Category: MIL-OSI

Source: Hong Kong Government special administrative region

     The Government today (December 24) launched an open tender for the tenancy for operating and managing the Kai Tak Cruise Terminal (KTCT) (Tender Reference: TC 1/2025). Tenderers with relevant experience and expertise are welcome to participate.

     The KTCT is an infrastructure specifically built for the berthing of mega-size cruise ships and is able to berth simultaneously two mega-size cruise ships with a gross tonnage of up to 220 000 tonnes each. The tenancy agreement with the current terminal operator will expire on May 31, 2028. Considering that international cruises plan their itineraries two years in advance, the Government is now launching the tender for the next tenancy to allow the terminal operator under the new contract to commence arrangements for cruise ship berthing as early as possible.

     The selected operator under this tender exercise will operate and manage the KTCT for a term of 10 years. The Government may consider extending the term for a further five years, subject to the operator’s satisfactory performance. To ensure that the selected operator possesses relevant operational experience and professional knowledge, tenderers must meet the essential requirements, i.e., at least three consecutive years of experience in operating and managing a cruise terminal facility within the past 10 years counting from the tender closing date, and experience in handling the berthing of cruises with gross tonnage of 160 000 tonnes or above.

     A spokesperson for the Culture, Sports and Tourism Bureau (CSTB) said, “The Action Plan on Development of Cruise Tourism under the Development Blueprint for Hong Kong’s Tourism Industry 2.0 states that the Government’s vision is to establish Hong Kong as Asia’s hub for international cruises. The smooth operation of the KTCT is vital to attracting more cruise ships to berth in Hong Kong and promoting the development of Hong Kong’s cruise industry. The Government is also committed to elevating the function of the KTCT as a cruise terminal for all and making good use of the terminal facilities.”

     Having reviewed the terms and conditions of the tenancy agreement with the terminal operator and consulted relevant stakeholders, the Government will make two main adjustments in the next tenancy agreement to boost the appeal and competitiveness of the KTCT:

(1) Consolidating the management of the KTCT

     To improve the management of the KTCT and enhance operational efficiency, the operator under the next tenancy agreement will, in addition to handling cruise-related matters, be responsible for managing the public space of the KTCT, including the podium gardens on the second floor and the KTCT Park at the rooftop. The Government earlier received 14 expression of interest submissions from commercial organisations, cultural and creative industries, sports organisations and young entrepreneurs on how to better utilise the space of the KTCT. Most expressed interest in leasing the ancillary commercial area and public space in one go. Private organisations or non-profit-making organisations can rent the public space of the KTCT for organising commercial and other activities, thereby promoting the KTCT for hosting more non-cruise and commercial events during the cruise low season and on days when fewer cruises berth there to better utilise the space at the KTCT.

(2) Introducing Key Performance Indicators (KPIs) for the work of the terminal operator

     To strengthen the monitoring of the terminal operator’s performance, the Government will introduce the following four KPIs in the next tenancy agreement:

(i) the number of ship calls per year;
(ii) the number of non-cruise related events per year;
(iii) the number of visitors brought by non-cruise related events per year; and
(iv) the occupancy rate of ancillary commercial areas. 

     Taking into account that the terminal operator requires time to adjust and adapt to the terminal operation, the provisions regarding compensation to the Government arising from the operator’s failure to meet the targets will take effect from the third year of the tenancy agreement.

     A “two-envelope approach” will be adopted in the tender assessment. A weighting of 70 per cent will be allocated to the assessment of the non-price proposal and 30 per cent to the price proposal. The non-price proposal includes the aforementioned KPIs as well as the execution plan for the operation and management of the KTCT. The tender must comply with the requirements specified in the tender documents. The detailed assessment criteria are set out in the tender documents.

     Interested tenderers may download the tender documents from the CSTB’s website (www.tourism.gov.hk/en/tender_notice.php) or obtain the tender documents from the Tourism Commission (Address: 11/F, Hong Kong Li-Ning Building, 218 Electric Road, Fortress Hill, Hong Kong) during office hours. Tenderers must deposit the tenders by noon on May 22, 2026 (Friday), in the Government Secretariat Tender Box situated at the Lobby of the Public Entrance on the Ground Floor, East Wing, Central Government Offices, 2 Tim Mei Avenue, Tamar. Late tenders will not be accepted.

     For enquiries, please contact the Tourism Commission by email at ktcttenderenquiry@cstb.gov.hk.

Source: Hong Kong Government special administrative region

     The Government announced today (December 24) the appointments to the new term of the Liquor Licensing Board. The two-year term will be from January 1, 2026, to December 31, 2027.
      
     Mrs Tennessy Lee Hui Mei-sheung and Mr Wong Tsz-sang have been appointed as the Chairperson and Vice-Chairperson respectively. In addition, seven other serving members, namely Dr Ho Chin-choi, Ms Ho Hang-yin, Mr Alexander Li Shing-kuen, Miss Lo Yuen-ting, Miss Sharon Tam Suet-yan, Mr Alex Tou Yat-lung and Mr Wong Kin-san, have been reappointed; Miss Li Ka-ying and Dr Theresa Kwong Fuk-ning have been appointed as new members of the Liquor Licensing Board.  
      
     The Secretary for Environment and Ecology, Mr Tse Chin-wan, said, “The Government is thankful for the contribution and support from the outgoing Vice-Chairperson Mr Chris Ip Ngo-tung, as well as member Mr Leung Chun, and looks forward to the members of the new term continuing to provide valuable advice to the Board with their extensive knowledge and experience.”
      
     The membership list of the new term of the Liquor Licensing Board is as follows:
 
Chairperson
Mrs Tennessy Lee Hui Mei-sheung
 
Vice-Chairperson
Mr Wong Tsz-sang
 
Members
Dr Ho Chin-choi
Ms Ho Hang-yin
Dr Theresa Kwong Fuk-ning
Miss Li Ka-ying
Mr Alexander Li Shing-kuen
Miss Lo Yuen-ting
Miss Sharon Tam Suet-yan
Mr Alex Tou Yat-lung
Mr Wong Kin-san
 
     The Liquor Licensing Board is a statutory body established under section 2A of the Dutiable Commodities (Liquor) Regulations (Cap. 109B). The main responsibility of the Board is to decide whether to grant applications to issue, renew, transfer or amend liquor licences. 

Source: Hong Kong Government special administrative region

     The Secretariat of the Green Tech Fund (GTF) announced today (December 24) that a total of six projects has been approved in the fifth round of applications, involving a grant of around $24 million. Together with the first four rounds of applications, the GTF has so far approved 39 projects, involving a total grant of around $171 million.
 
      129 applications were received in the fifth round of applications from December 2024 to March 2025. The six research and development (R&D) projects approved in this round of applications cover promoting hydrogen energy technology, turning waste into resources and developing coating technology for non-plastic products. They are:
 

• Hydrogen energy technology: Development of low-cost proton exchange membrane water electrolysers for producing green hydrogen; development of highly efficient and durable anion exchange membrane water electrolysers to reduce the production cost of green hydrogen; utilisation of active-flow membraneless electrolyser for direct seawater electrolysis for producing green hydrogen;

 

• Turning waste into resources: Development of an innovative sludge treatment system and utilising the waste generated in the treatment process, for the purpose of enhancing sludge treatment efficiency in sewage treatment works; utilisation of acoustic metamaterials made from recycled plastics in soundproofing and noise mitigation systems for data centres; and

 

• Non-plastic products: Development of innovative waterborne coating to enhance the barrier properties of the existing plant-based non-plastic tableware to water, heat and oil.

 
      The six approved R&D projects are listed in the Annex. Relevant details are published on the GTF webpage (www.gtf.gov.hk/en/project_information/approved_projects.html). These projects will help promote R&D as well as the application of green technologies in different areas, thereby expediting low-carbon transformation and helping Hong Kong strive towards carbon neutrality.
           
      The GTF Secretariat announced on December 1 that the GTF would be open for the sixth round of applications from December 1, 2025, to February 13, 2026. R&D projects that fall into four areas, namely net-zero electricity generation, energy saving and green buildings, green transport, and waste reduction, will be accorded priority. The GTF welcomes applications from local public research institutions and R&D centres, as well as local private companies to develop low-carbon and green technologies that cater for the needs of Hong Kong’s environment and market. The GTF Secretariat will hold a webinar on January 15, 2026, to introduce the application procedures and priority themes of the GTF. Details about applying for the GTF are available on the GTF website (www.gtf.gov.hk).

Source: Hong Kong Government special administrative region – 4

​Hong Kong Customs conducted a two-week enforcement operation codenamed “Santa Guardian” from December 8 to 19 to combat counterfeit goods activities involving cross-boundary transshipments with the approach of Christmas. During the operation, Customs detected 28 related cases and seized about 83 000 suspected counterfeit goods with an estimated market value of over $36 million.

Customs discovered that criminals intended to ship counterfeit goods abroad via Hong Kong to meet the huge shopping demand with the approach of Christmas. As such, through risk assessment, Customs inspected one incoming lorry at the Hong Kong-Zhuhai-Macao Bridge Hong Kong Port Inbound Cargo Examination Building. After inspection, Customs officers seized about 3 600 suspected counterfeit goods with an estimated market value of about $3.1 million.

Moreover, through intelligence analysis and detailed investigations, 27 related cases were uncovered in a number of local logistics companies. In the operation, Customs officers mounted strike-and-search actions against multiple logistics companies, seizing about 79 000 suspected counterfeit goods, including watches, bags, footwear and clothing, with a total estimated market value of about $33 million.

Investigations of the abovementioned cases are ongoing.

Customs appeals to consumers to purchase goods at reputable shops or websites and to check with the trademark or copyright owners or authorised agents if the authenticity of a product is in doubt to avoid buying counterfeit or infringing goods.

Customs reminds practitioners in the logistics industry to comply with the requirements of the Trade Descriptions Ordinance (TDO) and to check with the trademark owners or authorised agents if the authenticity of a product is in doubt when handling cargoes. The department also reminds traders or online sellers not to sell counterfeit or infringing goods and to be cautious and prudent in merchandising since selling counterfeit or infringing goods is a serious crime and offenders are liable to criminal sanctions.

Customs will continue to step up inspections and conduct intelligence-led enforcement to vigorously combat different types of counterfeit and infringing goods activities.

Under the TDO, any person who imports or exports or sells or possesses for sale any goods to which a forged trademark is applied commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

Members of the public may report any suspected counterfeiting 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

     With Christmas and New Year holidays approaching, the Centre for Health Protection (CHP) of the Department of Health (DH) today (December 24) reminded members of the public to pay attention to their health. Individuals should avoid excessive alcohol, salt, sugar and fat intake, and ensure adequate rest and sleep to prevent compromising the normal functioning of the immune system, which could make one more susceptible to illness. Regardless of whether they are staying in Hong Kong or travelling abroad for the holidays, the public should practise strict personal, food and environmental hygiene at all times, and get seasonal influenza vaccination (SIV) early. These measures can help prevent various infectious diseases that are more prevalent in winter or associated with travel.

     “During gatherings with family, relatives and friends, people often unknowingly consume excessive amounts of alcohol or sugary drinks, cakes, desserts, and crispy snacks such as potato chips and fried food. Additionally, the Hong Kong Observatory forecasts a drop in temperatures over the next two days, which may lead more people to enjoy hotpot. During hot pot meals, people tend to add substantial amounts of high-fat and high-salt condiments. Amid the festive atmosphere, I would like to remind the public that it is crucial to control the amount of food intake, opt for high-fibre and low-fat food (consuming more fruit and vegetable and choosing steaming or boiling over frying), reduce the consumption of high-sugar and high-salt beverages and pastries, and maintain food hygiene. Get adequate exercise and rest so you can enjoy the holidays while staying healthy,” the Controller of the CHP, Dr Edwin Tsui, said.
 
Stay away from alcohol
——————————————————————————————————————————————

Source: Hong Kong Government special administrative region – 4

​Before the festive season holidays, the Office of the Licensing Authority (OLA) of the Home Affairs Department conducted an operation codenamed “Solar Flare” against premises suspected of operating unlicensed hotels or guesthouses and licensed club-houses suspected of being in breach of licensing conditions in Yau Tsim Mong District, Wan Chai District and Central and Western District for five consecutive days from December 15 to 19, to ensure the safety of customers as well as the general public.

A spokesman for the OLA said, “During the operation, the OLA carried out surprise inspections of 48 premises. Six premises were suspected of operating unlicensed hotels or guesthouses, and two licensed club-houses were suspected of breaching certain licensing conditions. The OLA will initiate prosecution on cases with sufficient evidence after completion of the investigation.”

The spokesman stressed, “Operating unlicensed hotels or guesthouses is a criminal offence leading to a criminal record upon conviction. According to the Hotel and Guesthouse Accommodation Ordinance, an offender is liable to three years’ imprisonment and a maximum fine of $500,000. A fine of $20,000 for each day can also be imposed during which the offence continues. A six-month closure order may also be issued for a hotel/guesthouse involved in a repeated offence. Moreover, according to the Clubs (Safety of Premises) Ordinance, an offender who contravenes any condition of a certificate of compliance (e.g. failure to produce a fire certificate on demand and carrying out alteration and addition works without seeking prior approval) is liable to a maximum fine of $100,000 and two years’ imprisonment. A fine of $10,000 for each day can also be imposed during which the offence continues.”

     To enhance deterrence against unlicensed hotels and guesthouses, the Hotel and Guesthouse Accommodation Ordinance was amended in 2020 to empower the Hotel and Guesthouse Accommodation Authority to apply to the court, upon the second conviction within 16 months of operating an unlicensed hotel or guesthouse or the new strict liability offence in respect of the same premises, to issue a closure order to close the premises for six months. As at December 15, the OLA has applied for four closure orders under the Hotel and Guesthouse Accommodation Ordinance from the court, of which two closure orders against two premises have been issued by the court.

     Apart from conducting special operations during festive seasons, the OLA is also stepping up efforts to combat unlicensed guesthouses via online platforms. The OLA has strengthened its intelligence collection by forming a dedicated team to browse webpages, mobile applications, social media, discussion forums, etc., to search for information and intelligence on suspected unlicensed guesthouses. The OLA’s law enforcement officers will initiate follow-up investigations when information on unlicensed guesthouses advertised via online platforms is found. The OLA also conducts publicity work on major Internet search engines outside Hong Kong to enable tourists to access information provided by the OLA in the course of planning their trips to Hong Kong.

Tourists and members of the public can make use of the search functions on the OLA’s website (www.hadla.gov.hk/) to check whether the hotel or guesthouse concerned is licensed or not. Any suspected unlicensed hotel or guesthouse should be reported to the OLA by the hotline (tel: 2881 7498), by email (hadlaenq@had.gov.hk), by fax (2504 5805), or through the mobile application “Hong Kong Licensed Hotels and Guesthouses”.

Source: Hong Kong Government special administrative region

     The Town Planning Board today (December 24) announced amendments to the approved Ma Tau Kok Outline Zoning Plan (OZP).

     The amendments mainly involve revising the building height restriction from five storeys to 114 metres above Principal Datum for the “Government, Institution or Community” (“G/IC”) zone currently occupied by the Evangel Hospital at Argyle Street.

     The Notes and Explanatory Statement of the OZP are amended to take into account the above amendments. Opportunity is also taken to update the general information of various land use zones and the planning scheme area, where appropriate.

     The draft Ma Tau Kok OZP No. S/K10/31, incorporating the amendments, is available for public inspection during office hours at (i) the Secretariat of the Town Planning Board, (ii) the Planning Enquiry Counters, (iii) the Kowloon District Planning Office, and (iv) the Kowloon City District Office.

     Any person may make written representations in respect of the amendments to the Secretary of the Town Planning Board on or before February 24, 2026. Any person who intends to make a representation is advised to read the Town Planning Board Guidelines No. 29C on “Submission and Processing of Representations and Further Representations” (TPB PG-No. 29C).

     Submission of a representation should comply with the requirements set out in TPB PG-No. 29C. In particular, the representer should take note of the following:

* If the representer fails to provide his or her full name and the first four alphanumeric characters of his or her Hong Kong identity card or passport number as required under TPB PG-No. 29C, the representation submitted shall be treated as not having been made; and
* The Secretariat of the Town Planning Board reserves the right to require the representer to provide identity proof for verification.

     The Guidelines and the submission form are available at the above locations (i) and (ii) and the Town Planning Board’s website (www.tpb.gov.hk).

     Copies of the draft Ma Tau Kok OZP are available for sale at the Map Publications Centre in North Point. The electronic version of the OZP can be viewed on the Town Planning Board’s website (www.tpb.gov.hk).

Source: Hong Kong Government special administrative region – 4

The Centre for Health Protection (CHP) of the Department of Health (DH) today (December 24) is investigating an imported measles case. The patient is the mother of the imported measles case announced yesterday (December 23). The CHP reminded members of the public who are non-immune to measles to ensure that they have completed two doses of measles vaccination before travelling to reduce the risk of infection.

The latest case involves a 22-year-old woman who developed fever on December 18 with no other symptoms and did not seek medical attention. As her son tested positive for the measles virus upon nucleic acid testing, the CHP found that the female patient developed symptoms during contact tracing and epidemiological investigation. She was then arranged to admit to hospital for testing. Her clinical specimen was tested positive for the measles virus upon nucleic acid testing. She is isolated for treatment at the Princess Margaret Hospital and is currently in stable condition.

The female patient stayed outside Hong Kong from October 1 to December 16. As she spent the whole incubation period outside Hong Kong, the case was classified as an imported case. An epidemiological investigation revealed that the female patient did not receive measles vaccination.

As the abovementioned two epidemiologically linked patients have visited a private clinic on December 19, the CHP has reached contacts who visited the private clinic during the same period on December 19, to identify if high risk persons were involved, and assessed if they had immunity against measles and arranged vaccinations for contacts who are non-immune. So far there are no pregnant women, persons with weakened immunity and infants under one year old among the contacts. The contacts did not present measles symptoms. The CHP will continue to put the relevant contacts under medical surveillance. Management of relevant private clinic was requested to report to the CHP if any persons develop measles symptoms for follow up.

The CHP’s investigation is ongoing.

“Measles remain as an endemic infection in many places around the world. The number of measles cases in some overseas countries has been increasing recently. The outbreaks in North America (including the United States and Canada), Europe and Southeast Asia areas (including Vietnam, Cambodia and the Philippines) are ongoing due to the relatively low vaccination rate. Furthermore, an increasing number of measles cases have also been recorded in Japan and Australia this year. Overseas cases mainly affected people who were unvaccinated or had unknown vaccination status. This shows the importance of maintaining a high vaccination rate and herd immunity within the community. For those who plan to travel to areas with measles transmission, they should check their vaccination records and medical history as early as possible. If they have not been diagnosed with measles through laboratory tests and have never received two doses of measles vaccine or are not sure if they have received a measles vaccine, they should consult a doctor at least two weeks prior to their trip for vaccination. Pregnant women and women preparing for pregnancy who are non-immune to measles as well as children aged under one year who are not due for the first dose of Measles, Mumps and Rubella (MMR) combined vaccine under the Hong Kong Childhood Immunisation Programme, are advised not to travel to places with outbreaks of measles,” the Controller of the CHP, Dr Edwin Tsui, said.

“The incubation period of measles (i.e. the time from infection to onset of illness) is seven to 21 days. Symptoms include fever, skin rash, cough, runny nose and red eyes. If travellers returning from places with high incidence or outbreak of measles develop symptoms of measles (e.g. fever and rash), they should seek medical advice immediately and avoid contact with non-immune persons, especially pregnant women and infants under one year old. They should also report their symptoms and prior travel history to the healthcare workers so that appropriate infection control measures can be implemented at the healthcare facilities to prevent any potential spread,” Dr Tsui added.

     “Under the Hong Kong Childhood Immunisation Programme, the overall immunisation coverage in Hong Kong has been maintained at a very high level through the immunisation services provided by the DH’s Maternal and Child Health Centres and School Immunisation Teams. As evidenced by the findings on vaccination coverage of primary school students and the territory-wide immunisation surveys conducted regularly by the DH, the two-dose measles vaccination coverage has remained consistently high, well above 95 per cent, and the local seroprevalence rates of measles virus antibodies reflect that most people in Hong Kong are immune to measles. However, Hong Kong, as a city with a high volume of international travel, still faces the potential risk of importation of the measles virus and its further spread in the local community. Hence, a small number of people who have not completed a measles vaccination (such as non-local-born people including new immigrants, foreign domestic helpers, overseas employees and people coming to Hong Kong for further studies) are still at risk of being infected and spreading measles to other people who do not have immunity against measles, such as children under 1 year old who have not yet received the first dose of the measles vaccine,” he continued.

     People born before 1967 could be considered to have acquired immunity to measles through natural infection, as measles was endemic in many parts of the world and in Hong Kong at that time. People born in or after 1967 who have not yet completed the two doses of measles vaccination or whose measles vaccination history is unknown, should consult their family doctors as soon as possible to complete the vaccination and ensure adequate protection against measles.

     Besides being vaccinated against measles, members of the public should take the following measures to prevent infection:
 

• Maintain good personal and environmental hygiene;
• Maintain good indoor ventilation;
• Keep hands clean and wash hands properly;
• Wash hands when they are dirtied by respiratory secretions, such as after sneezing;
• Cover the nose and mouth while sneezing or coughing and dispose of nasal and mouth discharge properly;
• Clean used toys and furniture properly; and
• Persons with measles should be kept out of school till four days from the appearance of a rash to prevent the spread of the infection to non-immune persons in school.

​For more information on measles, the public may visit the CHP’s measles thematic page. Members of the public who are going to travel can visit the website of the DH’s Travel Health Service for news of measles outbreaks outside Hong Kong.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

     The Government published today (December 24) its accrual-based consolidated accounts for the financial year 2024-25.
 
     A government spokesman said that the accrual-based accounts differ from the cash-based ones in the purposes they serve. “Compiled on the basis of actual cash revenue and expenditure within a financial year, the cash-based accounts serve mainly to demonstrate that public money has been paid within the limits and ambits approved by the legislature. The accrual-based accounts, on the other hand, aim to present more information on the financial performance and position of the Government,” he said.
 
     “The cash-based accounts consolidate the General Revenue Account (GRA) and the Funds established under section 29 of the Public Finance Ordinance (Cap. 2) except the Bond Fund, the balance of which is not part of the Fiscal Reserves. In addition to the GRA and Funds consolidated in the cash-based accounts, the accrual-based accounts include the Exchange Fund, the Hong Kong Housing Authority (HKHA), government business enterprises such as the MTR Corporation Limited and the Kowloon-Canton Railway Corporation, and other government funds such as the Bond Fund and the Quality Education Fund. There are also more comprehensive disclosures of the Government’s assets and liabilities in the accrual-based accounts, e.g. fixed assets, provision for pensions and government debts.”
 
     The key figures shown in the accrual-based accounts as compared with those in the cash-based accounts are highlighted below:
     

	2024-25
	Cash-based (HK$ billion)	Accrual-based (HK$ billion)
	————-	————-
Financial results • Fiscal deficit • Net deficit	(80.3)	(14.1)
Reserves • Fiscal Reserves • General Reserve • Exchange Fund Reserve • Capital Expenditure Reserve	654.3	171.5 780.5 684.2
	————–	————–
	654.3	1,636.2
	————–	————–
Net assets	654.3	1,636.2

     The accrual-based Consolidated Statement of Financial Performance reports a deficit of HK$14.1 billion, whereas the cash-based accounts show a deficit of HK$80.3 billion. This is mainly due to inclusion of the surpluses of the Exchange Fund, the HKHA and other funds.
 
     According to the accrual-based Consolidated Statement of Financial Position, the Government’s net assets were HK$1,636.2 billion as at March 31, 2025. These net assets were represented by three reserves: General Reserve of HK$171.5 billion, Exchange Fund Reserve of HK$780.5 billion and Capital Expenditure Reserve of HK$684.2 billion. Notwithstanding these, the cash resources available for the Government’s spending remain to be the Fiscal Reserves, which stood at HK$654.3 billion as at March 31, 2025.
 
     “The General Reserve represents the net financial assets of the Government. The Exchange Fund Reserve refers to the net assets of the Exchange Fund, the use of which is governed by the Exchange Fund Ordinance (Cap. 66), whereas the Capital Expenditure Reserve represents the total net book value of fixed assets,” the spokesman added.
 
     “The Government’s General Reserve as at March 31, 2025, was HK$171.5 billion, HK$482.8 billion less than the Fiscal Reserves of HK$654.3 billion reported in the cash-based accounts. The difference arises because the net financial assets of the Government in the accrual-based accounts take into account the Government’s liabilities such as government bonds, pensions and untaken leave of staff, partly offset by financial assets such as investments in the MTR Corporation Limited and the Airport Authority.
 
     “Totalling HK$483.5 billion, the government bonds refer to the debt instruments issued under the Government Sustainable Bond Programme, Infrastructure Bond Programme and Government Bond Programme. The provision for pensions of HK$924.8 billion, in terms of present value, represents the statutory liabilities in relation to civil servants’ pensions.
 
     “Apart from the liabilities shown in the accrual-based Consolidated Statement of Financial Position, there are also outstanding commitments, largely for capital works, of HK$1,248.6 billion and guarantees of HK$314.7 billion provided under various schemes.”
 
     The public can access the accrual-based and cash-based accounts at the Treasury’s website: www.try.gov.hk.