A move to use revenue from the Land Fund for improving elderly welfare was rejected. A 29-15 vote defeated an amendment moved by Ngan Kam-chuen, of the Democratic Alliance for the Betterment of Hong Kong. The Government's resolution was to create a Land Fund for holding and investing the $170 billion it received at the handover. Secretary for Treasury Kwong Ki-chi said separating the $170 billion Land Fund from financial reserves of $350 billion would increase the transparency of the fund's investment. Mr Ngan had suggested the annual revenue of the Land Fund should be placed under recurrent expenditure to improve welfare, support industrial development and retrain workers. Kennedy Wong Ying-ho supported the amendment, declaring: 'If we don't use the money, it will make no difference whether it is gold or stone.' However, Mr Kwong said the move would have increased complexity and administrative costs. The rise in recurrent expenditure did not mean more resources could be devoted to improve welfare, he said. Howard Young of the Liberal Party said Mr Ngan's suggestion was impractical.