The government has at least 10 hidden liabilities worth more than $46 billion, but officials stressed some of these items were not likely to cost taxpayers anything.
The so-called contingency liabilities cover guarantees made by the government on housing mortgages, export insurance and building safety. Litigation involving the government, as well as contractual claims, is also included.
Assistant Director of Accounting Services Tsang Chi-hung said yesterday the government had to follow established accounting principles in accounting for these liabilities. 'We may not necessarily have to shoulder these items. But there is still a possibility,'' he said.
The Housing Authority is currently the guarantor for housing mortgages worth $88.3 billion, though it believes the actual liabilities it might be exposed to would only be $21.8 billion.
Separately, the authority is being sued for $106 million relating to the cancellation of sales of some subsidised flats over the past years.
Liability for litigations involving the government was estimated to be worth $4.7 billion.
