Page 2 - Hong Kong Economy

Hong Kong begins public consultation to implement national security law

Hong Kong begun public consultation on Tuesday on enacting its own national security law, beginning a process to implement legislation that for years was widely opposed by residents who feared the erosion of their civil liberties. Beijing imposed a national security law on Hong Kong in 2020 and a crackdown on dissent followed. Many of the city's leading pro-democracy activists have been arrested, silenced or forced into self-exile. Dozens of civil society groups have been disbanded, and outspoken media outlets like Apple Daily and Stand News have been forced to shut down. Both the Hong Kong and Beijing governments have hailed the law for restoring stability after the massive pro-democracy protests in 2019. But the Basic Law, Hong Kong's mini-constitution, requires the city to enact its own national security law. I want to say that legislation for Article 23 of the Basic Law is something that we need to do and have to do as soon as possible because it is our constitutional ...

Hong Kong court rejects Jimmy Lai's bid to throw out sedition charge

A Hong Kong court on Friday rejected a bid by prominent activist publisher Jimmy Lai to throw out a sedition charge against him, delivering the ruling on the third day of his landmark national security trial. Lai, 76, was arrested during the city's crackdown on dissidents following huge pro-democracy protests in 2019. He faces possible life imprisonment if convicted under a sweeping national security law imposed by Beijing. He is charged with colluding with foreign forces to endanger national security and conspiring with others to publish seditious publications. Foreign governments, business professionals and legal scholars are closely watching the case, which is tied to the now-shuttered pro-democracy newspaper Apple Daily that Lai founded. Many view it as a trial of the city's freedoms and a test for judicial independence in the Asian financial hub. Hong Kong is a former British colony that returned to China's rule in 1997 under a promise the city retain its Western-style civil .

Hong Kong court begins Day 2 of activist publisher Jimmy Lai's trial

The national security trial of Hong Kong's famous activist publisher Jimmy Lai entered its second day Tuesday, with judges expected to rule by the end of the week on his lawyers' bid to throw out a sedition charge that has been increasingly used to target dissidents. Lai, 76, was arrested in August 2020 during a crackdown on the city's pro-democracy movement following massive protests in 2019. He faces a possible life sentence if convicted under a national security law imposed by Beijing. He was charged with colluding with foreign forces to endanger national security and conspiring with others to put out seditious publications. His landmark trial tied to the now-shuttered pro-democracy newspaper Apple Daily that Lai founded is widely seen as a trial for press freedom and a test for judicial independence in the former British colony, which was promised to have its Western-style civil liberties remain intact for 50 years after returning to Chinese rule in 1997. After Lai walked into

Hong Kong's reopening brings scant gains for financial hub despite push

Hong Kong, led by former policeman and now Chief Executive John Lee, has been pushing hard to revive the city's reputation with high-level events

Hong Kong braces for Storm Nalgae's impact; businesses forced to close

Severe tropical storm Nalgae edged closer to Hong Kong on Wednesday and forced businesses to close, but a finance summit that's meant to restore the city's image as an international financial hub pressed ahead. As the city braced itself, temporary shelters were opened and theme parks were closed. The Hong Kong Jockey Club scrapped the evening's horse race. The Hong Kong Observatory raised its No. 8 typhoon signal, the third-highest warning under the city's weather system, Wednesday afternoon as Nalgae's maximum sustained winds hit 90 kilometres (56 miles) per hour. The warning, which prompted workers to return home, would remain in force until 6 pm. Whether the signal would be downgraded later would hinge on the strength of the storm and its distance from the city, the observatory said. Nalgae killed more than 130 people in the Philippines days ago before moving closer to China's southeastern and southern coastal regions. Hong Kong, a former British colony, returned to China's rule

China property stocks, bonds rally post report of $85 bn support from banks

CIFI Holdings Group Co., KWG Group Holdings Ltd. and Agile Group Holdings Ltd. were the top gainers in Hong Kong, up more than 10% each.

Evergrande's Hong Kong headquarters worth $1 bn taken over by a receiver

The property was used as security for HK$7.6 billion ($968 million) in loans made by parties including Citic Bank International in 2020, separate documents at the Companies Registry website show

Hong Kong eases quarantine on entry in bid to boost business activity

Hong Kong has slashed its Covid-19 quarantine requirement for overseas arrivals from seven to three days in a bid to attract business travellers and kick-start economic activity

New house in Hong Kong sells for $111 million, the most this year

A new house in Hong Kong was sold for HK$870 million ($111 million), the highest price this year, buoying the city's slowing luxury market

Hong Kong suspends transit flights from most of the world due to Covid-19

The move comes as the city has seen around 50 cases of the fast-spreading Omicron variant.

Hong Kong legislative polls close amid lower voter turnout

The semi-autonomous territory was rocked by pro-democracy protests in 2014 and 2019 that were crushed by the security forces

Hong Kong's Covid policy undermining financial hub status: Industry group

The group warned on Monday that Hong Kong's zero-Covid policy threatens city's financial hub status

Left bankless because of US sanctions, Lam says she has piles of cash

US has said any bank in biz with her will lose access to the US financial system

Hong Kong's foreign exchange intervention highest since 2009 crisis

The Hong Kong Monetary Authority (HKMA) sold HK$10.9 billion ($1.41 billion) in interventions in Hong Kong and US trading hours

Motley Fool to leave Hong Kong, citing national security law: Report

Chan cited the flaring of the anti-Beijing protests last year, followed by the national security law and the ongoing decoupling between the US and China as factors

Covid-19 impact: Hong Kong, Singapore property will part ways

Hong Kong's real estate investment market is as large as its gross domestic product; Singapore's half

Hong Kong financial firms step up compliance hiring amid US sanctions

Demand for compliance staff has risen by as much as a third from a few months earlier, two headhunters said

Hong Kong bans Brazil's Aurora chicken imports over Covid tests scheduled

The confirmation of the ban comes on the same day the privately-owned company agreed to test 11,000 workers for coronavirus starting on Aug. 21 at four of its plants

Hong Kong economy shrinks 9% in latest quarter over Covid-19, security law

Tourist arrivals fell following protests that began in June 2019 over a proposed extradition law and expanded to include demands for greater democracy and other grievances

Hong Kong's 'specialness' being eroded, zero growth plausible, says S&P

Hong Kong's long-term economic prospects faced risks from the deterioration in the US-China relationship, resulting in a decoupling of the US dollar and Chinese financial systems, S&P said