Fate of three billion US dollar Hong Kong property sale hangs in balance

[Judi Lynn]

Fate of three billion US dollar Hong Kong property sale hangs in balance

58 minutes ago Asia - AFP



HONG KONG (AFP) - The fate of a three billion US dollar real estate privatisation scheme is hanging in the balance, as the government tries to prevent a potentially embarrassing collapse of the world's largest property trust sale.

The launch of the planned selloff of 180 shopping malls and 79,000 car parking spaces on public housing estates has been thrown into serious doubt by an elderly female tenant who challenged the decision in court.

Senior government officials including chief executive Tung Chee-hwa and Financial Secretary Henry Tang met for another crisis meeting Sunday morning to decide whether the listing would go ahead on Monday as planned.

But Tang said Saturday the chance of seeing the scheme going ahead was "slim" given the legal uncertainties.

Local press, citing unnamed sources, reported that the government had decided to pull out of the controversial privatisation scheme due to the "high risks" involved as the prospectus of the sale did not mention possible legal challenges.
(snip/...)

http://story.news.yahoo.com/news?tmpl=story&cid=1530&ncid=731&e=3&u=/afp/20041219/wl_asia_afp/hongkongpropertyreit

[loveable liberal]

1. good for granny!!! nt

[NYC]

2. Has privatization been thwarted?

Shall I rejoice? :party:

[aquart]

3. Anytime it happens is a good day.

[NYC]

4. The article makes it sound as though this

privatization effort may have been permanently thwarted. Good for them.