City to consult on controls of money movement

Hong Kong's government will study controlling crossborder currency movements in response to criticism from an international task force that it failed to seize cash related to money laundering.

"We are in the process of collecting data, identifying issues and consulting stakeholders, and we will have a schedule on consultation aft er analysis,"

Rita Ma, spokeswoman at the Narcotics Division of the Security Bureau, said in a phone interview in Hong Kong Tuesday. The Narcotics Division plays a role in Hong Kong's actions against money laundering. Stocks drop; developers fall

Hong Kong stocks fell, led by developers and banks, as concern deepened that Beijing's eff orts to cool its property market will damp economic growth and suppress demand for raw

materials. The Hang Seng Index dropped 1.5 percent to 21,261.79, its biggest loss since April 19. The Hang Seng China Enterprises Index, which tracks the so-called H-shares of Hong Kong-listed mainland

companies, decreased 1.7 percent to 12,171.01. Hang Lung Properties Ltd, a developer that generated 40 percent of its fi scal 2009 revenue in China, declined 2.7 percent. China Resources Land Ltd, a state-controlled developer, slid 2.8 percent.

Q1 mortgage loans in negative equity fall 35%

Th e estimated number of residential mortgage loans (RMLs) in negative equity fell 35 percent in the fi rst quarter of 2010 as property prices soared and the city's economy recovered, data from the

Hong Kong Monetary Authority showed Tuesday. Th e estimated number of RML cases decreased to 303 for the quarter ended in March from 466 for the threemonth ended in December, with total outstanding

value down to HK$400 million ($51.3 million) from HK$700 million in the fourth quarter of 2009. The unsecured portion of these loans hovered around HK$100 million. The threemonth

delinquency ratio of mortgages in negative equity fell to 0.24 percent from 0.57 percent in the previous quarter.

CLP to set up fi rms in Thailand, India

CLP Holdings Ltd, Hong Kong's biggest electricity producer, will build a solar farm in Th ailand and set up three wind projects in India as the utility turns to clean energy sources to generate

power. The power producer is "close to" setting up a 55-megawatt solar project north of Bangkok with a venture partner, Chief Executive Offi cer Andrew Brandler said at a media briefi ng aft er the company's annual general meeting Tuesday, without elaborating. The utility will set up three wind-power plants in India in the next few months, Chairman Michael Kadoorie said at the briefi ng, without giving more details.

Re-appointment of HKEx chairman approved by govt

Acting Chief Executive of Hong Kong Henry Tang, has approved Ronald Arculli's reappointment as Chairman of Hong Kong Exchanges and Clearing Limited (HKEx) with immediate eff ect. The approval was made under the Securities and Futures Ordinance (SFO). Arculli's chairmanship will coincide with his term of appointment as a director of the HKEx Board, which will expire at the end of the 2012 annual general meeting of HKEx.

AGENCIES - CHINA DAILY

(HK Edition 04/28/2010 page2)