Tag Archives: China

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Hong Kong’s Latest Foreign Currency Reserve Assets Figures Released

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

     The Hong Kong Monetary Authority (HKMA) announced today (December 6) that the official foreign currency reserve assets of Hong Kong amounted to US$425.1 billion as at the end of November 2024 (end-October 2024: US$421.3 billion) (Annex).
 
     There were no unsettled foreign exchange contracts at end-November and end-October 2024.      
 
     The total foreign currency reserve assets of US$425.1 billion represent over five times the currency in circulation or about 39 per cent of Hong Kong dollar M3.
 
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     At present, four press releases relating to the Exchange Fund’s data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with International Monetary Fund’s Special Data Dissemination Standard (SDDS). The fourth press release, on the Exchange Fund’s Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA’s policy of maintaining a high level of transparency. For the month of December 2024, the scheduled dates for issuing the press releases are as follows:
 

December 6 SDDS International Reserves
(Hong Kong’s Latest Foreign Currency Reserve Assets Figures)
December 13 SDDS Analytical Accounts of the Central Bank
(Analytical Accounts of the Exchange Fund) 
December 31 SDDS Template on International Reserves and
Foreign Currency Liquidity 
December 31 Exchange Fund Abridged Balance Sheet and
Currency Board Account 
read more

Approved Tsuen Wan Outline Zoning Plan amended

     The Town Planning Board today (December 6) announced amendments to the approved Tsuen Wan Outline Zoning Plan (OZP).

     The amendments mainly involve (i) rezoning a site at the junction of Wing Shun Street and Texaco Road from “Government, Institution or Community (9)” to “Residential (Group A) 22”; and (ii) rezoning a site at the junction of Ma Tau Pa Road and Texaco Road from “Comprehensive Development Area (1)” to “Commercial (7)”.
      
     The Notes and Explanatory Statement of the OZP are amended to take into account the above amendments. Opportunity is also taken to update the general information of various land use zones and the planning scheme area, where appropriate.

     The draft Tsuen Wan OZP No. S/TW/38, incorporating the amendments, is available for public inspection during office hours at (i) the Secretariat of the Town Planning Board, (ii) the Planning Enquiry Counters, (iii) the Tsuen Wan and West Kowloon District Planning Office, (iv) the Tsuen Wan District Office, and (v) the Tsuen Wan Rural Committee.
      
     Any person may make written representations in respect of the amendments to the Secretary of the Town Planning Board on or before February 6, 2025. Any person who intends to make a representation is advised to read the Town Planning Board Guidelines No. 29C on “Submission and Processing of Representations and Further Representations” (TPB PG-No. 29C).

     Submission of a representation should comply with the requirements set out in TPB PG-No. 29C. In particular, the representer should take note of the following:

* If the representer fails to provide his or her full name and the first four alphanumeric characters of his or her Hong Kong identity card or passport number as required under TPB PG-No. 29C, the representation submitted shall be treated as not having been made; and
* The Secretariat of the Town Planning Board reserves the right to require the representer to provide identity proof for verification.

     The Guidelines and the submission form are available at the above locations (i) and (ii) and the Town Planning Board’s website (www.tpb.gov.hk).

     Copies of the draft Tsuen Wan OZP are available for sale at the Map Publications Centres in North Point and Yau Ma Tei. The electronic version of the OZP can be viewed on the Town Planning Board’s website (www.tpb.gov.hk). read more

Grading of beach water quality released

     The Environmental Protection Department (EPD) today (December 6) released the latest grading of water quality for six gazetted beaches that are open all year round for swimming.
 
     Four beaches were rated as Good (Grade 1), and two as Fair (Grade 2).
 
Grade 1 beaches are:          

Clear Water Bay Second Beach Golden Beach
Deep Water Bay Beach Lido Beach
 
Grade 2 beaches are:
Casam Beach Silverstrand Beach
 
     Compared with the grading released last week, there was no change in the grading for these beaches.
 
     Under the present grading system, beaches are classified into four grades, namely Good (Grade 1), Fair (Grade 2), Poor (Grade 3) and Very Poor (Grade 4), according to the level of E. coli in the water. Grades are calculated on the basis of the geometric mean of the E. coli counts on the five most recent sampling occasions.
 
     While the ratings represent the general water quality at the beaches, an EPD spokesman reminded members of the public that water quality could be temporarily affected during and after periods of heavy rain. Bathers should avoid swimming at beaches for up to three days after a tropical cyclone or heavy rainfall.
 
     A summary of beach grades is published weekly before the weekend. The latest beach grades based on the most current data may be obtained from the EPD’s website on Beach Water Quality (www.epd.gov.hk/epd/beach) or the beach hotline, 2511 6666. Members of the public can also obtain the latest daily water quality forecast information for all beaches that are open for swimming through the EPD’s dedicated webpage on the beach water quality forecast (www.epd.gov.hk/en/BWQForecast). read more

HA announces advanced schedule for clearance and rehousing for redevelopment of Wah Fu Estate Phase 3 and clearance and rehousing arrangements for Phase 1 of Choi Hung Estate redevelopment

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

     The Hong Kong Housing Authority (HA) today (December 6) announced the advanced schedule for clearance and rehousing for Phase 3 of the Wah Fu Estate (WFE) redevelopment and the clearance and rehousing arrangements for the Phase 1 of Choi Hung Estate (CHE) redevelopment.
 
     The HA’s Strategic Planning Committee discussed the above two plans this morning. The Subsidised Housing Committee and Commercial Properties Committee, at a joint meeting, subsequently approved the rehousing and associated arrangements for domestic and commercial tenants affected by the Phase 1 of CHE clearance exercise.

Advanced schedule for clearance and rehousing for redevelopment of WFE Phase 3
    
     The HA has been co-ordinating closely with other government departments to improve the transport network surrounding redevelopment projects. The Transport and Logistics Bureau and Highways Department reported to the Legislative Council’s Subcommittee on Matters Relating to Railways this morning, confirming that the originally proposed heavy rail transit system for the South Island Line (West) will be replaced by the smart and green mass transit systems to improve the technical feasibility and overall cost effectiveness. Upon co-ordination between relevant departments, the sites reserved at existing Wah On House and Wah Lok House for the development of the heavy railway can be released at an earlier time. The HA takes the opportunity to commence demolition at Wah On House and Wah Lok House and construction of the New WFE Phase 1 immediately upon the completion of the population intake at the Wah King Street reception site. The New WFE Phase 1 would become the rehousing resources for Phase 3 clearance tenants of Wah Chui House and Wah King House.
 
     This new arrangement will allow the Phase 3 clearance tenants of Wah Chui House and Wah King House to move in to the New WFE Phase 1 in Q2/2034, advanced by around six years. The target clearance date of Wah Chui House and Wah King House can also be advanced by six years, from 2040/2041 to 2034/2035. The HA will continue to co-ordinate with relevant departments to develop remaining phases of the New Wah Fu Estate.
 
     WFE is a mature community with a friendly neighborhood. Many shops have been established in the estate for many years. In the development work, the HA also focuses on retaining the cultural characteristics of the estates and sustaining the affection for small shops, and assist the featured shops and small shop tenants to continue their services for the community. The HA will discuss with the residents through engagement workshops and consider the retention of shops with unique characteristics and are worthy of retention by way of tailor-made tender arrangements.
 
Phase 1 of CHE redevelopment
 
     As for the CHE redevelopment, the HA announced the clearance and rehousing arrangements for Phase 1, which will include three blocks, i.e. Pik Hoi House, Kam Pik House and Tan Fung House. Affected tenants will have a notification period of about 52 months before the target clearance date in April 2029 when they have to move out of their units. 
 
Public participation to improve the community
 
     Based on the views of stakeholders collected during the District Council consultation and community engagement activities, the HA will carry out the associated arrangements of the redevelopment and the community improvement plans.
 
(1) Enhancement of transport facilities

     The CHE redevelopment provides an opportunity for the Government to make full use of the opportunity to improve the traffic problems at the Choi Hung Interchange. The HA will rearrange the master layout of the estate and set back the existing estate site boundary to vacate part of the land in three phases to accommodate the Government’s road improvement works. The HA has included Tan Fung House in the Phase 1 clearance, which aims to provide the land adjacent to the Choi Hung Interchange as early as possible for the relevant government departments to implement road-widening works and provide additional traffic lanes to improve traffic flows. Additional bus lay-bys can also avoid the occupation of the carriageway by the buses while they are waiting to pick up and drop off passengers, thereby improving traffic at the Choi Hung Interchange.
 
(2) Sustaining affection of small shops and conserving cultural characteristics 

     The aforementioned tailor-made tender arrangements for the shops in WFE will also apply to tenants under the Phase 1 clearance of the CHE redevelopment. To sustain the affection for small shops and assist the featured shops and small shop tenants in the community to continue their business operations, the HA will identify the tenants of shops with unique characteristics and are worthy of retention through community engagement exercises, and engage them in bidding for new commercial premises reserved in the reception estates or the redeveloped estates in the original site, or other designated vacant shops and shops and stalls in the HA’s existing retail facilities. Successful bidders will be given a three-month rent-free period for the new tenancy. The HA will gauge the views of the community and the intention of affected tenants through community engagement activities before finalising the detailed arrangements. If the eligible tenants do not participate in the tailor-made tender arrangements, they will be granted a lump sum payment of $125,000 in lieu. As usual, eligible commercial tenants under fixed-term tenancies paying market rent will be offered ex gratia allowances equivalent to 15 times the monthly exclusive rent as specified in the tenancy agreement applicable on the date of formal announcement of clearance. The HA will also consider incorporating the unique design elements of the existing estate into the design of the estate and adopt new architectural design techniques and consider retaining the cultural characteristics of CHE, for example, the traditional shop signboards and retail street design.   
 
(3) Care for tenants’ needs

     The HA will take care of the tenants in need during the CHE redevelopment, especially the elderly, through internal transfers. Under the current policy, tenants who have difficulties in continuously living in their existing flats due to special circumstances may apply for transfer to a flat in the same estate. If the elderly tenants currently living in the domestic blocks in the Phase 1 clearance have need to be transferred to the domestic blocks in the Phase 2 and 3 clearance, they can apply for an internal transfer, and the applications will be considered with discretion. However, there are no available flats in CHE for allocation to one-person households. Therefore, one-person households will only be arranged to be transferred to other housing estates.
 
(4) Diverse rehousing options

     Various rehousing options will also be offered to the affected tenants. There are about 1 970 households currently living in the domestic blocks involved in the Phase 1 clearance. The new Mei Tung Estate in the same district, providing about 2 450 Public Rental Housing (PRH) units with anticipated intake in 2028 to 2029 will be used as the reception estate and be able to accommodate all the affected households. Affected tenants may also choose to move to refurbished PRH units in any district of their choice, subject to availability of resources. In view of the encouraging sales responses of Green Form Subsidised Home Ownership Scheme (GSH) 2023 and continuous requests from CHE tenants in seeking further opportunities to purchase subsidised sale flats (SSFs) in nearby locations in lieu of rehousing, apart from the 1 467 flats provided in Wang Chiu Road Phase 2 in Kowloon Bay which was announced to be converted to a GSH project at the end of last year, the HA’s Strategic Planning Committee has also approved at the meeting today to convert the PRH development at Wang Chiu Road Phase 1 with 2 576 flats to a GSH project. In total, two projects will provide 4 043 flats for sale. Subject to members’ endorsement of the proposed conversion and endorsement by the Subsidised Housing Committee on the sales arrangements of the relevant sale exercises, affected tenants of the CHE Phase 1 clearance will be accorded priority to purchase SSFs before the target clearance date if they would like to purchase SSFs in lieu of rehousing, including GSH flats of the Wang Chiu Road Phase 1 and Phase 2.
 
(5) Details of allowance
     
     Domestic tenants affected by the clearance will be offered a Domestic Removal Allowance ranging from $10,030 to $31,910, depending on the household sizes, to help meet part of their moving expenses. One-person and two-person households may also opt to receive a Singleton/Doubleton Allowance (SA/DA) in lieu of rehousing to a PRH unit. In this regard, the joint meeting today endorsed the adjustment of the SA/DA rates to $78,820 and $96,050 respectively.
 
(6) Community Service Team

     As with previous clearance projects, a Community Service Team will be set up and stationed on-site in the estate to help maintain effective communications between the HA and affected households, in particular elderly people, and offer services including assistance in moving out of their existing flats and adapting to their new living environment.
 
     The HA will announce the latest news and developments in due course based on the progress of the WFE and CHE redevelopment. read more