Hong Kong – Executive Council approves financial arrangement for Tung Chung Line Extension

Executive Council approves financial arrangement for Tung Chung Line Extension


     The Chief Executive in Council today (February 28) approved the financial arrangement for the Tung Chung Line Extension (TUE). Subsequently, the Transport and Logistics Bureau has signed with the MTR Corporation Limited (MTRCL) the project agreement for the TUE. It is expected that the construction of the project will commence in mid-2023 for completion in 2029.

     A Government spokesman said, “The TUE project is implemented under the ownership approach. The MTRCL will be responsible for the financing, design, construction, operation and maintenance of the TUE. The Government, supported by an independent checking consultant, has checked and verified the project financial estimates provided by the MTRCL. The capital cost estimate for the TUE is $19.5 billion (in December 2020 prices) and the funding gap of the TUE is $15.5 billion (July 2022 Net Present Value (NPV)). The Government will provide funding support to the MTRCL in order to implement the project.”

     The Executive Council approved granting the MTRCL the property development rights of Tung Chung Area 113 and deducting a total fixed lump sum of $18.3645 billion in money-of-the-day prices (equivalent to the above-mentioned funding gap of $15.5 billion (July 2022 NPV)) from the full market value land premium of the site assessed on a “with-railway” basis in the future as funding support to the MTRCL to implement the TUE project.

     Tung Chung Area 113, with an area of about 7.6 hectares, is located in the newly reclaimed land under the Tung Chung New Town Extension (TCNTE) project and in immediate vicinity to the proposed Tung Chung East (TCE) Station under the TUE project. Tung Chung Area 113 is intended for an integrated development for commercial and residential uses cum Public Transport Interchange with the provision of open space and Government, Institution and Community facilities.

     “The Government has been advocating the ‘infrastructure-led’ and ‘capacity-creating’ planning principles in taking forward transport infrastructure projects. We will provide funding support to the MTRCL to implement the TUE project. Under the relevant financial arrangement, the MTRCL is required to pay land premium, which is the full market value assessed on a “with-railway” basis less the fixed lump sum, for the development of the site. The MTRCL will also bear all the associated commercial risks arising from market fluctuations and rail operations,” the spokesman said.

     The TCNTE is an important source of land supply to meet Hong Kong’s housing, economic and social needs with additional planned population of about 146,000 and 38,000 in Tung Chung East and Tung Chung West respectively. The TUE will offer direct railway access to the TCNTE supporting the sustainable growth in population and employment opportunities in that area. The project mainly comprises the following parts:

     (1) the extension of the railway tunnels westward from the end of the existing Tung Chung Station for about 1.3 kilometres with the construction of a new Tung Chung West Station at the west of Yat Tung Estate, to serve Yat Tung Estate, Mun Tung Estate and other housing developments in the adjacent area; and

     (2) the re-alignment of approximately 1.2-kilometre long railway track section between the existing Sunny Bay Station and Tung Chung Station with a view to shifting it towards TCE reclamation area and the construction of the new TCE Station to serve the new developments of the TCE reclamation area.

Japan – NEC announces executive personnel changes

NEC Corporation (“NEC”; TSE: 6701) today announced executive personnel changes that will become effective as of April 1, 2023, and a decision made at the meeting of the Board of Directors held on January 30, 2023, to transition NEC’s structure to a Company with a Nominating Committee, etc. as well as executive personnel changes that are both subject to approval at the Ordinary General Meeting of Shareholders scheduled to be convened in June 2023 (“GSM”).

The Board of Directors will consist of 5 inside directors and 7 outside directors, with the majority of the directors being independent outside directors. In addition, 12 new Corporate Officers will be appointed, including 2 women and 2 foreign nationals, as part of strongly promoting the strategy execution of the Mid-term Management Plan 2025 from a variety of perspectives.

For the full press release, please visit www.nec.com/en/press/202301/images/3003-01-01.pdf.

Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

#1 Executive Coach Dr. Marshall Goldsmith Urges All CEOs to Read “Ignite Culture” Before It’s Too Late

 Dr. Marshall Goldsmith, Thinkers50 #1 Executive Coach and New York Times bestselling author minces no words in the Foreword to “Ignite Culture”: “This is the book every leader needs to read!”

“Ignite Culture,” released on January 18, 2023, was written by Margaret Graziano, recognized as one of Silicon Valley’s Top 100 Women Leaders. Written for CEOs and other high-level executives, the book is being billed as the ultimate guide to creating an organizational culture that inspires.

“A healthy, intentional, high-performance culture is a result of the leader’s ability to align, inspire and optimize their people to fulfill a noble cause,” Graziano explains in the book.

Goldsmith, with 40 years of experience in executive coaching lavishes praise on Graziano’s book in a thoughtful foreword. “Margaret is an expert in the field of culture change and development. Her work has helped thousands of people across companies heal trust, mend broken relationships, and create space for people to start working together more effectively. Her real stories and experiences combine with research to create an authentic and powerful resource,” he states.

The book arrives at a critical time. According to the U.S. Bureau of Labor Statistics, another 4.3 million workers quit their jobs in December 2022—compared to 42.1 million people that quit in 2019. A Pew Research Center study found that many decided to cut their loses due to terrible benefits, no advancement opportunities, and feeling disrespected at work.

“The average human being is exhausted, frustrated, and overwhelmed with the amount of work on their plate as compared to the time they have to get it done. The modern organization must intervene and make culture the priority if they want to attract, hire, retain and optimize the genius of high-quality employees,” Graziano writes.

“Ignite Culture” speaks directly, and bluntly, to the leader/reader. It takes them first through a journey of self-reflection, then moves to the team and breaks down the fundamentals of trust. The third section has them assess their organization’s health and helps them create a blueprint for lasting change.

“This book is the practical and actionable guide to transforming your organization—permanently,” writes Goldsmith.

“Ignite Culture: Empowering and Leading a Healthy, High-Performance Organization from the Inside Out” is available in eBook, paperback, and hardcover at all major online retailers, including Amazon.

About the Author
Recognized as one of Silicon Valley’s Top 100 Women Leaders, Margaret Graziano’s groundbreaking work is driven by her power to uncover and catalyze human potential. For over 25 years, she has been pioneering new methods of leadership training, organizational culture, and strategic people operations. The results are proven successes that have unlocked a wealth of talent, human spirit, and capacity in more than 25,000 people.

Margaret Graziano works with Bublish, whose mission is to empower entrepreneurial authors with the tools, resources, and programs they need to be successful in today’s competitive book marketplace.

More info:

Twitter – KeenMargo
LinkedIn – www.linkedin.com/in/margaretgraziano
Instagram – Magigrazi
TikTok – KeenMagi
Facebook – Margaret Graziano, KeenAlignment

Kathy Meis
Margaret Graziano



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YATA Chief Executive Officer Ms. Susanna Wong Awarded as Japanese Cuisine Goodwill Ambassador

YATA is pleased to announce that Ms. Susanna Wong, the Chief Executive Officer of YATA, has been awarded by the Ministry of Agriculture, Forestry and Fisheries (MAFF) of Japan as the “Japanese Cuisine Goodwill Ambassador” in recognition of her leadership in YATA in promoting Japanese cuisine and ingredients in Hong Kong over the years. The ceremony was held at the residence of the Consul-General of Japan in Hong Kong, with Ambassador Okada Kenichi, the Consul-General of Japan in Hong Kong, presenting the certificate of appointment.

Ms. Susanna Wong, the Chief Executive Officer of YATA, said, “YATA has always been committed to promoting quality shopping experiences at modern Japanese lifestyle department stores, and high-quality Japanese ingredients are an integral part of its efforts. I am very grateful for the support from the Japanese government to YATA over the years. With the support, YATA is always able to introduce premium ingredients from different areas of Japan that are of high quality and in season so that Hong Kong people can easily enjoy scrumptious and exceptional Japanese fresh meat and produce. I am honoured to be awarded as the ‘Japanese Cuisine Goodwill Ambassador’. In the future, I will continue working closely with the Japanese government and my team to bring out new ways to promote Japanese ingredients and Japanese cuisine experience.”

MAFF has awarded “Japanese Cuisine Goodwill Ambassadors” since 2015 to further promote Japanese ingredients and food culture overseas.

YATA made its debut in 2008, bringing in the concept of “Modern Japanese Lifestyle Department Store” to the market. Over 60% of the total products of YATA are imported from Japan, with 30% of fresh meat and 50% of produce, the long-term-popular items among customers, delivered to Hong Kong by air. Each year, a number of thematic events about Japanese regions are held to promote Japanese food culture. YATA has a total of 14 branches in Hong Kong, including 3 department stores, 9 supermarkets and 2 convenience stores, to provide always accessible Japanese-style shopping surprise to consumers.

Topic: Press release summary

Sectors: Retail & eCommerce


From the Asia Corporate News Network

Copyright © 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Dr. HOOY Kok Wai, Chairman of the Board of China Wantian Holdings, wins the 17th World Outstanding Chinese Award; Mr. ZHONG Xueyong, Chief Executive Officer and Executive Director of China Wantian Holdings, is honoured with the 3rd World Outstanding Chinese Youth Entrepreneur Award

“Take practical action in a down-to-earth manner and aim high to achieve growth” is the long-standing company philosophy of China Wantian Holdings Limited (“China Wantian Holdings”, together with its subsidiaries, the “Group”; Stock Code: 1854.HK). As a green enterprise engaged mainly in environmental protection and technology, retail, catering and fresh food supply, China Wantian Holdings has actively supported China’s Greater Bay Area (GBA) development plan and net-zero carbon emissions vision in recent years, while outlining its development path for the GBA and striving to become one of the region’s leading green brands. At a prize-giving ceremony yesterday, Dr. HOOY Kok Wai, Founding President of Guangdong – Hong Kong – Macau Greater Bay Area Industry and Commerce Federation, Vice Chairman of Perfect (China) and Chairman of the Board of China Wantian Holdings, was honoured with the 17th World Outstanding Chinese Award. Mr. ZHONG Xueyong, Founding Chairman of Guangdong – Hong Kong – Macau Greater Bay Area Industry and Commerce Federation, Co-Chairman of Wangu Group and Chief Executive Officer and Executive Director of China Wantian Holdings, was presented with the 3rd World Outstanding Chinese Youth Entrepreneur Award. Dr. HOOY Kok Wai and Mr. ZHONG Xueyong received the awards in recognition of their outstanding performance and achievements in the industry, and their active participation in public welfare affairs over the years, contributing to the social economy and helping to improve people’s lives.
As a Chairman of the Board at China Wantian Holdings and Vice-chairman of Perfect (China) Co., Ltd., Dr. HOOY Kok Wai brings to bear more than 30 years’ deep experience of management and business development. He is also a renowned Chinese entrepreneur who focuses on improving people’s lives. Dr. HOOY Kok Wai started his business in 1980. He was invited by his close friend Mr. Koo Yuen Kim, a third-generation member of the Chinese-Malaysian community, to visit Zhongshan, in Guangdong Province, where they co-founded Perfect Commodity Co., Ltd. (“Perfect Co.”) in 1993. Over the years, Perfect Co. has continued to grow and has become a modern enterprise engaging in scientific research, production, sales and services. Making cumulative tax contribution of around RMB38.8 billion, Perfect Co. has become the largest taxpayer in Zhongshan. Adhering to a lifelong philosophy of positivity, optimism and hard work, Dr. HOOY Kok Wai contemplated starting a second business, and joined forces with Mr. ZHONG Xueyong to lead China Wantian Holdings, developing it as an enterprise that safeguards people’s food safety and promotes the urban economy to fulfil the promise of helping people live better lives. In recent years, China Wantian Holdings has actively responded to China’s call to improve people’s health, embracing green development and adopting a mission to enable thousands of families to eat well every day, and it has worked tirelessly to become a leading lifestyle service provider in China.

Mr. ZHONG Xueyong, the Group’s Chief Executive Officer, is a post-1980s generation young entrepreneur, community leader and philanthropist. Mustering a Hakka spirit of diligence, innovation and pragmatism, Mr. ZHONG Xueyong founded Wangu Group in 2012 and accumulated the means to contribute to society through developing his business. In 2015, Mr. ZHONG Xueyong established Wangu Shopping Basket Plaza, a landmark project with both exterior and inner functions, making a commitment to developing it as a five-star safe food market providing air and water purification and one of the Zhongshan government’s major large-scale livelihood projects. In 2018, with Dr. HOOY Kok Wai, Mr. ZHONG Xueyong founded WG Sky Farm International Group, which develops the rooftops of schools, government offices, hospitals and factories to create distinctive sky farm and grow organic vegetables, advancing healthy lifestyles, environmental protection and afforestation. In addition to setting an example for a new generation of entrepreneurs, Mr. ZHONG Xueyong never forgets his origins and always remembers past kindnesses he has received. He endeavours ceaselessly to contribute to society, helping disadvantaged members of the community and actively participating in the promotion of public welfare. As of 2021, he had organized more than 100 public welfare activities and had donated tens of millions renminbi to the disadvantaged group, directly benefiting over 100,000 people.

The honours of the World Outstanding Chinese Award and the World Outstanding Chinese Youth Entrepreneur Award recognise the business philosophies and social influence of Dr. HOOY Kok Wai and Mr. ZHONG Xueyong over the years, during which they have distinguished themselves through their kindness and by cultivating a strong sense of social responsibility among China Wantian Holdings’ management. “For being well prepared and raring to go, god rewards those who work hard,” is Dr. HOOY Kok Wai’s motto. As management at the Group, Dr. HOOY Kok Wai believes that he must set a good example for his employees. He remains ever-mindful of his origins, he always returns expressions of kindness he has been shown, and he devotes himself tirelessly to helping others succeed. He also strives to achieve further breakthroughs and surpass himself in corporate development. Mr. ZHONG Xueyong says it is his aspiration to contribute to livelihoods nationwide through entrepreneurship. To make an even greater contribution to society, he aspires to supply the Chinese people with the highest-quality food ingredients by continuously upgrading and expanding China Wantian Holdings’ business.

Driven by its mission of enabling thousands of families to eat well every day, China Wantian Holdings is committed to becoming a leading lifestyle service provider in China. Leveraging its two leaders’ solid experience of business operations and strong social networks in China, the Group will actively cooperate with the Chinese government in developing a philosophy of modern agriculture technology and green environmental protection by creating fertile land on unused rooftop spaces to increase the proportion of urban greenery. The Group will promote environmental education at enterprises and in schools in order to support the sustainable development of the GBA. In the future, leveraging the honours received by Dr. HOOY Kok Wai and Mr. ZHONG Xueyong, China Wantian Holdings will proactively establish a development path for the GBA in line with China’s national development plan and net-zero carbon emissions target, with the aim of becoming a leading green enterprise brand in the region.

The 3rd Guangdong-Hong Kong-Macao Greater Bay Area Outstanding Young Entrepreneur Award Ceremony, co-organized and sponsored by China Wantian Holdings, was held simultaneously in Hong Kong, Macau and Shenzhen on 21 September 2022. One-hundred-and-two winners were selected from fields including semiconductors, autonomous driving, healthcare, home economics and the Internet of Things, based on their contributions and outstanding achievements in the GBA. The event was designated by the Government of the Hong Kong Special Administrative Region as one of the activities to celebrate the 25th anniversary of the city’s returning to Chinese sovereignty. Mr. John Lee, Hong Kong Special Administrative Region’s Chief Executive, attended and delivered a speech at the ceremony. At the event, Mr. ZHONG Xueyong was invited to shake hands and have his photograph taken with Mr. Lee.

The award aims to identify the highest-potential and most representative young entrepreneurs in the GBA and recognise their outstanding contributions to promoting the integrated development of the region. It is hoped that more young talents will be encouraged by the two China Wantian Holdings entrepreneurs’ success at the awards and seize opportunities to engage with the development of the GBA. China Wantian Holdings is actively engaged in the development of the GBA, and is committed to becoming a leading green brand in the region to contribute more to its economy and exquisite lifestyle in the society. The Group’s management also hopes that young talents will pursue the opportunities the GBA offers and help the region to excel in harmony with the philosophy of the Guangdong-Hong Kong-Macao Greater Bay Area Outstanding Young Entrepreneur Award Ceremony.

About China Wantian Holdings Limited
China Wantian Holdings (1854.HK) is an investment holding company. The Group is principally engaged in sourcing, processing and supplying food ingredients, with a focus on the provision of vegetables and fruit to food service operators in Hong Kong. It supplies in excess of 1,300 food ingredients to more than 480 customers. In May 2022, China Wantian Holdings established its Greater Bay Area headquarters in Shenzhen, marking its official debut in the Greater Bay Area market. The Group will focus on developing three main businesses in this market, including fresh food supply, retail and catering, as well as environmental protection and technology and actively establish a leading green brand in the Greater Bay Area to provide customers with fresh, healthy and safe food.

For more details, please visit: chinawantian.etnet.com.hk

Topic: Press release summary