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HK hosts wealth summit

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The Wealth for Good in Hong Kong Summit was held at the Hong Kong Palace Museum today, attended by over 100 key decision makers from global family offices and their professional teams from all over the world.   It featured panel discussions on family office sharing, wealth for tech, for philanthropy, for green as well as for art.   Speaking at the summit’s principal dinner, Chief Executive John Lee highlighted that Hong Kong's financial and banking sector is very healthy, with abundant liquidity levels.   “We are built to handle today's, and tomorrow's, market pressures. Built to reassure you and your future in Hong Kong.   “That resounding reassurance is built, ladies and gentlemen, on the unique ‘one country, two systems’ principle, implemented successfully in Hong Kong since 1997.”   Mr Lee also pointed out that the Policy Statement on Developing Family Office Businesses in Hong Kong issued today, was wide-ranging.   “It covers everything from tax concessions

23 building plans approved in Jan

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The Buildings Department approved 23 building plans in January - four on Hong Kong Island, 10 in Kowloon and nine in the New Territories.   Of the approved plans, 15 were for apartment and apartment-commercial developments, five were for commercial developments, two were for factory and industrial developments and one was for a community services development.   Consent was given for works to start on nine building projects which will provide 117,013 sq m of gross floor area for domestic use involving 2,755 units and 144,989 sq m for non-domestic use.   Additionally, the department received notification of commencement of superstructure works for five building projects.   The department also issued 17 occupation permits - six on Hong Kong Island, three in Kowloon and eight in the New Territories.   Buildings certified for occupation have 152,580 sq m of gross floor area for domestic use involving 3,178 units and 35,955 sq m for non-domestic use. http://dlvr.it/SlPVDV

MTR fare mechanism refined

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(To watch the full press conference with sign language interpretation, click here.)   The Government today announced that the Mass Transit Railway (MTR) Fare Adjustment Mechanism (FAM) has been revised and will link fares directly with the MTR Corporation’s (MTRC) property development profits in Hong Kong.   Together with the MTRC, the Government reviewed the fare adjustment mechanism and the review was subsequently approved by the Executive Council. The enhanced mechanism will take effect in June.   MTR fares will be linked directly to the MTRC’s property development profits by revising the calculation method of the productivity factor in the FAM formula to lower the corporation’s fare in the long run to benefit all passengers.   Based on the property development profit in 2022, the fare adjustment rate this year would be lowered by 0.8 percentage points.   A 1.2% special fare reduction will also be set for the fare adjustment this year to offset over 40% of the 2.85% unreco

Kevin Yeung visits Guangzhou

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Secretary for Culture, Sports & Tourism Kevin Yeung called on Department of Culture & Tourism of Guangdong Director General Li Bin in Guangzhou today to explore opportunities for further co-operation between Hong Kong and the province.   Mr Yeung said at their meeting that the Hong Kong Special Administrative Region Government attaches great importance to connections with Guangdong and noted that there is much room for further collaboration on cultural tourism.   As the country's Culture & Tourism Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) clearly supports Hong Kong to develop into an international tourism hub and a core demonstration zone for multi-destination tourism, the city takes up an important role in promoting the high-quality development of GBA tourism, he added.   “With the country's support, I am confident that Hong Kong could bring a positive impact on developing the GBA into a world-class bay area for leisure by util

Chief Justice to visit Guangdong

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Chief Justice Andrew Cheung will lead a Judiciary delegation to visit Guangzhou, Shenzhen and Zhuhai for three days starting tomorrow, the Judiciary announced today.   The delegation will meet Supreme People’s Court Vice-president Yang Wanming, visit court facilities, attend forums and have professional exchanges with Mainland judges and judicial staff on court operation matters and other judicial issues.    The Judiciary explained that this visit forms part of the ongoing exchanges between the Judiciary and the Mainland courts.   The delegation will return to Hong Kong on March 22. During Mr Cheung’s absence, Permanent Judge of the Court of Final Appeal Roberto Alexandre Vieira Ribeiro will be Acting Chief Justice. http://dlvr.it/Sl99WK

HK supports new work office

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Chief Executive John Lee today expressed resolute support to the central authorities’ plan to form a Hong Kong and Macau work office of the Central Committee of the Communist Party of China (CPC).   The work office’s formation is pursuant to a plan on reforming the Party and state institutions, released today by the CPC Central Committee and the State Council.   Rendering his support on behalf of the Hong Kong Special Administrative Region, Mr Lee thanked the central authorities for their deepest care for Hong Kong people, and for the great importance they attach to implementing “one country, two systems”.       The CPC Central Committee's Hong Kong and Macau work office will be responsible for the investigation, research, co-ordination and supervision of upholding the principle of “one country, two systems”.   It will exercise the central authorities’ overall jurisdiction over the Hong Kong SAR, governing Hong Kong and Macau in accordance with the law, safeguarding nationa

Energy efficiency meeting held

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Secretary for Environment & Ecology Tse Chin-wan today attended the 60th Meeting of the Expert Group on Energy Efficiency & Conservation of the Asia-Pacific Economic Cooperation (APEC) held in Hong Kong.   In his welcome speech, Mr Tse said that Hong Kong was honoured to host the meeting again after 2019 and 2020 to provide a platform for direct dialogue among APEC partners.   “It is encouraging to see over 50 experts and delegates from 11 APEC member economies as well as four international organisations gather again to share insights and exchange experiences with their counterparts after the stabilisation of the epidemic.”   As the Asia-Pacific region develops, its energy demand and consumption would continue to increase, which may lead to an increase in emissions of greenhouse gases, he pointed out.   To achieve carbon neutrality before 2050, the Hong Kong Special Administrative Region Government published Hong Kong’s Climate Action Plan 2050 in 2021, outlining the st