Law Bingham: The briefing on the financing of the northern capital of Lantau was taken out of context

2023-04-28 20:30:00
[Ming Pao News]The government’s “Kaoyi Chau Artificial Island” and some land development projects in the northern metropolitan area are financial subcontractors served by the accounting firm PricewaterhouseCoopers (PwC). The construction cost of developing the “Lantau Tomorrow Vision” is regarding 566 billion yuan, while that of “Northern Metropolis” is 1 trillion yuan. It is estimated that the construction time of the two projects will overlap, and the resulting funding gap will make the government’s financial reserves “may not be sufficient to fund” the two projects at the same time. PricewaterhouseCoopers issued a statement yesterday saying that the purpose of the seminar was to discuss different financing options, not to analyze whether the government’s financial reserves are sufficient to fund the two projects at the same time, and to criticize a local concerned organization without naming names for only taking part of the background information for interpretation and only citing some negative factors, ignoring the context of the discussion.
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