HONG KONG

Airport Authority Ready to Complete Credit Facility: Airport Authority Hong Kong made the announcement about syndication of its $1.1-billion term and revolving credit facility. The authority is a government agency responsible for building an airport at Chek Lap Kok to open in 1998 and related infrastructure projects. Forty-eight international and local banks expressed interest, and the financing was oversubscribed. The financing program has two components--a revolving credit that converts to term loans when the airport opens, and revolving credit that matures in 2001. Interest charges for the facilities have not been disclosed. China Development Finance Co., a subsidiary of Bank of China, and HSBC Capital Ltd. are overseeing the financing program.