HK's financial hub role unaffected: Financial secretary

Hong Kong Financial Secretary Henry Tang said on December 18 the chances of the Link Real Estate Investment Trust (REIT) being listed as planned on December 20 are "relatively low" because of a number of uncertainties ahead.

Tang, However, said he believed the incident will not affect Hong Kong's role as an international financial center.

Speaking on a radio talkshow, Tang said since the Housing Authority's privatization plan remains open to legal challenges, it may affect the potential returns for investors.

The Court of Final Appeal Friday refused to force an early appeal from a public housing resident who is challenging the divestment of shopping malls and carparks. Respecting the Court of Final Appeal's decision and the resident's right to have time to consider her appeal, Tang said it is important to handle the matter in a rational and objective manner.

He was disappointed about the latest development and said some people made use of Hong Kong's legal system to turn the incident into a political issue.

Stressing the incident is an individual case, Tang said the incident will not affect other Government privatization plans as the government will do a lot of preparation before their introduction.

Turning to Hong Kong's economic development, Tang said the fiscal deficit of this financial year may be smaller than expected because of the strong economic growth, adding that he is collecting views on the introduction of tax concessions.

Source: Xinhua