THE Democratic Party is 'virtually penniless' as it prepares to field 33 candidates in the forthcoming municipal council elections.
Party treasurer Andrew Fung said he expected the election campaign to cost the party $1.5 million.
He said the party would lend a third of the $100,000 expenditure ceiling to each candidate, who would not have to pay it back if they lost. The nomination period begins today.
Party secretary-general Law Chi-kwong said it would have to raise up to $4 million to see it through to September's Legislative Council elections.
He said the party, set up in October last year, was already drained of money because of last September's district board polls.
Financial sources such as membership fees and contributions from elected members only covered recurrent expenditure, which came to about $700,000 a month.
The party is now looking to wealthier members and friends for donations.
