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CK Asset postpones sale of luxury flats estimated to cost more than US$12.7 million citing social turmoil

CK Asset Holdings, the second largest developer by market value in Hong Kong, has become the latest builder to defer the sale of its luxury residential project, as 10 weeks of social turmoil has severely hurt consumer sentiment.The as-yet unnamed project at 21 Borrett Road, in Mid-Levels, was originally expected to be released for sale this month.Executive director Justin Chiu Kwok-hung said on Tuesday that the group had decided to postpone the sale of the luxury flats that would cost more than… Source link

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BlackRock sees a tepid second-half China economy despite stimulus, citing trade war woes

BlackRock, the world’s largest asset manager, on Monday downgraded emerging market equities linked to China for the second half of the year, saying markets were “overly optimistic” about China’s ability to boost its economic growth amid the trade war with the United States.The firm, which manages more than US$6.5 trillion in assets, said it now sees “trade and geopolitical frictions as the principal driver of the global economy and markets” and expects China’s economy to experience “a lull”… Source link

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Hong Kong developer walks away from Kai Tak project, citing ‘social contradiction and economic instability’

The Hong Kong developer that beat out several of the city’s biggest and wealthiest property groups for a commercial plot at the former Kai Tak Airport in May has had a change of mind after less than a month, saying it will abandon the offer, citing “social contradiction and economic instability”.Goldin Financial Holdings told a telephone conference on Tuesday that it was rescinding its HK$11.1 billion (US$1.42 billion) winning bid for C Site 4 at Kai Tak at the city’s former airport, forfeiting… Source link

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Bank of Jinzhou auditors resign citing loan inconsistencies

Bank of Jinzhou said its auditors resigned, sending some of its debt securities plunging and reigniting investor concerns about the riskiness of China’s smaller lenders.Ernst & Young Hua Ming LLP and Ernst & Young said in a resignation letter to the bank that there are indications that some loans to institutional customers weren’t used in ways consistent with the purposes stated in documents, Bank of Jinzhou said in a statement late Friday. The lender’s shares are suspended from trading in Hong… Source link

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Singapore 

Crowd boos Chinese star Lin Dan as he pulls out of Singapore Open, citing cramp, Singapore News

SINGAPORE – Fourteen minutes. That was how long the highly anticipated Singapore Badminton Open first-round clash between former world No. 1s Lin Dan of China and Viktor Axelsen of Denmark lasted on Wednesday (April 10). Lin, a two-time Olympic gold medallist and five-time world champion, withdrew from the match while trailing 20-13 in the first game at the Singapore Indoor Stadium, citing cramp in his left thigh. The 35-year-old had been cruising at 6-0 up, but the wheels first started to come off in the next point when the umpire…

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US mulls partial ban on Chinese trains and buses, citing cybersecurity and ‘Made in China 2025’

Trains and buses could be the next battleground in the US-China trade war, after United States senators took the first steps to ban rolling stock manufactured by Chinese companies with state ties.A bipartisan bill was introduced on Friday that claims “China poses a clear and present danger to our national security and has already infiltrated our rail and bus manufacturing industries”.It has garnered high profile sponsorship in the form of the Republican chair of the Senate Banking, Housing and… Source link

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US finally grounds Boeing 737 MAX planes, citing ‘new evidence’ from Ethiopia crash site

The US Federal Aviation Administration issued an emergency order on Wednesday grounding all Boeing 737 MAX aircraft in the wake of a crash of an Ethiopian airliner that killed 157 people, a reversal for the US after federal aviation regulators had maintained it had no data to show the jets are unsafe. The decision came hours after Canada joined some 40 other countries in barring the 737 MAX from its airspace, saying satellite tracking data showed possible but unproven similarities between the… Source link

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UK vacuum giant James Dyson is moving headquarters to Singapore, citing Chinese market and Asian production

James Dyson, the billionaire Brexit supporter who revolutionised vacuum cleaners with his bagless technology, is moving his head office to Singapore from Britain to be closer to his company’s fastest-growing markets. Dyson’s company said the move to Singapore, where the firm had already announced it would build its new electric car, was not driven by Britain’s looming departure from the European Union or tax implications, with much of its product development remaining in south west England. The 71-year-old inventor has become one of Britain’s best-known entrepreneurs, creating a multibillion-dollar company…

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Huawei’s chairman posts bullish new year address, citing record revenue growth in face of difficulties

Huawei Technologies, the world’s largest telecom equipment vendor, expects to record a bullish 21 per cent jump in revenue for 2018 to US$108.5 billion despite a series of setbacks for its global 5G business as its gear comes under closer scrutiny from the US and western governments over security concerns. Apart from the record revenue growth, in an upbeat new year address posted on his WeChat account, Huawei’s rotating chairman Guo Ping also highlighted that Huawei has signed a total of 26 commercial 5G contracts with leading global carriers to…

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Tencent pushes back on report that its investments have slowed in second half, citing 30 ongoing projects

Chinese internet giant Tencent said it has kept up a steady pace of external investments this year, with more than 30 ongoing projects, contradicting a local media report saying it had cut back in the second half of the year. Tencent Investment, the investment arm of the Shenzhen-based company, “has continued its development this year,” according to a statement issued in response to the report. The statement, verified by the company, came after Chinese tech site 36kr reported that Tencent had notably cut back its investments in the second half…

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