Financial Results for the Eight Months Ended November 30

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

December 31, 2009 - The Hong Kong Special Administrative Region Government announced today its financial results for the eight months ended November 30, 2009.

There was a surplus of HK$17.9 billion (US$2.29 billion) in the month of November, thereby reducing the deficit for the eight months ended November 30, 2009 to HK$38.9 billion (US$4.98 billion). Expenditure for the period amounted to HK$182.2 billion (US$23.35 billion) and revenue HK$143.3 billion (US$18.37 billion).

A government spokesman said that the improved financial results in November were mainly due to the collection of profits tax. He added that revenue sources including land premium and stamp duties were expected to have a better outturn than previous forecast for the year. The revised estimates for the current financial year will be published along with the 2010-11 Budget on February 24, 2010.

The fiscal reserves stood at HK$455.5 billion (US$58.39 billion) as at November 30, 2009.