<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Posted on Wed, Aug. 06, 2003
Hong Kong to Privatize Airport
Associated Press

HONG KONG - Hong Kong plans to privatize its Airport Authority, which runs the territory's Chek Lap Kok international airport, to raise cash and reduce huge budget deficits for the government.

Financial secretary Henry Tang said officials will introduce legislation in the first half of next year to list shares in the Airport Authority - now a statutory organization - on the Hong Kong stock exchange.

It would be the Hong Kong government's biggest privatization move since subway operator Mass Transit Railway Corp. was listed in October 2000.

The government has long planned to sell a stake in the Airport Authority, which has a present asset value of 37 billion Hong Kong dollars ($4.7 billion). Officials hope the listing will cover a shortfall in capital revenues forecast for the medium term.</font>