[HONG KONG] Hong Kong’s embattled leader, Carrie Lam, plans to formally withdraw a controversial bill that would have allowed extraditions to China, the South China Morning Post reported on Wednesday, citing unidentified sources.
The formal withdrawal of the bill is one of the major demands of pro-democracy protesters who have demonstrated against the government for almost three months. Ms Lam has called a 4pm meeting with pro-establishment politicians, the SCMP said. Her move follows a weekend that saw some of the fiercest clashes between protesters and riot police. Demonstrators have lobbed petrol bombs and set bonfires in the streets, while police officers fired tear gas, rubber bullets and pepper spray, making more than 1,100 arrests since early June.
Hong Kong stocks soared, led by property developers, after news reports said Lam will formally withdraw the extradition bill that’s sparked months of protests. The benchmark Hang Seng Index surged as much as 3.9 per cent before paring gains to 3.1 per cent at 2:16pm local time.