Month: October 2025

Source: Hong Kong Government special administrative region – 4

     Following is a question by the Hon Adrian Ho and a written reply by the Acting Secretary for Financial Services and the Treasury, Mr Joseph Chan, in the Legislative Council today (October 22):

Question:

     Regarding the data that reflects Hong Kong’s economic situation, will the Government inform this Council:

(1) of the median monthly employment earnings of employed persons and the median monthly household income in Hong Kong, as well as the three industry sectors that recorded the highest growth rates in median monthly employment earnings, for the past four quarters (up to the last month); the number of those industry sectors in which the median monthly employment earnings of employed persons recorded an increase;

(2) given that the Government has raised the maximum value of properties chargeable to the $100 stamp duty to $4 million with effect from ‍February 26 this year, of the respective amounts of stamp duty revenue collected in respect of (i) property leases, (ii) agreements for sale and purchase, or (iii) transfers of residential and non-residential properties in the current financial year to date; the changes in such stamp duty revenues as compared with those of the same period last year;

(3) of the proportion of the financial services sector in the Gross Domestic Product and the stamp duty revenue related to stock transfers collected in the past two years; the change in such stamp duty revenue as compared with that of the same period last year;

(4) given that the Government has resumed the collection of hotel accommodation tax at a rate of 3 per cent on the accommodation charges with effect from January 1 this year, of the respective amounts of hotel accommodation tax collected by the Government each month up to the third quarter of this year; and

(5) of the amount of revenue received by the Government from business registration fees, and the number of applications for exemption from payment of business registration fee received since January this year?

Reply:

President,

     In response to the questions raised by the Hon Adrian Ho, after consulting the relevant government departments, my reply is as follows:

(1) The statistics on the median monthly employment earnings of employed persons and median monthly household income from Q3 2024 to Q2 2025 (excluding foreign domestic helpers) compiled based on the survey results of the General Household Survey of the Census and Statistics Department (C&SD) are provided in Table 1. The statistics for Q3 2025 are still being compiled.

     The median monthly employment earnings of employed persons by industry of main employment (excluding foreign domestic helpers) during the same period are provided in Table 2. The three industries with the largest year-on-year increases in Q2 2025 were manufacturing sector (12.5 per cent); transportation, storage, postal and courier services, information and communications sector (7.3 per cent); as well as financing and insurance sector (5.3 per cent). The industries which recorded a year-on-year growth in median monthly employment earnings include the construction sector; import/export trade and wholesale sector; real estate and professional and business services sector; accommodation and food services sector; and public administration, social and personal services sector.

(2) From April to September 2025, the stamp duty collection from (i) lease, (ii) sale and purchase of properties and (iii) transfer of properties other than by way of sale and purchase and their comparison with the same period of last year is presented in the table below.
 

Stamp duty	Amount ($)	Comparison with the same period in 2024
Lease	350 million	-30%
Sale and purchase of properties	9.2 billion	+7%
Transfer of properties other than by way of sale and purchase	54 million	-13%

(3) According to the statistics of the C&SD, the financial services sector took up about 22 per cent and 25 per cent of GDP in 2022 and 2023 respectively. The statistics for 2024 are still being compiled.

     The stamp duty collection from stock transactions in 2024-25 was $52 billion, representing an increase of about 43 per cent compared to last year. The stamp duty collection from stock transactions in the first two quarters of 2025-26 was about $44 billion, representing an increase of about 143 per cent comparing to the same period of last year.

(4) Under the Hotel Accommodation Tax Ordinance (Cap. 348), the hotel accommodation tax (HAT) is levied quarterly and hotel and guesthouse proprietors are required to pay the HAT to the Government within 14 days after quarter-end. The HAT collected by the Government for the first and second quarters of 2025 amounted to about $190 million and $170 million respectively. The statistics for Q3 2025 are still being compiled.

(5) From January to September 2025, the business registration fee collected was about $2.6 billion, while the number of applications for exemption from payment of business registration fee and levy received was around 21 000 in the same period.

Table 1: Median monthly employment earnings of employed persons and median monthly household income (excluding foreign domestic helpers)
 

	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Median monthly employment earnings of employed persons (excluding foreign domestic helpers) (1) (2) (HK$)	22,000	22,000	22,500	22,300
Median monthly household income (excluding foreign domestic helpers) (3) (4) (HK$)	30,000	29,400	30,000	30,000

Notes:
Both median monthly employment earnings and median monthly household incomes are rounded to the nearest hundred.

(1) Monthly employment earnings refer to earnings (before deduction of Mandatory Provident Fund contributions) from all jobs during the month before enumeration. For employees, they include wage and salary, bonus, commission, tips, housing allowance, overtime allowance, attendance allowance and other cash allowances. However, back pays are excluded. For employers and self-employed, they refer to amounts drawn from the self-owned enterprise for personal and household use. If information on the amounts drawn for personal and household use is not available, data on net earnings from business would be collected instead.

(2) Employed persons refer to those persons aged 15 and over who have been engaged in performing work for pay or profit during the seven days before enumeration or who have had formal job attachment. Unpaid family workers and employed persons who were on leave/holiday during the seven days before enumeration are included.

(3) Monthly household income refers to the total cash income, including earnings (before deduction of Mandatory Provident Fund contributions) from all jobs and other cash income received in the month before enumeration by all members of the household. Other cash income includes income generated from rent income, interest, dividends, regular/monthly pensions and insurance annuity benefits, regular contribution from persons outside the household, regular contribution from charities and all government subsidies.

(4) Domestic household consists of persons who live together and make common provision for essentials for living. These persons need not be related. If a person makes provision for essentials for living without sharing with other persons, he/she is also regarded as a household. In this case, the household is a one-person household. A domestic household must have at least one member who is a Usual Resident. Households comprising Mobile Residents only are not classified as domestic households.

Table 2: Median monthly employment earnings of employed persons by industry of main employment (excluding foreign domestic helpers)
 

Industry of main employment (3) (4)	Median monthly employment earnings of employed persons (excluding foreign domestic helpers) (1) (2)
	Q3 2024	Q4 2024	Q1 2025	Q2 2025
	(HK$)	(HK$)	(HK$)	(HK$)	Year-on-year % change
Manufacturing	20,000	20,000	21,500	22,500	+12.5%
Construction	22,700	23,000	23,500	23,000	+4.5%
Import/export trade and wholesale	23,900	24,500	25,000	25,000	+4.2%
Retail, accommodation and food services	16,000	16,000	16,600	16,000	–
Retail	15,700	15,500	16,000	15,000	–
Accommodation and food services	16,800	17,000	17,000	17,000	+1.8%
Transportation, storage, postal and courier services, information and communications	21,100	21,100	22,000	22,000	+7.3%
Financing, insurance, real estate, professional and business services	25,000	24,200	25,500	25,200	+0.8%
Financing and insurance	40,000	37,500	40,000	40,000	+5.3%
Real estate and professional and       business services	20,000	20,000	20,700	20,700	+3.5%
Public administration, social and personal services	26,500	26,000	26,000	26,000	+0.8%
Other industries	25,000	23,000	23,600	26,200	+0.8%
Overall	22,000	22,000	22,500	22,300	+5.2%

Notes:
Median monthly employment earnings are rounded to the nearest hundred.

(1) and (2) Please refer to Notes (1) and (2) under Table 1.

(3) Industry refers to the activity of the establishment in which the respondent worked during the seven days before enumeration. The General Household Survey currently follows the major industry groups of the Hong Kong Standard Industrial Classification Version 2.0 to classify the industry of an employed person and the previous industry of an unemployed person.

(4) Main employment refers to the job on which a person spent most of his/her time if he/she had more than one job at the time of enumeration. All other jobs were regarded as secondary employment.

Source: Hong Kong Government special administrative region – 4

     Following is a question by Dr the Hon Starry Lee and a written reply by the Secretary for Transport and Logistics, Ms Mable Chan, in the Legislative Council today (October 22):

Question:

     There are views that with its convenient transport links and scenic view, Hung Hom Ferry Pier (the Pier) has the potential to develop into a waterfront hub integrating transport, leisure, culture and creativity. However, the Pier as a whole is not being used to its full functionality, as evidenced by its upper deck area still being closed to public use, which results in the idling of some facilities and wasting of land resources. In this connection, will the Government inform this Council:

(1) whether it will examine the utilisation of land and facilities at the Pier and explore introducing more commercial and leisure elements to tie in with the development of the surrounding areas, thereby promoting waterfront economy and community integration;

(2) whether it will consider enhancing the planning interface between the Pier and adjacent waterfront areas, such as through synergistic development with Whampoa, Kowloon City District and Tsim Sha Tsui East, to create a waterfront promenade and commercial circulation route with greater coherence;

(3) regarding the uplift of maritime tourism, whether it will explore how to strengthen the external transport facilities for the Pier, thereby simultaneously enhancing tourism and transport linkages between Hung Hom and Hong Kong Island; and

(4) whether it will consider opening up the upper deck of the Pier for public use and introducing activities of educational and cultural value, such as photo exhibitions showcasing the national achievements in construction, or organisation of youth cultural and creative workshops and music galas, to offer the public a more diverse waterfront experience characterized by a sense of community and a cultural vibe?

Reply:

President,

     To facilitate the daily operation of ferry services, the Government provides ferry piers for most of the licensed ferry routes.  Hong Hom Ferry Pier comprises Hung Hom (South) and Hung Hom (North) Ferry Piers, serving the “Central – Hung Hom” licensed ferry route operated by the Fortune Ferry Company Limited and the “North Point – Hung Hom” licensed ferry route operated by the Sun Ferry Services Company Limited respectively.

     The Government has been working closely with the Harbourfront Commission to promote various initiatives to enhance the Victoria Harbourfront, including the harbourfront area in proximity to Hung Hom Ferry Pier, with a view to creating a diversified, vibrant, accessible and inclusive harbourfront space for the public.

     In consultation with the Development Bureau (DEVB) and the Culture, Sports and Tourism Bureau, my reply to the question raised by Dr the Hon Starry Lee is as follows:

(1) To promote harbourfront economy, the Planning Development proposed to the Town Planning Board (TPB) in August 2025 an amendment to the uses within Hung Hom (South) and Hung Hom (North) Ferry Piers on the outline zoning plan concerned by making the uses of “Shop and Services” and “Eating Place” always permitted, so as to streamline the development process and provide flexibility in facilitation of business operations. The Kowloon City District Council and the relevant task force of the Harbourfront Commission have already expressed their support to the proposed amendment.

     The Government has all along encouraged ferry operators to sublet pier premises for purposes such as commercial, retail and event, under the approved land uses to generate non-farebox revenue for cross-subsidising ferry operations and thereby alleviating the pressure on fare increase.

     Regarding Hung Hom Ferry Pier, the Transport Department (TD) has been actively coordinating with various works departments to continuously enhance the pier’s facilities, including renovating the toilets and adding barrier-free facilities, so as to expand the pier’s development potential and further enhance its capacity for non-fare revenue activities. The Government Property Agency also coordinates the processing of applications for commercial activities at the pier submitted by the operators.

(2) The DEVB is committed to taking forward harbourfront enhancements at Victoria Harbour, including connecting the harbourfront sections and providing quality harbourfront open spaces. At present, the harbourfront between Tsim Sha Tsui Ferry Pier and Laguna Verde in Hung Hom has been fully connected. The DEVB will continue to connect other harbourfront sections in Kowloon, with the target of connecting around 85 per cent (i.e. approximately 13 kilometres) of the developable promenade from Tsim Sha Tsui to Kai Tak by the end of 2028.

     Besides, the site that was previously a public transport interchange near Hung Hom Ferry Pier has already been transformed into the Hung Hom Urban Park, which was fully opened in July this year. A site to the north of the park will be operated by a non-profit-making organisation by way of short-term tenancy for the provision of children’s play facilities and opened to the public shortly. The site will provide more leisure facilities and space for hosting different activities, thereby injecting more harmonious and vibrant elements into the harbourfront in Hung Hom.

     At the same time, the DEVB is spearheading the development at the sites around MTR Hung Hom Station and its waterfront areas, and released the preliminary development proposal for the sites in the second quarter of this year. Taking the opportunity of re-planning, the preliminary development proposal includes several measures to strengthen the pedestrian connectivity with a view to driving the co-development of the concerned sites and the nearby areas. These include, for example, building a covered and elevated footbridge spanning to directly connect MTR Hung Hom Station with the harbourfront, constructing a new boardwalk to better connect the Tsim Sha Tsui waterfront promenade with the Hung Hom waterfront promenade, as well as enhancing the pedestrian connectivity between the hinterland and waterfront. The DEVB is currently conducting detailed technical assessments for the proposed development so as to finalise the development proposal and detailed development parameters. During the process, the project team will consider the views collected during the public consultation conducted earlier. The aim is to commence the relevant statutory procedures for the project in the second half of 2026. Before commencing the works of the long-term development, the DEVB will make good use of the currently idle former Hung Hom Railway Freight Yard Pier site for short-term use, developing it into a harbourfront space for hosting various activities such that the public may check in and appreciate the 270-degree panoramic views of Victoria Harbour and the skyline of Hong Kong Island.

(3) Hung Hom Ferry Pier is situated adjacent to Hung Hom (Hung Luen Road) Public Transport Interchange, and is also only about a 10-minute walk from Whampoa Garden Public Transport Interchange. These interchanges offer franchised bus and green minibus (GMB) services connecting to various districts across Hong Kong Island, Kowloon, and the New Territories. Regarding transport connectivity between Hung Hom and Hong Kong Island, Hung Hom Ferry Pier offers licensed ferry services of the “North Point – Hung Hom” and “Central – Hung Hom” routes, providing waterborne transport options for the public. In terms of land transport, members of the public may take GMB Route No. 13M (Hung Hom Ferry Pier – Hung Hom Station) from Hung Hom (Hung Luen Road) Public Transport Interchange to MTR Hung Hom Station, and then interchange with the MTR East Rail Line towards Hong Kong Island. Alternatively, passengers may take Cross-Harbour Route No. 115 or 115P (from Laguna Verde to Central (Hong Kong – Macau Ferry Terminal)) at Whampoa Garden Public Transport Interchange to travel to Hong Kong Island. The TD will closely monitor the passenger demand for external public transport services at Hung Hom Ferry Pier and review arrangements with the operators as appropriate.

     Regarding ancillary tourism facilities, Victoria Harbour is one of the most iconic attractions in Hong Kong. Currently, there are some commercially operated aquatic tourism offerings, with sightseeing vessels embarking and disembarking at various landing facilities along both sides of Victoria Harbour for visitors to tour around Victoria Harbour. Some sightseeing vessels even provide dining services, allowing visitors to savour delicacies while enjoying the stunning view of Victoria Harbour and experiencing the unique attractiveness of Hong Kong.

     The Tourism Commission and the Hong Kong Tourism Board will continue to leverage the waterfront promenades and water bodies to develop more mega events and travel experiences, and spare no effort in promoting and facilitating the staging of various tourism mega events and activities along both sides of Victoria Harbour.

(4) Currently, the land uses of the upper deck of Hung Hom Ferry Pier allow the purposes of shops and services. The TD is in active discussions with ferry operators to assist them in opening the upper deck of Hung Hom Ferry Pier for purposes such as commercial, retail or event, etc.

     For the upper deck of Hung Hom (South) Ferry Pier, the ferry operator has identified potential tenants interested in subletting the area for retail and services purposes and is anticipated to submit an application to the Government shortly.

     For the upper deck of Hung Hom (North) Ferry Pier, the ferry operator plans to convert the area for exhibition hall, retail and services purposes, and has obtained conditional approval from the TPB. In this regard, the TD is actively co-ordinating with relevant Government departments and the ferry operator to study the installation of appropriate fire service systems at the pier. The technical study and design are expected to be completed in the first quarter of 2026, followed with an evaluation of matters such as the details and feasibility of the plan, etc.

     The TD will continue to maintain close communication with the ferry operators regarding the operation and development of Hung Hom Ferry Pier, including encouraging operators to continue utilise the pier to expand non-farebox revenue and consider introducing activities with educational and cultural value where appropriate.

Source: Hong Kong Government special administrative region – 4

     Following is a question by the Hon Chan Chun-ying and a written reply by the Secretary for Labour and Welfare, Mr Chris Sun, in the Legislative Council today (October 22):
 
Question:
 
     There are views that although Hong Kong has leapt to the fourth place globally in the latest World Talent Ranking 2025 published by the International Institute for Management Development, it still has structural shortcomings in encouraging talent to stay and develop in Hong Kong. In particular, Hong Kong’s high cost of living has resulted in poor performance in the “cost of living” indicator, with the city ranking 66th globally. Therefore, the Government should introduce corresponding long-term measures to attract and retain talent. In this connection, will the Government inform this Council:

(1) in order to alleviate housing cost pressures, whether the Government will consider reserving land in new development areas such as the Northern Metropolis and, by drawing on overseas experience, constructing residential apartments for talent under the “build-‍to-‍rent” model (i.e. a model where housing is specifically constructed for rental purposes) to provide stable and affordable housing options for incoming talent, so as to increase the incentive for their long-term settlement in Hong Kong, thereby promoting local economic development; if so, of the details; if not, the reasons for that; and
 
(2) as there are views pointing out that cultivating multilingual abilities is crucial to enhancing the international competitiveness of local talent, whether the Government will consider establishing a Foreign Language Scholarship Scheme to subsidise local students or young people planning for long-term development in Hong Kong to attend language courses overseas, so as to nurture local talent with cross-cultural literacy and professional foreign language proficiency; if so, of the details; if not, the reasons for that?

Reply:
 
President,
 
     Our reply to the Member’s questions, in consultation with the Development Bureau (DEVB) and the Education Bureau, is as follows:

(1) The Northern Metropolis (NM) is a strategic development area in Hong Kong. With an area and planned population accounting for around one-third of Hong Kong’s totals, the land for different industries in the NM would drive the development of innovation and technology and other industries. With the support of relevant policy bureaux, the DEVB has allowed planning flexibility for the construction of talent accommodation on industry land in some New Development Areas (such as San Tin Technopole and the Lau Fau Shan area) in the NM, with a view to supporting the relevant industry development. 

(2) The Government has been making significant investment in education to provide diversified learning opportunities for students. Learning foreign languages can help students understand multiculturalism and strengthen their connections with different parts of the world, thereby enhancing their competitiveness in pursuing employment or further studies, or starting their own businesses in the future. The Government has consistently encouraged schools and institutions to provide students with opportunities to learn foreign languages, and enable students, through various avenues such as student exchange programmes and experiential learning activities, to gain exposure to the cultures of more places, broaden their horizons, seize Hong Kong’s unique advantages, and be better prepared for their future development. Over the years, the Government has been collaborating with the Standing Committee on Language Education and Research, other advisory bodies and stakeholders to enable Hong Kong people, particularly students and working adults, to become biliterate and trilingual, through sponsoring and implementing various measures using the Language Fund. The Government will continue to strive to nurture talents who are biliterate and trilingual, and proficient in other languages. However, there is currently no plan to introduce the Foreign Language Scholarship Scheme as proposed in the question.

Source: Hong Kong Government special administrative region – 4

     Hongkong Post announced today (October 22) that a set of special stamps and associated philatelic products on the theme of “The 15th National Games” will be released for sale on November 9 (Sunday), the opening day of the National Games.

     Held once every four years, the National Games of the People’s Republic of China (National Games) are the largest and highest-level national multisports event in the country. The 15th National Games, scheduled from November 9 to 21, 2025, will be cohosted by Guangdong, Hong Kong, and Macao. It also marks the first time that Hong Kong cohosts the National Games. Hong Kong will stage eight competition events, including basketball (men’s U22), track cycling, fencing, golf, handball (men), rugby sevens, triathlon, and beach volleyball, as well as one mass participation event, namely bowling. Hongkong Post will issue “The 15th National Games” special stamps and associated philatelic products to celebrate this national mega event with members of the public.

     In addition, to mark the cohosting of the 15th National Games by Guangdong, Hong Kong and Macao, China Post, Hongkong Post and Macao Post and Telecommunications will jointly present a joint souvenir pack on the same day.

     Official first day covers for “The 15th National Games” will be on sale at all post offices and Hongkong Post’s online shopping platform ShopThruPost (shopthrupost.hongkongpost.hk) from tomorrow (October 23). This set of special stamps and associated philatelic products will be on sale at the five philatelic offices including the General Post Office, Tsim Sha Tsui Post Office, Tsuen Wan Post Office, Sha Tin Central Post Office and Tuen Mun Central Post Office as well as ShopThruPost from November 9, they will also be available at all post offices from November 10. Serviced first day covers affixed with the special stamps and the joint souvenir packs will be available at philatelic offices only.

     Special sales arrangements will be made on the stamp issue date, November 9. The five philatelic offices including the General Post Office, Tsim Sha Tsui Post Office, Tsuen Wan Post Office, Sha Tin Central Post Office and Tuen Mun Central Post Office will be open from 9.30am to 5pm on that day, and also a hand-back date-stamping service will be provided for official first day covers/souvenir covers/privately made covers bearing the first day of issue indication and a local address.

     Information about this set of special stamps and associated philatelic products is available on the Hongkong Post Stamps website (stamps.hongkongpost.hk).

Source: Hong Kong Government special administrative region – 4

     The Hong Kong Museum of Art (HKMoA) is deeply honoured to receive a generous donation of 93 precious calligraphic and seal carving works from the family of renowned Hong Kong calligrapher Jat See-yeu. The Director of Leisure and Cultural Services, Ms Manda Chan, presented a certificate of appreciation to Mr Jat’s son, Mr Jat Sew-tong, SC, on behalf of the department.
 
     Jat (1935 – 2009) had dedicated his life to the art of calligraphy, with a profound knowledge of Chinese calligraphy and Chinese classics. Years of devoted research in paleography, combined with inspiration from the New Ink Movement, led him to develop a  fresh new concept of calligraphic creation. Jat also actively participated in the promotion and education of calligraphy. He served as a calligraphy instructor at major institutions for years. He was an arts adviser to the Leisure and Cultural Services Department since 2001. In the same year, he was awarded the Medal of Honour by the Hong Kong Special Administrative Region Government for his contributions to fostering the art of calligraphy. The donation comprises a calligraphic scroll, albums of fountain pen calligraphy, folding fans of calligraphy and painting, and seals by Jat, which signify various periods of his artistic journey, showcasing a diversity of calligraphic scripts and styles that reflect his spirit of preserving tradition while boldly exploring new horizons. The donation also includes seals gifted by various contemporary calligraphers and seal carvers, marking his friendship and connections with his peers and emerging artists.
 
     The family of Jat had already donated over 100 works of calligraphy and paintings by him to the HKMoA in 2023. Their commitment to sharing their private treasures with the public reflects their selfless and noble spirit. In 2023 and 2024, the HKMoA organised the exhibition “Boundless Universe: Calligraphy by Jat See-yeu”, featuring a selection of donated artworks and pieces from the museum’s collection. The HKMoA also conducted the Research Project on Hong Kong Calligraphy, which studied Jat’s life and art of calligraphy for the community. The research outcomes and archival materials of the calligrapher have been uploaded to the Hong Kong Art Research Portal (hk.art.museum/en/web/ma/resources/hong-kong-art-research-portal/artists-and-research/research-projects/research-project-on-hong-kong-calligraphy.html) for online viewing, further promoting Hong Kong art and facilitating academic research.
 
     These two batches of donations are invaluable primary sources for exploring Jat’s artistic journey, significantly contributing to the research and promotion of Hong Kong art while further enriching the HKMoA’s collection.
 
     Established in 1962, the HKMoA is the first public art museum in Hong Kong, now the custodian of an art collection of over 19 700 items. The rich collection spans historical eras from the Neolithic Age to contemporary times, representing the diversity and cultural significance of artistic legacy from Hong Kong and beyond. Over the years, the museum has received generous support and multiple precious donations from collectors, artists and their families, which enrich the museum collection and highlight its publicly recognised achievements in preserving and safeguarding art. The HKMoA is committed to preserving and utilising these treasured artworks, in honour of the donors’ generosity while upholding and protecting the Chinese culture.

Source: Hong Kong Government special administrative region – 4

     The Transport Department (TD) today (October 22) said that the next online auction of vehicle registration marks (VRMs) will be held from noon on November 6 (Thursday) to noon on November 10 (Monday) through the auction platform E-Auction (e-auction.td.gov.hk). Interested bidders can participate in the online auction only after they have successfully registered as E-Auction users.
 
     A spokesman for the TD said, “A total of 200 Ordinary VRMs will be available at this online public auction. The list of VRMs (see Annex) has been uploaded to the E-Auction website. Applicants who have paid a $1,000 deposit to reserve the Ordinary VRM for auction should also register as an E-Auction user in advance in order to participate in the online bidding, including placing the first bid at the opening price of $1,000. Otherwise, the VRMs reserved by them may be bid on by other interested bidders at or above the opening price. Auctions for VRMs with ‘HK’ or ‘XX’ as a prefix, special VRMs and personalised VRMs will continue to be carried out through physical auctions by bidding paddles, and their announcement arrangements remain unchanged.”
 
     Members of the public participating in the online bidding should take note of the following important points:
 
(1) Bidders should register in advance as an E-Auction user by “iAM Smart+” equipped with the digital signing function; or by using a valid digital certificate and an email address upon completion of identity verification. Registered “iAM Smart” users should provide their Hong Kong identity card number, while non-Hong Kong residents who are not “iAM Smart” users should provide the number of their passport or other identification documents when registering as E-Auction users.
 
(2) Bidders are required to provide a digital signature to confirm the submission and amount of the bid by using “iAM Smart+” or a valid digital certificate at the time of the first bid of each online bidding session (including setting automatic bids before the auction begins) to comply with the requirements of the Electronic Transactions Ordinance.
 
(3) If a bid is made in respect of a VRM within the last 10 minutes before the end of the auction, the auction end time for that particular VRM will be automatically extended by another 10 minutes, up to a maximum of 24 hours.
 
(4) Successful bidders must follow the instructions in the notification email issued by the TD to log in to the E-Auction within 48 hours from the issuance of the email and complete the follow-up procedures, including:
 

• completing the Purchaser Information for the issuance of the Memorandum of Sale of Registration Mark (Memorandum of Sale); and
• making the auction payment online by credit card, Faster Payment System (FPS) or Payment by Phone Service (PPS). Cheque or cash payment is not accepted in the E-Auction.

(5) A VRM can only be assigned to a motor vehicle registered in the name of the purchaser. Relevant information on the Certificate of Incorporation must be provided by the successful bidder in the Purchaser Information of the Memorandum of Sale if the VRM purchased is to be registered under the name of a body corporate.
 
(6) Successful bidders will receive a notification email around seven working days after payment has been confirmed and can download the Memorandum of Sale from the E-Auction. The purchaser must apply for the VRM to be assigned to a motor vehicle registered in the name of the purchaser within 12 months from the date of issue of the Memorandum of Sale. If the purchaser fails to do so within the 12-month period, in accordance with the statutory provision, the allocation of the VRM will be cancelled and a new allocation will be arranged by the TD without prior notice to the purchaser.
 
     The TD has informed all applicants who have reserved the Ordinary VRMs for this round of auction of the E-Auction arrangements in detail by post. Members of the public may refer to the E-Auction website or watch the tutorial videos for more information. Please call the E-Auction hotline (3583 3980) or email (e-auction-enquiry@td.gov.hk) for enquiries. 

Source: Hong Kong Government special administrative region – 4

The Land Registry (LR) today (October 22) released the Land Registry Trading Fund (LRTF) Annual Report 2024/25.
 
The Land Registrar, Ms Joyce Tam, said, “Due to an overall decrease in revenue from the registration of documents, reports on titles and e-Alert services, our revenue and profit (including interest income) registered a decrease of 4 per cent to $399.4 million and 42.7 per cent to $10.5 million respectively. The LRTF recorded a negative overall financial return on fixed assets of -12.3 per cent. While the revenue income of the LRTF is susceptible to property market conditions, we responded swiftly to tighten control over the operating expenses and enhance operational effectiveness through reprioritisation, internal redeployment and streamlining of work processes.”
 
Ms Tam said that a significant milestone has been reached in preparing the title registration system (TRS) on the new land first (“New Land First” proposal). The Registration of Titles and Land (Miscellaneous Amendments) Bill 2025 was passed by the Legislative Council (LegCo) in September 2025. The Government plans to submit the relevant subsidiary legislation to the LegCo in 2026, with a view to implementing the TRS for new land in the first half of 2027.
 
The “New Land First” proposal adopts a pragmatic strategy of resolving simple matters first before tackling the difficult ones, allowing for early benefits from the TRS in terms of better assurance and greater certainty of property titles and simplified conveyancing procedures. The LR anticipates that the experience gained from implementing the system for new land will help stakeholders reach a consensus on its progressive extension to existing land.
 
The LR has launched Tindy, an AI-driven chatbot on the Integrated Registration Information System Online Services website to provide interactive support for land search enquiries. The LR has also collaborated with the Hong Kong Monetary Authority and the Digital Policy Office to develop application programming interface services for financial institutions, enabling timely access to land records and e-Alert notifications for mortgage documents. These initiatives demonstrate the LR’s commitment to driving innovative services, enhancing the property market and supporting digital governance.
 
The report was tabled in the LegCo today. It can also be viewed or downloaded from the LR’s website (www.landreg.gov.hk).

Source: Hong Kong Government special administrative region – 4

The Electrical and Mechanical Services Department (EMSD) today (October 22) announced the financial performance of the Electrical and Mechanical Services Trading Fund (EMSTF) in 2024-25, with total revenue of $9.833 billion and a return rate on revenue at 2.4 per cent.

The Director of Electrical and Mechanical Services and General Manager of the EMSTF, Mr Poon Kwok-ying, said that during the year, the EMSTF assisted client departments in accelerating digital transformation and prioritised the development of key technologies, including artificial intelligence, Multi-trade Integrated Mechanical, Electrical and Plumbing (MiMEP), and open Building Information Modelling, to enhance service quality and people’s quality of life. The EMSTF also contributed to national development through closer co-operation with the Chinese Mainland in innovation and technology (I&T) and in harmonising standards development.

     “Going forward, we will help clients scale up their application of I&T and continue to support the Government’s efforts in promoting new energy development, energy saving and decarbonisation to combat climate change. We will also upskill our workforce, and build an agile and efficient organisation to meet future challenges,” said Mr Poon.

The EMSTF Report was tabled in the Legislative Council today and uploaded to the EMSD website (www.emsd.gov.hk/en/publications/emsd_reports/emstf_reports/index.html) for public reference.

Source: Hong Kong Government special administrative region – 4

Following is a question by the Hon Chan Hok-fung and a written reply by the Secretary for Home and Youth Affairs, Miss Alice Mak, in the Legislative Council today (October 22):
 
Question:

The Urban Renewal Authority (URA) and the Hong Kong Institute of Housing jointly implemented a pilot scheme on “Joint Property Management” (JPM) in 2022 for old single-block buildings in the “Lung Shing” area of Kowloon City. Assistance were provided to old buildings without owners’ corporations (OCs) in establishing OCs, and different old single-block buildings were then coordinated to co-appoint a property management company for owners to enjoy professional management services at more affordable costs. However, in its experience report on Kowloon City’s JPM Pilot Scheme submitted to the Government in March this year, URA mentioned that among the four buildings in the “Lung Shing” area participating in the JPM Pilot Scheme, half of them withdrew from the scheme. In this connection, will the Government inform this Council:
 
(1) as it is learnt that many owners of old buildings are elderly retirees who are not keen to participate in building management, leading to the near standstill of OCs of such buildings, of the Government’s measures in place to encourage owners of old buildings to improve building management and carry out repairs, such as whether it will allow them to participate in the JPM Pilot Scheme or other subsidised building management schemes without the need to establish an OC;
 
(2) given that the Government launched the JPM Pilot Scheme in Yau Tsim Mong, Sham Shui Po, Kowloon City and Tsuen Wan in June this year for a period of one year, and it is learnt that there are over 5 000 private buildings aged 30 years or above in Hong Kong Island West, whether the Government will extend the Pilot Scheme to old private buildings in Hong Kong Island West; if so, of the implementation timetable;
 
(3) given that some members of the local community have indicated that last month, a public fresh water mains burst incident occurred in an old composite and domestic building on Hollywood Road, but contractors engaged by some residential unit owners were unable to gain access to the ground-floor units to repair the water mains, leaving all residential units of the building without fresh water supply, whether the Government has compiled statistics on the number of cases in the past five years where building maintenance works could not be carried out in a timely manner due to human factors (such as delays or lack of cooperation from the owners concerned); if so, of the number and details of the cases;
 
(4) given that the Government amended the Fire Safety (Buildings) Ordinance (Cap. 572) last year to empower the Hong Kong Fire Services Department and the Buildings Department (BD) to carry out fire safety improvement works in default of owners failing to comply with the requirements of Cap. 572, and to recover the costs from them upon completion of the works, and that under the Buildings Ordinance (Cap. 123), BD will also engage government contractors to carry out emergency works in default of owners, whether the Government will, drawing on the practices under Cap. ‍572 and Cap. 123, enact legislation to empower the Water Supplies Department, the Electrical and Mechanical Services Department or other government departments to handle building maintenance cases such as water mains or sewer leakage in default of owners, and subsequently recover the costs from the owners; if so, of the timetable for the relevant work?

Reply:
 
President,
 
The management and proper maintenance of buildings are the responsibilities of owners. The Government’s role in building management is to act as a facilitator by providing a legal framework under the Building Management Ordinance (Cap. 344) to enable owners to form Owners’ Corporations (OCs), and by offering a series of support services to assist owners in discharging their responsibilities jointly relating to building management.
 
Having consulted the Development Bureau, our consolidated reply to various parts of the question raised by the Hon Chan Hok-fung is as follows:
 
(1)and(2) To strengthen support for OCs and promote effective building management, the Home Affairs Department (HAD) has implemented the Owners’ Corporations Advisory Services Scheme since 2018, under which property management companies (PMCs) are engaged to provide OCs in need with free advisory services on building management. These services include assisting in re-activating defunct or inactive management committees (MCs). For “three-nil” buildings which do not have any OC and have not engaged any PMC, the HAD has implemented the Building Management Professional Advisory Service Scheme (BMPASS) since 2022 to engage district organisations with experience in building management or related fields to reach out to the owners to encourage and help them form OCs. In addition, the Resident Liaison Ambassador Scheme is implemented to assist government departments in liaising with the residents to discuss and handle building management matters and promote the formation of OCs.
 
In assisting OCs and owners on handling building maintenance matters, the HAD organises regular briefings via the Central Platform on Building Management. Relevant government departments and institutions, including the Buildings Department (BD), the Fire Services Department, the Electrical and Mechanical Services Department, the Hong Kong Police Force, the Labour Department, the Independent Commission Against Corruption, the Urban Renewal Authority (URA) and the Competition Commission, are invited to introduce various services and financial assistance schemes on building management and maintenance. These briefings are held on-site and broadcast via live steaming, with videos subsequently uploaded to the dedicated website of the HAD for easy access by OCs and owners.
 
Also, the HAD and the 18 District Offices regularly organise various educational and publicity activities on building management, including seminars, training courses, talks, and exhibitions, to enhance OCs’ and owners’ knowledge of building management and maintenance. The HAD also invites members of the District Councils (DCs) to attend and participate in these activities, with a view to disseminating information to the community and residents through DC members and their district networks.
 
Some old single-block buildings may encounter difficulties in engaging professional PMCs on their own to assist with day-to-day building management due to the small number of units in the buildings and the lack of adequate financial resources. In June 2025, the HAD launched a one-year Pilot Scheme on “Joint Property Management” (Pilot Scheme) in Yau Tsim Mong, Sham Shui Po, Kowloon City and Tsuen Wan to engage district organisations with local networks and experience in building management to assist the old buildings in these districts in jointly hiring a single PMC to manage their buildings, so that the management fees can be apportioned and these buildings will be able to receive day-to-day building management services at a more affordable cost, thereby improving their living environment. For buildings wishing to participate in the Pilot Scheme but have not formed OCs, the district organisations concerned may refer them to the BMPASS to assist them in forming OCs. However, should individual buildings be unable to form OCs due to specific circumstances, but all owners agree to participate in the Pilot Scheme, the district organisations concerned will provide support to assist these buildings in implementing “joint property management”.
 
Within four months since its launch (as at September 30, 2025), the Pilot Scheme has made good progress. The district organisations engaged have reached out to nearly 130 buildings. OCs and owners have responded positively, with 70 buildings signing letters of intent to participate in the Pilot Scheme. Among these, three buildings were originally classified as “three-nil” buildings but formed OCs for participation in the Pilot Scheme. Currently, 16 buildings have agreed to a joint tender process so as to engage a PMC. They are jointly formulating a joint tender document, with a view to implementing the joint property management initiative as soon as possible.
 
The Chief Executive announced in the 2025 Policy Address that the Government would consider extending the Pilot Scheme to other districts, subject to its implementation outcomes.
 
The Government has since 2018 introduced a number of subsidy schemes in partnership with the URA with a total financial commitment of $19 billion to provide financial and technical assistance to owners in need. Among the schemes, those relevant to building inspection and repair works include “Operation Building Bright 2.0” and “Building Maintenance Grant Scheme for Needy Owners”, etc.
 
Formation of OC is not a prerequisite for joining these subsidy schemes. In fact, these subsidy schemes also accept applications from “three-nil” buildings, provided that the unanimous consent of all owners is obtained.
 
(3) In general, when repair works to leaking communal service inside ground floor shop of a building is required, the concerned owners of the building should discuss amongst themselves on various arrangements for the repair works, such as the repair method, timing in carrying out the repairs and the financial arrangement etc., in order to mitigate the impact to various parties. During the course, the Water Supplies Department (WSD) will provide technical support and when necessary, collaborate with the District Office and DC members of the area to provide appropriate assistance such as provision of temporary water supply to the affected users etc. Once consensus is reached by the concerned parties, the contractor appointed by the concerned owners would enter into the ground floor shop to carry out repair works to the communal service.
 
According to the WSD’s record, there were two cases in the past five years where individual owners refused to grant admission to the contractor to enter into their premises for carrying out repair works to the communal service that had developed leaks or bursts, resulting in delay of works and suspension of water supply to the building. Details of the cases are as follows:
 

Date	Building	Case Details
June 2024	A composite Building at Shek Tong Tsui	In June 2024, main burst of the communal service at ground floor backyard caused serious flooding to shops of the building. For the sake of public safety, the WSD suspended water supply and provided temporary water supply to the shops and residential units of the building. Subsequently, the WSD provided technical support to the owner of the subject shop at ground floor and other owners of the residential units to facilitate their discussion to resolve the problem. The water main repair works completed in June 2024.
September 2025	A composite building at Hollywood Road, Sheung Wan	Serious leakage of the communal service inside a ground floor shop of the building has affected the nearby public staircase. For the sake of public safety, the WSD suspended water supply and provided temporary water supply to the users of the shops and residential units of the building immediately. The District Office and DC members of Central and Western District have provided their utmost effort in mediation. However, considering the time required for the property owners to reach consensus on hiring a contractor, and to restore water supply for the residents as soon as possible, the WSD has commenced repair works to the subject leaking communal service, on behalf of the responsible parties, pursuant to Section 17(3) of the Waterworks Ordinance (WWO). It is anticipated that the repair works would be completed within October.

(4) Under the Buildings Ordinance (BO), the BD will first issue statutory orders requiring owners to remove unauthorised building works or repair dilapidated private buildings/drainage. If owners lack the coordination capability, leading to prolonged non-compliance with orders, the BD will consider carrying out default works and recover the costs of such works, supervision charge and surcharge from the owners. On the other hand, if an obvious danger or emergency is identified and the owner is unable to organise emergency repairs, the BD will proactively intervene regardless of whether a statutory order is involved. The BD will arrange for government contractors to undertake emergency works to remove the danger first, and recover the costs of the works and supervision charge from the owners concerned afterwards in accordance with the BO.
 
As for the WSD, if a consumer or agent, on receipt of a repair notice, fails to carry out the repairs specified in the notice, the WSD may carry out the repairs and the cost thereof shall be payable by the consumer or agent pursuant to Section 17(4) of the WWO. Moreover, pursuant to Section 17(3) of WWO, the WSD may repair an inside service at the request of a consumer, or a communal service at the request of an agent, and the cost thereof shall be payable by the person at whose request such repair is carried out. The WSD shall critically review the situation of each case before stepping in to carry out the repair works on behalf of the consumer or agent under relevant provisions of the WWO. The major considerations include whether the responsible parties have difficulty in coordinating themselves to appoint a contractor in a short period of time (e.g. cases of “three-nil” buildings), whether the water supply involve essential facilities (e.g. hospitals and airport), and whether the repair works involve other more complicated work (e.g. road works).

Source: Hong Kong Government special administrative region – 4

     Following is a question by Dr the Hon Tan Yueheng and a reply by the Acting Secretary for Financial Services and the Treasury, Mr Joseph Chan, in the Legislative Council today (October 22):

Question:

     It has been reported that the funds raised through initial public offerings in Hong Kong in the first nine months of this year has increased by over 200 per cent as compared with the same period last year. Regarding measures to promote the development of the financial market, will the Government inform this Council:
 
(1) whether it will, in the light of enterprises from different jurisdictions, establish flexible information disclosure standards and transitional arrangements for listing to attract more international enterprises to list in Hong Kong, thereby elevating the international status of Hong Kong’s capital market and drawing greater capital inflow;
 
(2) whether it will continue to promote fintech development and product diversification of the exchange traded fund (ETF) market, such as exploring innovative market infrastructure with the use of blockchain technology and offering more globalised ETF products, with a view to developing Hong Kong into a leading international ETF trading hub; and
 
(3) as it has been reported that since the implementation of the GEM (formerly known as “Growth Enterprise Market”) reform measures last year, a total of four enterprises have listed on GEM, and a new listing on GEM this year has even recorded an oversubscription of over 9 000 times, whether the Government knows if the Hong Kong Exchanges and Clearing Limited has assessed the effectiveness of the GEM reforms, and how it will continue to refine the overall listing regime for developing a healthier and sustainable capital market?

Reply:
 
President,
 
     With Hong Kong as an international financial centre, the Government is driving the Securities and Futures Commission (SFC) and the Hong Kong Exchanges and Clearing Limited (HKEX) to better leverage our unique advantages of enjoying strong support of the motherland and being closely connected to the world under “one country, two systems”. This includes taking forward reforms across different areas of the securities market and implementing various enhancements to the listing regime to promote high-quality market development.
 
     With the implementation of a series of listing reforms, Hong Kong’s primary market saw 69 newly listed companies in the first three quarters of 2025 with over HK$180 billion raised through initial public offerings (IPO), representing an increase of over two times compared to the same period last year and ranking first globally. The number of listing applications is also surging. The HKEX was processing close to 300 listing applications as of end-September. In addition, four companies were listed on GEM since its reform in 2024, raising HK$280 million. 11 applications from small and medium enterprises for listing on GEM have been received so far this year, indicating that the earlier measures are beginning to yield results. Riding on the positive momentum in 2025, the HKEX and the SFC are taking forward further institutional enhancements to strengthen the vibrancy and competitiveness of Hong Kong’s market.
 
     In consultation with the SFC and the HKEX, my reply to the three parts of the question is as follows:
 
(1) and (3) As a “super connector” between the world and our country, Hong Kong serves the function to facilitate efficient two-way flows of international and Mainland capital. International institutional investors have wide participation in Hong Kong’s IPO market. More overseas issuers, including those from Thailand, Indonesia, Kazakhstan, Singapore, etc, have chosen to list in Hong Kong this year. International participation has also attracted Mainland enterprises to accelerate their global expansion through Hong Kong’s market. Since the beginning of the year until end-September, over half of the companies listing in Hong Kong have international businesses, with about 50 per cent of their revenue generated from overseas markets.
 
     The Government will continue to drive the SFC and the HKEX to refine the listing mechanism for attracting enterprises with growth potential from around the world to list and raise funds in Hong Kong. To this end, the HKEX enhanced the listing requirements for overseas issuers by introducing a set of core shareholder protection standards applicable to all issuers and publishing guidance to facilitate compliance. For enterprises listed overseas, the HKEX established facilitative pathways for them to seek dual-primary or secondary listing in Hong Kong. This includes relaxing the market capitalisation requirement for Greater China issuers without weighted voting rights (WVR) structures to secondary list in Hong Kong, and offering greater flexibility for eligible issuers with WVR or variable interest entity structures which meet the requirements for secondary listing to obtain primary listing status in Hong Kong. The HKEX has also included a number of exchanges from the Middle East and the Association of Southeast Asian Nations (ASEAN) region onto its list of recognised stock exchanges successively since 2023, facilitating companies listed on relevant markets to seek secondary listing in Hong Kong. In addition, the HKEX has formulated flexible information disclosure standards and transitional arrangements to provide facilitation to overseas issuers, such as where appropriate, permitting overseas issuers to prepare annual financial statements using standards as recognised by the HKEX other than Hong Kong or international financial reporting standards, and granting grace periods for full compliance with the Listing Rules for issuers transitioning from secondary to dual-primary listings.
 
     To strengthen Hong Kong’s competitiveness as a listing venue, the SFC and the HKEX have been continuously assessing the effectiveness of the listing reforms and actively following up on various initiatives outlined in the Chief Executive’s 2025 Policy Address. They include further refining different aspects of the listing regime while balancing relevant risks and investor protection, and reviewing the listing requirements for companies with WVR structures. The review will also further explore ways to better serve the fundraising needs of enterprises of different types and sizes on the basis of the GEM reform, as well as attracting more investors and capital to enter Hong Kong’s market. The HKEX will announce relevant enhancement measures with public consultation to be conducted as appropriate once they are ready.
 
(2) The global exchange-traded fund (ETF) market has grown rapidly in recent years, facilitating investors to diversify their investment portfolios across different asset classes and strategies effectively. The Government is committed to supporting the development of local ETF market. We have waived the stamp duty on secondary market trading of ETFs and stock transactions by market makers in the course of creating and redeeming ETF units since 2015 and 2020 respectively, thereby lowering relevant trading and listing costs. In 2022, ETFs were included under Stock Connect, allowing Hong Kong and overseas investors to trade eligible ETFs listed on the Shanghai and Shenzhen exchanges, and enabling Mainland investors to invest in eligible ETFs listed in Hong Kong.
 
     Meanwhile, we proactively expand the local ETF ecosystem. Since 2023, we saw various product innovations, including the listing of Asia’s first ETF tracking the Saudi Arabia market in Hong Kong, and the listing of two ETFs tracking Hong Kong stocks on Saudi Exchange in the form of feeder funds, establishing a bridge for two-way capital flows between the two places. Last year, the HKEX launched Asia’s first batch of spot virtual asset ETFs and Hong Kong’s first batch of covered call ETFs, catering to investors’ demand for non-traditional assets as well as tools to manage potential market volatility and hedge downside risks. This year, we also welcomed the cross-border listing of the world’s fifth-largest ETF by market capitalisation and the listing of the first Islamic bond ETF in Hong Kong.
 
     With strong policy support, Hong Kong has developed into one of Asia’s largest and most active ETF markets, attracting participation of a wide range of issuers, market makers and investors. In the first three quarters of 2025, the average daily turnover of ETFs in Hong Kong reached HK$34.2 billion, up 113 per cent from the full-year average in 2024 and 190 per cent from the full-year average in 2023. As of end-September, assets under management in Hong Kong’s ETF market reached HK$625.4 billion.
 
     We look forward to working closely with different stakeholders, striving to introduce more innovative products including promoting the issuance and trading of tokenised ETFs and assisting issuers to issue gold-related ETFs, thereby further reinforcing Hong Kong’s position as an all-rounded leading ETF trading hub. We also support the HKEX’s efforts to further step up its promotional work in ASEAN and the Middle East, and to actively explore collaboration opportunities with countries in the region including ETF listings to further enrich the local ETF ecosystem.
 
     Thank you, President.