Page 14 - Hong Kong

As rents plummet, Hong Kong loses top spot for luxury shopping to New York

Manhattan's Upper Fifth Avenue is now the priciest street globally for shopping, Hong Kong's Tsim Sha Tsui district comes second

Morgan Stanley plans fresh round of layoffs globally in coming weeks

Some cuts will come from capital markets teams in Hong Kong and mainland China, and most of the rest are expected to be from other teams focusing on China business, both onshore and offshore

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

As China-US ties worsen, Hong Kong bankers fear for their careers

The defiant tone President Xi Jinping took toward the US got those hardworking financiers scared.

China's property debt crisis enters new phase as bond havens crumble

China's property debt crisis is entering a new phase as even developers that had long been considered safer rapidly tumble into distress

Xi Jinping's third term heightens fear among colonised countries

His return as China's President has heightened fears among vulnerable countries like Tibet, East Turkistan (Xinjiang), Southern Mongolia, Manchuria and Hong Kong

China builders slide to record lows as top chairwoman Wu Yajun steps down

A sudden resignation by the founder and chairwoman of a top Chinese builder has added to concerns over China's ailing property sector, fueling a further selloff

Hong Kong customs seize record meth haul worth $140 million: Official

Hong Kong customs seized 1.8 metric tonnes (2 tonnes) of liquid methamphetamine in the city's biggest-ever meth bust, authorities said Saturday. The drugs, which were seized October 23, had been concealed in bottles labelled as coconut water in a cargo shipment that arrived in Hong Kong by sea, according to a government statement. The haul is estimated to be worth 1.1 billion Hong Kong dollars (USD 140 million). Authorities found that 1,800 bottles out of the total 7,700 bottles contained liquid meth. The bust is the largest on record among meth cases in terms of the amount and market value. Authorities are still investigating the case, and no arrests have been made. The stash of drugs were bound for Australia, and had been shipped from Mexico via Hong Kong, according to authorities who spoke Saturday at a news conference. In Australia, the market value of the drugs could reach about HK dollar 8 billion (USD 1 billion). The cargo had raised suspicion as it was unusually large f

Guangdong: The Chinese province with more EV chargers than all of the US

The coastal region, which borders Hong Kong, has built hundreds of thousands of public charging points - the EV equivalent of gas pumps - over the past few years

Hong Kong cuts property taxes, eases visa rules to attract global talent

Hong Kong Chief Executive John Lee unveiled a sweeping plan to woo talent back to the city and ease its housing woes, in a bid to revive its status as a thriving international finance hub

China's Xi talks up security, reiterates Covid stance as congress opens

Chinese President Xi Jinping also said that China must ensure Hong Kong is ruled by patriots and China will support Hong Kong in integrating with the mainland.

Hong Kong to implement UN sanctions on Russian-owned superyach, not US ones

Hong Kong's leader John Lee said Tuesday he will only implement United Nations sanctions, after the U.S. warned the territory's status as a financial center could be affected if it acts as a safe haven for sanctioned individuals. Lee's statement Tuesday came days after a luxury yacht connected to Russian tycoon Alexey Mordashov docked in the city. Mordashov, who is believed to have close ties to Russian President Vladimir Putin, was sanctioned by the U.S., U.K. and the European Union in February after Russia's invasion of Ukraine. Hong Kong authorities have said that they do not implement unilateral sanctions imposed by other governments. We cannot do anything that has no legal basis, Lee told reporters. We will comply with United Nations sanctions, that is our system, that is our rule of law, he said. A U.S. State Department spokesperson said in a statement Monday that the possible use of Hong Kong as a safe haven by individuals evading sanctions from multiple jurisdictions furthe

HSBC says exploring sale of Canadian operations for latest disposal

A potential sale of HSBC's 100% equity stake in HSBC Bank Canada is among the options being explored, the lender said in a statement.

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.

China's shares plunge to lowest valuation on record in Hong Kong

All but three stocks are down this year on the 50-member gauge, with property developers and tech companies at the bottom.

China EV maker Leapmotor set to raise $800 mn in Hong Kong IPO: Report

While that is less than the $1.03 bn the EV maker had said it was aiming to raise in its regulatory filings last week, the IPO would still be Hong Kong's largest this year

Hong Kong homes on the verge of becoming least affordable in 24 years

Hong Kong housing is at risk of becoming the least affordable in 24 years, as rate hikes by the US Federal Reserve drive up borrowing costs in the Asian financial hub

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

As population ages, hip fractures will double worldwide by 2050: Study

According to a new study led by experts at the University of Hong Kong, osteoporotic hip fracture, already a risky and crippling issue for elderly men and women globally, is poised to worsen.

Singapore unveils new work visas to lure talent in next-gen industries

"Singapore is still a global city," Prime Minister Lee Hsien Loong said in an address last month, in which he vowed to bolster the national workforce's skills