Source: Hong Kong Government special administrative region
The nomination for the Leisure and Cultural Services Department’s Young Astronaut Training Camp 2025 will open for local secondary schools starting from tomorrow (May 1) until May 31. Selected participants will experience astronaut training on the Mainland free of charge this summer to learn about space science, astronomy and China’s aerospace achievements.
The training camp will run from July 25 to August 2. During the nine-day training camp, participants will visit Beijing, Jiuquan and Xi’an. The itinerary includes visiting various key astronomy and aerospace facilities such as Beijing Aerospace City, the Xinglong Observatory of the National Astronomical Observatories and the Jiuquan Satellite Launch Center. In addition, participants will experience astronaut training activities and have a chance to meet with astronauts and aerospace experts.
The quota for the training camp is 30. Candidates must be local full-time students currently enrolled in Secondary Two to Secondary Six for the 2024/25 academic year, aged 12 or above and be nominated by their respective schools. Each school can nominate two students at most. There will be three rounds of selection – a quiz, a pre-camp training and an interview. Candidates with outstanding performance will be selected to join the camp. A briefing on the Camp will be conducted on May 6, at 5pm in the Lecture Hall of the Hong Kong Space Museum. Please visit the Hong Kong Space Museum website at hk.space.museum/en/web/spm/activities/yatc.html for more details.
The training camp is jointly presented by the Leisure and Cultural Services Department (LCSD) and the Chinese General Chamber of Commerce in association with the Beijing-Hong Kong Academic Exchange Centre. The training camp is organised by the Hong Kong Space Museum and sponsored by the Chinese General Chamber of Commerce.
The camp is also one of the activities in the Chinese Culture Promotion Series. The LCSD has long been promoting Chinese history and culture through organising an array of programmes and activities to enable the public to learn more about the broad and profound Chinese culture. For more information, please visit www.ccpo.gov.hk/en/.
Source: Hong Kong Government special administrative region
LCQ1: Costs of developing and operating public housing Question:
The 2025-2026 Budget mentioned that the total public housing supply would reach 190 000 units in the next five years. Regarding the costs of developing and operating public housing, will the Government inform this Council:
(1) given that the Government has been granting land for the development of public housing at nominal premium, premium below the market value or nil premium, of the respective amounts of land premium waived for public housing projects of the Hong Kong Housing Authority (HA) and the Hong Kong Housing Society (HKHS) as well as the number of units involved in each of the past five and the coming three financial years, and set out in the table below a breakdown by projects (i.e. (i) public rental housing (PRH)/Green Form Subsidised Home Ownership Scheme (GSH) and (ii) other subsidised sale flats under HA, as well as (iii) rental estates and (iv) subsidised sale housing projects under HKHS):
Financial year(2) of the respective average construction costs (including (i) per square foot of the construction floor area and (ii) per flat) of PRH/rental housing units and subsidised sale flats constructed by HA and HKHS in each of the past five and the coming three financial years, with a breakdown by type of projects;
(3) of the respective expenditures spent by HA and HKHS on site formation and infrastructural works for public housing in each of the past five and the coming three financial years, and the respective numbers of flats involved, as well as the respective ratios of expenditures on PRH/rental estates and subsidised sale flats;
(4) given that according to the paper on the budgets and financial forecasts issued by HA in January this year (the paper), the largest expenditure item under the rental housing operating account is the item “other recurrent expenditure”, of the expenditure/estimates incurred by each of the sub-items of this item in each of the past five and the coming three financial years;
(5) of the actual expenditure involving government rent and rates in HA’s rental housing operating account in each of the past five financial years, and the amount of rates concession provided by the Government in each of these years; and
(6) given that according to the paper, HA’s construction expenditure included items such as “Government non-reimbursement projects”, “Government-funded projects” and “in-house supervision and administration costs”, of the specific work covered by these items?
Reply:
President,
In consultation with the Lands Department, the reply to the question raised by Dr the Hon Wendy Hong is as follows:
(1) In the past five and coming three financial years, the number of units involved in the public housing projects of the Hong Kong Housing Authority (HA) and the Hong Kong Housing Society (HKHS), and the respective amounts of land premium waived, are set out by year at Annex.
(2) As a financially autonomous public body, the HA funds its public housing programmes with its own resources. Each year, the Housing Department (HD) prepares the average construction costs per flat of Public Rental Housing (PRH)/Green Form Subsidised Home Ownership Scheme (GSH) and other Subsidised Sale Flats (SSF) projects based on the cost of building tenders approved by the HA in the preceding financial year. The construction costs will be released by the HA Finance Committee after being considered in its meeting.
As the number of building tenders approved by the HA in each financial year and factors such as scale and design of projects, market conditions, etc. are different, the average construction cost per flat varies year to year. From 2020-21 to 2023-24 financial years (Note 1), the average construction costs per flat of PRH/GSH projects and other SSF projects based on the cost of building tenders approved by the HA are set out below:
Financial YearEach year, the HD also reports the average construction costs for superstructure (Note 2) of the preceding financial year to the HA. From 2020/21 to 2023/24 financial years (Note 3), the average construction costs per square foot of construction floor area (ft2-CFA) for superstructure are set out below:
Financial Yearfor superstructure ($) (approx.) According to existing mechanism, the HD closely monitors changes in market conditions. In compiling and managing the cost budget of new projects, the HD will take various factors into consideration, including tender price trend, anticipated rate of price increase, development programmes, etc. to ensure smooth implementation of public housing schemes.
To further enhance cost-effectiveness of public housing construction, the HD will continue to explore and implement enhancement measures on construction cost control.
The study direction includes the development of a framework for optimising construction cost control, covering areas such as planning, design, application of advanced technologies and innovative construction methods, procurement models, and approval processes. The framework enables a thorough review and optimisation of various processes to effectively manage the construction costs. It also acts in concert with the inter-departmental “Action Group for Expediting Construction for Public Housing” led by the Secretary for Housing, which identifies, streamlines, and resolves inter-departmental issues encountered during public housing developments through strengthening inter-departmental co-operation so as to expedite the progress and further enhance cost-effectiveness of public housing projects.
According to the information provided by the HKHS, from 2020/21 to 2023/24 financial years (Note 4), the average construction cost per rental flat remained at around $1.1 million based on the project contract sum awarded by the HKHS. As for the HKHS’s SSF, each of which is equipped with a green balcony and utility platform, interior finishes such as tiled flooring, partition walls and doors for each room, as well as household appliances such as air conditioners, water heater, cooking hobs, etc., the average construction cost per flat was around $1.6 million.
Due to the differences in design and provisions of the HKHS’s and the HA’s projects, generally speaking, the average construction cost per flat of the HKHS would be about 15 to 30 per cent higher than that of the HA.
The HKHS is actively enhancing its cost efficiency as well as promoting construction digitalisation by applying Digital Works Supervision System and Smart Site Safety System, with a view to enhancing quality control and project management efficiency.
(3) The Government’s expenses under the Capital Works Reserve Fund (CWRF) Head 711 are for the implementation of public housing-related site formation and infrastructure projects undertaken by the Government, while the HA is responsible for the expenditure on the construction of public housing. Besides, quite a number of projects associated with the supply target of public housing are funded by other heads of expenditure under the CWRF.
As for Head 711 under the CWRF, the yearly expenditures of works projects in the past five and current fiscal year (Note 5), including infrastructure works with funding approved or pending funding approval by the Finance Committee to support the implementation of public housing developments undertaken by the HA, are tabulated below:
Financial Year($ million) As for Head 711 under the CWRF, the expenditures for the past five financial years involve about 98 000 flats for completion in 2024/25 or before, comprising about 83 000 PRH/GSH flats and about 15 000 other SSF flats. The expenditure ratio of the two is about 74 per cent and 26 per cent.
Besides, for Head 711 under the CWRF, some 64 000 flats are estimated to be completed in the coming five-year period (Note 7) (i.e. 2025/26 to 2029/30), comprising about 44 000 PRH/GSH flats and about 21 000 other SSF flats. The expenditure ratio of the two is about 56 per cent and 44 per cent. During project development, the HA will maintain flexibility in housing types and make timely adjustments of the respective supply in order to respond more appropriately to the needs of the community.
As regards the HKHS’s rental and SSF projects, most of the sites handed over to the HKHS by the Government have had the site formation and infrastructure works completed. From 2020/21 to 2025/26 financial years, the HKHS’s total expenditure on site formation works (such as slope maintenance and stabilisation) and infrastructure works (such as temporary roads, road widening, etc.) was approximately over $300 million, concerning six projects.
(4) “Other recurrent expenditures” of the Rental Housing Operating Account are mainly expenses related to estate management, including security, cleansing, electricity charges, estate property management and management fees for estate common areas. The related expenditure for the past five financial years and the next three financial years are as follows:
Financial Year($ million)(5) The actual annual expenditure on government rent and rates of Rental Housing Operating Account in the past five financial years, as well as the rates concessions provided by the Government each year, are as follows:
Financial Year($ million)($ million)# The rates of public rental housing as assessed by Rating and Valuation Department are on a block/floor basis, the HA will pass on the rates concession to tenants according to the respective unit’s share of internal floor area against the total rates of the whole domestic block. As the amount of rates concession is deducted from the rates payable of individual properties, the HA has not calculated the actual total amount of rates concession.
(6) Government non-reimbursable projects mainly include public transport interchanges (PTI) within development projects. Except individual projects which have been committed, the HA is no longer responsible for committing the expenditure related to PTIs after 2007.
The HA provides supervision services and construction of Government-funded projects in new development projects including welfare and community facilities such as schools, residential care homes for elderly, day care centres for the elderly, child care centres, etc.
In-house supervision and administration costs are mainly expenses of the relevant divisions of the HA responsible for supervision of construction projects, including personal emoluments, administrative costs, etc.
Note 1: The figure for 2024/25 financial year is not yet available. Note 2: The construction cost for superstructure excludes costs of demolition, site formation, foundation, underground drainage, external works, other separate contracts for works such as utilities connection/road diversion, etc. These costs vary a lot from project to project subject to site constraints. Note 3: The figure for 2024/25 financial year is not yet available. Note 4: The figure for 2024/25 financial year is not yet available. Note 5: As the estimate beyond 2025/26 financial year will be subject to the project implementation schedule and works progress, the estimated expenditures of 2026/27 and 2027/28 will be published in the related budgets of the Government in future. Note 6: 2020/21 to 2023/24 are actual expenditures; 2024/25 expenditures refer to the Revised Estimate; and 2025/26 expenditures refer to the Estimate. Note 7: Based on the forecast as at December 2024. Note 8: The figures from 2020/21 to 2023/24 are actual expenditures. The figure of 2024/25 is the Revised Budget and 2025/26 is the Approved Budget. Issued at HKT 17:15
Source: Hong Kong Government special administrative region
​The Social Welfare Department (SWD) announced today (April 30) that the New Home Association Limited (NHAL) has been commissioned to provide Social and Care Support Service under the Residential Care Services Scheme in Guangdong starting from tomorrow (May 1) to provide support to elderly participants and their families.
The Social and Care Support Service is one of the measures announced in the 2024 Policy Address to help elderly participants of the Scheme better adapt to the life in the residential care homes for the elderly (RCHEs) on the Mainland and receive timely assistance when needed.
The NHAL will provide support services for the elderly participants under the Scheme, especially during the initial six-month trial period upon admission into the RCHEs, to assist them in understanding the Mainland’s medical systems and care services, maintain connections with their families in Hong Kong, and provide them with suitable advice and assistance in handling such matters as housing, medical care, financial matters, etc in Hong Kong. Continuous support will also be rendered in accordance with their needs upon completion of the trial period.
The Social and Care Support Service will also conduct assessments under the Standardised Care Need Assessment Mechanism for Elderly Services and follow up applications for those Hong Kong elderly who have settled in Guangdong Province and are interested in joining the Scheme at their places of residence.
Source: Hong Kong Government special administrative region
LCQ18: Supply of seawater for flushing Question:
It is learnt that in order to help save fresh water resources, the Water Supplies Department has successfully extended the coverage of the seawater supply network for flushing (network) to about 85 per cent of the population in Hong Kong. However, some residents of housing courts in Sham Tseng have relayed to me that as the Government’s network does not cover their housing courts, residents can only use fresh water to flush toilets or purchase their own pumps to bring in seawater, and they have to pay the Government rent for the mains laid on Government land. In this connection, will the Government inform this Council:
(1) of the housing courts that are currently not supplied with seawater for flushing and the number of households involved, as well as the reasons why they are not supplied with seawater for flushing, together with a breakdown by the 18 districts across the territory;
(2) whether the Government has plans to extend the network to cover all the housing courts in the vicinity of Tsuen Wan and Sham Tseng; if so, of the relevant timetable; if not, the reasons for that; and
(3) as it is learnt that residents of housing courts who have brought in seawater themselves for flushing purposes currently have to bear the double expenses of the cost of the seawater supply facilities and the Government rent arising from the seawater mains laid on Government land, whether the Government will, on the basis of the principle of fairness, exempt such residents from paying the Government rent; if not, of the specific reasons for that?
Reply:
President,
Salt water has been used for flushing in Hong Kong since the 1950s. Over the years, the Water Supplies Department (WSD) has been progressively extending the salt water supply network which, nowadays, has covered about 85 per cent of Hong Kong’s population. The network supplies about 300 million cubic metres per annum of salt water to consumers.
The reply to the various parts of the question raised by Dr the Hon Chan is as follows:
(1) The accounts still using temporary mains fresh water for flushing (TMF) are scattered throughout the territory. The approximate number of accounts according to District Council districts is tabulated below (Note 1):
DistrictNote 1: The number of TMF is counted by the WSD on an account basis. TMF accounts are normally registered by management offices, agents, owners’ corporations and developers (not registered by individual households) for the purpose of collecting water fees relating to TMF. Meanwhile, there are no separate TMF accounts for domestic and non-domestic consumers. Therefore, the WSD does not maintain statistics on the number of households and housing courts using TMF in each district.
Note 2: The reclaimed water supply network in the North District was commissioned in March 2024. The WSD is supplying the reclaimed water to consumers progressively.
The WSD is further extending the salt water supply network to Shui Chuen O Estate in Sha Tin, Tung Chung New Town and its extension, and anticipates to commence the supply of salt water progressively from the second half of 2025 onwards.
In general, in the study of the extension of salt water supply network, the WSD takes into account the actual situation of the areas, including the proximity to the seafront, terrain, population distribution, cost effectiveness and technical feasibility, etc, ensuring the proper use of public funds. To supply salt water for flushing to individual areas that are remote, scattered, with low density or distant from the seafront, etc, the Government needs to lay water mains of long distance and construct pumping stations, which do not constitute the most cost-effective solution. Therefore, consumers in these areas use TMF for flushing. Meanwhile, the Government is promoting the use of recycled water in the Northern Metropolis for flushing and other non-potable uses. This will also help reduce the use of fresh water for flushing. The WSD will take into account the consideration of cost-effectiveness in reviewing the feasibility of extending the salt water and recycled water supply network to the districts listed above in a timely manner.
(2) In 2023, the WSD reviewed the cost effectiveness of extending the salt water supply network to Tsing Lung Tau and Sham Tseng. The review result revealed that although the areas are located in the proximity to the seafront and have a considerable size of population, the population and housing courts are scattered there, which require the laying of long water mains, resulting in higher construction and operating costs (If a salt water supply system is to be provided in Sham Tseng, it is necessary to construct an intake opening and a pumping station at the seawall for pumping salt water to the salt water service reservoir, and to lay water mains with several kilometres long. Such works are of larger scale and involve higher capital cost). Therefore, the extension of salt water supply to the vicinity of Tsing Lung Tau and Sham Tseng is not cost-effective at this stage, and thus the WSD has no relevant extension plan. The WSD will continue to monitor the situation and conduct review in a timely manner, taking into account factors including future developments in the area, engineering technology and cost considerations.
(3) Currently, for some private developments in seafront areas where the WSD does not supply salt water for flushing due to cost-effectiveness considerations, the Government will consider imposing lease conditions to require developers to construct flushing systems for residents, and to pay the licence fees/short term tenancy rentals for supply facilities that occupy Government land. The Sham Tseng housing court referred in the question falls under this situation.
Prior to signing of the land lease, developers have acknowledged these terms and reflected the costs of constructing the flushing system into the land premium payable to the Government. This effectively means the Government shares a definite responsibility for these construction costs through the reduced land premium. Daily expenses being borne by individual property owners typically include (i) licence fees/short term tenancy rentals for water supply facilities occupying Government land; and (ii) maintenance and repair costs for the housing court’s salt water supply system. Regarding the cost of item (i), regarding the mentioned case of Sham Tseng housing court, based on the current licence fees and short term tenancy rentals charged by the Lands Department, and calculated across the approximately 2 200 households in the concerned housing court, the average annual cost per household amounts to over $500. As for the cost regarding item (ii), while specific data for the concerned court is unavailable, the maintenance costs are expected to be reasonably affordable for the majority of households because salt water supply system is not a complex technology and the associated maintenance and repair costs are shared collectively among all households.
For future development projects, the WSD will consider whether to include the relevant conditions in land leases for developers to construct salt water flushing systems based on the factors mentioned in (2) above. If such water supply facilities occupy Government land, the Government currently charges licence fee/short term tenancy rental according to general land administrative policy. For similar new development projects in the future, we will consider whether waivers should be granted for such licence fees/short term tenancy rentals, and will make appropriate announcements before the implementation of development projects. Issued at HKT 16:55
Source: Hong Kong Government special administrative region
Provisional financial results for year ended March 31, 2025 Expenditure and revenue for the year ended March 31, 2025 amounted to HK$753.2 billion and HK$564.9 billion respectively, resulting in a deficit of HK$80.3 billion after taking into account HK$130 billion received from issuance of Government Bonds and repayment of HK$22 billion principal on Government Bonds.
Expenditure and revenue for the year were 3 per cent (HK$23.7 billion) and 10.8 per cent (HK$68.1 billion) lower than the original estimate respectively.
The consolidated deficit for the year was HK$80.3 billion, i.e. HK$6.9 billion lower than the revised estimate of HK$87.2 billion. Revenue was HK$5.3 billion (1 per cent) higher than expected, mainly attributable to stamp duties ($5.9 billion higher) and salaries tax ($0.9 billion higher). Expenditure was HK$1.5 billion (0.2 per cent) lower than the revised estimate mainly due to lower-than-expected requirements.
The fiscal reserves stood at HK$654.3 billion as at March 31, 2025.
A Government spokesperson said that these are provisional figures pending the final closing of the annual accounts. According to experience, any changes to the provisional figures are unlikely to be significant.
March 31, 2025 HK$ millionMarch 31, 2025 HK$ millionand repayment of Government Bondsissuance of Government BondsGovernment Bonds*and repayment of Government BondsGovernment Debts as at March 31, 2025 (Note 3) HK$299,344 million Debts Guaranteed by Government as at March 31, 2025 (Note 4) HK$127,472 million
TABLE 2. FISCAL RESERVES (PROVISIONAL)
March 31, 2025 HK$ millionMarch 31, 2025 HK$ millionissuance and repayment of Government Bonds(Note 5)Notes:
1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at March 31, 2025, was HK$225,261 million. (i) the Green Bonds (equivalent to HK$194,375 million as at March 31, 2025) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,950 million with maturity from January 2026 to January 2053), euros (4,580 million euros with maturity from February 2026 to November 2041), Renminbi (RMB34,000 million with maturity from June 2025 to July 2054) and Hong Kong dollars (HK$42,000 million with maturity from May 2025 to October 2026);
(ii) the Infrastructure Bonds (equivalent to HK$50,177 million as at March 31, 2025) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB13,500 million with maturity from December 2025 to November 2034) and Hong Kong dollars (HK$35,730 million with maturity from November 2025 to March 2045); and
(iii) the Silver Bonds with nominal value of HK$54,792 million (with maturity in October 2027 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.
They do not include the outstanding bonds with nominal value of HK$176,340 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,778 million as at March 31, 2025) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$96,340 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$6,500 million were repaid upon maturity on April 14, 2025; bonds with nominal value of HK$68,590 million will mature within the period from May 2025 to March 2026 and the rest within the period from April 2026 to May 2042.Issued at HKT 16:30
Source: Hong Kong Government special administrative region
Following is a question by the Hon Yung Hoi-yan and a written reply by the Secretary for Commerce and Economic Development, Mr Algernon Yau, in the Legislative Council today (April 30):
Question:
It has been reported that the global Muslim population currently exceeds 2 billion, representing about 25 per cent of the world’s total population. Based on the State of the Global Islamic Economy Report 2022 released by DinarStandard in 2023, Muslims spent US$2.29 trillion in 2022 on, among others, food, pharmaceuticals, cosmetics, fashion and travel, and the global Islamic finance assets are expected to reach US$5.96 trillion by 2026. There are views that Hong Kong should expand its share of the international halal market in the countries along the Belt and Road, and strengthen industrial co-operation with the relevant countries. Regarding the development of the halal market, will the Government inform this Council:
(1) whether it has kept information on the Gross Domestic Product (GDP) contributed to Hong Kong by the halal industry; if so, of the respective GDP generated in Hong Kong in each of the past five years by the products or industries in the halal market (i.e. (i) food and beverages, (ii) pharmaceutical and health products, (iii) cosmetics, (iv) fashion, (v) hotel and tourism, and (vi) financial services); if not, whether it has plans to compile statistics and keep the relevant information from now on;
(2) whether it has kept information on Hong Kong enterprises which have exported goods to Muslim countries; if so, of the number of Hong Kong enterprises which have exported goods to Muslim countries in each of the past five years, the types of their goods and the respective GDP involved; if not, whether it has plans to compile statistics and keep the relevant information from now on;
(3) whether it knows if the products currently re-exported through Hong Kong can be sold in the relevant Muslim countries after being certified by the Incorporated Trustees of the Islamic Community Fund of Hong Kong in accordance with Islamic law and procedures; if so, of the details; if not, what channels are available for such re-exported products to be sold in Muslim countries; and
(4) whether it has plans to introduce a “halal certification system” and conduct mutual recognition of halal certification with major Muslim countries, so as to become a core corridor for certification and trade between related Mainland production enterprises and the halal consumer market, thereby promoting a steady growth in the trading volume of halal products in Hong Kong; if so, of the details; if not, the reasons for that?
Reply:
President,
Upon consulting the Culture, Sports and Tourism Bureau and the Financial Services and the Treasury Bureau, the consolidated reply to the Hon Yung Hoi-yan’s question is as follows:
Emerging markets such as the Middle East, the Association of Southeast Asian Nations (ASEAN) and other countries along the Belt and Road (B&R) have been the Government’s valued trade and economic partners. These countries’ economic development is growing rapidly and their markets possess vast potential, alongside enormous population of Muslims. The Government has been actively encouraging various sectors of society to seize business opportunities in these markets, so that they can develop in areas such as trade, tourism and finance and provide products and services tailored to the needs of these emerging markets, including the Muslim population therein.
According to the information provided by the Census and Statistics Department (C&SD), the total value of Hong Kong’s domestic exports to Muslim countries (Note) increased from HK$2.7 billion in 2020 to HK$5.5 billion in 2024 whilst the total value of Hong Kong’s re-exports to Muslim countries increased from HK$178.8 billion in 2020 to HK$215.8 billion in 2024, recording an average annual growth rate of about 19.0 per cent and 4.8 per cent respectively in the past five years. The values of Hong Kong’s domestic exports and re-exports to individual Muslim countries in the past five years are at Appendices 1 and 2 respectively. Amongst others, major commodities of Hong Kong’s domestic exports to Muslim countries include “beverages”, “jewellery, goldsmiths’ and silversmiths’ wares, and other articles of precious or semi-precious materials” and “petroleum, petroleum products and related materials”, whilst major commodities of Hong Kong’s re-exports to Muslim countries include “telecommunications and sound recording and reproducing apparatus and equipment”, “electrical machinery, apparatus and appliances, and electrical parts thereof” and “office machines and automatic data processing machines”. The C&SD does not separately maintain information about the number of companies in Hong Kong exporting products to Muslim countries nor the relevant value of gross domestic product.
Besides, although the “halal industry” does not have standard international industrial classifications like the retail and the catering industries rendering it impossible to draw up corresponding statistical coverage of the “halal industries” for compiling relevant information, the Government has been actively encouraging various sectors of society to seize opportunities in these halal markets, including promoting developments in areas such as trade, tourism and finance.
In terms of trade, meeting the requirements for relevant halal product certifications and understanding the opportunities and challenges within the relevant markets are crucial. In this regard, the Hong Kong Trade Development Council (HKTDC) has been conducting research on individual key halal markets to understand their latest developments, and providing practical information to Hong Kong businesses, including the information on relevant product certification bodies. Furthermore, the HKTDC has also been providing various platforms to promote business opportunities in the halal market. For example, the HKTDC has been promoting different high-quality halal products and food, as well as related trading of products, at its annual Food Expo PRO to help the catering industry to expand its network and businesses. To assist Hong Kong enterprises in grasping the opportunities of the halal food market and facilitate buyers in procurement, the HKTDC introduced the Halal Showcase and added halal food and beverage labels to relevant exhibitors in the 2024 Food Expo PRO. The event also offered different seminars, explaining the requirements of halal food certification and analysing market opportunities and challenges, in order to promote multi-faceted business opportunities relevant to halal food to the businesses.
In 2025-26, the HKTDC will arrange for local halal food manufacturers to participate in its Food Expo PRO to strengthen their collaboration with other halal food markets, as well as set up relevant pavilions at the Food Expo PRO to showcase more halal food and products and further explore Islamic business opportunities.
At the same time, the Government strives to assist Hong Kong enterprises in developing more diversified markets and enhancing their competitiveness through various funding schemes and support measures. Among others, the Dedicated Fund on Branding, Upgrading and Domestic Sales provides funding support for enterprises to develop business in 40 economies with which Hong Kong has signed free trade agreements and/or investment promotion and protection agreements (IPPAs), including seven Muslim countries. Also, the SME Export Marketing Fund provides funding support for enterprises to participate in export promotion activities, promoting appropriate products and services to the Muslim population in markets outside Hong Kong.
The Government will continue to actively explore emerging markets, including ASEAN, the Middle East and markets along the B&R, which have large Muslim population. The Government has been actively visiting ASEAN Member States to maintain close communication. For example, from 2022 to 2024, the Chief Executive led delegations to visit seven ASEAN Member States, concluding nearly 90 memoranda of understanding (MOU) and agreements, which helped create business opportunities for Hong Kong and strengthened friendships between the two places. The Government has also been actively reaching out to potential partners in the region, and signed an IPPA with Bahrain in March 2024, which is the third IPPA signed with economies in the Middle East region after the ones with Kuwait and the United Arab Emirates. At the same time, we are exploring the signing of IPPAs with Saudi Arabia, Bangladesh, Egypt and Peru.
In view of the huge economic potential of the countries along the B&R (including those with large Muslin population), Invest Hong Kong (InvestHK) set up consultant offices in Cairo, the capital of Egypt, and Izmir, the third largest city in Türkiye, within 2024-25 according to the 2023 Policy Address and 2024-25 Budget. This will be beneficial to attracting capital and enterprises from these two member states of the Organisation of Islamic Cooperation and seizing relevant business opportunities.
In respect of tourism, the Chief Executive stated in the 2024 Policy Address that the Government would actively develop visitor sources from the Middle East and ASEAN which have large Muslim population to seize opportunities. It is estimated that by 2028, there will be 250 million Muslim visitors worldwide and tourism receipts will reach US$225 billion.
To encourage the travel trade to enhance Muslim-friendly tourism facilities, the Hong Kong Tourism Board (HKTB) has commissioned the internationally recognised halal travel promotion company CrescentRating since 2024 to carry out a series of work to study how Hong Kong can further enhance its “Muslim-friendly” tourism facilities, and assess local hotels, attractions and meetings, incentive travels, conventions and exhibitions (MICE) venues based on categories and standards on par with international benchmarks while taking into account Hong Kong’s actual situation. As at mid-April this year, 61 hotels, and five attractions and MICE venues have successfully applied for and obtained the ratings from CrescentRating.
Besides, to encourage restaurants to obtain halal-related certification, the HKTB works with local halal certification authority, the Incorporated Trustees of the Islamic Community Fund of Hong Kong (Board of Trustees, BOT), to promote existing accreditations in the city and encourage food and beverage establishments to apply for certification. As at mid-April this year, the number of certified restaurants has increased from about 100 at the beginning of 2024 to more than 170, which also include high-end Chinese restaurant, Cantonese restaurant and contemporary Hong Kong-style noodle restaurants. In addition, four brands in the city are now offering halal-certified bakery products to provide more choices of souvenirs for Muslim visitors.
Regarding financial services, the Government amended the laws in 2013 and 2014 to provide a tax structure for sukuk comparable with that for conventional bonds, and to allow for the issuance of sukuk under the Government Bond Programme. Thereafter, the Government issued three sukuk, totalling US$3 billion, under the Government Bond Programme, to demonstrate the viability of Hong Kong’s finance platform and that our legal, regulatory and taxation framework can readily support sukuk issuances of different structures. Besides, an array of Islamic financial products and services have been introduced in Hong Kong, including the listing of global sukuk on the Hong Kong Exchanges and Clearing Limited (HKEX), Shariah-compliant equity indices and Islamic banking windows. Asia’s first exchange-traded fund (ETF) tracking the Saudi Arabia market was also listed on the HKEX in November 2023.
In the area of investment co-operation, the Hong Kong Monetary Authority signed an MOU with the Public Investment Fund of Saudi Arabia (PIF) to jointly anchor a new investment fund of US$1 billion to facilitate companies with nexus to Hong Kong and the Greater Bay Area to develop their business in Saudi Arabia. The Government will continue to expand market development efforts, including promoting the advantages of Hong Kong’s financial system and market, so as to explore further collaboration with Islamic markets in the area of finance.
Note: The “Muslim countries” as mentioned in this reply refer to the 57 Members of the Organisation of Islamic Cooperation.
Source: Hong Kong Government special administrative region
The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (April 30) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.8 per cent in March 2025. Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 1.6 per cent and 0.1 per cent respectively in March. In the first quarter of 2025, total deposits and Hong Kong dollar deposits increased by 3.5 per cent and 5.1 per cent respectively. Renminbi deposits in Hong Kong decreased by 7.3 per cent in March to RMB959.8 billion at the end of March, mainly reflecting fund flows of corporates. The total remittance of renminbi for cross-border trade settlement amounted to RMB1,184.0 billion in March, compared with RMB1,064.1 billion in February. It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate movements and fund-raising activities. It is therefore more appropriate to observe the longer-term trends, and not to over-generalise fluctuations in a single month.
Total loans and advances increased by 1.1 per cent in March, and increased by 0.6 per cent in the first quarter of 2025. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 1.2 per cent and 0.8 per cent respectively in March. The Hong Kong dollar loan-to-deposit ratio decreased to 72.3 per cent at the end of March from 73.5 per cent at the end of February, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.
For the first quarter of 2025 as a whole, loans for use in Hong Kong (including trade finance) increased by 0.5 per cent after decreasing by 0.1 per cent in the previous quarter. Analysed by economic use, loans to financial concerns increased, while loans to building, construction, property development and investment decreased.
Hong Kong dollar M2 and M3 both increased by 1.5 per cent in March, and both increased by 7.7 per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 0.8 per cent in March and increased by 7.0 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 0.7 per cent in March. Compared to a year earlier, total M2 and total M3 both increased by 10.8 per cent.
As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal and IPO-related funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.
Source: Hong Kong Government special administrative region
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority announced the results of the residential mortgage survey for March 2025.
The number of mortgage applications in March increased month-on-month by 29.3 per cent to 8 456.
Mortgage loans approved in March decreased by 5.3 per cent compared with February to HK$24.7 billion. Among these, mortgage loans financing primary market transactions decreased by 16.8 per cent to HK$10.1 billion and those financing secondary market transactions increased by 6.2 per cent to HK$11.6 billion. Mortgage loans for refinancing decreased by 0.9 per cent to HK$3 billion.
Mortgage loans drawn down during March decreased by 9.6 per cent compared with February to HK$15.9 billion.
The ratio of new mortgage loans priced with reference to HIBOR decreased from 94 per cent in February to 90.4 per cent in March. The ratio of new mortgage loans priced with reference to best lending rates increased from 2.4 per cent in February to 3.2 per cent in March.
The outstanding value of mortgage loans increased month-on-month by 0.1 per cent to HK$1,877.7 billion at end-March.
The mortgage delinquency ratio stood at a low level of 0.13 per cent and the rescheduled loan ratio was unchanged at nearly 0 per cent.
Lt Gen JP Mathew relinquished the appointment of the Chief of Integrated Defence Staff (CISC) on April 30, 2025 upon the culmination of nearly four decades in service. On the day of his superannuation, he laid a wreath at the National War Memorial, New Delhi and paid homage to the fallen heroes. He was also accorded a ceremonial Tri-Service Guard of Honour at the South Block lawns.
The General Officer had been holding the appointment of CISC since April 2023, promoting jointness and synergy among the three Services. Lt Gen Mathew has made significant contributions in the expansion of Defence Cyber Agency and Defence Space Agency towards achieving credible capability in these critical domains. He also encouraged deeper collaboration with the Indian defence industry and academia, reflecting the Government’s Aatmanirbhar Bharat vision. From steering major reforms and reviewing the curriculum in the Defence Service Staff College of Defence Management, Military Institute of Technology and National Defence Academy to encouraging participation of women, he was instrumental in enhancing diversity and inclusion in the Armed Forces.
In order to maintain defence cooperation with neighbouring countries and promote regional stability & security, Lt Gen Mathew represented the Indian Armed Forces in various fora. In addition, he was instrumental in enhancing the Armed Forces’ Humanitarian Assistance & Disaster Relief capabilities.
Commissioned into the Punjab Regiment in December 1985, the General Officer became the Colonel of the Regiment on January 09, 2022. For his illustrious services, he was conferred with Param Vishisht Seva Medal, Uttam Yudh Seva Medal, Ati Vishisht Seva Medal and Vishisht Seva Medal.
Source: Hong Kong Government special administrative region
Post-office employment for former politically appointed official The Advisory Committee considers and advises on the post-office employment or appointments for former politically appointed officials. In considering each case, the Advisory Committee has regard to the information provided by the former politically appointed official concerned, the assessments by relevant government bureaux or offices, and the criteria for advice as stipulated in the guidance notes on post-office employment for politically appointed officials. Mr Simon Ip Sik-on (Chairman) Mrs Margaret Leung Ko May-yee Mr Cheng Yan-kee Ms Lo Wing-sze Dr Miranda Lou Lai-wah Issued at HKT 16:00