【明報專訊】HUTCHISON WHAMPOA is planning to spin its port holdings off and get them listed as a business trust in Singapore to raise US$6 billion (about HK$46.8 billion). Li Ka-shing, the major shareholder in the company, regards Hong Kong as his home. He often says he thinks of Hong Kong first whenever there is any business opportunity. He will not go back on his word when he gives Singapore rather than Hong Kong the big deal. The reason why Hutch is planning to raise finance in Singapore is that the business trust structure is not available in Hong Kong. When Singapore had its first business trust four years ago, Hong Kong lagged behind it. It has never tried to remedy the situation. That is why it will miss the business opportunity. Hong Kong's government and watchdogs only wait for the wheel of fortune to turn in the SAR's favour. They are passive and slack in developing financial products. Their "Nylonkong" boast is just talk.