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Source: Hong Kong Government special administrative region – 4

The Labour Department (LD) is highly concerned about the recent spate of fatal and serious work accidents in the construction industry. The LD has stepped up relevant inspection and enforcement measures, including launching a territory-wide special enforcement operation tomorrow (November 8) targeting the construction industry to combat unsafe work activities. This operation will continue for a period of time.

During the operation, occupational safety officers of the LD will inspect construction sites of various types and scales, including new works and repair, maintenance, alteration and addition works, especially high-risk processes such as work-at-height, scaffolding work and demolition works, as well as monitoring the provision and maintenance of safe systems of work for relevant processes by duty holders. If any violations of the legislation are detected, the LD will take stringent enforcement actions, including issuing suspension notices and improvement notices, and initiating prosecutions without prior warning.

For promotion and education, the LD will continue to step up efforts to disseminate occupational safety and health (OSH) messages, including work-at-height, scaffolding work and confined spaces activities, to duty holders through different channels, with the aim of enhancing the safety awareness of the contractors, employers, frontline supervisors and workers, and fostering an OSH culture in the construction industry. The LD is also reviewing the arrangements for mandatory safety training courses and has enhanced the supervision of course providers to ensure the delivery quality of the relevant courses.

In addition, the LD is seriously following up on the recent work accidents and conducting in-depth investigations to identify the causes of the accidents and ascertain the legal liability of relevant duty holders. The LD will take actions pursuant to the law if there is any violation of legislation. Recent accidents showed that OSH should not be neglected regardless of the scale of the works or work processes. Contractors and employers shall properly assess risks, and develop and implement safe methods before commencing work. Employees shall also fulfil their responsibilities by co-operating with employers to thoroughly implement all safety measures.

Under the general duty provisions of OSH legislation, contractors or employers who violate relevant legislation are subject to a maximum fine of $10 million and imprisonment for two years. Employees who contravene the aforesaid provisions are liable to a maximum fine of $150,000 and imprisonment for six months.

Source: Hong Kong Government special administrative region – 4

Following are the welcome remarks by the Secretary for Development, Ms Bernadette Linn, at the Project Cost Management Forum 2025 today (November 7):

Deputy Financial Secretary (Mr Michael Wong), our esteemed speakers from Qatar, Singapore, the United Kingdom and our close neighbour, the Guangdong Province and to all the practitioners from the sector, ladies and gentlemen,

Good morning! First of all, welcome to you all for joining this Project Cost Management Forum 2025 organised by the Centre of Excellence for Major Project Leaders spearheaded by the Development Bureau. We are privileged today to have renowned experts and practitioners from different parts of the world to share with us their advice on project cost governance and cost management, with their insights on project financing and delivery as well as adoption of innovative technology.

Hong Kong has made remarkable achievements as an international metropolis: we are well-known for our free economy, we are among the most desirable places to do business across the globe, and we ranked at the top among cities for our air cargo throughput etc, the list goes on. World-class infrastructure has been fundamental to this success, driving economic growth and sustaining our long-term competitiveness.

As you may have already known and as highlighted by the Deputy Financial Secretary just now, the 15th National Games will start this Sunday. We are hosting events like fencing, rugby sevens and handball. When it comes to sports, for sure, as the Deputy Financial Secretary has mentioned, the Kai Tak Sports Park would come to mind. Since its opening in March this year, numerous international events, games and concerts have been held, attracting not only locals but tourists around the world. The facility has lifted Hong Kong to greater heights. So it is a great example to testify how world-class facilities and infrastructure could drive our economy.

With a view to providing further impetus to drive Hong Kong’s economy, as highlighted in the latest Policy Address and Budget, the Government is committed to accelerating the development of what we called the Northern Metropolis in the northern part of Hong Kong, a new engine for Hong Kong’s future growth. This would entail involvement of significant amount of resources by both the public and private sectors to implement an array of infrastructure and development projects, delivering quality premises, as well as facilities for businesses and households.

Notwithstanding the benefits brought about by the investment, we are mindful of the need to use public money prudently. Since the inaugural Project Cost Management Forum held in 2021, we have been actively fostering a culture of cost-consciousness within the construction industry. Over the years, we have implemented holistic project cost management at various stages of public works projects to ensure the careful use of public funds. With the rollout of major development like the Northern Metropolis and an annual capital works expenditure exceeding HK$120 billion in the short to medium term, this cost-consciousness mindset is more critical than ever.

Given the current global financial situation, we must hold on to the principle of prudent use of public funds. Specifically, we are planning ahead with an “ownership” mindset – to comprehensively evaluate the cost-effectiveness of different implementation proposals and review site selection, usage mix, the scale of the project, design, implementation programme etc, in the very upfront stages, to formulate practical and cost-effective proposals.

We also fully embrace the full integration between technological and industrial innovation to enhance productivity, and we will adopt transformative solutions in our public works, echoing with our country’s 15th Five-Year Plan. For example, the Development Bureau is actively formulating various measures to promote the use of Artificial Intelligence in the construction industry.

We are also keen to continuously uplift capabilities of our diverse construction talent pool, promote knowledge exchange with our Mainland and international partners, and strengthen collaborations with close working partners around the world, thereby reinforcing our role as international infrastructure centre.

As a concrete step to take forward the initiatives I mentioned just now, I am pleased to announce that we would shortly witness the exchange of a Memorandum of Understanding with Singapore. It demonstrates our shared commitment to fostering deeper collaboration in construction innovation and project management.

Lastly, just as robust infrastructure is fundamental to the progress of our society, so too is active civic participation. So you all know what I am going to say next. Please allow me to repeat an important message, an important appeal to you all, to actively participate in one such upcoming exercise to demonstrate civic mindedness, one that also bears significance to Hong Kong’s development in the coming four years as we take forward major land development and infrastructure projects, and that is of course the Legislative Council election on December 7. I urge you to not just vote in your various capacities. I think all the practitioners here, you do have various capacities. So just vote in your various capacities and encourage your family, friends and colleagues to do the same. Just as our infrastructure helps shape a better city, your votes help build a better Hong Kong, the place we are proud to call home.

I am confident that today’s Forum will be enlightening and inspiring. Let us make the most of this opportunity to collaborate, innovate, and drive progress together.

Thank you.

Source: Hong Kong Government special administrative region – 4

To show care and respect for the elderly, the Social Welfare Department (SWD) has organised a concession programme by inviting the local catering sector, retail and other merchants to offer special discounts and concessions to Senior Citizen Card (SCC) holders on Senior Citizens Day on November 16 (Sunday).

An SWD spokesman said that over 400 participating organisations and merchants with more than 3 800 outlets throughout the 18 districts will post their concession offers, terms and conditions, and display publicity posters on Senior Citizens Day (see Attachment) for elderly people’s easy identification. SCC holders can simply scan the QR code on the publicity poster to learn about the participating companies and special offers. The information is also available on the SWD website (www.swd.gov.hk) and the SCC Scheme’s mobile application.

The SWD expresses gratitude to different sectors’ enthusiastic support and encourages SCC holders to enjoy the concessions and discounts on Senior Citizens Day. The SWD welcomes more merchants from different business sectors to support and join the SCC Scheme.

For enquiries on the concessions, please contact the Senior Citizen Card Office at 2152 2847 during office hours.

Source: Hong Kong Government special administrative region – 4

The Drainage Services Department (DSD) today (November 7) gazetted a notice to invite interested tenderers for the contract “Design, Build and Operate San Tin Effluent Polishing Plant – Phase 1” (Contract No. DC/2025/05) to apply for prequalification. The closing time for the prequalification application is noon on January 2, 2026.

The scope of the contract comprises the design, construction, operation and maintenance of the San Tin Effluent Polishing Plant (STEPP) Phase 1 with a sewage treatment capacity of 65 000 cubic metres per day (in average dry weather flow), with provision including civil and building works for further expansion to a capacity of 125 000 cubic metres per day. The contract is scheduled to commence in January 2027. In addition to the design and construction works, the contract includes the operation and maintenance of the STEPP for a period of 10 years (extendable by five years at most).

The Government intends to prequalify not more than five applicants as prequalified tenderers. They would then be invited to join the tender exercise tentatively scheduled to be held in the first quarter of 2026. Applications will be considered in accordance with the selection criteria and the marking scheme as set out in the prequalification documents.

The DSD has commissioned Binnies – Arup Joint Venture as the project’s engineering consultant. Interested contractors may obtain the prequalification documents from the office of the consultant at 43/F, AIA Kowloon Tower, 100 How Ming Street, Kwun Tong, Kowloon.

Details of the notice are available on the DSD website (www.dsd.gov.hk/EN/Tender_Notices/Current_Tenders/index.html). For enquiries, please contact the person-in-charge of the consultant, Mr Colin Chan (tel: 2601 1000; fax: 2601 3988, email: ChanHK@binnies.com) during office hours.

Source: Hong Kong Government special administrative region

     The Shenzhen-Hong Kong Financial Co-operation Committee convened its third meeting in Hong Kong today (November 7) under the co-chairmanship of the Secretary for Financial Services and the Treasury, Mr Christopher Hui, and the Vice-Mayor of the Shenzhen Municipal People’s Government and Director General of the Office of the Financial Affairs Committee of the CPC Shenzhen Municipal Committee, Mr Luo Huanghao. At the meeting, the Financial Services and the Treasury Bureau (FSTB) and the Shenzhen Municipal Financial Regulatory Bureau signed a Memorandum of Understanding (MOU) in relation to co-operation in gold-related aspects.
 
     The Committee discussed the latest developments in the financial markets and financial co-operation initiatives of Shenzhen and Hong Kong. It also explored new suggestions for boosting the further development of a collaborative market.
 
     The FSTB and the Shenzhen Municipal Financial Regulatory Bureau signed an MOU at the meeting. By leveraging complementary strengths, the two places will jointly build a deeply integrated regional gold ecosystem. The MOU provides lawful and regulatory support for Hong Kong gold traders in co-operating with qualified refining enterprises in Shenzhen to carry out processing trade. The co-operation will bring the initiative to accelerate the building of an international gold trading market as announced in “The Chief Executive’s 2025 Policy Address” into action.
 
     In addition, the FSTB and the Shenzhen Municipal Financial Regulatory Bureau have reached a consensus on further deepening fintech co-operation and exchange, with a view to fully leveraging the strengths of both cities in fintech and jointly establishing a global fintech centre. The two parties will jointly announce co-operation policies in the fintech sector in the near future.
 
     Mr Hui said that Hong Kong and Shenzhen, both key engines for driving the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), will undoubtedly continue strengthening financial co-operation at this pivotal juncture when the country is concluding its National 14th Five-Year Plan and preparing for the 15th Five-Year Plan with a view to unleashing the immense potential of the GBA, thus jointly making contributions to the country’s development as a financial powerhouse.
 
     Mr Luo said that Shenzhen will comprehensively and accurately implement the “one country, two systems” principle with unwavering commitment, steadfastly uphold the fundamental principle of “one country”, and effectively leverage the advantages of the “two systems”, with a view to comprehensively deepen Shenzhen-Hong Kong financial co-operation and fully support Hong Kong in consolidating and enhancing its status as an international financial centre. This will also accelerate Shenzhen’s development into an industry-focused financial centre with significant global influence, and propel Shenzhen-Hong Kong financial co-operation to higher levels, broader dimensions, and wider fields, thereby contributing fresh and greater efforts towards building a financial empowered country.
 
     Established in June 2024, the Shenzhen-Hong Kong Financial Co-operation Committee brings together official members from the financial regulatory bodies of the Central Authorities, Shenzhen and Hong Kong, as well as industry leaders in both places as non-official members to provide insights on Shenzhen-Hong Kong financial co-operation and the development of the GBA’s financial infrastructure.

Source: Hong Kong Government special administrative region – 4

     The Chief Secretary for Administration, Mr Chan Kwok-ki, will depart for Guangzhou tomorrow (November 8) to attend a press conference on preparations for the 15th National Games (NG) held by the Organising Committee of the 15th NG, as well as the second plenary meeting of the Organising Committee and the second meeting of heads of delegations on the following day. The Head of the National Games Coordination Office (Hong Kong), Mr Yeung Tak-keung, will join him.

     Mr Chan will return to Hong Kong on November 9. 

Source: Hong Kong Government special administrative region – 4

Hong Kong Customs yesterday (November 6) detected two suspected smuggling cases involving private cars at the Heung Yuen Wai Boundary Control Point and seized 1 386 suspected smuggled CPUs and 1 700 suspected smuggled solid-state drives with a total estimated market value of about $4.77 million.

Customs yesterday intercepted two outgoing private cars at the control point. Upon X-ray examination, Customs officers spotted irregularities in the images of the two private cars, and false compartments were found. The suspected smuggled items were seized respectively from the false compartment of the chassis frame under the cargo compartment of the first private car and the false compartment of the central console of the second private car. Two male drivers, aged 29 and 35, were subsequently arrested.

An investigation is ongoing.

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 HK$2 million and imprisonment for seven years upon conviction. Any person who modifies a vehicle for the purpose of smuggling is also liable to a maximum fine of HK$2 million and imprisonment for seven years upon conviction. The goods and private cars involved may be forfeited.

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

The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announced today (November 7) that a tender of 10-year RMB institutional Government Bonds (Bonds) through the re-opening of existing 10-year Government Bond issue 10GB3505001 under the Infrastructure Bond Programme will be held on November 13, 2025 (Thursday), for settlement on November 17, 2025 (Monday).

An additional amount of RMB1.0 billion of the outstanding 10-year Bonds (issue no. 10GB3505001) will be on offer. The Bonds will mature on May 15, 2035 and will carry interest at the rate of 2.29 per cent per annum payable semi-annually in arrear. The Indicative Pricings of the Bonds on November 7, 2025 are 101.84 with a semi-annualised yield of 2.076 per cent.

Tender is open only to Primary Dealers appointed under the Infrastructure Bond Programme. Anyone wishing to apply for the Bonds on offer can do so through any of the Primary Dealers on the latest published list, which can be obtained from the Hong Kong Government Bonds website at www.hkgb.gov.hk. Each tender must be for an amount of RMB50,000 or integral multiples thereof.

Tender results will be published on the HKMA’s website, the Hong Kong Government Bonds website, Bloomberg (GBHK ) and Refinitiv (IBPGSBPINDEX). The publication time is expected to be no later than 3pm on the tender day.

HKSAR Institutional Government Bonds Tender Information

Tender information of 10-year RMB HKSAR Institutional Government Bonds:
 

Issue Number	:	10GB3505001
Stock Code	:	85024 (HKGB2.29 3505-R)
Tender Date and Time	:	November 13, 2025 (Thursday) 9.30am to 10.30am
Issue and Settlement Date	:	November 17, 2025 (Monday)
Amount on Offer	:	RMB1.0 billion
Maturity	:	10 years
Remaining maturity	:	Approximately 9.5 years
Maturity Date	:	May 15, 2035 (Thursday)
Interest Rate	:	2.29 per cent p.a. payable semi-annually in arrear
Interest Payment Dates	:	May 15 and November 15 in each year, commencing on the Issue Date up to and including the Maturity Date, subject to adjustment in accordance with the terms of the Institutional Issuances Information Memorandum of the Infrastructure Bond Programme and Government Sustainable Bond Programme (Information Memorandum) published on the Hong Kong Government Bonds website.
Method of Tender	:	Competitive tender
Tender Amount	:	Each competitive tender must be for an amount of RMB50,000 or integral multiples thereof. Any tender applications for the Bonds must be submitted through a Primary Dealer on the latest published list. The accrued interest to be paid by successful bidders on the issue date (November 17, 2025) for the tender amount is RMB0.00 per minimum denomination of RMB50,000. (The accrued interest to be paid for tender amount exceeding RMB50,000 may not be exactly equal to the figures calculated from the accrued interest per minimum denomination of RMB50,000 due to rounding).
Other Details	:	Please see the Information Memorandum available on the Hong Kong Government Bonds website or approach Primary Dealers.
Expected commencement date of dealing on the Stock Exchange of Hong Kong Limited	:	The tender amount is fully fungible with the existing 10GB3505001 (Stock code: 85024) listed on the Stock Exchange of Hong Kong.
Use of Proceeds	:	The Bonds will be issued under the institutional part of the Infrastructure Bond Programme. Proceeds will be invested in infrastructure projects in accordance with the Infrastructure Bond Framework published on the Hong Kong Government Bonds website.

Source: Hong Kong Government special administrative region – 4

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the kick-off ceremony of Shanghai Commercial Bank’s 75th anniversary celebration today (November 7):

Stephen (Chairman of the Shanghai Commercial Bank, Mr Stephen Lee), Lincoln (Director of the Shanghai Commercial & Savings Bank, Mr Lincoln Yung), Wallace (Chief Executive of the Shanghai Commercial Bank, Mr Wallace Lam), distinguished guests, ladies and gentlemen,

     Good afternoon. It is a great pleasure to join you today to kick off the 75th anniversary celebrations of the Shanghai Commercial Bank (SCB) in Hong Kong. 

     Just now, Stephen shared the history and proud tradition of the SCB. I’m pleased to see that throughout your development, you have remained true to the visionary mission back in 1915 – to serve the community, to support industries, and to foster international trade. They remain as relevant today as they were over a century ago. 

     Over the years, the Bank has built a strong reputation for serving small and medium-sized enterprises (SMEs) as well, in addition, also as the high-net-worth individuals. I believe what sets the SCB apart is the close relationships it has fostered with its clients – one that is built on trust and long-term commitment.

     I’m also pleased to see that the Bank is embracing innovation and playing a pioneering role in advancing financial inclusion. A prime example is your launch of Hong Kong’s first SME online platform built on the Interbank Account Data Sharing and Commercial Data Interchange infrastructure – an initiative that streamlines the account opening and loan application process, improving access to credit for SMEs.

     And you are going further. Through active participation in the CargoX project, the SCB is collaborating with public and private partners to integrate credit, logistics and cross-boundary transaction data to facilitate financing and payment solutions for SMEs venturing abroad. 

     Looking ahead, I believe the SCB is well positioned for continued growth. Under the roadmap outlined in the 15th Five-Year Plan recommendations by the CPC Central Committee, the country will continue to pursue high-level two-way opening up. More Mainland enterprises will expand their global presence, and many of them will use Hong Kong’s top-notch financial and professional services. With strong connectivity across the Shanghai Banks network, the SCB is well placed to support these enterprises to go global. 

     At the same time, Hong Kong is fast emerging as the world’s largest cross-boundary wealth management centre. The Government is working closely with the industry to strengthen our asset and wealth management ecosystem – by expanding product offerings, enhancing market liquidity and deepening connectivity with global markets. These developments will open up new growth opportunities for your bank, particularly given your strategic focus in this area. 

     Ladies and gentlemen, on this special occasion, let me once again extend my heartiest congratulations to the SCB on your 75th anniversary in Hong Kong. I wish the Bank continued success and prosperity in the years to come.

     And before I close, let me take this opportunity to remind everyone: mark your diaries for December 7, the Legislative Council Election. Your vote matters for our city, and for our shared future. Thank you very much.

Source: Hong Kong Government special administrative region – 4

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

The Hong Kong Monetary Authority (HKMA) published today (November 7) the results of the Survey on Small and Medium-Sized Enterprises (SMEs)’ Credit Conditions for the third quarter of 2025. According to the survey, SMEs’ credit conditions remained broadly stable.
 
Regarding SMEs’ perception of banks’ credit approval stance relative to six months ago, excluding respondents who answered “no idea/don’t know”, 59 per cent perceived a “similar” or “easier” credit approval stance in the third quarter of 2025, down from 65 per cent in the previous quarter (Chart 1 in the Annex). 41 per cent perceived a “more difficult” credit approval stance, compared to 35 per cent in the previous quarter. The perception of a more difficult credit approval stance may not necessarily reflect actual difficulties faced by SMEs in obtaining bank credit as the perception could be affected by a number of factors, such as media/news reports, business conditions and opinions of relatives and friends.
 
Among respondents with existing credit lines, 3 per cent reported a “tighter” banks’ stance, up from 1 per cent in the previous quarter (Chart 2 in the Annex). In this survey, a tighter stance on existing credit lines denotes a range of possible measures or arrangements, such as reducing unused and used credit lines, raising the interest rate, imposing additional collateral requirements, or shortening loan tenor. Therefore, respondents’ indication of banks’ stance on existing credit lines may not directly reflect banks’ supply of credit to SMEs.
 
The survey also gauged the results of new credit applications from SMEs. 2 per cent of the respondents reported that they had applied for new bank credit during the third quarter of 2025. Among the respondents who had already known their application outcomes, 72 per cent reported fully or partially successful applications, up from 67 per cent in the previous quarter (Chart 3 in the Annex).
 
Owing to small sample sizes of SMEs with existing credit lines (15 per cent of surveyed SMEs) and with new credit applications (2 per cent of surveyed SMEs) during the quarter, the results could be prone to large fluctuations, and hence should be interpreted with care.

About Survey on Small and Medium-Sized Enterprises’ Credit Conditions
 
In light of the importance of SMEs to the Hong Kong economy and concerns about potential funding difficulties facing SMEs over the past few years, the HKMA has appointed the Hong Kong Productivity Council (HKPC) to carry out this survey, starting from the third quarter of 2016. This survey is conducted on a quarterly basis, covering about 2 500 SMEs from different economic sectors each time. The results of this survey can help monitor the development of SMEs’ access to bank credit from a demand-side perspective.
 
The results of this survey should be interpreted with caution. Similar to other opinion surveys, views collected in this survey may be affected by changes in sentiment due to idiosyncratic events that occurred over the survey period, which can make the results prone to fluctuations. Readers are advised to interpret the results together with other economic and financial information. In addition, views collected are limited to the expected direction of inter-quarter changes (e.g. “tighter”, “no change” or “easier”) without providing information about the magnitude of these changes.
 
Detailed tables and technical information of this survey are published on the website of the HKPC (smecc.hkpc.org).