Hong Kong Government's application for the payment of debts for Ocean Park

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Written by: Liang Huanmin

2020-06-17 13:02

At the end of last month, the Finance Committee of the Legislative Council applied for more than 5.4 billion yuan to Ocean Park Corporation for the purpose of repaying more than 3 billion yuan in commercial loans and maintaining business for one year. Disclosure of interest rates and other contents of the loan agreement. In recent years, the Hong Kong Government has frequently refused to respond to many financial issues related to machine construction in the name of business secrets, and has been questioned by Members and members of the public. The Secretary for Financial Affairs and the Treasury, Xu Zhengyu, replied to the questions in writing and was still unwilling to disclose the financial content.

Xu Zhengyu said that he had earlier allocated funds to subsidize the Ocean Park Corporation and adjusted the repayment arrangement of the loan fund, and applied to the Finance Committee of the Legislative Council for approval, of which 3.09 billion yuan was used to repay commercial loans and related financing costs. The information includes loan amount, related interest, hedging loan interest, borrowing, repayment date and mortgage, etc.

In the past, when the government applied to the Finance Committee for capital injection to Disneyland, it also knew the details of the investment, including share capital and loan arrangements. Xu Zhengyu believed that the Hong Kong government has been quite transparent about the investment and operating conditions.

Xu Xu said that when the government applied for funding from the Finance Committee, it had explained the details of the project, financial arrangements, the rationale for using public funds, and other relevant information. It considered and approved the application as a member, and it would depend on the specific situation and actual needs. The Policy Bureau will also make an introduction or report to the Legislative Council Panel in due course, and believe that if commercial information is involved, the government will balance various factors such as policies, laws, contract specifications, and the public’s right to know, and will take public interests as the basis. To decide whether and how to disclose this information.

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The Finance Committee has allocated more than 5.4 billion yuan to Ocean Park, but the government has repeatedly refused to disclose the loan agreement on the grounds of involving commercial secrets. The Secretary for Financial Affairs and the Treasury Xu Zhengyu is still unwilling to disclose the financial content. (Profile picture/Photo by Zhang Haowei)

Secretary for Financial Services and the Treasury Xu Zhengyu Legislative Council Finance Committee Legislative Council Ocean Park