Financial Results for the Four Months Ended July 31

For more information, please contact:
Melissa Ng / David Hsieh at 212-752-3320
Daniel McAtee at 202-238-6360
Wing Yan Tong at 415-835-9315

August 31, 2009 - The Hong Kong Special Administrative Region Government announced today its financial results for the four months ended July 31.

Expenditure for the period April to July was HK$89.6 billion (US$11.48 billion) and revenue HK$54.4 billion (US$6.97 billion), resulting in a deficit of HK$35.2 billion (US$4.51 billion).

A government spokesman said the deficit for the period was mainly because some major types of revenue including salaries tax and profits tax were mostly received towards the end of a financial year.

The fiscal reserves stood at HK$459.2 billion (US$58.87 billion) as at July 31.