Last updated at 6.11pm: Chief Executive Tung Chee-hwa on Thursday afternoon ended days of speculation by officially announcing his resignation to the people of Hong Kong.
Mr Tung told a special news conference at 5.30pm that he had formally submitted his application to resign to the Central Government in Beijing.
The Chief Executive cited problems with his health as the main reason for his resignation.
?Because I have been working very hard for a long time, my health has deteriorated since late last year.?
He said he decided to step down because he believed this would be in the best interests of Hong Kong.
Asked by a reporter if Beijing had ordered him to step down, Mr Tung said: ?I am already 68 and feeling worn out. Long working hours, sometimes 12 or even 18 hours a day has badly affected my health.?