Two existing mobile network operators and a new entrant have bid for 90MHz of radio spectrum in the 2.3 GHz band at spectrum utilisation fees of $470 million, the Office of the Telecommunications Authority announced today.

Three existing operators and the new entrant took part in the auction which concluded after six bidding rounds.

The provisional successful bidders are 21 ViaNet Group, China Mobile Hong Kong Company and Hutchison Telephone Company.

Licences will be valid for 15 years. The licence-holders must provide mobile services coverage to a minimum of half the Hong Kong population, or fixed-services coverage to at least 200 commercial...

Sixteen applications for pre-sale consent were being processed at the end of January, 15 for residential units and one commercial.

The residential developments involve a total of 7,632 units. Among them, four developments involving a total of 607 units are expected to be completed this year, while 10 developments involving a total of 6,976 units are expected to be completed in 2013. The developer will update the estimated completion date for the remaining development, involving 49 units.

One application for consent to assign involving 164 residential units and one application for consent to assign for commercial development are being processed.

No...

Financial Secretary John Tsang has vowed to continue fighting property market speculation.

Speaking on a radio programme today, Mr Tsang said the Government has implemented measures to stabilise property prices, which have dropped 5% since the middle of last year.

The Government will continue the present land policy by increasing land supply and imposing the Special Stamp Duty, he said.

Meanwhile, Mr Tsang said most public expenditure in the coming financial year will be in education, medical services and social welfare.

He said he was delighted to see the speedy recovery of Hong Kong by the unexpected revenue increase in salaries and...

To support small and medium enterprises during the global economic slowdown, Secretary for Commerce & Economic Development Gregory So has proposed launching concessionary measures within the first half of this year.

Speaking at a press conference today, Mr So said the Government has proposed special time-limited concessionary measures under the existing SME Financing Guarantee Scheme administered by the Mortgage Corporation to further assist enterprises in tackling the economic uncertainties and possible liquidity problems.

Under the measures, the loan guarantee ratio will rise from the existing ceiling of 70% to 80% while the guarantee fee will be reduced.

Lending institutions can get...

The value of total receipts for the restaurants sector was $23.6 billion in the fourth quarter, up 7.4% over the same period a year earlier, the Census & Statistics Department said today.

The value of restaurant total purchases rose 10.4% to $8.7 billion.

Total receipts of miscellaneous eating and drinking places rose 9.5% in value and 1.7% in volume, while Chinese restaurant total receipts rose 7% in value and 0.4% in volume.

Non-Chinese restaurant receipts rose 6.5% in value and 0.3% in volume, while bar total receipts rose 4.2% in value and 0.1% in volume.

On a seasonally adjusted quarter-to-quarter comparison, the...

The value of total retail sales in December was provisionally estimated at $43 billion, a 23.4% increase over a year earlier, the Census & Statistics Department said today.

After netting out the effect of price changes over the same period, the volume of total retail sales rose 17.1% when compared with the same month a year earlier.

The revised estimate of the value of total retail sales in November, at $33.4 billion, was up 23.4% on the same month last year, while the volume of total retail sales increased 16.9%.

The volume of sales of miscellaneous consumer durable goods increased the...

The Land Registry recorded 4,490 sale and purchase agreements for all building units in January, down 19.8% on December and down 54.7% year on year.

The total consideration for sale and purchase agreements in January was $27.8 billion, down 14.7% on December and 52.9% down year on year.

Of the agreements, 3,507 were for residential units, down 18.5% on December and down 56.2% year on year.

Total consideration for sale and purchase agreements in respect of residential units was $22.2 billion, down 13.5% on December and down 33.4% year on year.

There were 280,782 land-register searches in January, down 16.9% on December...

The Mortgage Corporation plans to launch a microfinance pilot scheme with a trial period of three years in mid-2012.

At the request of Financial Secretary John Tsang, the corporation formed a study group last year comprising experts from the banking industry, voluntary agencies, academia and the Government. The group examined the feasibility of establishing a sustainable microfinance scheme in Hong Kong and submitted a report to Mr Tsang.

It said a sustainable microfinance scheme will provide comprehensive support to help boost borrowers' credit standing so they can obtain bank loans at a relatively lower interest rate. A comprehensive support system...

Financial Secretary John Tsang says his 2012-13 Budget was well thought-out following a series of public consultations, and he is confident the comprehensive measures will win support from the community.

Speaking on joint radio phone-in programme this morning, Mr Tsang said his latest budget covers both one-off measures and long-term strategies, aiming to balance the needs of people from all walks of life to improve their quality of living.

When asked about his performance over the past five years, Mr Tsang said he will leave it to Hong Kong people to rate him. He added the city’s economic development is...

Financial Secretary John Tsang has forecast the Government's operating expenditure for 2012-13 will be $315 billion, up 6% on the revised estimate for 2011-12.

Delivering his 2012-13 Budget today, Mr Tsang said recurrent expenditure will be $264.3 billion and capital expenditure will be $78.7 billion, including an all-time high of $62.3 billion on capital works.

The revised estimate for government revenue for 2011-12 is $433.1 billion, $63.4 billion higher than the original estimate. The revenues from profits tax and salaries tax have increased by nearly $30 billion compared to the original estimate. The sale of land brought in $83.1 billion, nearly $21.1 billion higher than the original estimate.

Taking into...