The Government announced today (December 31) its financial results for the eight months ended November 30, 2019. Expenditure for the period April to November 2019 amounted to HK$369.7 billion and rev… read more
The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (December 31) by the Hong Kong Monetary Authority, total deposits with authorised institutions grew by 0.4 per cent in November 2019 as compared to October. Among the total, Hong Kong dollar deposits edged down by 0.1 per cent; overall foreign-currency deposits increased by 1.0 per cent. Renminbi deposits in Hong Kong edged up by 0.2 per cent to RMB637.8 billion at the end of November. The total remittance of renminbi for cross-border trade settlement amounted to RMB444.5 billion in November, compared with RMB429.4 billion in October.
Total loans and advances increased by 0.2 per cent in November. Among the total, loans for use in Hong Kong (including trade finance) increased by 0.1 per cent and loans for use outside Hong Kong went up by 0.3 per cent from a month ago (Note). The Hong Kong dollar loan-to-deposit ratio declined to 90.0 per cent at the end of November from 90.7 per cent at the end of October, as Hong Kong dollar deposits decreased at a slower pace than Hong Kong dollar loans.
Hong Kong dollar M2 and M3 both remained virtually unchanged in November, and rose by 3.2 per cent and 3.1 per cent respectively compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 0.6 per cent in November, but declined by 2.5 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and M3 both increased by 0.6 per cent in November, and expanded by 4.4 per cent and 4.3 per cent respectively from a year earlier.
As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal and IPO-related funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.
Note: The December 2018 figures for loans for use in/outside Hong Kong have been restated to reflect authorised institutions’ reclassification of working capital loans. The reported month-on-month and quarter-on-quarter growth rates are calculated based on the reclassified loan data. As reclassified loan data before December 2018 are not available, year-on-year growth rates of loans for use in/outside Hong Kong (including their sub-components) as shown in Table 1H of the Annex are calculated based on the data without such reclassification. read more
Following is the transcript of the opening remarks by the Secretary for Development, Mr Michael Wong, at a media session today (December 31) on the land sale programme for January to March 2020:
In the fourth quarter of the financial year 2019-20, the Government will sell by tender three residential sites, two in Mong Kok and one on Anderson Road in Kwun Tong. The total estimated flat yield of these three sites is about 1 850 units.
The Anderson Road site is the largest amongst these three sites and will provide about 1 720 units, including 1 000 units as Starter Homes units. The Transport and Housing Bureau will announce in due course more details about these units.
The Urban Renewal Authority will also tender a project at the junction of Tonkin Street and Fuk Wing Street in Sham Shui Po, which will provide about 180 flats. The four sites, taken together, will provide a supply of about 2 030 flats.
Together with the land supply in the first three quarters, the private housing land supply from all sources in this financial year, as of today, has reached almost 90 per cent of our annual target.
As regards commercial sites, the Government will sell by tender one commercial site in Kai Tak, which is capable of providing about 105 000 square metres of floor area. The successful bidder will be required to include a number of welfare facilities on this site, which will take up about 10 per cent of the gross floor area.
Looking ahead, the Government will continue to increase land supply through a multi-pronged approach, and maintain a sustained and steady land supply to meet the community’s needs for housing and economic and social development.
Thank you. read more
The effective exchange rate index for the Hong Kong dollar on Tuesday, December 31, 2019 is 105.9 (down 0.2 against yesterday’s index). read more
The following is issued on behalf of the Commission of Inquiry into the Construction Works at and near the Hung Hom Station Extension under the Shatin to Central Link Project: The Commission of Inquiry into the Construction … read more