The Lands Department will provide additional rental or fee concessions for tenants of short-term tenancies (STT) and waiver holders in accordance with the new round of support measures announced earlier this month.

The measures aim to strengthen support for enterprises in light of the challenges arising from the COVID-19 epidemic.

In accordance with the support measures launched in 2019 and those announced in the 2020-21 Budget, STTs and waivers for varying the terms of land grants for business and community uses under the department have been granted 50% rental or fee concession from October 2019 to September this year.

Under the new round of support measures, the 5,000 eligible STT tenants and waiver holders already enjoying the previous concession, such as catering facilities, shops, workshops, public fee-paying car parks, and welfare facilities, will see their rental or fee concession rate increase to 75% from April to September.

The 75% concession arrangement will be extended to businesses not covered previously, such as depots for public transport operators, public utilities, petrol filling stations, driving schools and advertising facilities, effective for the same period.

If these tenants and waiver holders are ordered to close or have chosen to close due to the Government’s orders or other restrictions for safeguarding public health under the relevant regulation, they may further apply to the department for full rental or fee concession for the duration of the closure.

The department will issue written notifications to eligible STT tenants and waiver holders on the above concession measures and their implementation details.           

Additionally, to help development projects with construction progress affected by the epidemic, the department will offer extensions of the Building Covenant period at nil premium for up to six months for leases with the covenant not yet discharged as at April 8.

The department will issue a practice note and upload it onto its website by the end of the month to announce the application arrangements for lessees.

The Transport Department today invited tenders for operating six major licensed ferry services for outlying islands for five years from April 1, 2021.

The six routes are between Central to Cheung Chau, Inter-islands between Peng Chau, Mui Wo, Chai Ma Wan and Cheung Chau, Central to Mui Wo, Central to Peng Chau, Central to Yung Shue Wan and Central to Sok Kwu Wan.

The department said that for the purposes of maintaining financial viability of the six major routes, alleviating the burden of fare increases on passengers, enhancing service quality and promoting a green city development, the Government would continue to provide special measures to the routes.

Such measures would include launching a new Vessel Subsidy Scheme to help selected ferry operators replace the fleets of the six major routes and introduce greener vessels in phases, straddling 10 years from 2021.

Having regard to factors such as passenger demand, overall fleet requirements, flexibility in vessel deployment, operational efficiency, and after consulting the Islands District Council, the six major routes are grouped into two packages for tendering.

The first package covers Central-Cheung Chau, Peng Chau-Mui Wo-Chi Ma Wan-Cheung Chau (Inter Islands) and Central-Mui Wo routes.

The other package covers Central-Peng Chau, Central-Yung Shue Wan and Central-Sok Kwu Wan routes.

Tenderers are required to propose a fare for each fare type of each relevant route and it must not exceed the existing fare level of the corresponding route by more than 5%. Tenders should also include in their submissions fare concession proposals that will be considered in the tender evaluation.

In support of the Government's development of a smart city, tenderers should propose measures including dissemination of real-time arrival/departure time of ferry routes, number of remaining seats via mobile phone apps and opening up such data for the public’s use under data.gov.hk.

The tenders must be sealed in envelopes and placed in the Transport Department Tender Box adjacent to the reception counter of the department on the 10th floor of South Tower, West Kowloon Government Offices, 11 Hoi Ting Road, Yau Ma Tei before noon on June 30.

The cover of the tender submission should be marked with tender reference TD 382/2019 and include the subject of the tender. It should also be addressed to the Commissioner for Transport.

Tender documents will be available for collection at the Transport Department’s Ferry & Paratransit Division on the 14th Floor, South Tower, West Kowloon Government Offices, 11 Hoi Ting Road, Yau Ma Tei from April 27 during office hours.

The parking fees of 12 government public car parks will be frozen at their existing levels for one year from June 1, the Transport Department announced today.

In reviewing the parking fees, the department said it considered the inflation rate, private car park charges and usage of the government car parks.

Having considered the impact on the economy brought by the COVID-19 pandemic as well as the impact on usage of the car parks, the department decided to maintain the parking fees at existing levels.

The 12 car parks are Kennedy Town Car Park, Rumsey Street Car Park, Star Ferry Car Park, City Hall Car Park, Tin Hau Car Park, Shau Kei Wan Car Park, Aberdeen Car Park, Yau Ma Tei Car Park, Sheung Fung Street Car Park, Wong Tai Sin Public Transport Terminus Car Park, Kwai Fong Car Park and Tsuen Wan Car Park.

Click here for details.

Applications for the $1.3 billion in subsidies earmarked for registered owners of goods vehicles and green minibus operators under the Anti-epidemic Fund opened today, the Transport Department announced.

A one-off non-accountable subsidy of $10,000 will be provided to each registered goods vehicle owner for each goods vehicle.

From today until September 30, registered owners of goods vehicles who have received the department's letters must use the registration PIN provided in the letters for submission of registrations through GovHK.

After successful completion of registration, the subsidy will be disbursed to the designated local bank account provided in the registration through autopay in about two to three weeks.

Cross-boundary goods vehicle drivers who conduct nucleic acid tests in Hong Kong can apply for the subsidy on an accountable basis, with the maximum amount being $350 per test.

A one-off non-accountable subsidy of $30,000 per green minibus will be provided to each holder of a Passenger Service Licence-Public Light Bus (Scheduled) Service who has been approved to operate a relevant green minibus route package.

The department briefed the green minibus trade today on the subsidy arrangement and application details with the distribution of the application forms.

Green minibus operators are required to send the completed application forms to the department by post on or before September 30.

After the department has verified their submissions, the subsidy will be disbursed through autopay in about one month.

To assist the transport trades to cope with operational demands in the prevailing economic environment, the Government has rolled out the fuel subsidy and one-off subsidy measures under the first round of the Anti-epidemic Fund progressively.

As of mid-April, the department has received applications for subsidies from three franchised bus companies, 10 franchised and licensed ferry operators, Hong Kong Tramways Limited, registrations from 1,700 registered owners of non-franchised public buses, school private light buses and hire cars. Over $100 million of the subsidies have been disbursed.

Click here for details.

The Office of the Communications Authority (OFCA) today announced the launch of the Subsidy Scheme for Encouraging Early Deployment of the fifth-generation mobile technology.

Launched under the second round of the Anti-epidemic Fund, the scheme is open for applications until November 30 on a first come, first served basis.

It encourages various sectors to deploy 5G technology early to foster innovation and smart city applications and to improve the efficiency of their operations and the quality of their services that enhance Hong Kong's competitiveness.

The scheme will subsidise 50% of the actual cost directly relevant to the deployment of 5G technology in an approved project, subject to a cap of $500,000.

About 100 qualified projects will be subsidised.

Click here for more details.

For enquiries, call 2961 6333 or send an email to the OFCA.

The Development Bureau today announced that the Land Sharing Pilot Scheme will open for applications tomorrow to help unleash the development potential of qualified private land.

The private land must be with consolidated ownership that is outside specified environmentally sensitive areas and not covered by the Government's development studies.

In connection with the pilot scheme’s launch, the Chief Executive has appointed 10 members from a wide spectrum of sectors to a Panel of Advisors to offer independent opinions on the applications received and advise on the scheme's operation.

Chaired by Dr David Wong, the panel members will serve a term of 3.5 years starting May 1.

Secretary for Development Michael Wong said while government-led planning and land resumption remains the mainstream and continues to dominate its land creation agenda, the pilot scheme seeks to complement such efforts by tapping into market resources and efficiencies to boost both public and private housing in the short to medium term.

Under the scheme, the Government will facilitate infrastructural improvements that will enhance the development intensity of the private lots under application.

In return, the applicants are required to hand over part of the lots they own in the form of formed land that is capable of delivering at least 70% of the increased domestic gross floor area for public housing or Starter Homes developments intended by the Government.

Each project under the scheme should be capable of delivering an increased domestic gross floor area of no less than 50,000 sq m in total and at least 1,000 additional housing units.

The application period lasts for three years until May 5, 2023, subject to a cap of 150 hectares on the total area of private land to be approved.

The development chief added that the Government’s target is to convert the agricultural lots into spade-ready sites ready for housing construction within four to 6.5 years from the time applications are received.

The Government will ensure absolute transparency of the Employment Support Scheme, Chief Secretary Matthew Cheung said today.

Mr Cheung made the statement after attending a radio programme this morning, and reiterated that under the new $80 billion scheme, eligible employers have to undertake that they cannot implement redundancy and that the subsidy will go towards paying staff.

"We have got two very important criteria. One is, no redundancy at all. The second thing is, all the subsidy from the Government for that particular purpose must go to paying staff salaries and not other purposes. A very restrictive approach."

He added that the list of applicants for the scheme would be open for public inspection.

"We will ensure absolute transparency of the scheme. For any successful applicant, their amount of subsidy disbursed and so on will be released to the public, and also particularly to the employees concerned, so they know whether the employers have applied for the scheme and whether they are successful indeed.

"And finally in Hong Kong, we have got a very active media and also a very active trade union movement here."

Mr Cheung also said that imposing a penalty against those who did not comply with the scheme's regulations would be discussed.

"If there is any criminal element involved - conspiracy, dishonesty and so on - we will act in accordance with the law. Any outstanding sum that is not used will be clawed back. We are also considering imposing a penalty for any deviation from the so-called regulation or rules imposed by the scheme. Now, all these need to be thrashed out in the next few days.

"We will be going to the Finance Committee coming Friday. A special Finance Committee meeting will be lined up. Then the whole thing will go firm, because there are still some minor details yet to be thrashed out."

Secretary for Education Kevin Yeung said all the examination centres for the Hong Kong Diploma of Secondary Education (DSE) Examination are well prepared to provide a very safe environment for candidates to take the exams.

Mr Yeung made the statement when asked by reporters this morning about the arrangements schools have made to prepare for the DSE to be held on April 24.

He said: “In terms of the distance between the seats, in terms of all the procedures for cleansing, and also the detailed arrangements including the toilet arrangement and other things, all the schools, all the examination centres, are well prepared to provide a very safe environment for our candidates to take the examinations.”

Regarding school resumption, Mr Yeung said the Government has not made any firm decision nor set any deadline for schools to resume classes.

As we all know, Hong Kong as well as most parts of the world are facing a pandemic that has an enormous negative impact on our social and economic life. At this juncture, we don't have any accurate way to predict what will happen in the coming months. Two months ago, we were worried about whether COVID-19 would become a pandemic. Yet, the scale of the pandemic as we see now is not what we could have imagined two months ago. What we can do now is tackle the social and economic crisis upfront and build the resilience of our society, in particular, our employment market, so that when the time comes where social and economic activities can resume no matter how gradually or rapidly, our society can bounce back as soon as possible.

Unemployment has edged up bit by bit since the latter part of 2019. Statistics and daily news about business closures are telling us that unemployment is going up rapidly. While we should see what can be done to help those unemployed, the more important and urgent task is to see how we can "stop the bleeding", which essentially means job retention. The Employment Support Scheme, with a budget of over $80 billion, is designed exactly for that purpose. Through providing time-limited financial support, the whole idea of this scheme is to preserve jobs by enabling employers to keep their employees in employment for the coming months, and also when business resumes, employers can immediately grab the opportunities.

The central idea of the Employment Support Scheme is to provide wage subsidy that is equivalent to 50% of the wages of the employees up to a wage cap of $18,000 per month. The subsidy is given to the employers so that they can keep their staff for the coming six months. The employers will be required to have no redundancy or layoffs during the months that they receive wage subsidies from the Government.

In Hong Kong, we do not have a pay-as-you-go income tax system. Neither do we have a social insurance system nor a central provident fund to cover everyone in our workforce. That means we do not have any existing system covering every employer and employee in Hong Kong that we can devise a wage subsidy scheme that covers everyone. Any system meant to cover everyone in our workforce must be mandatory in nature and that will take time for us to have the relevant legislation in place and subsequently the system built.

However, schemes under the Mandatory Provident Fund (MPF) and the other Occupational Retirement Schemes provide a framework that we can develop a wage subsidy scheme to cover the great majority of the workforce. This is definitely not sufficient. In particular, we have identified three sectors that do not have good coverage in the provident fund systems. They are the catering industry, the construction industry and the passenger transport sector. Under the Anti-epidemic Fund, we have three sector-specific schemes to assist the employers and the employees in these sectors.

Many freelance workers or those in the so-called slash economy do not make contributions to the MPF. Though we have over 200,000 self-employed persons having an account in the MPF system, they do not pay MPF regularly. While we will provide a one-off wage subsidy to those self-employed persons who have made MPF contributions within the past 15 months, we also have three separate but mutually exclusive schemes operating under the Home Affairs Bureau, the Education Bureau and the Social Welfare Department, providing the same one-off wage subsidy to those freelance workers who provide arts and sports training. The one-off wage subsidy is $7,500.

Though all the schemes I mentioned above still cannot cover everyone in the workforce, this is the best we can do in making use of existing systems so that we can launch this round of the Anti-epidemic Fund in the shortest possible time to help our employers and employees to survive the challenges that are with us now. Any new systems to be built from scratch will not be able to provide the necessary timely support that employers and employees desperately need.

As mentioned earlier, unemployment is increasing at a disturbing rate. The basic unemployment protection system in Hong Kong relies on two legs. One is the Severance Payment or Long Service Payment payable by the employers, which is equivalent to two-thirds of the monthly salary times the number of years of service with the employer. The other is the Comprehensive Social Security Assistance (CSSA) Scheme. The CSSA provides a level of income support to families for their basic level of living in the context of Hong Kong. The CSSA provides a safety net to any family not having sufficient means, including those who are unemployed.

Apart from the income test, the CSSA also has an asset test. For the purpose of providing extra help to those unemployed during this difficult time, the Government will double the existing asset limit for the able-bodied for a limited period of six months, allowing more families with people unemployed to become eligible to receive CSSA. We estimated that about 40,000 families will benefit from this enhancement.

Unfortunately, over the years there is a social stigma towards the CSSA system. People in desperation may be deterred from applying for CSSA simply because of the stigma. This is the time for us to destigmatise the CSSA system. It is the safety net for citizens of Hong Kong. It is the responsibility of an affluent society like Hong Kong to provide the basic level of living to those who cannot afford to do so on their own. This is the time, this difficult time, that this safety net should perform its basic function.

We are doing our best to support Hong Kong in this epidemic fight. Let's weather the storm and brave the challenges together.

This is the Letter to Hong Kong by Secretary for Labour & Welfare Dr Law Chi-kwong on anti-epidemic measures and the Employment Support Scheme carried on Radio Television Hong Kong Radio 3 on April 19.

The seasonally adjusted unemployment rate increased to 4.2% in the period between January and March, up from 3.7% for the period between December 2019 and February, the Census & Statistics Department announced today.

The underemployment rate also increased to 2.1% in the period.

Total employment dropped by 48,800 to 3,720,000 while the labour force fell by 20,800 to 3,882,200.

There were 134,100 unemployed people in the period, an increase of 28,100 from the period between December 2019 and February, and the number of underemployed people rose by 23,700 to 82,800.

Secretary for Labour & Welfare Dr Law Chi-kwong said that the labour market further deteriorated as the COVID-19 pandemic severely disrupted a wide range of economic activities.

The unemployment rate soared by 0.5 percentage point to 4.2% for the period, the highest in more than nine years, while the underemployment rate likewise surged 0.6 percentage point to 2.1%, the highest in nearly a decade, he said.

The year-on-year declines in total employment and labour force widened further to 3.6% and 2.2%, both the largest on record.

The combined unemployment rate of the consumption and tourism-related sectors of retail, accommodation and food services soared to 6.8%, the highest since the period between August and October in 2009 following the global financial crisis, while the underemployment rate rose to 3.9%, the highest since the period between June and August of 2003 following the onslaught of SARS.

Dr Law added the situation in food and beverage service activities was severe, with the unemployment and underemployment rates surging to 8.6% and 5.4%.

Meanwhile, the unemployment and underemployment rates of the construction sector went up drastically to 8.5% and 7.1% amid a visible slowdown in construction activities.

The unemployment and underemployment situation worsened visibly in the transportation and education sectors as well. Labour market conditions in most other sectors also saw deterioration of various degrees.

Dr Law said: "The labour market will continue to face significant pressure from the economic fallout arising from the pandemic in the near term.

“The Government has rolled out relief measures of unprecedented scale, including the one-off measures in the 2020-21 Budget and the two rounds of measures under the Anti-epidemic Fund totalling $287.5 billion, with a view to preserving the vitality of the economy and relieving people's financial burdens.

“Some specific measures, in particular the Employment Support Scheme and various types of support for specific sectors, should help keep workers in employment.

“The Government will closely monitor the developments, including the progress and effectiveness of the various relief measures.”

The Government will launch a series of measures to retain and create jobs to prevent massive layoffs amid record levels of unemployment and underemployment for the first three months of the year.

The seasonally adjusted unemployment and underemployment rates have soared recently due to the severe blow dealt by the COVID-19 epidemic to Hong Kong’s economy.

With reference to the practice of some overseas governments in providing wage subsidies to employers and following the funding approval by the Legislative Council Finance Committee, the Government will launch the $81 billion Employment Support Scheme (ESS) as soon as possible.

The scheme will provide time-limited financial support to employers to retain workers who will inevitably be made redundant due to the downturn in business.

The provision of subsidies for employers, together with other relief measures and loan arrangements under the Anti-epidemic Fund and the 2020-21 Budget will help businesses stay afloat and retain jobs to prepare for a quick recovery once the epidemic is over.

Except for the Government, statutory bodies and government-funded organisations whose employees' salaries are not affected by the epidemic, employers who have been making Mandatory Provident Fund (MPF) contributions or have set up Occupational Retirement Schemes will be eligible for the ESS.

Employers joining the scheme have to provide an undertaking not to implement redundancies during the subsidy period and spend all wage subsidies from the Government in paying wages to their employees.

Wage subsidies provided under the ESS are calculated based on 50% of wages in a specified month subject to a wage cap of $18,000 per month for six months.

Payment will be made in two tranches, with the first payout no later than the end of June to subsidise employers to pay employees' wages from June to August.

After approval of the application, the number of employees on payroll shall not be less than the number of employees in March and the wage subsidies applied by employers must be used fully for employees' wages.

Under the ESS, self-employed people who have contributed to the MPF from January 1, 2019 to March 31 will be granted a one-off subsidy of $7,500.

The scheme is expected to benefit over 260,000 employers who have been making MPF contributions or have set up Occupational Retirement Schemes for 1.7 million employees, and about 215,000 self-employed people.

Employers and employees in the catering, construction and transport sectors that are not covered by the MPF will be taken care of by sector-specific schemes.

Regarding job creation, the Government has earmarked $6 billion to create about 30,000 time-limited jobs in public and private sectors in the coming two years for people of different skills and academic qualifications.

This is in addition to more than 10,000 civil service job openings for replacing retirees and filling new posts to be created in the 2020-21 Estimates, and about 5,000 short-term interns for young people.

In the second half of the year, the Labour Department will raise the ceiling of the on-the-job training allowance payable to employers under the Employment Programme for the Elderly & Middle-aged, the Youth Employment & Training Programme and the Work Orientation & Placement Scheme to further encourage employers to hire seniors, youngsters and the disabled.

The department plans to launch a pilot scheme in the second half of the year to encourage these people to undergo and complete on-the-job training under the above-mentioned employment programmes through the provision of a retention allowance.

A time-limited unemployment support scheme will be launched through the Comprehensive Social Security Assistance Scheme at the same time to provide timely and basic financial support to the unemployed who may not be covered by the ESS.

To maintain Hong Kong's economic vibrancy and relieve the financial burden of the public under the epidemic, the Government has introduced the largest package of relief measures to date, including the one-off relief measures in the Budget costing $120 billion and two rounds of measures under the Anti-epidemic Fund totalling $287.5 billion.

This accounts for about 10% of Hong Kong's gross domestic product, the Government added.

Chief Secretary Matthew Cheung today visited Queen Elizabeth School to inspect the preparatory work of an examination centre for the Hong Kong Diploma of Secondary Education (DSE) Examination.

Mr Cheung was briefed on anti-epidemic precautionary measures for candidates and examination personnel before they enter the centres.

They will be required to wear masks, make health declarations, undergo temperature checks, disinfect the soles of their shoes and clean their hands with alcohol-based sanitiser.

He then visited the school hall to understand the preparation required for an examination centre, such as disinfection and widening the distance between candidates’ seats to 1.8m as much as possible.

The Chief Secretary also learnt about the arrangements for candidates during the sessional break and the use of washrooms to help ensure that social distancing is maintained.

Mr Cheung was pleased to know that the Education Bureau had earlier distributed masks to candidates and made available about 200,000 bottles of alcohol-based sanitiser for candidates at examination centres.

The bureau has also set fallback dates, should the DSE examination be halted if the epidemic situation worsens.

He thanked the bureau, relevant government departments, the Examinations & Assessment Authority, principals, teachers and school staff for the additional work they have done to protect the candidates’ health and safety.

He encouraged the some 50,000 candidates to tackle the examinations positively and optimistically and reminded them to heighten their anti-epidemic awareness and strictly follow examination arrangements.

Additionally, Mr Cheung appealed to all employers to allow their staff to follow flexible working hours to divert passenger flows on public transport during the morning peak hours between 7am and 8am, thus enabling candidates to reach examination centres on time.

The Transport Department today said that public transport operators will resume and strengthen services to meet the travelling needs of candidates sitting for the Hong Kong Diploma of Secondary Education Examination (DSE), which will start on April 24.

At the department's request, KMB, Citybus, New World First Bus and New Lantao Bus will resume bus routes serving school areas that were previously suspended, and will strengthen the services as appropriate to meet passenger demand.

For the Mass Transit Railway, except for the Airport Express and Disneyland Resort Line, heavy rail services will be gradually enhanced, starting from 6.15am to 6.30am during the exam period.

Light Rail and MTR bus services serving school areas will also be strengthened.

The department has reminded green minibus operators to closely monitor the transport demand and strengthen services as appropriate throughout the exam period.

Its Emergency Transport Co-ordination Centre will closely monitor the traffic situation and co-ordinate with major public transport operators to adjust frequency flexibly and strengthen services when necessary.

The department appealed to all DSE candidates to familiarise themselves with public transport routes to be taken to examination centres in advance and allow sufficient travelling time.

The deadline for applications under the first round of funding from the Elder Academy Development Foundation in 2020 has been extended to June 30, the Labour & Welfare Bureau announced today.

The decision aims to provide sufficient time for primary and secondary school sponsoring bodies, post-secondary institutions and organisations, which may be affected by the COVID-19 epidemic, to prepare their submissions.

The fund’s committee accepts funding applications all year round and conducts vetting and disburses funding twice a year. The deadlines were generally May 31 and October 31 respectively.

The committee will continue to monitor the situation and announce arrangements for the next round in due course.

To tie in with the Elder Academy Scheme, the fund mainly provides funding for primary and secondary schools as well as post-secondary institutions to set up academies to provide learning opportunities in a school setting for the elderly.

Funding is also provided for activities that encourage elderly learning and inter-generational harmony.

Call 3655 5861 or 3655 5007 for enquiries.

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Property management companies and owners’ organisations which have successfully applied for an anti-epidemic support scheme were reminded today to disburse the hardship allowance to frontline workers as soon as practicable upon receiving the subsidies.

The Home Affairs Department said the workers concerned shall acknowledge receipt of the allowance using the prescribed forms.

The property management companies or owners’ organisations shall submit a report on the allowance’s overall payment to the Property Management Services Authority within three months of receiving the subsidies.

The department and/or the authority will conduct a random review and check to ensure that the frontline property management workers have received the allowance.

As of today, more than 8,160 applications have been received for the Anti-epidemic Support Scheme for Property Management Sector under the Anti-epidemic Fund.

About 2,850 applications have been approved, involving more than $100 million in subsidies and benefitting more than 17,500 building blocks and about 25,500 frontline workers.

Call 3696 1156 or 3696 1166 for enquiries.

The Mortgage Corporation today announced that the pilot scheme for fixed-rate mortgages will start receiving applications from May 7.

The aggregate loan amount of the Fixed-rate Mortgage Pilot Scheme is $1 billion, subject to a maximum loan amount of each private residential mortgage of $10 million.

Financial Secretary Paul Chan said the pilot scheme, announced in the 2020-21 Budget, provides an alternative financing option to homebuyers for mitigating their risks arising from interest rate volatility, thereby promoting the development of the mortgage market in the long run.

In response to the change in market interest rates, mortgage interest rates under the pilot scheme have been lowered, as compared to the levels previously announced in the Budget. The interest rates per annum for 10, 15 and 20 years are 2.55%, 2.65% and 2.75%.

Mortgages under the pilot scheme will be offered through Bank of China, Chong Hing Bank, Dah Sing Bank, Industrial & Commercial Bank of China, Shanghai Commercial Bank, Standard Chartered Bank and The Bank of East Asia.

At the end of the fixed-rate period, borrowers may either re-fix the mortgage rate under fixed-rate mortgages or convert the mortgage to a loan on a floating rate, which is the prime rate minus 2.35%.

The pilot scheme will be effective until October 31.

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