Government launches new batch of Silver Bond (with photos/video)

Source: Hong Kong Government special administrative region – 4

The Government announced today (August 29) the launch of a new batch of Silver Bond for subscription by eligible Hong Kong residents. 
 
The target issuance size of this batch of Silver Bond is HK$50 billion, with each unit offered at HK$10,000 and a tenor of three years. Interest will be paid semi-annually at a rate linked to inflation in Hong Kong, subject to a minimum of 3.85 per cent. The Government may exercise discretion to increase the target issuance size to a maximum of HK$55 billion from HK$50 billion, subject to market response. Hong Kong residents who turn 60 in or before 2026 (i.e. those born in 1966 or before) holding a valid Hong Kong Identity Card will be eligible for subscription. 
 
The bonds are the retail part of the Infrastructure Bond Programme. Proceeds will be credited to the Capital Works Reserve Fund for investment in infrastructure projects in accordance with the Programme Framework. The Government will publish information on the allocation of the proceeds on an annual basis.
 
The Financial Secretary, Mr Paul Chan, said, “The Hong Kong Special Administrative Region Government continues to issue Silver Bond this year to provide a safe, reliable and low-risk investment option with steady returns for senior citizens. It further promotes financial inclusion and encourages financial institutions to tap into the immense potential of the silver market. Bond proceeds from this batch of Silver Bond will be used to fund the implementation of infrastructure projects for the good of the economy and people’s livelihood, so as to support the sustained economic development of Hong Kong.”
 
There will be no secondary market for Silver Bond. Bondholders may sell their bonds before maturity to the Government at par together with accrued but unpaid interest. To encourage greater participation from citizens, a maximum allocation of HK$1 million per investor is stipulated, meaning that each investor is allocated 100 units of retail bonds at most.
 
The subscription period of Silver Bond will start from 9am on September 15 and end at 2pm on September 29. The bonds will be issued on October 10. Eligible Hong Kong residents may apply for the bonds through one of the placing banks and designated securities brokers. The offering terms and subscription arrangements of Silver Bond, including the list of placing banks and designated securities brokers, will be available on the Hong Kong Government Bonds website (www.hkgb.gov.hk).

     

Leasing arrangements announced for public market stalls in September

Source: Hong Kong Government special administrative region

Leasing arrangements announced for public market stalls in September
(1) Open auctions

The types of stalls to be auctioned this time cover cooked food, frozen meat, fresh meat, fresh fish, frozen (chilled) poultry, fruits, vegetables, ready-to-eat food, food-related dry goods and wet goods, non-food related dry goods and wet goods, service trades, siu mei and lo mei, newspaper, houseware, etc. The tenancy agreement is a three-year fixed term from October 1, with no right of renewal upon expiry of the tenancy agreement. The upset prices of the monthly rent of the stalls vary depending on the sizes, locations and vacancy periods of the individual stalls. The upset prices for the stalls in an open auction will be initially fixed at 80 per cent of the open market rent (OMR) if the stalls have been vacant for over six months, and at 60 per cent of the OMR if the vacant period has been over eight months. Relevant information is available on the FEHD website.————————————————–
Auction date: September 8 (Monday) (pm)
Number of stalls: 116————————————————–
Auction date: September 9 (Tuesday) (am)
Number of stalls: 88——————-
Auction date: September 9 (Tuesday) (pm)
Number of stalls: 12————–
Auction date: September 10 (Wednesday) (am)
Number of stalls: 72——————-
Auction date: September 10 (Wednesday) (pm)
Number of stalls: two————–
Auction date: September 11 (Thursday) (am)
Number of stalls: 54———————
Auction date: September 12 (Friday) (am)
Number of stalls: 85———————
Auction date: September 12 (Friday) (pm)
Number of stalls: 77 

Districts in which the market stalls are located 8/F, Lockhart Road Municipal Services Building,
225 Hennessy Road, Wan Chai, Hong KongRoom 301-302,
3/F, Food and Environmental Hygiene Department Nam Cheong Offices and Vehicle Depot,
87 Yen Chow Street West, Kowloon9/F, Kwai Hing Government Offices,
166-174 Hing Fong Road, Kwai Chung, New Territories4/F, Shek Wu Hui Municipal Services Building,
13 Chi Cheong Road, Sheung Shui, New Territories7/F, Sai Kung Tseung Kwan O Government Complex,
38 Pui Shing Road, Tseung Kwan O, New TerritoriesUnits 1201-1207 and 1220-1221, 12/F,
Tower 1, Grand Central Plaza,
138 Sha Tin Rural Committee Road, Sha Tin, New Territories3/F, Tai Po Complex,
8 Heung Sze Wui Street, Tai Po, New Territories3/F, Yeung Uk Road Municipal Services Building,
45 Yeung Uk Road, Tsuen Wan, New Territories1/F, Tuen Mun Government Offices Building,
1 Tuen Hi Road, Tuen Mun, New Territories2/F, Yuen Long Government Offices,
2 Kiu Lok Square, Yuen Long, New TerritoriesA spokesman for the FEHD said, “Bidders or applicants for the market stalls must be at least 18 years old and ordinarily reside in Hong Kong. To allow more people to bid for or select the stalls and increase customer choices by enhancing the diversity in terms of the variety of stalls, there will be a restriction on the number of stalls to be rented in the same market by a single tenant. Any person who is currently a stall tenant is not allowed to bid in the first round of auction for any stall in the same market, and will only be allowed to bid for one stall in the second round of auction or to select one stall in the same market on a first-come, first-served basis. The existing tenants under the new three-year fixed-term tenancy scheme (i.e. those persons who became stall tenants through the market open auctions after August 2022) are allowed to bid for a stall in the auction or select a stall on a first-come, first-served basis in the same market, but shall vacate the current stall and return it to the FEHD before the effective date of commencement of the new tenancy agreement.”

Details of the open auctions and the public market stalls concerned (including stalls for open auction at reduced upset prices) have been uploaded to the FEHD website (www.fehd.gov.hk/english/pleasant_environment/tidy_market/open_auction_coming.htmlIssued at HKT 18:30

NNNN

Remarks by SLW on Enhanced Supplementary Labour Scheme

Source: Hong Kong Government special administrative region

Remarks by SLW on Enhanced Supplementary Labour Scheme 
Reporter: Regarding the catering company firing local workers after recruiting outside workers under the ESLS, first of all, has the Department offered any sort of assistance to the local workers who have been fired? And secondly, besides the two-year ban administrative sanction, will there be further penalties for the firm? Also, will the Department take a more proactive approach to investigate companies under the Scheme in the future instead of just reacting to complaints? Thank you.
 
Secretary for Labour and Welfare: We have just issued a press release announcing the imposition of an administrative sanction against a company, which is involved in the catering business. After looking into a complaint filed to us, the involved company, after importing workers from outside into Hong Kong, has dismissed local workers after an investigation, including hearing the explanation given to us by the employer. The Labour Department has come to the view that the case is a real case, and it is substantial by facts in the investigation. So, based on the rules of the Enhanced Supplementary Labour Scheme, we have decided to impose an administrative sanction against the employer concerned. According to the laid-down rules, we are going to impose, first of all, a two-year ban against that employer from making applications in the coming two years. And also for the existing quota given to that company, it will also be void. This is a combination of two measures to make sure that we send a very strong signal to employers that they must comply with the rules and requirements of the Scheme. Of course, in the coming review, we will also look into suggestions over the exact terms of initiative sanctions, including whether or not the maximum ban should be kept at two years, or should it be further lengthened in order to maintain its power in enforcing the rules of the Scheme.
 
(Please also refer to the Chinese portion of the remarks.)
Issued at HKT 18:12

NNNN

Nine persons arrested during anti-illegal worker operations (with photos)

Source: Hong Kong Government special administrative region

     The Immigration Department (ImmD) mounted a series of territory-wide anti-illegal worker operations codenamed “Twilight”, and a joint operation with the Hong Kong Police Force codenamed “Champion”, for four consecutive days from August 25 to yesterday (August 28). A total of seven suspected illegal workers and two suspected employers were arrested.

During the anti-illegal worker operations, ImmD Task Force officers raided 12 target locations including commercial buildings, residential buildings and a restaurant. Three suspected illegal workers and two suspected employers were arrested. The arrested suspected illegal workers comprised one man and two women, aged 38 to 46. Two women, aged 36 and 60, were suspected of employing the illegal workers and were also arrested.

23 landlords of subdivided units under regulated tenancies convicted of contravening relevant statutory requirements

Source: Hong Kong Government special administrative region

23 landlords of subdivided units under regulated tenancies convicted of contravening relevant statutory requirements 
     The offences of these 23 landlords include (1) failing to submit a Notice of Tenancy (Form AR2) to the Commissioner of Rating and Valuation within 60 days after the term of the regulated tenancy commenced; and (2) requesting the tenant to pay money other than the types permitted under the Ordinance (including requiring the tenant to pay an amount of rent for the second-term tenancy exceeding the maximum amount of rent permitted under the Ordinance). One of the landlords committed 20 offences under (1) and (2) and was fined $22,400.

     The RVD earlier discovered that the landlords failed to comply with the relevant requirements under the Ordinance. Upon an in-depth investigation and evidence collection, the RVD prosecuted the landlords.
 
     A spokesman for the RVD reiterated that SDU landlords must comply with the relevant requirements under the Ordinance, including prohibiting landlords from doing any act calculated to interfere with the peace or comfort of members of the tenant’s household, with the intention of causing the tenant to give up occupation of the SDU; or requiring the tenant to pay an amount of rent for the second-term tenancy exceeding the maximum amount of rent permitted under the Ordinance, and also reminded tenants of their rights under the Ordinance, including a four-year (i.e. two years plus two years) security of tenure. He also stressed that the RVD will continue to take resolute enforcement action against any contraventions of the Ordinance. Apart from following up on reported cases, the RVD has been adopting a multipronged approach to proactively identify, investigate and follow up on cases concerning landlords who are suspected of contravening the Ordinance. In particular, the RVD has been requiring landlords of regulated tenancies to provide information and reference documents of their tenancies for checking whether they have complied with the requirements of the Ordinance. If a landlord, without reasonable excuse, refuses to provide the relevant information or neglects the RVD’s request, the landlord commits an offence and is liable to a maximum fine at level 3 ($10,000) and to imprisonment for three months. Depending on the actual circumstances, and having regard to the information and evidence collected, the RVD will take appropriate actions on individual cases, including instigating prosecution against suspected contraventions of the Ordinance. In addition, the RVD has started a new round of publicity and education work to enhance public awareness about the key offences and penalties, emphasising that the RVD proactively checks whether landlords have committed the offences under the Ordinance.  
     The RVD reminds that pursuant to the Ordinance, a regulated cycle of regulated tenancies is to comprise two consecutive regulated tenancies (i.e. the first-term tenancy and second-term tenancy) for an SDU, and the term of each regulated tenancy is two years. A tenant of a first-term tenancy for an SDU is entitled to be granted a second-term tenancy of the regulated cycle, thus enjoying a total of four years of security of tenure. The RVD has been issuing letters enclosing relevant information to the landlords and tenants concerned of regulated tenancies in batches, according to the expiry time of their first-term tenancies, to assist them in understanding the important matters pertaining to the second-term tenancy, and to remind them about the procedures that need to be followed about two months prior to the commencement of the purported second-term tenancy as well as their respective obligations and rights under the Ordinance. These landlords and tenants may also visit the dedicated page for the second-term tenancy on the RVD’s website (www.rvd.gov.hk/en/tenancy_matters/second_term_tenancy.html 
     For enquiries related to regulated tenancies, please call the telephone hotline (2150 8303) or visit the RVD’s webpage (
www.rvd.gov.hk/en/our_services/part_iva.htmlIssued at HKT 18:00

NNNN

Mortgage loans up 11.2%

Source: Hong Kong Information Services

The value of residential mortgage loans approved in July was $30.6 billion, an 11.2% increase compared with June, the Monetary Authority announced today.

Mortgage loans financing primary market transactions increased 16.4% to $10.8 billion, while those financing secondary market transactions increased 10.5% to $16.6 billion.

Loans for refinancing decreased 0.2% to $3.2 billion.

Mortgage loans drawn down during July amounted to $18.2 billion, a 3% rise from June.

The number of mortgage applications in July rose 4.9% month-on-month to 9,005.

The outstanding value of mortgage loans increased month on month by 0.1% to $1.8873 trillion at end-July.

Para dance ticket registration opens

Source: Hong Kong Information Services

Free tickets to watch mass participation para dance sport events at the 12th National Games for Persons with Disabilities and the 9th National Special Olympic Games are available through real-name registration from 3pm today until 5pm on September 5, while stocks last.

The events will be staged on September 6 and 7 at Ma On Shan Sports Centre.

On September 6, from 9.45am to 5.15pm, para dance athletes will compete in several categories, namely Combi Standard Dance 3-Dance, Duo Para Standard Dance 3-Dance, Combi Standard Dance 5-Dance, Duo Para Latin Dance 5-Dance and Combi Latin Dance 3-Dance.

On September 7, Duo Para Standard Dance 5-Dance, Duo Para Latin Dance 3-Dance, Combi Latin Dance 5-Dance and Show Dance (Collective) competitions will be held, from 9.45am to 5.45pm.

Successful registrants will receive, via email, one ticket exchange certificate which can be used to redeem a maximum of two tickets. Each person can only register once for each day.

At the venue, on the event day, registrants can collect single-day tickets by presenting their ticket exchange certificate and the identification document they used for registration. Wheelchair users and their carers must redeem their tickets as a group.

The tickets are full-day passes, with unassigned seating. Ticket holders may enter and exit the venue multiple times.

Tickets and ticket exchange certificates are non-transferable.

Online real-name registration for free tickets to para dance sport (mass participation event) of 12th NGD and 9th NSOG starts today

Source: Hong Kong Government special administrative region

Online real-name registration for free tickets to para dance sport (mass participation event) of 12th NGD and 9th NSOG starts today 
The para dance sport competition consists of nine sub-events. The competition schedule is as follows:
 

Competition date:Interested spectators can visit the website (https://h5.ctshk.com/ticketDetail?id=3300001499&channelId=-1&poiId=16613353 
Holders of the ticket exchange certificate must bring the ticket exchange certificate and the identification document used for registration to the venue on the event day to exchange for a single-day ticket. The ticket is a full-day pass, with unassigned seating. Ticket holders may enter and exit the venue multiple times. Each ticket admits one person. Wheelchair users and their carers must exchange for tickets simultaneously.
 
Tickets and ticket exchange certificates are non-transferable. Each person can only register once for the same-day event to obtain one ticket exchange certificate on a first-come, first-served basis until stocks last.
 
For more information about ticketing arrangements on the 15th National Games, the 12th NGD and the 9th NSOG in Hong Kong, please visit the thematic website (
www.2025nationalgames.gov.hk/en/ng.htmlIssued at HKT 16:42

NNNN

Granting of restricted banking licence to ABN AMRO Clearing Bank N.V.

Source: Hong Kong Government special administrative region

Granting of restricted banking licence to ABN AMRO Clearing Bank N.V. 
The Hong Kong Monetary Authority announced today (August 29) that the Monetary Authority has granted a restricted banking licence to the ABN AMRO Clearing Bank N.V. (AACB) under the Banking Ordinance. The AACB is incorporated in the Netherlands. The granting of this restricted banking licence takes effect today (August 29, 2025).
 
After the grant of a restricted banking licence to the AACB, the number of restricted licence banks in Hong Kong is 16.
Issued at HKT 16:30

NNNN