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Worrying wait for sporting bodies

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There is an air of torpidity hovering over Hong Kong right now. Nothing seems to be moving in the city, and it's not surprising as everyone seems to be waiting for July 1, the day chief executive-elect Leung Chun-ying takes over the tiller. So until then everything is on pause throughout a stagnant government with decision-makers afraid to do what they are paid to do - make decisions. Or it certainly seems that way. Everywhere we turn, we are fobbed off by excuses that 'we are not in a position to answer your questions'.

From what is happening with the financing of the Kai Tak sports hub (which as the days go by has acquired a mythical cloak) to how a new-look Mega Events Fund will operate, the stock response is 'we don't know as yet'. It seems those in a position to make decisions are biding their time.

This is the worst part of a democracy. Once a new leader has been chosen, the incumbent becomes a lame (un-Peking) duck. We have heard the current administration vehemently denying they are redundant. If so, they should prove it by making some decisions.

Frustrations are compounded when we look at what is happening in Singapore, our big rival. The place is buzzing. Formula One's planned flotation on the Singapore stock exchange is expected to raise up to US$3 billion in June. Why list on the Singapore bourse, and not in Hong Kong? Well, the Lion City has had a Formula One race since 2008 and it makes more sense to hold an initial public offering there.

Singapore also gave Manchester United permission to hold an IPO of about US$1 billion last year. Although that sale was scuttled amid all the volatility in the world's markets, there is a possibility it will be revived and will go ahead soon.

For some people, it looks as if Singapore is a better bet than Hong Kong. The Lion City certainly seems to have the edge when it comes to making decisions.

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