Submissions and Reports

The Chamber has offered recommendations on the Government’s policy priorities for Chief Executive John Lee’s formulation of his second Policy Address in the face of unprecedented challenges.

The Chamber welcomes the proposals to regulate such powerful greenhouse gases with high global warming potential and suggests that the Government takes into account the operational practicalities that businesses are faced with during the implementation. We propose that the Government defer the implementation of the ban on sale and supply, as well as on-product labeling requirements, to allow businesses more time to comply with minimal disruptions.

The Chamber supports global efforts to develop common standards for ESG reporting as they could provide a useful reference guide for investors and issuers. We venture to suggest a deferral of implementation of mandatory climate-related reporting standards to allow sufficient time for all market participants, especially smaller cap issuers, to comply. The proposed mandatory requirements should also consider such factors as practicability and proportionality to avoid listing rule violations.

The Chamber welcomes and supports the Development Bureau’s legislative proposal to streamline the arrangement for the extension of land leases as it would enhance clarity and certainty, as well as reduce cost for businesses and households. We venture to suggest that consideration be given to such aspects as including special purpose leases in its scope and extending the gazette notice period to allow greater certainty for commercial planning and investment purposes.

The Chamber suggests that the source of disposal gains should be determined based on the location or jurisdiction where relevant economic activities were carried out, providing greater clarity for businesses and aligning with principles of source-based taxation.

The Chamber recommends that the review mechanism of the Statutory Minimum Wage (“SMW”) be left unaltered, and has also submitted comments on the relevance and necessity of a SMW.

The Chamber welcomes the SFC’s introduction of a new regulatory framework for licensed virtual asset trading platform (VATP) service operators as well as proposals to allow retail investors to access services delivered by the former, provided that there is balance between supporting the development and demands in virtual asset trading, and providing robust protection to investors and market integrity. At the same time, the Chamber notes that there exist differences in industry views on the necessity and sufficiency of certain proposed investor protection mechanisms.

The Chamber welcomes and supports the Development Bureau’s proposed measures to update and streamline the Compulsory Sale Regime. While we believe this is in the right direction to expedite the pace of urban redevelopment and help address Hong Kong’s chronic housing shortage, we venture to suggest that there may be scope for further refining the proposals to ensure that the measures proposed are sufficient to induce market-driven initiatives for larger-scale and comprehensive redevelopment while taking into account minority owners’ interests.

The Chamber welcomes the Government’s initiative to update the Talent List to address Hong Kong’s acute talent shortage situation and sustain a competitive economy, and puts forward recommendations on the necessary high-skilled professions for inclusion in the same.