Li Ka-shing yesterday spoke out in favour of the dollar peg saying Hong Kong would enter uncharted territory if it was dismantled. His support came as certain overseas financial institutions renewed calls for the peg to be abandoned to alleviate economic pressure on the SAR. His statement came as Cheung Kong (Holdings) revealed it had submitted a proposal for a cruise-ship terminal in Hong Kong. The company claimed it would boost the economy and increase job opportunities. After the annual meeting of his property flagship, Mr Li said he had cast a vote of confidence on the dollar peg as it was crucial to Hong Kong's future. 'If there is any change in the peg, that will bring an unpredictable loss to Hong Kong,' he said. In response to proposals to cut personal income tax, Mr Li said this might relieve the financial burden on low-income groups as well as the middle class. He said maintaining a free economy in Hong Kong was crucial to retaining the interest of investors and businesses. Mr Li said he had no intention of imposing a pay cut on staff at his two flagship companies, but said the average salary in Hong Kong could decline amid weakening economic conditions. Cheung Kong deputy chairman Victor Li Tzar-kuoi said the company sent a proposal to the Government on the development of a cruise-ship terminal a few weeks ago. He said it was one of the fastest ways to boost job opportunities as the development of the terminal, which comprises one to two storeys, would be completed and operational in about one year. He declined to give further details.