Vietnam 

Hòa Phát construction steel sales post 27 per cent hike – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Hòa Phát is aiming for consumption of 3.3 million tonnes of construction steel in 2019. — VNS Photo Viet Nam News HÀ NỘI — Sales of Hòa Phát construction steel in the first month of this year hit 250,000 tonnes, a 27 per cent year-on-year rise and equal to record sales in October 2018. Hòa Phát Group said steel sales in the central and southern regions accounted for 48,800 tonnes, with the rest in the northern region. Its agents were stocking steel for construction after the Tết…

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Property 

Brace for a 20 per cent decline in Hong Kong home prices, says senior director of CK Asset

Hong Kong home prices could be headed for a multi-year downtrend that knock valuations by up to 20 per cent, prompting major developers to slash prices for new homes along with the sliding market, according to a senior executive at CK Asset Holdings, the second largest developer in Hong Kong by capitalisation. CK Asset executive director Justin Chiu Kwok-hung said on Tuesday that home prices could drop 10 per cent this year and by up to 8 to 10 per cent next year, amid simmering trade tensions between China and…

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Vietnam 

January budget revenue rises 7.5 per cent – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

January budget revenue was estimated to be VNĐ144.6 trillion (US$6.15 billion), representing a rise of 7.5 per cent over January 2018. – Photo vneconomy.vn Viet Nam News HÀ NỘI — State budget revenue was estimated at a total of VNĐ144.6 trillion (US$6.15 billion) in January, representing a rise of 7.5 per cent over the same month of 2018. The month’s budget collection was equivalent to 10.2 per cent of the target for the full year. According to the latest report from the Ministry of Finance, domestic revenue…

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Home 

China new home sales decline by 56 per cent during Lunar New Year holiday

New homes sales declined by 56 per cent year on year in 17 major mainland China cities, including Shanghai and Nanjing, during the Lunar New Year holiday, in a sign that does not bode well for a sector already weighed down by a bearish outlook and concerns about a slowing economy. According to a research note released on Tuesday by investment bank China International Capital Corporation, Beijing’s easing stance on the overall economy boosted market sentiment in the beginning of 2019, but sales data from sample cities and developers shows…

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Tencent-backed Chinese movie ticketing app Maoyan drops by 1.6 per cent on Hong Kong trading debut

Maoyan Entertainment, China’s biggest movie ticketing app, dropped by about 2 per cent on its closely watched trading debut on Monday in Hong Kong. In a shortened session ahead of Lunar New Year, Maoyan’s shares declined by 1.6 per cent to HK$14.56 in mid-morning trade. The stock had at one point been down by as much as 3 per cent, before it moved higher. The company priced its shares at HK$14.56, the low end of its anticipated price range, and the listing was moderately oversubscribed, the company said on Friday.…

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Hong Kong’s compulsory provident scheme makes positive start to year with 3.95 per cent return in January

Hong Kong’s compulsory pension scheme turned its best performance in a year on the back of a strong stock market rally in the US and Hong Kong, generating an average return of 3.95 per cent in January, according to data from Lipper Refinitiv. The Mandatory Provident Fund lost 8.21 per cent in 2018 – its worst year since 2011 after starting the previous January with gains of 4.4 per cent. The MPF, which covers 2.8 million people in Hong Kong, had its best year in 2017 with gains of 20.9…

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Vinda net profit rises 4.6 per cent, as product price hike helps offset higher pulp prices

Vinda International Holdings, the maker of China’s bestselling brand of toilet paper, reported on Thursday 2018 net profit rose 4.6 per cent, helped by price increases that bolstered revenue and provided a cushion against higher pulp prices and foreign ­exchange volatility. Vinda’s net profit grew 4.6 per cent to HK$649.31 million (US$82.76 million) for the year, up from HK$620.96 million in 2017. The company’s gross profit margin fell by 1.6 percentage points due to exchange rate fluctuations and a surge in pulp prices. Revenue rose 10.3 per cent to HK$14.88…

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Hong Kong home prices fell by 2.4 per cent in December, says Rating and Valuation Department

The prices of homes in Hong Kong fell by 2.4 per cent in December, the city’s Rating and Valuation Department said on Thursday, slower than a drop of 3.2 per cent in November. The decline from a peak in July amounts to 9.2 per cent. Shih Wing-ching, chairman of Hong Kong-based Centaline Property Agency, said home prices will first rise by 5 per cent to 6 per cent, and then drop by about 10 per cent. “The price at year-end will be lower than that in the beginning of the…

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Alibaba posts 33 per cent gain in quarterly profit, bucking slowdown in China

Alibaba Group Holding posted a 33 per cent increase in net income in the quarter ended December, driven by gains in its main online commerce and bucking analyst expectations for a decline amid a slowdown in China’s economy. The New York-listed e-commerce giant said net income for its fiscal third-quarter reached 31 billion yuan (US$4.5 billion) on the back of a 41 per cent rise in revenue to 117.3 billion yuan, up from 83 billion yuan in the same period a year earlier. “Our resilient operating and financial performance is…

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Hang Lung reports 2018 underlying profit slumps 26 per cent amid fewer sales

Hang Lung Properties reported on Wednesday 2018 underlying profit plunged 26 per cent on year, matching analyst expectations, amid softer sales during a 12-month period that coincided with a downturn in the developer’s project completion pipeline. For the financial year ended December 31, the developer’s underlying profit totalled HK$4.09 billion (US$522 million), or 91 HK cents per share, compared to HK$5.53 billion, or HK$1.23 per share, a year earlier. The company will distribute a final dividend of 58 HK cents per share, which remained unchanged from the previous year. Together…

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