A seven-company international consortium led by Pacific Century Cyberworks (PCCW) Business e-solutions has won a HK$163 million (US$20.8 million) contract to supply 1.2 million blank smart cards, which are to replace all Hong Kong ID cards by March 2007. The consortium comprises a mix of both local and international companies from Switzerland, US, Australia, Singapore and the UK.

Foreigners who invest HK$6.5.million (US$830,000) in Hong Kong are to be offered residency, according to Secretary for Security Regina Ip. The money would have to be invested in Hong Kong property, stocks or investment funds. Mrs Ip announced that the proposal would be attractive to overseas investors because of the opportunities in the Chinese mainland following its WTO accession.

More than 30 information technology companies have applied to the Hong Kong Government to be among the first Cyberport tenants, according to Information Technology and Broadcasting Bureau (ITBB) deputy secretary Annie Tam Kam-lan. Mrs Tam said the HK$15.8 billion project was on track and the first development phase should be completed next month.