'Higher Price Tag For Legco Expansion Justified'
"); jQuery("#212 h3").html("

"); });
2022-05-20 HKT 13:28
Chairman of the Legislative Council's public works subcommittee, Lo Wai-kwok, on Friday defended a government request for more funding to expand the Legco complex.
Legco last year approved a sum of HK$1.17 billion for the project, but it's now estimated to cost HK$1.56 billion.
In a paper submitted to Legco, the government said tender prices are higher than expected because the difficulty of the project is "unique and unprecedented".
"The extremely stringent limitation on the work arrangements and the extensive amount of works allowed to be only conducted during nighttime throughout the construction period further aggravate the complexity and escalate the costs," it says.
Speaking on an RTHK programme, Lo said the higher price tag is reasonable.
"I wouldn't say it's a cost overrun as construction hasn't even started," he said.
"The construction teams can only work overnight to avoid affecting Legco's normal operations during the day. It's challenging and therefore affects the project cost."
He also said the expansion project is needed because the Legco complex is overcrowded.
EDENA Unveils AI System To Automate Sovereign Asset Settlement
At the DAT Summit Hong Kong, EDENA Capital Partners launched the Autonomic Financial OS. The company describes it as an... Read more
Naver Exposes 15,000 Knowledge IN Users Activity, Moves To Improve Privacy Controls
Naver has announced measures following an incident in which around 15,000 users’ activity histories on Knowledge iN w... Read more
Japans PayPay Files For US IPO, Targets Valuation Above US$10B
SoftBank‘s digital payments unit, PayPay, has filed publicly for a US IPO. The listing could be the largest by a Japa... Read more
Inference Research Launches In Hong Kong With US$20M Seed Funding
Inference Research, an AI-native quantitative trading firm based in Hong Kong, has announced its launch and the expecte... Read more
London-Based Unlimit Appoints Michele Fung To Lead APAC Expansion
London-based fintech company Unlimit, which provides a broad range of financial technology services, has appointed Mich... Read more
SoFi Launches Digital Asset Trading In Hong Kong Through OSL Partnership
SoFi Securities (Hong Kong) (SoFi Hong Kong) and OSL Group have announced a partnership to offer digital asset trading ... Read more
