Author Archives: hksar gov

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) today (May 10) announced details of the Pilot Bond Grant Scheme (PBGS) as promulgated in the 2018-19 Budget, and progress of other bond market-related initiatives.
 
     The key eligibility criteria for the PBGS are as follows:
 

Issues	Details
First time issuers	Eligible issuers must be first time issuers, which are issuers that have not issued bonds in Hong Kong in the five-year period between May 10, 2013 and May 9, 2018, both days inclusive.
Eligible issues	Eligible issues must satisfy the following criteria: being issued in Hong Kong; having an issuance size of at least HK$1.5 billion (or the equivalent in foreign currency); being lodged with and cleared by the Central Moneymarkets Unit (CMU) operated by the HKMA in its entirety, or being listed on the Stock Exchange of Hong Kong Limited (SEHK); and being, at issuance, issued in Hong Kong to (i) 10 or more persons or (ii) less than 10 persons none of whom is an associate of the issuer.
Grant amount	The grant amount for each bond issue is equivalent to half of the eligible issuance expenses, up to the following limits: HK$2.5 million where the bond, its issuer or its guarantor(s) possess a credit rating by a rating agency recognised by the HKMA; or HK$1.25 million where none of the bond, its issuer or its guarantor(s) possess a credit rating by a rating agency recognised by the HKMA.   Each issuer can apply for a grant for two bond issuances at most.

 
     The commencement date of the PBGS will be the date of the completion of legislative process for the 2018-19 Budget. The PBGS will be valid for a period of three years.
 
     Details of the PBGS are set out in an industry circular issued by the HKMA today.
 
     The HKMA has also made good progress on the other bond market-related initiatives:

• The HKMA is working with the Government in implementing the enhancements to the Qualifying Debt Instrument (QDI) Scheme by amending the existing law. The effective date of the enhancements, which would expand the profit tax exemption coverage*, will be announced after the completion of legislative process.
• The HKMA has appointed an advisor to study relevant issues in respect of green finance in Hong Kong and the Government green bond issue and will report the findings to the Government. Subject to legislative process, the HKMA stands ready to assist the Government by selecting an arranger(s) to issue the inaugural green bond.
• The HKMA and the International Capital Market Association will co-host the Green and Social Bond Principles Annual General Meeting and Conference on June 14, 2018. The following morning, the HKMA and the People’s Bank of China will organise a joint seminar on Mainland-Hong Kong green finance opportunities.

     Commenting on these initiatives, the Chief Executive of the HKMA, Mr Norman Chan, said, “Bond market is an important and growing component of Hong Kong’s capital markets. The slate of measures being rolled out, together with initiatives in recent years such as Bond Connect, will bring more diversity, liquidity and business to our market. We will work with market participants closely on the implementation of these measures and continue to promote the growth of Hong Kong’s financial services sector.”
 
*The enhancements will extend the 100 per cent profits tax exemption from debt instruments with an original maturity of not less than seven years to instruments of any duration; and will allow debt instruments listed on the SEHK to become eligible as a QDI, in addition to instruments lodged and cleared by the CMU of the HKMA. read more

     The Electrical and Mechanical Services Department (EMSD) today (May 10) announced that the department collected eight liquefied petroleum gas (LPG) samples from auto-LPG filling stations and LPG terminals on a random basis in April 2018 for laboratory tests. The results showed that the LPG quality of all these samples complied with auto-LPG specifications.

     The detailed test results are available on the EMSD’s website (www.emsd.gov.hk/emsd/eng/sgi/lpg_smpl_analysis.shtml). Enquiries can also be made to the EMSD’s hotline on 2333 3762.

     In addition, the EMSD has been vetting independent third-party test reports submitted by LPG supply companies for each shipment to ensure that the quality of imported LPG complies with the specified requirements. read more

     In support of International Museum Day (IMD), the Leisure and Cultural Services Department (LCSD) will hold International Museum Day 2018, Hong Kong (IMD 2018, HK) on May 12 and 13 (Saturday and Sunday). On these dates, a total… read more

The following is issued on behalf of the Hong Kong Housing Authority:

     Residents at Phase II of On Tai Estate at On Sau Road in Kwun Tong, Kowloon, began moving into three of the domestic blocks today (May 10). The estate is one of the public rental housing (PRH) estates within the Anderson Road Development Area. This shows the continuous efforts of the Hong Kong Housing Authority (HA) to provide affordable rental housing to eligible low-income families with housing needs.

     “The three non-standard domestic blocks, namely Kui Tai House, Wo Tai House and King Tai House, are 30 storeys, 30 storeys and 31 storeys in height respectively, providing a total of about 2 640 PRH units for about 7 760 residents,” a spokesman for the HA said. 

     The intake for the four domestic blocks at Phase I of On Tai Estate, namely Ming Tai House, Chi Tai House, Yung Tai House and Kam Tai House, providing about 2 850 units for about 7 900 residents, was conducted last year.

     On Tai Estate offers a number of recreational facilities including outdoor children’s playgrounds, basketball courts, badminton courts and table-tennis tables. In addition, there will be two community farms for residents’ use.

     A fast food restaurant in the shopping centre, a wet market, a carpark, two kindergartens and a community service centre will provide services later this year. The rest of the shops in the shopping centre will be completed by the second half of this year.

     The intake of residents for the remaining four domestic blocks at On Tai Estate will take place later this year. There will be around 8 500 PRH units for about 25 000 residents upon completion of the intake for the entire estate.

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     A man who went missing in Sham Shui Po had been located.      Woo Kai-yuen, aged 66, went missing after he left an elderly home on Lai Chi Kok Road on May 7 morning. Staff of the elderly home made a repor… read more