Ministers meeting at a hotel in Manila August 26, 2007.
People walk around the
Sinopec exhibition booth at a chemical fair in March. Sinopec announced Sunday
that its net profit rose by 65.3 percent year-on-year in the first half of 2007.
Child prodigy March Tian Boedihardjo was yesterday
launched on a course to become the youngest holder of a master's degree. But
hours after Baptist University announced it had accepted the nine- year-old for
a five-year course, March admitted to reporters he had trouble communicating
academically with children of his own age. March, an Indonesian-Chinese boy
resident in Hong Kong, will be studying for a bachelor's degree and master's
degree in a five-year course specially designed by the university. March was
presented to the media along with his father Tony yesterday and spoke in both
Cantonese and English. He toyed with the microphone and yawned as the
photographers' flashbulbs went off around him. But March appeared relaxed and
cheerful at the press conference. Asked what he does in his spare time, March
said: "Most of the time, I like to read books, but on the weekends I like to go
out to play with my kindergarten friends," adding they play chess, Monopoly and
cards. "We can play games together but, academically, we can't communicate."
March had obtained two As and a B in the British A-level examinations, but he
refused to disclose his results in the British General Certificate of Secondary
Education exams. As a young boy, March behaved his age and always showed the V
victory sign to attract photographers. 
Mainland banks are the
biggest subprime mortgage casualties in Asia, it emerged yesterday, as at least
five lenders and related entities revealed that their combined exposure to US
subprime-backed assets amount to US$19.59 billion (HK$152.8 billion), with Bank
of China (3988) holding the heaviest chunk. Two of the five mainland commercial
banks, BOC and Industrial and Commercial Bank of China (1398), unveiled the
value of their US holdings yesterday. Bank of China, the nation's largest
foreign-exchange lender, said at its interim results announcement that it has
almost US$9.7 billion of securities with exposure to US subprime mortgages, of
which US$6.82 billion are collateral debt obligations. The collapse in
asset-backed securities in the United States has caused losses for lenders
worldwide, triggering worries that mainland banks may not be immune. BOC, which
accounts for more than two-fifths of forex advances among its mainland peers,
said it set aside 1.15 billion yuan (HK$1.18 billion), or about 1.58 percent of
the total exposure, as provision for any possible losses. "The securities in
subprime assets was pretty small. It only accounts for about 3.78 percent of our
portfolio, or 1.58 percent of our total assets," the bank's executive vice
president Zhu Min said via video-conference yesterday. "More than 75 percent of
them are highly rated, in triple-A, with the rest rated either in A or double-A
grades; default rates would be low." Zhu was referring to investment ratings.
Zhu said the negative impact on BOC would be small, and provisions had been made
in the interest of prudent management. Executive vice president Wang Yongli said
whether the bank needs to make further provisions in the second half would
depend on the situation in financial markets. Beijing-based ICBC, the nation's
largest lender in terms of assets, trailed BOC as the second-biggest casualty.
Hutchison Whampoa
(0013), the ports- to-telecoms conglomerate controlled by Li Ka-shing, beat
expectations as first- half net profit soared 53 percent to HK$28.76 billion
with dividends from the sale of the Hutchison Essar stake helping to offset
continuing losses in Hutchison's 3G businesses. "Hutchison results continued to
indicate betterment in the underlying operations, including 3G," said Calyon
analyst Dilip Parameswaran. "We believe that the overall direction for 3G
remains positive, although not at a great pace." The results included a profit
on revaluation of investment properties of HK$767 million and HK$35.02 billion
earned from disposal of the India mobile business. Earnings per share were
HK$6.75, up from HK$4.41 in the first half last year. Hutchison declared an
interim dividend of 51 HK cents per share, unchanged from a year ago. "Hutchison
Whampoa needs capital to develop its businesses, but if 3G turns profitable, it
is possible that we increase the dividend payment," chairman Li Ka-shing said
yesterday.
Industrial and
Commercial Bank of China (1398), the world's largest bank by market
capitalization, reported first- half net profit surged 61.56 percent, driven by
robust interest and fee and commission-based income growth. For the six months
ended June 30, the Beijing-based lender posted net profit of 41 billion yuan
(HK$42.1 billion), up from 25.4 billion yuan the previous year. Earnings per
share were 12 fen, compared with 10 fen. ICBC's after-tax profit of 41.4 billion
yuan represented a year-over-year jump of 61.4 percent - exceeding the compound
annual growth of 30.2 percent between 2003 and 2006. Bullish stock market
conditions provided a strong boost to the bank's net interest and net fee and
commission income for the first half. Net interest income totaled 102.2 billion
yuan, up 33.3 percent from 76.65 billion yuan a year ago. Net fee and commission
income soared 89 percent to 14.87 billion yuan from 7.87 billion yuan. Net
interest margin was 2.65 percent, rising 0.28 percentage points. "The bank
realized good fee-based income growth in the first half. This is certainly
related to the active capital market," ICBC president Yang Kaisheng told a news
conference via videolink from Beijing. "But the upward growth trend in this
segment had been happening for many years." Yang said the bank's strong customer
base and distribution channels, coupled with innovative capacity, are the main
reasons behind the growth. The bank intends to expand the profit contribution
from fee-based income up to as much as 30 percent, bringing it in line with
international commercial banking standards. As at June 30, fee- based income
represented 12.7 percent of ICBC's total net income.
China's captain Zhou
Suhong celebrates a point during her side's second round game against Poland at
the FIVB World Grand Prix in Beilun of Ningbo, east China August 23, 2007. China
edged Poland 21-25, 25-15, 25-16, 22-25 and 15-9.
Although autumn has
arrived according to Chinese lunar calendar, which began on August 8, we can
still feel summer's presence. The hot and damp weather doesn't motivate people
to leave an air-conditioned room even for a minute. It's cool indeed, but how
can you fill your stomach by staying indoors? There is a solution-takeout with a
delivery service. Here are some options.
The Industrial and
Commercial Bank of China Ltd. (ICBC) on Thursday reported a 61.4 percent
year-on-year increase in its first-half profit after tax. For the Jan-June
period, ICBC's profit after tax rose to 41.4 billion yuan (5.45 billion U.S.
dollars) under international accounting rules. Higher net interest margin and
rising fee and commission income were the main reason for ICBC's strong
performance, according to the bank's half-year report. By the end of June, the
bank's capital adequacy ratio, the ratio of its own capital to its outstanding
loans, was 13.7 percent, and its non-performing loan ratio was 3.29 percent,
down from 3.79 percent at the end of last year. The bank had 8,301.2 billion
yuan in total assets, up 10.6 percent from the end of last year. Earnings per
share stood at 0.12 yuan. ICBC was simultaneously listed in Shanghai and Hong
Kong in October last year, raising 21.9 billion U.S. dollars, exceeding the
previous record of 18.4 billion U.S. dollars by Japan's NTT DoCoMo in 1998.
China Netcom (0906), the
mainland's largest fixed-line operator, reported lower-than-expected net profit
in the first half, which it blamed on intense competition. Net profit for the
six months ended June 30 fell 5.4 percent to 6.71 billion yuan (HK$6.91
billion), or 1.01 yuan per share, down from 7.1 billion yuan, or 1.07 yuan per
share, the previous year. No dividend was declared. Excluding upfront connection
fees and the disposal of its Guangdong and Shanghai branches back to its parent
company in February, interim net profit plunged 11 percent from a year ago.
"Netcom reported very disappointing results, even as the company strives to
improve business by offloading its assets in Guangdong and Shanghai," said CLSA
analyst Francis Cheung. Revenues from continuing operations rose slightly by
0.43 percent to 40.7 billion yuan.
Queen's Pier began
its final journey into history yesterday as workers moved in to dismantle the
first parts of the Central landmark, subject of a failed legal and direct action
battle by conservation activists earlier this month. Heavy rain lashed the
harborfront throughout the afternoon as the plaque bearing the Chinese name of
the 53-year-old colonial structure was removed by forklift.
Leaders of staff associations of various disciplined services have pledged full
support for their former boss, Regina Ip Lau Suk-yee, in her bid to win the
Legislative Council seat vacated by the death of Democratic Alliance for the
Betterment and Progress of Hong Kong chairman Ma Lik.
Minister stands by quality of exports - safety concerns 'a pretext for trade
barriers' - Commerce Minister Bo Xilai has again defended the quality of
mainland exports and urged foreign countries not to use safety concerns as a
pretext for trade barriers. Mr Bo told former US secretary of state Madeleine
Albright on Tuesday that he trusted the "Made-in-China" label, and product
quality had made great strides in the past few years. "We are against the
protectionist trends in the US, where some people deliberately exaggerate and
play up a few isolated product-safety cases to advocate mercantile trade
policies," the China News Service quoted Mr Bo as saying. He said there were
"strong and clear signs" of rising trade protectionism in the US, such as recent
American investigations into mainland-made steel nails, pipes and woven sacks,
which Washington said were unfairly priced. Mr Bo told Ms Albright that the
central government would take serious measures to improve the mainland's product
safety standards, but he said other countries should co-operate with the
mainland, not simply criticise it. "We are a responsible government and we will
treat the safety issue very seriously. The two sides should strengthen
communication and tackle this problem rationally and objectively," he said. This
came after a new wave of global recalls of mainland-made products in recent
weeks. American toy giant Mattel recalled a total of 19 million items around the
world this month, including dolls, cars and action figures, because some were
contaminated with excessive lead paint. Others were said to have small magnets
that children might swallow. The owner of a toy factory in Guangdong, Cheung Shu-hung,
50, committed suicide after a recall of Fisher-Price products including Big Bird
and Elmo toys with excessive amounts of lead. Li Zhouming, executive
vice-chairman of the Guangdong Provincial Toy Industry Association, was quoted
yesterday as saying mainland manufacturers and Mattel, which owns Fisher-Price,
should both take blame for the recalls. "The producers are responsible because
they do not have tight controls over purchasing and production," Guangzhou Daily
quoted Mr Li as saying. "But the buyer, Mattel, cannot evade responsibility." Mr
Li said Mattel neglected to "do its job well in quality inspections". He said
profit margins in the toy industry on the mainland were low and "it's hard to
make money" because of the cost of labor and materials. He warned that foreign
companies ran the risk of getting shoddy products if they demanded too low a
price from mainland manufacturers. "If you pay a high price, the factories will
use high quality raw materials to produce. But if the price is low, they can
only use inferior raw materials," Mr Li said. A Guangzhou official in charge of
an annual international gift-and-toy trade fair said yesterday that the recalls
had only "limited" impact on business. "We have always set a strict
qualification standard for our exhibitors. They must provide their licences,
certificates and related documents in order to apply for a booth." He said
foreign buyers had not made any special requests regarding product safety this
year. "They mostly care about what kinds of items are on display. They seldom
ask about qualifications."
A worker shows
the flower-shaped gold and jade, gold and silver commemorative medal in Beijing
Aug. 21, 2007. The flower-shaped gold and jade, gold and silver commemorative
medals, also known as "Olympic Moon Cakes", under the authorization of the
Organizing Committee of the Beijing 2008 Olympic Games, have been issued. The
issuance of the gold and jade medals was limited to 3,400 pieces, gold and
silver medals at 16,680 pieces.
Chinese home appliance
maker Qingdao Haier on Thursday announced first-half net profits were up 36.9
percent from the same period last year as the company tried to expand on the
international high-end market. Qingdao Haier, one of the two listed subsidiaries
of the Haier Group, notched up net profits of 364 million yuan (47.9 million
U.S. dollars) in the first six months of this year, on revenues of 17.1 billion
yuan. At April's China Import and Export Fair, the Shanghai-listed company won
big orders for its side-by-side refrigerators from the United States and Europe,
at a price 20 times higher than the average price of China's exported
refrigerators. The rise in profits was also attributed to Qingdao Haier's
acquisition of Haier Group's four other subsidiaries, which were more
profitable. In the first six months, Qingdao Haier held a 26.6-percent share in
the home market for refrigerators and 16.3-percent share in the air conditioner
market, reported Thursday's Shanghai Securities News.
Children
celebrate "Kaibi" Festival in the Confucius Temple in Harbin, capital city of
northern China's Heilonjiang Province on August 22, 2007. Traditionally,
children begin to study characters after the festival.
Plans by activists to sail to the disputed Diaoyu islands
were thrown into disarray yesterday when the Marine Department suspended the
license of their vessel - only to give it the all-clear after a second
inspection. However, the clearance came too late for several activists as some
had returned to their homes and others were planning to leave the territory. The
vessel, Diaoyu Island II, was due to leave at noon from the Tsim Sha Tsui Public
Pier, Action Committee for Defending Diaoyu Islands chairman Raymond Chan To-wai
said. However, the Marine Department notified the committee at 6pm Monday that
the ship's certificate had been suspended as an inspection showed there had been
alterations to the vessel. "We reversed the so-called alterations, which were
wooden pedals stuffed inside tires around the vessel to facilitate boarding,"
the ship's commander and veteran activist Lo Chau said. "We seem to be under
stricter requirements this year and ... wonder whether the SAR government is
deliberately trying to prevent the voyage." Lo said an inspector from the
department inspected the vessel yesterday morning after the alterations had been
reversed and told members they were cleared to sail. However, since there was no
written document to confirm the decision, the activists had no choice but to
cancel the voyage, he said. The sailing date has been rescheduled twice due to a
typhoon and the certificate problem, and a new date has not been decided. Lo
said some activists from the mainland and Taiwan were due to leave Hong Kong
soon as they were running out of holidays.
Chief Secretary Henry Tang Ying-yen said
on Wednesday it was “healthy” for different groups in Hong Kong to have diverse
views on the pace of constitutional reform.
Hong Kong director Fruit Chan plans to make
a film about Bruce Lee’s early years — the latest in several projects about the
kung fu