No doubt many of you are becoming increasingly worried about the economic outlook of Hong Kong, after learning about the bankruptcy of some local retail chains in the past few days and an investment loss running into tens of billions of dollars suffered by a large conglomerate. When one sees such well-known local businesses falling victim to the financial tsunami, it shows that the financial crisis is really having a globalised impact on the economy. At this moment, however, I personally think it is still very difficult to forecast the length and severity of the downturn.
Our Club's business is also closely linked with the ups and downs of the economy, so we are not going to be spared from the economic doldrums. While it's true that the Club possesses a healthy level of fiscal reserves, we cannot afford to remain at a standstill in the present economic conditions. We must map out and implement a long-term plan for the future, so as to maintain our role as Hong Kong's top taxpayer, largest charity contributor, and major local employer. That's why we see the importance of business sustainability and hence, the Club is working on its master plan for further development of the racecourses. We need to invest in the future and it's necessary for us to provide our customers with better on-course environment, facilities and services.
In times like this, the value of strong commercial partnerships comes to the fore, as their support and participation helps inject new momentum and synergy to our sport of racing. It's therefore especially encouraging that the Mission Hills Group, which operates a number of world-class golf courses in our neighbouring city of Shenzhen, has become our latest business partner, assuming title sponsorship of tomorrow's Sha Tin Trophy race meeting.
Although I'm not a good golfer, I still appreciate this sport a lot and enjoy watching the top professionals playing. I think the sports of golfing and horse racing also share many similarities. Apart from both being contested on turf, both golf and horse racing have evolved from the nobility to become popular public pastimes worldwide nowadays.
Until a few years ago, it was still quite difficult for the general public in Hong Kong to take up golf, but as part of the Club's commitment to the community at large, we have addressed this by investing a considerable sum into developing purpose-built public golfing facilities at Kau Sai Chau in Sai Kung. With the opening of the new East Course there in April this year, there are now three superb public courses on the island. So the Club and Mission Hills do have a lot in common and it's great to have the chance of partnering and working with this world-class corporation. I'm sure it will be a successful day of racing tomorrow.
With the Hong Kong International Races taking place in less than two months' time, the excitement is already starting to build. We will have a terrific racecard tomorrow as it includes two Group 3 races - the Mission Hills Sha Tin Trophy and Premier Bowl – and they offer a timely chance for trainers to test the form of their top International Race contenders. Both reigning Horse of the Year Good Ba Ba, and champion stayer Viva Pataca, will also be making their season debuts in the first of these races.
From past records, it's rare for runners carrying top-weight to win this lead-up race. But Good Ba Ba looks to have returned to good form in his easy victory in the barrier trial last week, and I would expect this top miler to be giving a very good performance tomorrow. However, Paul O'Sullivan-trained runner Fellowship showed stunning improvement in his triumph in the National Day Cup, and this up-and-coming runner will possibly be the one to pose a severe threat to Andreas Schutz's ace tomorrow.
I will also be keeping my eyes on the performance of first-time starter Bundle O'Gold. This prolific sprinter collected five wins in his nine starts in Australia, including a victory in a listed race at Caulfield Racecourse. Let's see if he can extend his consistent form in Australia when he makes his maiden appearance on the straight course of Sha Tin tomorrow.
I will also give my personal support to the Racing Club's runner Young Label, who has become a more mature horse as shown in his performance earlier this month, and I hope he will bring more joy to our Racing Club members this time.
Also, please don't forget that the Club will be bringing you live telecast coverage of Breeders' Cup Mile from Santa Anita Racecourse in California in the early hours of Sunday morning, HK time. I will be interested to see whether Kip Deville can defend his title against other strong challengers in this race, but French filly Goldikova will surely be the horse for him to beat.
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