In Hong Kong, Too Much Of A Good Thing?

The territory has to unload shares without killing the market

Hong Kong Financial Secretary Sir Donald Tsang is facing the kind of problem that most Finance Ministers would die for. Over the past year he has watched the government's $15 billion portfolio of local stocks soar in value to about $27 billion. So what's the problem? He has to sell the shares. And do so without depressing the market. The government famously acquired them in August, 1998 when it fended off speculators who were dumping them during a regional meltdown. In a little more than two weeks, it became one of the largest shareholders in some of the territory's most prominent companies.

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