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Transcript of remarks of press conference on announcing calendar of mega events in Hong Kong (second half of 2024)

HK

Transcript of remarks of press conference on announcing calendar of mega events in Hong Kong (second half of 2024)
HK

HK

Transcript of remarks of press conference on announcing calendar of mega events in Hong Kong (second half of 2024)

2024-05-21 19:55 Last Updated At:05-22 01:18

Exciting reveals: hong kong's jam-packed calendar of mega events unveiled in press conference

The Deputy Financial Secretary, Mr Michael Wong, the Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, and the Executive Director of the Hong Kong Tourism Board, Mr Dane Cheng, held a press conference today announcing the calendar of mega events in Hong Kong (second half of 2024). Following is the transcript of remarks:

Reporter: Can you recap in English how will the mega events in the second half of this year attract more visitors to visit Hong Kong compared to the first half of this year? And also will the Government consider inviting any sport star or famous singer to come to Hong Kong to visit despite Messi's no-show earlier this year? Also, Mr Yeung has been in the film festival in France, witnessing that our movie "Kowloon Walled City" has actually gained a lot of support from the foreigners. So how will the Government consider incorporating this film into the mega events?

Deputy Financial Secretary: I will take the first and third questions, and Kevin will take the second one.

With regard to events, if you look at the number of events taking place in the first half of this year, it is actually more or less similar to the number of events taking place in the second half. But in terms of scale, we noticed that some of the events in the second half have a much larger capacity in terms of attracting visitors. Therefore, we believe that the number of visitors coming to Hong Kong for those mega events will be more than those in the first half. But in terms of the spread of the different categories of events, the distribution in the first half and second half is more or less similar. So that's the first question.

The third question with regard to the set used in the movie "Twilight of the Warriors: Walled In", discussions are taking place. The set has been dismantled, but it is still there. They have been keeping it in rather good conditions. Discussions are ongoing as to whether they can let us have some part of the set, and it will be put up for display at a suitable location in Hong Kong. Once those discussions conclude, we will let you know. The second question I will refer to Kevin.

Secretary for Culture, Sports and Tourism: It is always our intention to attract mega events, be it sports events or concerts or other entertainment, it is always our target to attract these mega events to come to Hong Kong, so as to provide entertainment for local residents as well as to attract tourists. In attracting these events, if there are some very famous sports stars or singers, of course it will also raise the profile of these events and may also attract some of their fans to come along. No matter what happened in the past, it will not stop us from trying to bid for more events to come to Hong Kong.

For the football game in which Messi did not play, as we explained on many occasions, the organiser as well as the football player should come out to explain why he did not play. I do not believe that it is a very common phenomenon that some of the stars or players do not play when they have promised to appear in those games. We are still trying very hard to attract more events to come to Hong Kong.

Reporter: So far, how do you review the performance of mega events on retail sales, visitor arrivals and GDP etc? And also, actually what is the parameter of mega events? Because it seems now everything falls into this category, and how do you define it? And the last question is, do you have any KPIs for yourself?

Deputy Financial Secretary: In terms of numbers, I will repeat it in English. This year’s mega events will attract about 1.7 million visitors. They will bring to Hong Kong, in terms of the amount of money they spend in Hong Kong, about HK$7.2 billion, and value-added of about HK$4.3 billion to the Hong Kong economy. Looking at the benefits from mega events, it is important that we do not just look at the figures. The figures are very positive. They show us that what we have been doing are worth our efforts. But I think for these mega events, they are also important to reflect Hong Kong’s status as an international city.

In my first press conference (on promoting mega event economy in January this year), I said very clearly that one of the values of these events is that they attract people to come to Hong Kong so that they can see with their own eyes what has been happening in Hong Kong, how vibrant we are, how proactive we are, how friendly our people are, and how safe our streets are. Those values cannot be measured simply in monetary terms, and also these events make life in Hong Kong much more enjoyable. Do not forget that the mega events are not just for visitors. The mega events are there for our own people, for Hong Kong people as well, and if you look at the participation for most of the events, actually the majority of participants are Hong Kong people.

In terms of KPIs (key performance indicators), again I said in the first press conference that we are looking to have some KPIs regarding the number of mega events that will take place in Hong Kong in a certain time period. But if I just use the current figures, it will not be that fair, because those events have already been arranged. And I said that we are looking forward to having some concrete KPIs in 2025. So in a year's time, when we have more experience about the operation of our mega events, their arrangement and setup, we will have those KPIs.

(Please also refer to the Chinese portion of the transcript.)

Source: AI-generated images

Source: AI-generated images

HKSAR Government's Institutional Green Bonds Offering

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

The Government of the Hong Kong Special Administrative Region of the People's Republic of China (the HKSAR Government) today (July 18) announced the successful offering of approximately HK$25 billion worth of green bonds (the Green Bonds), denominated in Renminbi (RMB), US dollars (USD), and euro (EUR) under the Government Sustainable Bond Programme (previously known as the Government Green Bond Programme).

Following a virtual roadshow on July 16, 2024, the Green Bonds were priced on July 17, 2024 as follows:

  • RMB2 billion 2-year tranche at 2.60 per cent;
  • RMB2 billion 5-year tranche at 2.70 per cent;
  • RMB2 billion 10-year tranche at 2.80 per cent;
  • RMB2 billion 20-year tranche at 3.05 per cent;
  • RMB2 billion 30-year tranche at 3.15 per cent;
  • US$1 billion 3-year tranche at 4.336 per cent; and
  • EUR750 million 7-year tranche at 3.379 per cent.
  • The offering attracted participation from a wide spectrum of investors globally, with more than HK$120 billion equivalent in orders. In particular, the 20-year and 30-year RMB Green Bonds were offered for the first time by the HKSAR Government, among which the 30-year bond is also the longest tenor RMB bond offered by the HKSAR Government so far, providing new benchmarks for the market.

    The Financial Secretary, Mr Paul Chan, said, "The issuance of Government green bonds is an important initiative to promote Hong Kong's low-carbon transformation and consolidate Hong Kong's development as a green and sustainable finance hub. Global institutional investors responded enthusiastically to the subscription of these Green Bonds, reaffirming our efforts on this front. The inaugural offering of the 20-year and 30-year RMB bonds helps to extend the offshore RMB yield curve, further enrich offshore RMB product offerings, and promote RMB internationalisation in an orderly manner."

    The Green Bonds are being issued by the HKSAR Government under the Global Medium Term Note Programme dedicated to green bond issuances established in early 2021. The Green Bonds are expected to be settled on July 24, 2024 and listed on the Hong Kong Stock Exchange and the London Stock Exchange. The Green Bonds have been assigned credit ratings of AA+ by S&P Global Ratings and AA- by Fitch.

    The Hong Kong Monetary Authority acted as the HKSAR Government's representative in this green bond offering. Proceeds raised will be credited to the Capital Works Reserve Fund to finance or refinance projects that provide environmental benefits and support sustainable development.

    The HKSAR Government published its Green Bond Framework (the Framework) in March 2019, which sets out how green bond proceeds will be used to fund projects to improve the environment and facilitate the transition to a low carbon economy. The Framework was subsequently updated in February 2022, reflecting the HKSAR Government's latest commitments and strategy in combatting climate change and aligning with the latest international standards and practices in the green bond market. Vigeo Eiris, which is now part of Moody's ESG Solutions, has provided a Second Party Opinion for both the original and updated Green Bond Framework. The Green Bonds have also received the Green and Sustainable Finance Certificate (Pre-issuance Stage) from the Hong Kong Quality Assurance Agency. The HKSAR Government has since published four annual reports on the allocation of the proceeds from previous green bond issuances and the expected environmental benefits of the projects financed.

    The list of Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers, and Joint Green Structuring Banks for the Green Bonds offering are set out at the attached Annex.

    Investors' Distribution by Category

    Category

    RMB

    Green Bonds

    USD

    Green Bonds

    EUR

    Green Bonds

    Banks

    71%

    57%

    48%

    Central banks, sovereign wealth funds and international organisations

    13%

    22%

    14%

    Fund managers, private banks, insurance companies and others

    16%

    21%

    38%

    Note: The RMB and EUR Green Bonds were offered in Reg S format and the USD Green Bonds in 144A / Reg S format (Note).

    DISCLAIMER:

    NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION OR DISSEMINATION WOULD BE PROHIBITED BY APPLICABLE LAW.

    THIS ANNOUNCEMENT IS NOT MADE BEING MADE AVAILABLE IN, AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION OR DISSEMINATION WOULD BE PROHIBITED BY APPLICABLE LAW.

    THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER OF, OR A SOLICITATION OF AN OFFER TO BUY, SECURITIES IN THE UNITED STATES OR ANY OTHER JURISDICTION.

    THE SECURITIES DESCRIBED HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE LAWS OF ANY STATE OF THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH ALL APPLICABLE STATE LAWS. THERE WILL BE NO PUBLIC OFFERING OF SUCH SECURITIES IN THE UNITED STATES.

    Note: Reg S pertains to offerings of securities made outside of the United States. Rule 144A pertains to placements of securities to qualified institutional buyers in the United States meeting the requirements of that Rule.

    Source: AI-generated images

    Source: AI-generated images

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