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RMB stock trading backed

Secretary for Financial Services & the Treasury Christopher Hui today expressed his gratitude to various listed issuers in Hong Kong for their support to the proposal of setting up a renminbi (RMB) stock trading counter.   Mr Hui stated that further to the help rendered by the Legislative Council Panel on Financial Affairs regarding the Government's proposed measures to promote the issuance and trading of RMB stocks in Hong Kong and enhance the trading mechanism, a number of listed issuers have also backed the proposal.   Such listed issuers will actively explore the feasibility of setting up a new RMB trading counter for their issued shares.   Mr Hui explained that listed issuers who indicated their support today include Hang Seng Index constituent stocks with promising turnover.   “Their participation is a vote of confidence to the development of RMB securities in Hong Kong, which will be conducive to our promotion work to other issuers, enabling Hong Kong to graduall

Site settlement exceeds limit

The Government immediately ordered the suspension of foundation works for two buildings under the Central Kowloon Route project.   The Highways Department made the statement concerning the foundation works for the Kai Tak ventilation and administration buildings of the rail project.   It explained that settlement exceeding the pre-set trigger level was recorded at the monitoring checkpoints installed on the service road adjacent to the Kai Tak Tunnel Administration Building on September 30.   The department said it acted under the current mechanism in ordering the contractor to suspend the foundation works and carry out a holistic and comprehensive review.   Upon receipt of the relevant report, the department immediately arranged inspection at the Kai Tak Tunnel, Kai Tak Tunnel Administration Building as well as nearby structures and public facilities of the site.   Based on the latest monitoring figures obtained, only minor settlement well below the pre-set alert level was recorded at all public facilities in the vicinity of the site, and no settlement of the Kai Tak Tunnel Administration Building exceeding the pre-set trigger level for works suspension was recorded.   Meanwhile, the contractor's independent checking engineer has conducted further inspection and assessment and confirmed that the relevant facilities are still structurally and operationally safe.   The department arranged for the contractor to carry out strengthening works, including improving the geological condition of the adjacent area by grouting, and the relevant settlement trend has now been stabilised.   In collaboration with the contractor and the resident site staff, the department emphasised that it will closely monitor the situation to ensure that the safety and operation of the structures and public facilities would not be affected.   It has also asked the contractor to formulate mitigation measures, adopting construction methods that could minimise impacts on the above-mentioned structures and public facilities.   Upon receipt of the contractor's proposed mitigation measures and request for resumption of the foundation works, the department will scrutinise the application to ensure the structural safety and normal operation of the structures and public facilities.   If the contractor proposes to revise the pre-set trigger levels for the relevant works, it will consider the proposal after consulting the stakeholders and relevant government departments.   When the request for resumption of suspended works has been accepted, a public announcement will be made, the department added.
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