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Prices of second-hand homes in Hong Kong declined in June amid extradition bill protests, Ricacorp says

The average price of second-hand homes in 50 major residential estates in Hong Kong dropped 0.2 per cent last month from a record high in May, brokerage Ricacorp Properties said on Wednesday.Protests in the special administrative region against a controversial extradition law depressed prices, which fell from an average of HK$15,593 (US$1,995.6) per square foot in May to HK$15,555 per square foot in June, according to Ricacorp, which tracks prices across these 50 residential estates.“Home… Source link

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Demand for Hong Kong’s luxury homes slips as trade war, threat of extradition bill rattle wealthy investors

The double whammy of the US-China trade war and the threat of a controversial extradition bill that led to weeks of mass rallies in Hong Kong has hit demand for the city’s ultra-luxury homes, new figures show.Property consultancy Savills said enquiries about homes priced between HK$40,000 (US$5,111) and HK$100,000 per square foot fell in the second quarter of the year, leading to a 1.5 per cent slide in prices of town houses, whose size typically ranges from 2,000 to 4,000 square feet.It was… Source link

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Developers set to unleash 817 flats in the biggest weekend sale since extradition bill protests rocked Hong Kong

Property sales are back in full swing. Six developers are selling 817 units, including Hong Kong’s smallest flat, in the biggest weekend sale since protests against the controversial extradition bill started in early June.Louis Chan, vice-chairman of Asia-Pacific and chief executive of residential division at Centaline Property Agency, said market sentiment has improved as tensions have eased between the US and China after the G20 summit and anticipation that possible interest rate cuts by the… Source link

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How the extradition bill crisis threatens Hong Kong’s currency peg to the US dollar

Imagine a frightening scenario where Hong Kong suffers from massive capital outflows. The stock market plummets, property prices tumble and confidence evaporates. To protect themselves, residents instinctively convert their Hong Kong dollar savings into safer currencies such as US dollars and euros.In an effort to stem the outflow of money and maintain the US dollar peg, the Hong Kong Monetary Authority is forced to propel borrowing rates to astronomic levels. This policy response has the… Source link

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Hong Kong to lag behind NYSE, Nasdaq in 2019 as extradition bill, trade war weigh on listings, says Deloitte

Hong Kong’s stock market is expected to rank third, and Shanghai fourth, in global IPO market rankings for the first half this year, according to latest analysis by Deloitte China’s National Public Offering Group. Both markets have been hit hard by macroeconomic turbulence caused by the US-China trade war as well as political uncertainties.The New York Stock Exchange and Nasdaq are expected to occupy the top two places with mega IPOs in the period under review, Deloitte said on Wednesday.Based… Source link

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Business sector’s opposition to Hong Kong’s extradition bill should have sounded the alarm

As the Hong Kong government attempts to justify the police force’s disproportionate use of tear gas, rubber bullets and pepper spray, it is helpful to remember the exceedingly moderate character of the corporate staff, small-business owners and students who were out on the streets protesting this week. Historically, it has been rare in Hong Kong’s politics for the international business lobby to find itself on the same side as the city’s democrats.In 2014, when the city was readying for the… Source link

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Hong Kong, China stocks end higher as political tensions over extradition bill subside

Hong Kong and China stocks rose on Tuesday, as investors remained cautiously optimistic ahead of a US Federal Reserve policy meeting and amid cooling political tensions over a controversial legislation in the city.The Hang Seng Index climbed 1 per cent to 27,498.77 by close, breaching the 20-day moving average of 27,258.74, which is seen by technical analysts as a key resistance level. Turnover stood at HK$71 billion, below the daily average of HK$97 billion in May.The Shanghai Composite Index… Source link

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Protest against controversial extradition bill casts shadow on Hong Kong’s largest property sales since early May

Property sales were disappointing on Sunday in Hong Kong’s biggest offering since early May, as buyers stayed away amid huge protests in the city against a proposed extradition bill, and ongoing concerns over the US-China trade war.Not only is Hong Kong sitting in the middle of a worsening US-China trade war, but also its own political turmoil as protesters took to the streets on Sunday for a third time in a week against a proposed extradition law that would allow suspects to be sent to… Source link

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Hong Kong’s controversial extradition bill will damage city’s economy, relationship with the US, say economists

A controversial extradition bill that sparked massive protests in Hong Kong this week could potentially damage the city’s economy and its relationship with the United States, analysts and economists said.Ines Lam, an economist at CLSA, said in a research note that the proposed extradition bill, which would make it easier to send people from Hong Kong to mainland China for trial, could be a “tipping point” in US-Hong Kong relations and threaten Hong Kong’s special status.US senators Ted Cruz and… Source link

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Marco Rubio’s bill to increase the scrutiny of US-listed companies may be a boon to Hong Kong’s stock exchange. Here’s why

A United States bill that proposes to delist Chinese firms that don’t open their audit books to American regulators could benefit Hong Kong Exchanges & Clearing Limited as companies instead turn to the city’s bourse.Dubbed the ‘Equitable Act’, the bipartisan bill’s sponsors include Marco Rubio, a long term critic of China’s governance and human rights record. While the measure covers all US-listed firms, the focus is on China and on allowing the Public Company Accounting Oversight Board (PCAOB)… Source link

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