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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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Hong Kong protests fail to dampen demand for micro flats as T-Plus project in Tuen Mun sells 245 out of 344 units

The allure of a property “bargain” in Hong Kong may be stronger than concerns about the recent social unrest that has rocked the city if sales of tiny, heavily discounted, flats at a major project in Tuen Mun today were anything to go by.By 6pm on Sunday, 245 of the 344 units on offer at T-Plus had been bought, making it the largest weekend property sale since the huge rallies against the government’s proposed extradition bill began last month. Sales are set to continue until 11pm and resume on… Source…

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China 

China ignoring US demand for trade war reform by reinforcing state-directed economic model

China is reinforcing its state-directed economic model despite demands for change from the United States as a condition to end the trade war, and is in fact increasing the influence of state-owned enterprises and the Communist Party’s intrusion into the boardrooms of private companies, as highlighted by a string of recent events.On Monday, the State-owned Assets Supervision and Administration Commission (SASAC), which directly supervises more than 50 trillion yuan (US$7.3 trillion) of state… Source link

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Global 

China ignoring Donald Trump’s demand to purchase more farm goods as US-China trade crumbles

Now, however, China are believed to be refusing to make large-scale agricultural purchases until it has clarity on the US Entity List, which left Chinese firms such as Huawei subject to import blacklists, freezing them out of vital US-made technology. Mexico is doing great at the Border, but China is letting us down in that they have not been buying the agricultural products from our great Farmers that they said they would. Hopefully they will start soon! — Donald J. Trump (@realDonaldTrump) The South China Morning Post reported on Tuesday…

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Expat bankers struggle to find new jobs in Hong Kong as cost-cutting and demand for Mandarin speakers change labour market

For years, Hong Kong was a hot spot with plum jobs for overseas bankers as global firms hired aggressively. But many recently laid-off bankers in the city are finding that cost-cutting and a demand for Mandarin speakers have diminished the opportunities for expats in Asia’s financial hub.After Deutsche Bank announced plans for wide-ranging cuts this week, many employees worldwide are facing the challenge of job-hunting in a shrinking market. For foreign staff losing positions in Hong Kong, it… Source link

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Budweiser’s mega IPO falls flat with Hong Kong investors as high borrowing costs take the fizz out of demand

For many people there is nothing worse than a flat beer. Demand in Hong Kong for the biggest IPO of the year so far was anything but sparkling as Budweiser Brewing Company APAC’s shares proved they were not to everyone’s taste.The retail offering, which ran from Monday until noon on Thursday, is probably about 3.7 to 5 times oversubscribed, according to the latest estimates of 10 stock brokers polled by the South China Morning Post. That is far lower than initial forecasts that the IPO would be… Source link

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Property 

Expat demand for Beijing’s luxury serviced apartments falls as foreign firms scale back their Chinese operations

Beijing’s luxury serviced apartments market is set to take a hit from an increase in supply and a drop in demand from expatriates as foreign firms scale back their Chinese operations, according to observers.Foreign businesses, particularly manufacturers, have been losing market share in China under stiff competition from local companies in recent years. Many have moved their production facilities out of the country because of cost concerns, a trend exacerbated by the threat of higher tariffs… Source link

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Vietnam 

Easing external demand to weigh on Vietnamese manufacturing sector’s growth – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Electronics components are manufactured at 4P Company in the northern province of Hưng Yên. Slow global growth in 2019 could drag on demand for Việt Nam’s electronics exports. — VNA/VNS Photo Phạm Kiên   Thu Hà HÀ NỘI – Slowing global demand will have adverse impacts on Việt Nam’s manufacturing growth in the remaining months of the year, experts forecast. Reports from the General Statistics Office (GSO) showed the growth rate of the processing and manufacturing sector slowed to 11.18 per cent in the…

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Property 

Demand for Hong Kong developer Wing Tai’s Oma Oma project pushes residential property sales to ‘one of the best weekends this year’

Hong Kong property developer Wing Tai Properties said on Sunday it had sold about 70 per cent of apartments on offer at its new Oma Oma development in Tuen Mun, rounding off what could be one of the most successful weekends for residential property sales in the city this year.Buyers had snapped up 130 units out of the 193 on offer at Oma Oma as of 5pm, a day after Wheelock Properties sold all 504 Grand Montara apartments in Tseung Kwan O, in Hong Kong’s third-biggest weekend launch this year……

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Vietnam 

Việt Nam to perfect its legal systems in compliance with new era’s demand – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Prime Minister Nguyễn Xuân Phúc yesterday attended a national science conference to explore ways of improving the Vietnamese legal system.— VNA/VNS Photo Thống Nhất HÀ NỘI — Prime Minister Nguyễn Xuân Phúc yesterday attended a national science conference to explore ways of improving the Vietnamese legal system. His visit was arranged to keep up with the demand of the fourth industrial revolution. Organised by the Ministry of Justice, leaders of the National Assembly, the Government, relevant ministries, representatives of the start-up community, scientists and law experts were in attendance. Deputy…

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