Oasis creditors may not get a cent after breakup of the airline
Creditors of embattled Oasis Hong Kong Airlines will probably not receive anything as they do not have a direct claim against sister company Oasis Growth and Income Investments, which holds most of the assets, the provisional liquidator has said. These creditors include ticketholders, employees as well as suppliers of fuel and catering services. Banks that have refunded ticketholders who paid by credit card are expected to file claims. So far, about 22,000 passenger claims for over HK$250 million have been received. The High Court yesterday granted winding-up orders for the two companies, which have liabilities of more than HK$1 billion each.
Business costs in HK 'going down'
Hong Kong is getting cheaper for international businesses expanding into Asia, despite global inflation, a study on the cost of living for expatriates has said. The city was ranked ninth in a survey of the most expensive cities in the region conducted in March, dropping from No 5 in a September survey, according to worldwide human resources data and services provider ECA International.
HK$4.25m more for disaster aid
The government has approved two more grants, totalling HK$4.25 million, from the Disaster Relief Fund to Oxfam Hong Kong and Cedar Fund to undertake relief projects for earthquake victims in Gansu, Shaanxi and Sichuan provinces. This takes the total value of grants for the survivors to HK$332.35 million. Separately, the government will offer HK$560,000 to the Cedar Fund to help cyclone victims in Myanmar.