HK - Economic Data & News 01 (May 08 - Sep 14)

[winston]

Scandal-hit H.K. leader candidate declares poll bid

China's reported favourite to become the next leader of Hong Kong on Monday presented his candidacy for next month's election, ignoring his plunging popularity ratings and pressure to step aside.

Henry Tang submitted his nomination papers amid a blaze of media lights just days after revelations of an illegal underground den at his wife's upmarket house threw his campaign into disarray.

Tang on Thursday admitted he knew about the illegal underground entertainment area in an upmarket home he shares with his wife, Lisa Kuo, but blamed her for ordering its construction without his permission.

He said he expected more "negative news" and promised to face it "bravely", a possible reference to rumours published in the media on Monday that he had dated the young daughter of a local politician.

Tang's campaign started late last year with a public admission that he had cheated on Kuo, his wife 27 years. He has also been criticised for avoiding debates with his opponents and delaying the release of his policy plans.

A University of Hong Kong opinion poll released Sunday showed 51.3 percent of the 516 people surveyed thought Tang should abandon his campaign.

"There is no doubt that public anger is on the rise. I personally do not find any effective damage control taken by Tang, so I still think the worst is yet to come."

Public opinion counts for little under Hong Kong's "One Country Two Systems" arrangement with mainland China, whereby the former British colony enjoys broad freedoms but does not get to choose its own leader by popular vote.

The chief executive is chosen by a 1,200-member electoral committee packed with pro-Beijing social and business elites.


Source:AFP Asian Edition

http://www.newsmeat.com/news/meat.php?a ... &buid=3281

[winston]

Satirists Take Aim at Hong Kong Candidate Tang . By TE-PING CHEN

An alleged illegal luxury basement, an affair and a race to be Hong Kong's top official all have proved irresistible to Hong Kong satirists, who are taking aim at the political scandal rocking the city.

Doctored movie posters mocking chief executive hopeful Henry Tang are making the rounds on the Internet, poking fun at how the candidate's underground expansion to his luxury home.

In one poster—among the many anonymously uploaded in recent days—Mr. Tang is shown beaming in a Harry Potter movie take-off below the caption: "Kowloon Basement and the Chamber of Secrets."

Another shows his wife's face super-imposed over that of an actor in "Resident Evil," with the poster retitled, "Basement Evil: Apocalypse."

Mr. Tang, son of a wealthy Shanghai industrialist, with close links to ex-Chinese president Jiang Zemin, was once thought to be the favored contender by Beijing, but public opinion is unraveling his candidacy.

Not that Hong Kongers have a vote in this election. Hong Kong's future chief executive will be chosen by the city's 1,200-member Election Committee—composed largely of business and political elites, many seen as strong Beijing backers. Universal suffrage is supposed to be realized in Hong Kong by 2017, but what that will look like is unclear.

The resulting sense of helplessness among Hong Kongers explains the latest spate of satire, says Prof. Joseph Cheng of the City University of Hong Kong. "It has been amply demonstrated that Beijing controls the whole election, and it's disappointing for Hong Kong people that the candidates don't engage in serious policy debate.

So the feeling is that the latest is pretty good drama—let's at least enjoy it. At least they can try and poke fun at the candidates."

Local newspapers describe Mr. Tang's 2,400 square-foot basement, allegedly built without government approval, as having a wine cellar, small theater and Japanese-style bath.

Mr. Tang, a wine collector known for cutting the wine tax to zero in the city during his time as the city's financial secretary, said he knew about its construction Friday while his wife, Lisa Kuo, stood beside him.

News of the basement's existence has fueled particular outrage in a city where tiny apartments are the norm and land is tightly controlled.

Recent additions of new posters uploaded to a Facebook page attracted more than 1,100 likes in a matter of hours. Before details of the luxurious construction were reported, Mr. Tang had described the basement as a "hole in the ground to store things in."

Mr. Tsang, Mr. Tang's former boss, also was the target of barbed posters after he sparked controversy three years ago by playing down the legacy of the 1989 Tiananmen Square crackdown.

The city's prominent English-language newspaper, the South China Morning Post, has called for Mr. Tang to quit the race. A University of Hong Kong opinion poll taken last week shows a majority of Hong Kongers feel the same way.


http://online.wsj.com/article/SB1000142 ... lenews_wsj

[winston]

Raking muck, Part 1

Once in a while, its nice to stop thinking about the bigger picture and trying to make HK a better place, and instead roll up our sleeves, don several pairs of rubber gloves and rummage around in the organic fertiliser at the bottom end of HK's market, hopefully triggering a few investigations by the authorities to keep them busy, and reminding them of gaps in our regulatory system.

This story is so long and complicated that we will break it into several parts. When complete, it will cover at least these 8 listed companies:
• China Outdoor Media Group Ltd (COMG, 0254)
• China Post E-Commerce (Holdings) Ltd (CPEC, 8041)
• China Railsmedia Corp Ltd (Railsmedia, 0745)
• China Yunnan Tin Minerals Group Co Ltd (CYTM, 0263)
• CNC Holdings Ltd (CNC, 8356)
• Inno-Tech Holdings Ltd (Inno-Tech, 8202)
• Hycomm Wireless Ltd (Hycomm, 0499) and
• Wo Kee Hong (Holdings) Ltd (WKH, 0720).

So pour yourself a coffee and let's get started.

http://webb-site.com/articles/muck2012p1.asp

[winston]

Hong Kong chief Donald Tsang in the spotlight over Shenzhen retirement penthouse and Macau trip

Donald Tsang, just months away from finishing his term as Chief Executive of Hong Kong, is in the spotlight over a three-storey 6,500 sq ft penthouse in Shenzhen's Futian district.

The luxury apartment occupying the 35th, 36th and 37th floors of an apartment building inside the Donghai Garden compound, was to serve as retirement home for him and his wife.

"I have no ambitions for my post- retirement life and I have no plan to do anything," Tsang was quoted as saying in local papers.

"I will leave Hong Kong for a period of time immediately after leaving my post so that my successor can be free to implement [his or her] work ... I think such a move is necessary," Tsang added, praising his predecessor Tung Chee-Hwa for setting the standard in non-interference.

Hong Kong newspaper Ming Pao cites two real-estate agents familiar with the situation who said the apartment -- which boasts of a dozen rooms and multiple toilets according to leaked floor plans -- was "a gift from the developer" to Tsang.

The agents added that the apartment could fetch approximately HK$50 million on the market and that the developer had already spent HK$17 million on renovation works alone.

If the apartment were available on the market, its rental price could be as high as HK$100,000 (or 80,000 yuan).

http://shanghaiist.com/2012/02/23/hong_ ... _the_1.php

[winston]

Hong Kong to review rules of conduct on tycoons' gifts to officials

Hong Kong - Hong Kong's leader Sunday announced a review of rules of official conduct, after he admitted taking trips on private jets and luxury yachts paid for by tycoons.

Chief executive Donald Tsang said he may have 'fallen short' of public expectations by accepting the hospitality of business leaders, but insisted he had not broken existing rules.

Tsang announced an independent panel headed by former chief justice Andrew Li to review rules of public sector conduct.

Tsang admitted having taken four private jet and luxury yacht trips funded by tycoons, including holidays in Macau, Japan and Phuket in Thailand.

He also acknowledged a lease on a penthouse home in Shenzhen, southern China, owned by a mainland telecoms tycoon at what critics described as bargain rent. Tsang intends to live there after he steps down as chief executive in June.

Tsang, 67, denied accusations of bribery and conflict of interest but said it had taught him a 'painful lesson.'

'I have been hurt and at times frustrated by the questions, about my actions and integrity,' he was quoted as saying by the Sunday Morning Post.

'These reports have allowed me to better understand public expectations and where I may have fallen short,' he said. 'We need to be whiter than white.'

The controversy over Tsang's holidays emerged days after Henry Tang, frontrunner to succeed him in March, admitted to building an unauthorized basement and wine cellar at his home.

http://news.monstersandcritics.com/asia ... -officials

[winston]

Raking muck, Part 2

As you will recall from Part 1, this series will cover at least the following 8 listed companies:

• China Outdoor Media Group Ltd (COMG, 0254)
• China Post E-Commerce (Holdings) Ltd (CPEC, 8041)
• China Railsmedia Corp Ltd (Railsmedia, 0745)
• China Yunnan Tin Minerals Group Co Ltd (CYTM, 0263)
• CNC Holdings Ltd (CNC, 8356)
• Inno-Tech Holdings Ltd (Inno-Tech, 8202)
• Hycomm Wireless Ltd (Hycomm, 0499) and
• Wo Kee Hong (Holdings) Ltd (WKH, 0720).

http://webb-site.com/articles/muck2012p2.asp

[winston]

And if this thing blows up, you probably will see your multi-million dollar pigeon holes go down the drain ...

Hmmmm.... how safe are my HKD ? Will the Chinese government then buy HKD to support it ?


Greenpeace slams nuclear 'complacency' on Daya Bay by Kenneth Foo
Wednesday, February 29, 2012

A green group yesterday slammed the government's nuclear disaster contingency measures as "dangerously outdated" and urged it to abandon plans for future atomic expansion.

Greenpeace said the fallout from any meltdown at the Daya Bay nuclear plant in Guangdong will be many times that of the Fukushima disaster last year in Japan.

The group claimed the 20-kilometer evacuation zone around the Daya Bay plant in current plans is insufficient as winds can carry radiation fallout as far as 80 kilometers. Hong Kong is just 50km away from the plant.

There are also no risk assessments and detailed emergency plans to protect the people of Hong Kong from the health and economic repercussions of a nuclear disaster, it said.

"It is ridiculous that governments can approve nuclear reactors but are not ready to protect people from nuclear risks, hazards and disasters," said senior campaigner Prentice Koo Wai-muk.

"You can finish reading the whole emergency plan in a matter of minutes because there is simply nothing there."

He also urged the government to shelve plans to double the amount of power generated through nuclear means by 2020.

CLP Holdings has a 25 percent stake in Daya Bay, which supplies about 23 percent of the territory's electricity.

Security Bureau officials have rated the chances of a meltdown on the scale of Fukushima at three in 100 million.

This led Koo to accuse them of complacency as Fukushima officials had estimated the chances of a nuclear disaster to be as low as one in a million, but the disaster still occurred.


http://www.thestandard.com.hk/news_deta ... 20229&fc=4

[winston]

Thousands protest against Hong Kong's outgoing leader

HONG KONG (Reuters) - Thousands of people marched to the offices of the Hong Kong city government on Saturday, demanding that outgoing chief executive Donald Tsang stand trial following allegations of ethics violations in his dealings with businessmen.

The protest came ahead of an election this month to replace Tsang in which the China-backed frontrunner, Henry Tang, has become embroiled in a political scandal, adding to Beijing's headache.

Tsang, who has led the former British territory since 2005, has come under fire for taking private luxury yacht trips and flights. Some media have accused him of renting a luxurious Shenzhen flat at below market price.

Testifying before Hong Kong's Legislative Council on Thursday, Tsang said he had paid for all the trips, would give up the property in Shenzhen, developed by a real estate tycoon, after the public outcry.

But protesters, singing songs and holding banners, said Tsang had violated public trust and must face trial to clear his name.

"Apologies are insufficient, he needs to better explain his actions," a protester, who was interviewed on local television, said.

Organizers said more than 5,000 participated in Saturday's march, but local police estimated about 2,800 turned up at Victoria Park, the site of Hong Kong's annual Tiananmen vigil and where the protest started.

Hong Kong returned to Chinese rule in 1997 amid promises of a high degree of autonomy. But China's leaders have kept grip over political and administrative elite from behind the scenes.

The city's seven million people can elect some legislative and district council members, but have no direct vote for their top leader, who is selected by a 1,200-strong election committee comprised largely of business leaders and Beijing loyalists.

Source:Reuters US Online Report World News

[winston]

Ex-property consultant wins Hong Kong election by Beh Lih Yi

Former government adviser and property consultant Leung Chun-ying won Hong Kong's leadership election on Sunday, after the most divisive vote since the city reverted to Chinese rule in 1997.

Leung, 57, will replace outgoing chief executive Donald Tsang in July after winning 689 of the votes from the 1,200-strong election committee that chooses the southern Chinese city's leader, according to an official count.

He promised to "reuinte" Hong Kong and protect its "rights and freedoms" following an unprecedented election which split the city's establishment camp and forced Beijing to heed popular opinion as never before.

"With one heart and one vision we can turn Hong Kong into a more prosperous, more righteous and more progressive society," he said, acknowledging "deep-rooted problems" such as high property prices and a yawning wealth gap.

He also pledged to "pave the way for enhanced democracy with an open and fair election system" in 2017, when Beijing has promised all citizens will be entitled to vote for chief executive from a vetted group of candidates.

Leung's main rival, Henry Tang, finished with 285 votes and pro-democracy candidate Albert Ho on 76, officials said.


Source:AFP Global Edition

http://www.newsmeat.com/news/meat.php?a ... &buid=3281

[winston]

Thousands in Hong Kong protest Beijing's interference

HONG KONG (Reuters) - Thousands of protestors marched to the mainland Chinese government's liaison office in Hong Kong on Sunday, demanding universal suffrage and protesting against Beijing's perceived interference in the territory's recent chief executive election.

Witnesses said police used pepper spray to disperse protestors gathered outside the liaison office after warning them not to break beyond barriers.

The city's seven million people have no say in who becomes their chief executive. Leung Chun-yin, who will take over from incumbent Donald Tsang on July 1, was chosen by an election committee of about 1,200 Hong Kong notables on March 25.

Leung beat a scandal-tainted rival, tycoon and former bureaucrat Henry Tang after a fraught campaign which will intensify pressure on China to keeps its promise to allow Hong Kong a direct leadership election in 2017.

Dubbed the "wolf" for what some describe as his steely edge, the tall, trim Leung has been labeled a secret Communist Party cadre -- an accusation he denies -- by some of staunchly capitalist Hong Kong's media and politicians.

Organizers estimated 15,000 people turned up, but police estimated the turnout peaked at 5,300 in what was the latest protest against the way the territory's chief is elected.

"Of course we must continue to use these methods of public protest to express our demand. This is the only way, you can see it from Wukan (in mainland China), whose residents were able to get their voice heard only through persistent action and protest," said Pasha Chan, a party activist with the Socialist Front, who was at Sunday's march.

http://news.yahoo.com/thousands-hong-ko ... 41268.html