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Response to the misleading report of Apple Daily on the
Land Premium paid by Television Broadcasts Limited on a site at Tseung Kwan O Industrial Estate Television Broadcasts Limited (TVB) was gravely disappointed and offended by the report of Apple Daily of 9 June 2004 regarding the reduction of land premium and interest rate paid by TVB on the site at Tseung Kwan O Industrial Estate where the company's management and production facility are now located. Apple Daily failed in its journalistic duty to conduct thorough research on all relevant details. The report is totally misleading and contains inaccurate facts, wrongly and irresponsibly suggesting that TVB received favoritism in the acquisition exercise. Apple Daily reported that TVB's lot was at the waterfront. It should therefore be charged the waterfront rate (i.e. HK$2,850 per square metre as at December 1998) instead of the inland rate (i.e. HK$2,350 per square metre). To set the record straight, TVB wishes to point out that TVB City is in fact an inland lot right next to the landfill. The report also suggested that the agreement on land premium reduction was made with the Hong Kong Industrial Estates Corporation (HKIEC) after the deal was concluded. This again is far from the truth. In HKIEC's offer as early as February 1999, they have already undertaken to reduce TVB's land premium retroactively should there be any reduction in premium for sites at Tseung Kwan O Industrial Estate that might be announced by the Corporation on or before 31 March 2000. It is most regrettable that Apple Daily simply chose to ignore the economic conditions prevailing at the time of negotiation which would have direct impact on land premium values and interest rate. The report sadly omitted one other important factor. The current TVB City is by far the largest piece of land ever leased (over 93,000 square metres) by HKIEC. We strongly feel that Apply Daily has done a disservice to the Hong Kong public and TVB in publishing such an inaccurate and distorted report. |
| 9th June 2004 |
