The Chief Executive of Hong Kong Special Administrative Region, Donald Tsang, Friday welcomed the news that Hong Kong will host the equestrian events for the 2008 Beijing Olympic Games, saying the events would be a milestone in Hong Kong's sporting history.

The news was announced by the International Olympic Committee Friday in Singapore.

"It is a great honor for Hong Kong to share the glory of hosting the Olympic Games for the first time in China," Tsang said.

"The equestrian events will be a milestone in Hong Kong's sporting history. The government will work closely with all parties concerned to ensure that we have a successful sporting spectacular in Hong Kong in 2008," he said.

The equestrian events will be held mainly at the Hong Kong Sports Institute and Penfold Park in Shatin. They are expected to bring in tourist revenue up to 350 million HK dollars.

Source: Xinhua