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Companies looking to list in Hong Kong await sunnier days, have held back IPOs but aren’t abandoning market

Companies looking to list in Hong Kong have put their initial public offerings on hold amid a year-on-year decline of as much as 40 per cent in the valuations of new share offerings in some cases, making the market Asia’s cheapest after Pakistan.Protests in the special administrative region and the ongoing US-China trade war have rattled investor confidence. The average price to earnings (PE) ratio in Hong Kong currently stands at 10.46 times – its lowest in recent years. Last year, the ratio,… Source link

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Henderson posts second straight drop in interim revenue, as one of Hong Kong’s largest developers falls victim to real estate slump

Henderson Land Development reported its second consecutive double-digit percentage decline in interim revenue, as one of Hong Kong’s largest developers fell victim to the city’s slowing property market.Turnover fell 38 per cent to HK$8.12 billion in the six months ended June, while first-half underlying profit, excluding revaluation gains on investment properties, dropped to HK$6.7 billion. Revenue from real estate sales plunged 68 per cent to HK$2.7 billion during the period, said Henderson,… Source link

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Weak earnings led by Xiaomi keep gains in check in Hong Kong as investors await trade war developments

Weak earnings by Chinese smartphone giant Xiaomi as well as Hong Kong and China Gas weighed on the Hang Seng Index, with the ongoing US-China trade war being blamed for at least part of their difficulties.Even so, the Hang Seng Index managed to eke out a small gain on Wednesday, closing ahead 0.15 per cent, at 26,270.04.The Shanghai Composite also held on to a teensy gain – a mere 0.01 per cent, which left it at 2,880.33. The Shenzhen Composite Index ended down a bit, by 0.09 per cent, at…

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Severe China economic downturn could put Asian banks at risk, Fitch warns

Banks in Asian developed markets could face the most credit pressure in the event of a steep economic downturn in China triggered by additional 25 per cent tariffs on US$300 billion worth of Chinese imports into the United States, according to Fitch Ratings.This hypothetical situation was tested by Fitch analysts, who said that banks in Asia’s trade-dependent markets have the strongest risk controls in the region, offsetting some of the potential damage, but that a downturn would “test asset… Source link

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Protests could hammer Hong Kong’s economy, Bank of East Asia warns, as its profit falls 75 per cent in first half

The Bank of East Asia (BEA) warned on Wednesday that protests and civil unrest in Hong Kong over the past two months, combined with an escalation of the US-China trade war, could begin to weigh on the city’s economy as it reported a nearly 75 per cent drop in its first-half profit.The warning came days after Hong Kong’s government cut its forecast for economic growth to zero to 1 per cent in 2019 and Morgan Stanley said it expected the city’s economy to contract this year.In June, Hong Kong’s… Source…

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Red Lobster seafood chain slowly clawing its way into China, but hopes country will one day be its biggest market

Red Lobster, which only has two locations in China today, sees the country becoming its biggest overseas market.The seafood chain, which separated from Darden Restaurants about five years ago, has locations in Beijing and Shanghai operated by Chinese partner FWM Restaurants and more are on the way, Red Lobster chief executive officer Kim Lopdrup said.While he wouldn’t say how many new restaurants are planned, he said China will eventually be a larger market for the chain than Canada and Japan,… Source link

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Sellers of Singapore’s largest residential site above a lush park are wooing mainland China, Hong Kong developers

A choice piece of property in Singapore – the city-state’s largest residential site on a hilltop overlooking a lush park – is back on the market. Hong Kong or mainland developers could be its next owners, analysts say.The spot is called Braddell View, and it sits on 1.14 million square feet above MacRitchie Reservoir Park. Its starting price is S$2.08 billion (US$1.5 billion), but the hope is for competing bids to drive that up.The central city site was unsuccessfully put up for sale in March… Source link

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Paul Allen’s Vulcan Capital enters Singapore with US$100 million to invest in Southeast Asia start-ups

Vulcan Capital, the investment house of late Microsoft Corp. co-founder Paul Allen, has opened its first international office in Singapore. The multibillion-dollar fund intends to invest an initial $100 million across Southeast Asian start-ups.Vulcan Capital is an unusual addition to the city state’s investment scene. It is part of Vulcan Inc., which oversees the billionaire’s holdings and supports his causes in everything from elephant conservation to artificial intelligence research. Chief… Source link

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Stocks Blog: Xiaomi earnings, Trump's trade comments likely to weigh on Hong Kong opening

Good day traders, Overnight in the US, the S&P 500, Dow and Nasdaq fell, with US President Donald Trump sounding pessimistic about reaching a deal with China anytime soon. Meanwhile, in Hong Kong the city is bracing for another day of protests.    If you have any feedback, please send them to deb.price@scmp.com . — Yujing Liu, Deb Price and Srinivasan Iyer in Hong Kong Source link

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China home buyers wait for better deals as developers see big drop in contracted sales in July amid economic slowdown

Potential homebuyers in China are waiting on the sidelines, hoping for better deals.New data suggests a break in prices might be coming.In July, China’s top 10 builders recorded a month-on-month fall of 80 billion yuan (US$11.4 billion) in total contracted sales, due to a combination of a slowdown in the economy and government policies to clamp down on their debt.The biggest plunge among them was 58 per cent. The top 100 developers saw an average fall of 29 per cent.The question is whether… Source link

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