Bonds could help fund mega-projects: Regina Ip
The Executive Council convenor, Regina Ip, said on Saturday that the financial chief's suggestion of selling bonds to the public to fund massive infrastructure projects is doable provided the rate of return is attractive. Ip told reporters after a radio programme that she welcomed the idea, noting that the government has offered bonds to the public before.  The comments came after Financial Secretary Paul Chan brought up the suggestion of offering bonds to the public, rather than financial institutions alone, as a way to raise cash for large-scale development projects, including the planned artificial islands off Lantau and the Northern Metropolis project.  Ip, who has called for a cautious approach to financing the two schemes, said: "We have issued bonds to fund infrastructure development before but I think we need to know how much these projects, these mega-projects, cost first and then decide on the financing options. "And of course, the markets, including the people, will decide whether these bonds are attractive depending on the rate of return." Asked about the government's increased checks on abuse of the two-dollar public transport fare scheme for elderly and disabled people, Ip said she embraced the administration's two-month crackdown, but cautioned that it's not a permanent solution.  The lawmaker and New People's Party chairwoman had previously raised concerns over the subsidy, saying it's causing a rapid surge in public spending. She said the crackdown would help authorities critically assess the extent of the abuse. "Both MTR Corporation and the franchised buses have collected HK$1.1 billion [in] subsidies from the government, and the surge in in the MTR subsidies is particularly significant, which means ... there must have been some abuse on the part of MTR passengers," she said.  "And given the normally very congested conditions at MTR stations, it is very difficult for MTR staff to vet whether the people holding these cards are really people over 60 or 65." The two-month crackdown begins on Monday.