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Sun Hung Kai raises price of Victoria Harbour flats by up to HK$1.5 million, shrugs off Beijing’s rebuke on unaffordable housing

Sun Hung Kai Properties, Hong Kong’s biggest developer, has raised the price of flats at its Victoria Harbour project by up to HK$1.5 million (US$191,000), even as Beijing singled out the city’s unaffordable housing as a “root cause” behind the anti-government protests.On Friday, SHKP put six units at the luxury development in the city’s North Point district on the market, raising the price by up to 7 per cent from the originally announced price. The price increase ranges from around HK$320,000… Source link

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Chinese firms to build more coal power plants in Asia despite Beijing’s pledge for greener Belt and Road Initiative projects

China funds over a quarter of coal power plants with generating capacity of 399 gigawatts under development outside the nation. Here, Chinese men pull a cart in a neighborhood next to a coal-fired power plant in Shanxi, China, on November 26, 2015. Photo: Associated Press Source link

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China 

New home prices rise in just 55 of 70 Chinese cities, the lowest in 18 months, amid Beijing’s efforts to cool the market

The Chinese government’s efforts to take the heat out of the property market appear to be paying dividends, with new data pointing to a slowdown in price gains as a growing number of developers slashed their prices.The price of new homes increased in 55 of 70 cities tracked by the National Bureau of Statistics in August, the lowest number in 18 months. Only 44 cities saw new-home prices increase in February last year.The average cost of a new home rose by 0.58 per cent in August, the smallest… Source link

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Manila must play its cards right with Chinese offshore gambling, given Beijing’s warnings

While China clamps down on cross-border gambling, countries in Southeast Asia are looking to corner more offshore gaming capital. Online gambling is illegal in mainland China and Beijing wants to crack down on cross-border gambling because it is morally corrupt, and a venue for capital flight and money laundering. But Chinese revenue has made cross-border gambling a lucrative industry for many of China’s neighbours, where gambling is mostly legal. This is particularly so for the Philippines,… Source link

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Global 

Can Hong Kong maintain its status amid protests despite Beijing’s push to turn Shenzhen into a financial hub?

As Beijing has whipped up the vitriol against Hong Kong’s anti-government protesters and exerted pressure on companies to act against “offenders”, it has also instituted a plan to elevate neighbour Shenzhen into a global model socialist city that it hopes will lead the nation into its next level of development.The conflicting perspectives on the two cities that share a border may fuel speculation that if Hong Kong does not soon toe the line, it runs the risk of being replaced by Shenzhen as the… Source link

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China’s free trade zones fail to shine despite Beijing’s desire to lure global investors

Dalian’s determination to woo foreign investors to the port city in northern China is spelt out clearly by a sign saying “you can only say yes and you are not allowed to say no” that hangs in a local governments business service centre.Staff are encouraged to process business registration applications to help the local government’s efforts to translate its status as a free trade pilot zone, which was granted by Beijing in March 2017, into a pro-business and investor-friendly international port… Source link

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Sinopec Engineering, tasked to deliver on Beijing’s Belt and Road Initiative, thinks it can win Bangladesh project

Sinopec Engineering (Group), a key implementer of China’s Belt and Road Initiative, is confident it can win a bid to expand an oil refinery in Bangladesh, according to its president.“In Bangladesh, we have made relatively concrete progress on a refinery expansion project,” presidentXiang Wenwu told reporters on Monday. “It is at the final tender negotiation stage and we have a relatively good chance of winning the bid.”He would not provide details.India’s The Financial Express newspaper… Source link

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China’s bank lending weakened in July, suggesting Beijing’s stimulus efforts not working

Chinese monetary data for July was weak across the board, suggesting that Beijing’s efforts to galvanise new lending are not having the intended effect.Chinese banks extended 1.06 trillion yuan (US$150.17 billion) in net new loans last month, down from 1.66 trillion yuan (US$235.17 billion) in June, according to the data released by the People’s Bank of China on Monday.July’s lending was well below the 1.25 trillion added bank credit predicted by a Bloomberg survey of economists, and was the… Source link

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China 

Beijing’s controversial ‘Made in China 2025’ plan is a linchpin of Northeastern rust belt’s future

While Beijing may be keeping its controversial “Made in China 2025” industrial strategy away from public discussion, the state-driven plan to lift Chinese manufacturing up the value chain is the bedrock of economic revitalisation in Liaoning, one of the three provinces of China’s Northeastern rust belt.The four-year-old plan that aims to wean China off its reliance on foreign technology and imports, and build global hi-tech champions, has become a political flashpoint for the US-China trade war… Source link

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Money 

China’s ex-‘super bank’ chief faces probe as Beijing’s financial sector corruption crackdown continues

The former chairman of a state lender known as “Beijing’s super bank” is being investigated for “a serious disciplinary violation”, according to a statement from the Communist Party’s enforcement agency on Wednesday.Hu Huaibang, who was chairman of China Development Bank (CDB) for more than five years until his retirement in September last year, is suspected to be the latest in an already long line of heavyweight financial officials toppled by Beijing’s anti-corruption campaign.Also former… Source link

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