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Buyers shrug off Hong Kong rallies to snap up Aurora flats in Tsuen Wan, offered at 10 per cent discount to the neighbourhood

Homebuyers shrugged off a downpour and Hong Kong’s 11th week of street protests to snap up the flats offered at a discount by Billion Development & Project Management in Tsuen Wan.Billion sold 300 flats, or 85 per cent of the 354 available units on offer at The Aurora as at 5pm, sales agents said, adding that they expect the project to sell out by the end of the day.Prices at The Aurora start at HK$3.81 million (US$485,720), or HK$17,558 per square foot, for a 217-square foot (20 square metre)… Source…

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Missing tycoon Xiao Jianhua’s relatives sell Causeway Bay shop for a massive 31 per cent loss

A shop in Causeway Bay, owned by relatives of Chinese billionaire Xiao Jianhua, the founder of the troubled Tomorrow Group, was sold at a massive loss as they start unwinding their property portfolio in the city.On Thursday, Xiao Yonghong and Sun Darui, the younger sister and brother-in-law of the missing tycoon, offloaded a 337 square feet retail unit at Causeway Place shopping centre for HK$18 million, according to Land Registry data. The couple had paid HK$26.23 million (US$3.34 million) in… Source link

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Ecommerce 

Alibaba posts 42 per cent gain in quarterly revenue, defying slowdown in China

Alibaba Group Holding beat estimates to report a 42 per cent revenue increase in the quarter ended June 30 amid signs of strain in China’s economy from the protracted trade war with the US. New York-listed Alibaba on Thursday posted better-than-expected revenue of 114.9 billion yuan (US$16.7 billion) in its fiscal first quarter, up from 80.9 billion yuan a year ago. Net income jumped 145 per cent to 21.3 billion yuan in the same quarter. “Alibaba had a great quarter, expanding our user base… Source link

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Alibaba posts 42 per cent gain in quarterly profit, defying slowdown in China

Alibaba Group Holding beat estimates to report a 42 per cent increase in revenue in the quarter ended June 30 amid signs of strain in China’s economy from the protracted trade war with the US.New York-listed Alibaba on Thursday posted better-than-expected revenue of 114.9 billion yuan (US$16.7 billion) in its fiscal first quarter, up from 80.9 billion yuan a year ago. Net income reached 21.3 billion yuan for the same quarter.The e-commerce giant’s financial results are seen by many investors as… Source link

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China 

Bad loans in China’s banking system mount, rise 3.6 per cent in second quarter

Chinese banks have reported an increase in bad debts and a decline in capital adequacy ratio in the second quarter, as the year-long trade war has hit the country’s economy hard.Total non-performing loans in the mainland’s banking system rose to 2.235 trillion yuan (US$316.6 billion) during the three months to June, up 78.1 billion yuan, or 3.6 per cent from the first quarter of this year. The non-performing loan ratio edged up by a marginal 0.01 percentage points to 1.81 per cent during the… Source link

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Qingdao flat prices cut by 5 per cent as city heeds warning of China’s top decision-making body

Qingdao is the first city to offer new flats at a discount after China’s top decision-making body warned against using property as a tool to stimulate the economy.A developer in the coastal city of Shandong province was offering a new batch of flats at Wenlan Mansion at 10,000 yuan (US$1,441) per square metre – 5 per cent lower than the previous lot – just days after the Communist Party’s Politburo underscored a hawkish stance on cooling the housing market.That means those who bought homes in… Source link

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Vietnam 

Petrolimex profit up 11 per cent – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The Petrolimex group achieved revenue of VNĐ91.7 trillion in the first six months of the year, down by 5 per cent year-on-year. — Photo baotainguyenmoitruong.vn HÀ NỘI — The Việt Nam National Petroleum Group (Petrolimex) reported post-tax profits of VNĐ2.4 trillion (US$102.6 million) in the first six months of the year, up by 11 per cent year-on-year and equivalent to 60 per cent of the entire year’s target. The group achieved revenue of VNĐ91.7 trillion in the period, down by 5 per cent year-on-year. In the second quarter, the group earned…

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Vietnam 

January to July retail sales gain 11.6 per cent – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Customers in a Big C store. Retail sales of products in the first seven months of 2019 rose 12.5 per cent year on year to VNĐ2.13 quadrillion. — Photo thoibaotaichinhvietnam.vn HÀ NỘI — Total retail sales of goods and services in Việt Nam in the first seven months of the year rose 11.6 per cent from the same period in 2018 to reach VNĐ2.85 quadrillion (US$122.5 billion). The growth rate was lower than the rate recorded in 2018 but higher than those of the previous three years, according to the General Statistics…

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HSBC to cut 2 per cent of its workforce as lender looks to reduce costs

HSBC said it plans to slash as much as 2 per cent of its workforce as the lender looks to reduce its costs in a more challenging market environment.As of June 30, the bank, which is based in London, but generates more than half of its revenue in Asia, employed about 238,000 people worldwide.As part of its second quarter results, the bank said that it had set aside severance costs of US$248 million in the first half of the year related to its efforts to cut costs. The company said…

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China 

Donald Trump says US to hit US$300 billion worth of Chinese goods with 10 per cent tariff

Gao said the two sides reviewed past trade talks and discussed the “principles and methods for future negotiations” during their discussions in Shanghai. There was no indication that either side had set any kind of deadline for the completion of the talks. An article in Thursday’s Global Times, a nationalistic state-owned tabloid, argued that the conditions China wanted to see involved more goodwill gestures from the US. “The US strategy has been exerting extreme pressure on China since the trade war started, and the US side needs to relax or…

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