Director of Architectural Services ordered establishment of an independent investigation team for Light Public Housing projects at Siu Lam, Yan Po Road and Sheung On Street
After the discovery of quality issues in the Light Public Housing (LPH) project at Lok On Pai, Siu Lam at the end of August, the Architectural Services Department (ArchSD) has stepped up inspections for the three LPH projects at Siu Lam; Yan Po Road in Tuen Mun, and Sheung On Street in Chai Wan, which are under the contractor, Able and Chun Wo Joint Venture, since last month. Through proactive inspections and in-depth examinations, ArchSD has discovered more on-site installation issues. The Director of Architectural Services (DArchS) has established an independent investigation team, and will directly report to the Housing Bureau (HB) and the Development Bureau (DEVB). This incident is not related to the quality of Modular Integrated Construction (MiC) units, but involves on-site works procedures.
ArchSD has instructed the contractor to submit proposals for remedial measures immediately. The remedial measures are expected to take at most four to five months to complete. ArchSD will urge the contractor to expedite the external works, with a view to completing the projects by the completion dates as committed to the Public Works Subcommittee.
HB is deeply concerned with this issue and has instructed ArchSD to follow up seriously to ensure timely completion of LPH projects with high quality and utmost safety standards.
Subject to the outcome of the investigation, the Government will hold the parties involved accountable in accordance with the terms of the contract, and take regulatory actions against the contractor and related personnel involved in accordance with applicable law, including the Buildings Ordinance.
Source: AI-found images
Speech by SFST at listing ceremony of PT Merdeka Gold Resources Tbk
Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at listing ceremony of PT Merdeka Gold Resources Tbk (PT Merdeka Gold Resources) today (June 26):
Carlson (Chairman of the Hong Kong Exchanges and Clearing Limited, Mr Carlson Tong), Mr Kartono (President Commissioner of PT Merdeka Gold Resources, Mr Santoso Kartono), ladies and gentlemen, distinguished guests,
Good morning. It is a great pleasure of mine to join you all today to celebrate the listing of PT Merdeka Gold Resources on the HKEX (Hong Kong Exchanges and Clearing Limited). I extend my warmest congratulations to the company, its leadership, shareholders, and all those who have worked tirelessly to bring this milestone to fruition.
This listing marks not only a significant achievement for PT Merdeka Gold Resources as a leading Indonesian gold producer, but also a testament to the growing confidence of international mining enterprises in Hong Kong as a premier capital-raising and trading hub. It is also the company's deep confidence in Hong Kong's strategic plan to build a full-chain ecosystem here and in the Asia time zone. Your decision to list here underscores the strong economic ties between Hong Kong and Indonesia, and more broadly, with our Belt and Road partners.
Hong Kong is actively building a vibrant international gold trading market. Amid complex geopolitics, our city's security, stability, and robust financial infrastructure position us well as an attractive destination for physical gold storage, trading, settlement, and delivery. Guided by the National 15th Five-Year Plan, we are leveraging "one country, two systems" to deepen co-operation with the Mainland and international markets, thereby contributing to national strategies while enhancing our role in global gold pricing and trading.
Key initiatives are well underway. We are expanding gold storage capacity in Hong Kong towards over 2 000 tonnes in the coming years. A government-owned central clearing system for gold is on track for trial operations this year, developed in close partnership with the Shanghai Gold Exchange to deliver efficient, reliable services aligned with international standards. We are also broadening investment products, including gold ETFs (exchange-traded funds) and tokenised gold, contemplating tax incentives for gold-related activities, and fostering an industry-led trade association to strengthen global connections.
These efforts aim to create a comprehensive, liquid, and trusted ecosystem that benefits producers, investors, and market participants in the gold market alike. The listing of PT Merdeka Gold Resources is a welcome and timely addition that enriches our market and exemplifies the opportunities Hong Kong offers to dynamic enterprises from the region.
We remain fully committed to working with partners like PT Merdeka Gold Resources to realise the full potential of Hong Kong as an international gold trading centre. I wish the company continued success, sustained growth, and fruitful engagement with the Hong Kong and global investment communities.
Thank you and congratulations.
Source: AI-found images
