The Hong Kong Mortgage Corporation Limited Appointment of Executive Director and new Chief Executive Officer

The Hong Kong Mortgage Corporation Limited (HKMC) announced today (3 June) that the Board of the HKMC has approved the appointment of Mr James H. Lau Jr as Chief Executive Officer (CEO) of the HKMC with effect from 6 July 2004. Mr Lau will succeed Mr Peter Pang, who will, on 6 July, become an Executive Director of the HKMC.

Mr Lau is currently Executive Director (Monetary Management and Infrastructure) of the Hong Kong Monetary Authority (HKMA). He will be seconded from the HKMA to take up the CEO position. Mr Lau was appointed Head (Monetary Policy) on the establishment of the HKMA in 1993 and became Executive Director (External) in 1994. Mr Lau joined the Hong Kong Government as an Administrative Officer in 1979. He was Hong Kong's Deputy Permanent Representative to the GATT in Geneva from 1986 to 1990 before joining the Office of the Exchange Fund as Assistant Director (Monetary Management) in 1991.

With the appointment of Mr Pang as an Executive Director, the composition of the Board will be increased from 16 to 17 Directors (see Annex A). Mr Pang has been seconded from the HKMA to serve as the CEO of the HKMC since December 1997. Mr Pang will be transferred back to the HKMA to take up a Deputy Chief Executive position. He will continue to oversee the work of the HKMC in his capacity as the newly appointed Executive Director.

"On behalf of the Board, I would like to thank Mr Pang for his dedication and invaluable contribution to the Corporation during his term of office. I believe Mr Pang's continued involvement with the HKMC will benefit the Corporation," said Mr Henry Tang, Chairman of the HKMC. "I also look forward to working with Mr Lau to further develop the business of the Corporation," said Mr Tang.

The Hong Kong Mortgage Corporation Limited
3 June 2004

Mr James Lau, Chief Executive Officer designate of the Hong Kong Mortgage Corporation Limited