Hong Kong’s business community welcomed Chief Executive Carrie Lam Cheng Yuet-ngor’s decision… to withdraw her administration’s proposed extradition bill, with industry groups calling it the first step to restoring confidence and the city’s international reputation.

After three months of protests against the bill, Lam said the proposed legislation would be dropped completely as one of four measures to ease public concern and allow the city to move forward…

The measures were in response to the protesters’ five demands, which included withdrawing the bill completely and setting up a commission of inquiry into the police’s use of force…

The American Chamber of Commerce in Hong Kong (AmCham) welcomed the government’s response.

“Withdrawing the bill is an important first step to restore business confidence and the city’s international reputation. We believe an enhanced inquiry via the Independent Police Complaints Council to look into the events since June is a positive step ahead,” AmCham chairman Robert Grieves said…

Joe Chau Kwok-ming, president of the Hong Kong General Chamber of Small and Medium Business, also said that withdrawing the bill was a first step to showing the administration’s goodwill in resolving the political crisis…

Chinese Manufacturers’ Association president Dennis Ng Wang-pun said the announcement was vital to reducing tensions in the city…

Stewart Leung Chi-kin, executive committee chairman of the Real Estate Developers Association of Hong Kong, said the announcement was a “good start” and “better than not doing anything”… [Also referred to Midland Realty, Henderson Land Development, Sun Hung Kai Properties, CK Hutchison Holdings and Chinachem Group]