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EPD takes action on concrete plants

The Environmental Protection Department said it does not tolerate concrete batching plants operating without a licence and will make every effort to stop any illegal operations.   The department made the statement in response to media reports yesterday of a concrete batching plant at 20 Tung Yuen Street in Yau Tong continuing to operate without holding a valid Specified Process Licence (SPL).   The department has been closely monitoring the operation of two plants, both owned by China Concrete. The other plant is at 22 Tung Yuen Street in Yau Tong.   Regarding the plant at 20 Tung Yuen Street, the Air Pollution Control Appeal Board dismissed an appeal lodged by China Concrete against the department’s refusal of its application for renewal of an SPL for the plant on November 22.   Under the Air Pollution Control (Specified Processes) Regulations, the plant’s SPL ceased to be valid with immediate effect and the department issued a letter requesting that all works be halte

HK hosts wealth summit

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 and regulatory assistance, to a new Capital Investment Entrant Scheme, which offers a facilitated entry for residence by capital investments.   “We plan to provide profits tax exemption for family‑owned investment holding vehicles, managed by single family offices in Hong Kong, and we will continue to review our preferential tax regimes for funds and carried interest.”   Financial Secretary Paul Chan said at the summit’s luncheon that Hong Kong has seen solid development in green and sustainable finances, innovation development, art and culture industries as well as philanthropy, making it an ideal base for global family offices.   He noted that Hong Kong’s competitive edge, including its robust financial markets, world-class financial infrastructures as well as diversified and efficient capital market with connection to the Mainland and the global capital markets, place it at the forefront as a leading asset and wealth management hub.   The summit was jointly organised by the Financial Services & the Treasury Bureau and Invest Hong Kong.   Secretary for Financial Services & the Treasury Christopher Hui emphasised the Government’s commitment to providing an environment conducive for global family offices to thrive in Hong Kong.   “The summit marks the start of a new journey and I am confident we can co-curate with all stakeholders a family office ecosystem that benefits all.”

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