China 

Shanghai speeds up IPO process for government assets as city’s economy slows sharply

Shanghai has stepped up the process to launch IPOs of 14 government-owned companies after the city reported lacklustre economic growth in the first half.Bai Tinghui, head of Shanghai State-owned Assets Supervision and Administration Commission, said on Thursday that a drastic reform to modify the share structure and management style of these companies was under way as the city embarks on an ambitious plan to building a word-class free-trade port at Lingang.“We are making plans for each of the… Source link

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Hong Kong follows US Fed’s 25 basis point rate cut, just in time for city’s stalling economy and kick start Budweiser’s mega IPO

Hong Kong’s monetary authority cut its base lending rate for the second time this year in lockstep with the US Federal Reserve’s widely expected move overnight, reducing the cost of money just as a slowing local economy teeters on the brink of a technical recession.The city’s de facto central bank reduced the base lending rate by 25 basis points to 2.25 per cent effective immediately, matching a similar cut by the US Fed.Commercial banks in the city are likely to keep their prime rate unchanged… Source link

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Hong Kong protests fail to slow city’s role as foreign investment gateway to China, government data shows

Hong Kong’s role as the primary gateway for long-term international investors to transfer money into China has remained largely intact despite the city being hit by increasingly violent anti-government protests, according to data released by the Chinese government.According to the figures from China’s Ministry of Commerce, Hong Kong remained the dominant source of foreign direct investment entering China in June, July and August when the city grabbed global headlines for the protests triggered… Source link

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Singapore fosters tech skills training for older workers to boost city’s productivity

Most 65-year-olds would be looking to wind down their careers as they hit retirement.But in Singapore, which has one of the highest life expectancies in the world at nearly 85 years and where the government soon plans to raise the retirement age, workers are being pushed to learn new skills to stay productive.Valerie Yeong-Tan, who has worked for 47 years at Singapore Telecommunications (Singtel), is one such example. She is an administrator in the human resources department with no prior… Source link

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Hong Kong protests and the US-China trade war are hurting the city’s economy, but Carrie Lam can stop things getting worse

The effects of the tumultuous events of the past three months are beginning to show, as Hong Kong’s social and economic situation deteriorates rapidly, casting doubts on the future of the city.Along with the further deceleration of Hong Kong’s real GDP in the second quarter, from an already weak first quarter, a series of negative shocks has pushed Hong Kong government officials to radically cut this year’s growth forecast – to a range of 0 to 1 per cent, from 2 to 3 per cent.Despite the extent… Source link

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Hong Kong’s owners raise home prices, hot on the heels of Carrie Lam withdrawing city’s controversial extradition bill

Some property owners have leapt for the exit as soon as Hong Kong’s chief executive offered her first olive branch to defuse the worst political crisis in the city’s history, raising their asking prices in the process.Six listings for residential property increased their asking prices by between HK$100,000 and HK$300,000, or between 1.2 per cent and 3.4 per cent, according to figures from Hong Kong Property (Services) and Midland Realty. A car parking space at the Le Prestige apartments in… Source link

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Will Hong Kong protests, US-China trade war come to the rescue of city’s oversupplied co-working spaces sector?

Co-working space operators in Hong Kong could actually benefit from the ongoing anti-government protests, as well as the US-China trade war, according to industry experts.The sector, weighed down by surging supply, has reported cuts in daily, monthly and yearly access rates, in some cases as steep as 50 per cent, as well as rent-free periods that extend to three months in some instances.“Over the last two years … as foreign work space brands kept setting up shop in Hong Kong, mainland [Chinese]… Source link

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Money 

Is China using Hong Kong protests to chip away at city’s economic freedoms?

Free enterprises, unfettered access to information and Western-style laws have helped build Hong Kong’s reputation as a major international financial centre, but China may now be willing to undermine those foundations of the city’s success as politics increasingly take precedence over economics, analysts say.That willingness, they said, reflected the importance to signal a clear political point of view, even at the expense of negative economic consequences that could result from a gradual… Source link

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China 

China’s regulator relaxes currency conversion rules throughout Shenzhen, sharpening city’s edge in Greater Bay Area

The Chinese government has eased the rules for converting hard currencies into the yuan in Shenzhen, the special economic zone set up four decades ago to spearhead China’s economic reforms, taking another major step in sharpening the city’s competitiveness in southern China. Under a pilot programme, effective within the city limits of Shenzhen, foreign exchange will be allowed to be convertible into the renminbi without prior permission by the State Administration of Foreign Exchange (SAFE),… Source link

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China 

Enough opportunities for Hong Kong’s youth in Greater Bay Area, but it’s not the answer to the city’s problems, says Allan Zeman

Allan Zeman (second left), chairman of Lan Kwai Fong Group, Witman Hung (second right), principal liaison officer for Hong Kong at the Shenzhen Qianhai Authority and Tony Verb (right), co-founder and partner at GreaterBay Venture & Advisors, take part in a panel discussion titled ‘The competition conundrum’, at the South China Morning Post’s China Conference, on Wednesday. Photo: May Tse Source link

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