Author: MIL-OSI Publisher

Source: Hong Kong Government special administrative region – 4

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Mortgage Corporation Limited (HKMC) today (April 21) announced the highlights of its annual results for 2025.
 
Business Highlights
 
In 2025, the HKMC and its subsidiaries continued to fulfil their core missions and social objectives, contributing to the steady growth of Hong Kong’s economy amid an increasingly complex and evolving environment. The missions of the HKMC are to promote: the stability of the banking sector, wider home ownership, the development of the local debt market, and the development of the retirement planning market.
 
Asset Purchase and Securitisation
 

• Acquired HK$6.9 billion of loan assets (2024: HK$3.9 billion)
• Purchased HK$158 million of loans (2024: HK$52 million) under the Dedicated 100% Loan Guarantee Schemes (DLGS)
• Completed the third issuance of infrastructure loan-backed securities. The issuance consists of multiple classes of US dollar-denominated secured notes backed by the cash flows from a diversified portfolio of project and infrastructure loans across different geographies and sectors, with a total size of approximately US$450.5 million
• Outstanding balance of loan portfolio was HK$78.6 billion as at December 31, 2025 (December 31, 2024: HK$95.5 billion)

Debt Issuance
 

• Issued corporate debts totalling HK$70.5 billion (2024: HK$103.5 billion), continued to be the most active issuer in the domestic Hong Kong dollar (HKD) corporate bond market
• Successfully completed the issuance of multi-currency benchmark bonds across four tranches totalling HK$25.3 billion, marking the HKMC’s largest-ever public issuance. Notably, the 30-year HKD social bond tranche is the largest-ever 30-year HKD bond issued in Hong Kong. It is also the first social bond issuance in Asia Pacific with proceeds being used to support the HKMC’s Reverse Mortgage Programme that provides essential financing for the elderly in Hong Kong
• Outstanding balance of debt securities issued was HK$155.2 billion as of December 31, 2025 (December 31, 2024: HK$148.3 billion)
• Credit ratings of AA+ from S&P Global Ratings and Aa3 from Moody’s, same as those of the Hong Kong Special Administrative Region Government

Mortgage Insurance Programme (MIP)
 

• New MIP loans drawn down amounted to HK$35.2 billion (2024: HK$47.9 billion), of which 60 per cent were secured on properties in the secondary market
• It had facilitated home purchase for about 242 000 families in total since its launch in 1999, with an aggregate loan drawdown of HK$905 billion

SME Financing Guarantee Scheme
 

• For the 80% Guarantee Product, more than 29 300 applications were approved with a total loan amount of approximately HK$125.7 billion since its launch in 2012. For the 90% Guarantee Product, over 18 600 applications were approved with a total loan amount of approximately HK$32.7 billion since its launch in 2019. The application period for the 80% Guarantee Product has been extended for two years until end-March 2028, while the one for the 90% Guarantee Product has expired at end-March 2026
• In respect of the Special 100% Loan Guarantee, more than 67 100 applications were approved with a total loan amount of approximately HK$143.9 billion since its launch in 2020. An equivalent amount of loan assets was purchased by the HKMC. The application period has expired at end-March 2024
• Since the inception of each Guarantee Product, the 80% and 90% Guarantee Products had benefitted around 25 100 local small and medium-sized enterprises (SMEs) and more than 409 000 related employees. The Special 100% Loan Guarantee had benefitted more than 40 000 local SMEs and around 400 000 related employees

Dedicated 100% Loan Guarantee Schemes
 

• Under the DLGS for Travel Sector and the DLGS for Cross-boundary Passenger Transport Trade, 227 applications were approved with a total loan amount of approximately HK$0.22 billion since the launch of the DLGS in 2023. Their application periods expired in October 2024

 

• In respect of the DLGS for Battery Electric Taxis, more than 630 applications were approved with a total loan amount of approximately HK$0.21 billion since its launch in 2023

Annuity Business
 

• The annuity business has taken a total of over 16 530 policies (2024: 10 835 policies), with total premiums of approximately HK$9 billion (2024: HK$4.4 billion)
• Since its launch in 2018, it had helped about 34 000 senior citizens to convert their savings into lifelong stable income

Reverse Mortgage Programme
 

• 937 applications were approved (2024: 1 033 applications), with an average property value of HK$4.1 million and an average monthly payout of HK$9,400
• Since its launch in 2011, 8 861 applications were approved

Financial Highlights
 
The audited consolidated loss after tax of the HKMC for 2025 was HK$109 million (2024: consolidated loss after tax of HK$418 million). The improved results were primarily driven by increased income from placements with the Exchange Fund which was bolstered by rising annuity premiums and capital injections made to HKMC Annuity Limited (HKMCA) (Notes 1) in 2025 and HKMC Insurance Limited (HKMCI) (Notes 2) in late 2024, coupled with a recovery in the local property market benefitting the reverse mortgage business, the increase in net interest income and the revaluation gains of US dollar-denominated exposures in cash and debt investments. Such gains were partially offset by the higher accounting loss in the annuity business resulting from a surge in new policies written and the negative accounting impact of lower discount rates on insurance liabilities revaluation.

In line with its mandate to promote the development of the retirement planning market in Hong Kong, the HKMC is dedicated to advancing the annuity and reverse mortgage businesses which are subject to the increasing sensitivity and volatility of mark-to-market accounting effect. To better reflect its core financial performance, after excluding (i) the accounting results of the HKMCA; (ii) the impact of property price changes on the long-term reverse mortgage business; and (iii) the consolidation adjustments in respect of loan portfolios with insurance cover provided by the HKMCI, the adjusted profit after tax of the HKMC for 2025 was HK$1,497 million (2024: HK$787 million). Accordingly, the return on equity and cost-to-income ratio stood at 5.2 per cent and 19.3 per cent respectively (2024: 4.8 per cent and 27.6 per cent respectively).
 
At the end of 2025, the embedded value of the annuity business was about HK$24.4 billion on the basis of the Insurance Ordinance, which comprised HK$21.5 billion of total equity and HK$2.9 billion of present value of future profits. This indicates a solid financial position of the HKMCA to develop the annuity business in the long term.

In accordance with the Guidelines on Capital Adequacy Ratio (CAR), the calculation of capital ratio follows the basis of consolidation for financial reporting with the exclusion of regulated subsidiaries which are subject to separate requirements on the maintenance of adequate capital (i.e. the HKMCA and the HKMCI, both being regulated by the Insurance Authority (IA)). Excluding the investment cost of such unconsolidated regulated subsidiaries, the HKMC’s CAR remained solid at 18.1 per cent as at December 31, 2025 (December 31, 2024: 19.9 per cent), well above the minimum requirement of 8 per cent stipulated by the Financial Secretary.

The solvency ratios of the HKMCA and the HKMCI as at December 31, 2025, calculated in accordance with the Insurance (Valuation and Capital) Rules under the Risk-based Capital regime, were about 2 times and 3.9 times respectively (December 31, 2024: 1.7 times and 4 times respectively), each well above the minimum regulatory requirements stipulated by the IA.

Amid uncertain market conditions, the HKMC adopted a prudent prefunding strategy and proactively communicated with local and international investment communities for debt issuance to support its loan purchases and fulfil its refinancing needs.

As at December 31, 2025, the HKMC’s shareholder’s equity, cash and short-term funds and investment securities were at HK$51.2 billion, HK$64.5 billion and HK$30.1 billion respectively (December 31, 2024: HK$38.9 billion, HK$52.6 billion and HK$18.8 billion respectively). With strong financing capability, solid capital and liquidity positions, the HKMC’s core operations remain resilient and stand ready to cope with any financial turbulence ahead in performing its strategic policy roles and attaining its social objectives.

The 2025 Annual Report of the HKMC containing detailed information of the financial results will be published on the HKMC’s website in due course.

Notes:

1. A wholly-owned subsidiary of the HKMC that carries on long term insurance business
2. A wholly-owned subsidiary of the HKMC that carries on general insurance business

Source: Hong Kong Government special administrative region – 4

     In view of the increasing demand of injections and medicines from society recently, Hong Kong Customs has strengthened enforcement against the smuggling of controlled injection substances and medicines. As a result, two related cases, with suspected controlled injection and pharmaceutical products worth over $39 million, were detected. Three persons were arrested.
 
Hong Kong Customs on March 30 detected one smuggling case involving a river trade vessel departing from Hong Kong for Macao. Large batches of suspected smuggled goods, including about 4 million suspected pharmaceutical products, about 26 000 suspected controlled injection substances, and about 7 kilograms of cigars, with a total estimated market value of approximately $35 million, were seized.
 
Moreover, Hong Kong Customs detected a case of smuggling suspected controlled injection and pharmaceutical products on April 8. Customs officers on that day identified a shop in Sheung Shui which was suspected of smuggling controlled pharmaceutical products. A 28-year-old male consignee suspected to be connected with the case, and a 32-year-old male shop keeper were arrested. Customs further arrested a 33-year-old female person-in-charge of the shop concerned. Customs seized a total of 5 600 weight loss jabs and about 30 000 pharmaceutical tablets, with an estimated market value of about $4.77 million, in the case.

Investigations are ongoing, and the three arrestees have been released on bail.

Customs will continue to combat cross-boundary smuggling activities with firm enforcement action based on risk assessment and intelligence analysis.
 
Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years. Any person who imports pharmaceutical products and medicines without a valid import licence commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for two years.
 
Under the Pharmacy and Poisons Ordinance, any person who possesses any poison included in Part 1 of the Poisons List other than in accordance with provisions commits an offence. The maximum penalty upon conviction is a fine of $100,000 and imprisonment for two years.
 
Members of the public may report any suspected smuggling activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Source: Hong Kong Government special administrative region – 4

     The Director of Environmental Protection, Dr Samuel Chui, visited the Ministry of Ecology and Environment (MEE) in Beijing today (April 21), and held technical exchanges with representatives from the Department of Marine Ecology and Environment of the MEE, the National Marine Environmental Monitoring Center, the Department of Ecology and Environment of Guangdong Province, and the Ecology Environment Bureau of Shenzhen Municipality on the building of “Beautiful Bays” and the development of assessment standards for estuarine bay areas.

     In December 2025, the MEE announced the fourth batch of national “Beautiful Bays”, and Hong Kong’s Mirs Bay was selected as an “Outstanding Example of Beautiful Bays” with an excellent overall score. Dr Chui said that Mirs Bay’s recognition highlights the efforts of the Hong Kong Special Administrative Region (HKSAR) Government in marine ecological environment protection, and represents a significant achievement of the HKSAR Government in jointly building the Guangdong-Hong Kong-Macao Greater Bay Area into an international, first-class beautiful bay area. The HKSAR Government will actively advance the building of “Beautiful Bays” and is committed to enhancing the quality of the marine ecological environment through the prevention and control of nearshore pollution, co-ordinated ecosystem protection and shoreline remediation.

     At the exchange meeting, Dr Chui shared the HKSAR Government’s work on the building of “Beautiful Bays” and introduced the biological water quality indicator “Phytoplankton Community Integrity Index” developed by the Environmental Protection Department (EPD). He also had an in-depth discussion with the Mainland experts on the development of assessment standards applicable to estuarine bay areas for monitoring, addressing and managing nutrient enrichment in coastal and estuarine waters.

     During his visit to Beijing, Dr Chui also met with representatives of the BRI International Green Development Coalition and the Research Center for Eco-Environmental Sciences of the Chinese Academy of Sciences to explore collaboration on environmental technologies, aiming to jointly achieve the goal of high-quality green and sustainable development under the Belt and Road Initiative. Dr Chui was also invited to attend the launching ceremony of the Hong Kong Institution of Engineers’ 50th anniversary event “Hong Kong Engineering Legacy Exhibition@Capital” yesterday (April 20). He shared at the ceremony the EPD’s experience in winning the Grand Award in the Innovation Category (2010-present) of the Hong Kong Institution of Engineers’ 50th Anniversary Legacy Award for its Territory-wide Sewage Surveillance Programme.

Source: Hong Kong Government special administrative region

Source: Hong Kong Information Services

Today was the second day of phased arrangements for residents of seven blocks of Wang Fuk Court in Tai Po to return to their units. The Government said 275 people from 78 households turned up and the access arrangements were carried out in an orderly manner and operated smoothly.

Ten middle-zone floors of Wang Sun House were opened today.

Concluding the arrangements, the Government said a total of 271 people of 77 households registered to return to their units today through the “one social worker per household” service, while 275 people of 78 households actually turned up, including one household which reported sick and was absent yesterday.

The average time residents spent entering and leaving the building today was one hour and 48 minutes, with the shortest time being 21 minutes and the longest three hours and 25 minutes. About 13% of the residents stayed in the building for less than one hour.

A total of 34 people of 14 households went up and down the building more than once within three hours. Among them, 23 people of eight households made one additional trip, eight people of four households made two additional trips, while one person of one household made four additional trips, with the highest record of one person of one household making five additional trips and another making four additional trips.

The integrated enquiry counter today received 11 cases of requesting police assistance and two cases involving residents seeking help due to physical discomfort, as well as two cases seeking psychological counselling services.

The 11 cases of requesting police assistance involved suspected loss of property, including camera, jewellery and gold items. Officers were immediately deployed to assist in searches, and lost property was recovered in four cases.

In another four, the units concerned were severely damaged and residents believed after investigation that the property might have been destroyed by fire.

For the remaining three cases, there were no signs of ransacking in the units and the residents could not provide details on the property concerned.

After reviewing the experience from the first day of arrangements, two adjustments have been made on site starting today.

The first adjustment involved expanding the personal protective equipment donning area at Kwong Fuk Community Hall, adding more tables and chairs, and setting up more marquees for rain protection.

The second adjustment involved adding more tables and chairs in the resident waiting area at Tai Po Baptist Public School, and expanding the on-site storage area to facilitate residents while they wait for transport.

The Government outlined that it deploys over 1,000 personnel from various departments each day, including Police, the Civil Aid Service, the Fire Services Department, the Auxiliary Medical Service, the Home Affairs Department, the Social Welfare Department, the Housing Department, and the Housing Bureau, and staff mobilised from other departments, as well as District Services & Community Care Teams members to fully support residents returning to their units.

Source: Hong Kong Information Services

Secretary for Justice Paul Lam called on the Supreme People’s Court and central ministries respectively in Beijing for two consecutive days to discuss and exchange views on the progress and work of the key policy initiatives of the Department of Justice (DoJ).

This morning, Mr Lam visited the Hong Kong International Arbitration Centre (HKIAC) Beijing Representative Office to learn about how the office assists the HKIAC in further developing the Mainland market following its establishment in Beijing. The opportunities brought about by the revised Arbitration Law of the People’s Republic of China were also discussed.

Mr Lam then went to the State-owned Assets Supervision & Administration Commission of the State Council to discuss opportunities for co-operation in areas such as capacity building programmes and talent training between the two sides.

He also met Vice Minister of Justice Wu Zeng to discuss issues relating to legal matters concerning the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), including “allowing Hong Kong-invested enterprises to choose for arbitration to be seated in Hong Kong”, the development of the GBA lawyers’ scheme, and the co-operation between Mainland and Hong Kong law firms.

At the start of his visit yesterday morning, Mr Lam called on the Supreme People’s Court to meet President of the Supreme People’s Court Zhang Jun. They discussed the mutual legal assistance arrangements and training for foreign-related legal talent between the Hong Kong Special Administrative Region and the Mainland.

In the afternoon, Mr Lam called on the Ministry of Commerce where he introduced to Deputy China International Trade Representative Jiang Chenghua the DoJ’s measures to strengthen Hong Kong’s professional services sectors in supporting Mainland enterprises going global, and ways to encourage Mainland enterprises to adopt Hong Kong law as the applicable law while expanding overseas and to choose Hong Kong as the destination for dispute resolution.

During the meeting with Vice Minister of Foreign Affairs Hua Chunying, both sides exchanged views on issues such as supporting the Hong Kong SAR and the DoJ in collaborating with international legal organisations and enhancing Hong Kong’s status as the centre for international legal and dispute resolution services.

Source: Hong Kong Information Services

Chief Secretary Chan Kwok-ki, leading a delegation of the Working Group on Planning & Construction of the University Town under the Committee on Development of the Northern Metropolis, began a four-day visit to Korea today.

The delegation will conduct on-site visits to study the development models and practical experiences of local university towns, with a view to providing a solid reference for the planning and construction of the Northern Metropolis University Town (NMUT).

Today, the delegation first met Ambassador for International Relations of Sejong City Government Lee Ho-shik to learn about the local development of shared university campuses, as well as the experiences of industry-academia-research integration and talent attraction. They also exchanged views on deepening co-operation in the education field between the two places.

Mr Chan said the Hong Kong Special Administrative Region Government is actively developing the NMUT, with the aim of establishing it as an international education and innovation and technology hub.

He expressed hope that through the visit, the delegation could draw on Sejong’s successful experience in building a multi-university ecosystem and learn from its experiences, considerations and insights in campus planning, shared facility management, talent attraction strategies, and the creation of a university community that drives innovation and economic growth.

The Chief Secretary also hoped the visit would promote exchanges and co-operation in the education sector between the two places.

Afterwards, the delegation visited the Sejong Common Campus, where they toured institutions and facilities, including a shared academic and cultural support centre. They also met Sejong Common Campus Foundation Chairman Han Seog-soo to gain an in-depth understanding of the campus’ operation and planning.

Officially opened in 2024, the Sejong Common Campus houses a number of Korea’s top-tier universities, including Seoul National University, Chungbuk National University, Chungnam National University, Hanbat National University and the Korea Development Institute School of Public Policy and Management.

Mr Chan said the Sejong Common Campus created an integrated, open and collaborative ecosystem with multiple institutions, which is innovative and forward-looking in higher education development.

He added that the campus has integrated education, technology and talent development, achieving results in sustainable and smart campus development, deep integration of industry, academia and research, as well as the establishment of an entrepreneurship ecosystem.

Mr Chan hoped to bring the successful experience from Sejong back to Hong Kong, helping the city build a more innovative, sustainable and vibrant NMUT that effectively integrates education, research and industry, while continuing to promote deeper exchanges and co-operation in the education sector between the two places.

Source: Hong Kong Information Services

The Department of Health (DH) and the Hospital Authority (HA) announced today that a doctor deployed from the HA to the DH for specialty training was suspected of accessing medical records of patients without authorisation while conducting clinical research. The patients were not under the doctor’s direct care.

The DH previously received an enquiry from a member of the public regarding access to electronic health records and launched an investigation.

The DH found that in March this year, a doctor undergoing specialty training accessed the medical records of patients not under the doctor’s direct care without authorisation through the clinical information management system of the Social Hygiene Clinics and eHealth system, involving a total of 47 patients.

The doctor in question has been deployed to the DH’s Social Hygiene Service since 2023, where the doctor undergoes regular training on a weekly basis, participates in clinical service and provides medical consultations to patients.

According to individual specialty college requirements, doctors under specialty training are required to participate in research projects as part of their specialty training.

It is understood that the doctor in question was conducting a clinical research project that had been approved by the HA’s Institutional Review Board.

The scope of the approval was limited to patients’ records from public hospitals and did not cover the DH’s patient records. The doctor accessed the relevant records without obtaining separate authorisation from the DH.

In response to the incident, the DH has immediately suspended the doctor’s training and referred to Police for follow up. The DH has also reported the case to the Office of the Privacy Commissioner for Personal Data, the Commissioner for Electronic Health Record and the HA, which employed the doctor. The DH is currently notifying the affected individuals.

The HA earlier received the DH’s notification and learned that the DH had reported the incident to law enforcement and regulatory authorities. The HA will fully co-operate with the investigation.

The HA said it believes that although this is an isolated incident related to clinical research, the procedure was inappropriate, noting that it will take this matter seriously and strengthen staff training on the precautions they should take when using patient data for clinical research.

Both the DH and the HA reiterated that they attach great importance to protecting patient privacy, adding that there are established mechanisms to regulate staff conduct and discipline.

Source: Hong Kong Information Services

The Fanling Bypass (Eastern Section) will be commissioned at 8am on May 3.

With a total length of about 4 km, the bypass is the first major transport infrastructure project to be completed under the Northern Metropolis (NM) umbrella.

It supports the development of the NM, and specifically the Fanling North New Development Area (NDA), and enhances the connectivity of nearby villages.

The bypass is a dual two-lane carriageway, comprising at-grade roads, underpasses, and viaducts.

Starting at Fanling Highway near Kau Lung Hang in Tai Po, it passes through the On Lok Tsuen Industrial Area and the Lung Yeuk Tau Interchange, extends along the Ng Tung River, and connects to Shek Wu San Tsuen and the Fanling North NDA, serving as an important bypass linking North District in the New Territories with urban areas.

Upon commissioning, motorists will be able to travel between Fanling Lung Yeuk Tau, Luen Wo Hui, and Fanling Highway via the new route without passing through busy roads in the town centres of Sheung Shui and Fanling, thereby saving approximately 10 minutes of travel time during peak hours.

It will also divert future traffic from the Fanling North NDA, alleviate the amount of traffic on existing major roads in Fanling and Sheung Shui, and improve overall road conditions and operational efficiency in North District’s road network.

The Fanling Bypass (Eastern Section) is a large-scale project involving complex construction requirements. To enhance efficiency and address challenges, the project team adopted various innovative technologies.

China-made ultra-high strength S960 steel was used in the construction of a cycle track and pedestrian bridge at the Lung Yeuk Tau Interchange. It is the first footbridge in the world to use such steel, the strength of which is nearly three times that of conventional steel, significantly reducing steel consumption and the weight of the bridge.

In addition, the horizontal bridge rotation method was adopted in Hong Kong for the first time in construction of the section spanning the East Rail Line railway. This method significantly shortened construction time and reduced construction risks.

Source: Hong Kong Government special administrative region – 4

The Fanling Bypass (Eastern Section) will be commissioned at 8am on May 3 (Sunday).

The Fanling Bypass (Eastern Section), with a total length of about 4 kilometres, is the first major transport infrastructure project completed under the development of the Northern Metropolis (NM). In accordance with the “infrastructure-led” development principle, the Civil Engineering and Development Department has constructed the Fanling Bypass (Eastern Section) to support the development of the NM and the Fanling North New Development Area (NDA) within the NM, and to enhance the connectivity of nearby villages, creating favourable conditions for “urban-rural integration”.

The bypass is a dual two-lane carriageway. It comprises at-grade roads, underpasses, and viaducts. It starts at Fanling Highway near Kau Lung Hang in Tai Po, passing through the On Lok Tsuen Industrial Area and the Lung Yeuk Tau Interchange, extending along the Ng Tung River, and connecting to Shek Wu San Tsuen and the Fanling North NDA. It serves as an important bypass linking North District of the New Territories with the urban areas. Upon commissioning, motorists can travel between Fanling Lung Yeuk Tau, Luen Wo Hui, and Fanling Highway via the new route without passing through the busy roads in the town centres of Sheung Shui and Fanling, saving approximately 10 minutes of travel time during peak hours. The Fanling Bypass (Eastern Section) will also effectively divert the future traffic of the Fanling North NDA, alleviate the amount of traffic on the existing major roads in Fanling and Sheung Shui, improve the overall road conditions, and enhance the operational efficiency of the road network in North District.

The Fanling Bypass (Eastern Section) is a large-scale project with a complex construction environment. The bypass route spans across developed and rural areas, as well as the existing road network. During construction, the project team had to simultaneously maintain traffic flow, ensure the smooth operation of the community, and protect public facilities and nearby buildings, making the construction arrangements particularly challenging. To enhance construction efficiency and address these challenges, the project team proactively adopted innovative technologies. A noteworthy aspect is the design and construction of a cycle track and pedestrian bridge at the Lung Yeuk Tau Interchange, which utilised China-made ultra-high strength S960 steel. Its strength is nearly three times that of conventional steel, significantly reducing steel consumption and the weight of the bridge, making it the first footbridge in the world to utilise steel of this grade. Furthermore, the horizontal bridge rotation method was adopted in Hong Kong for the first time for the construction of the section spanning across the East Rail Line railway, significantly shortening construction time and reducing construction risks.