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Higher deposit for land sales will add pressure on small firms, tightening the big developers’ grip on Hong Kong’s land supply

The recent move by Hong Kong’s government to double the deposit for land tender sales, raised to deter defaults, will add to the financing pressure on small developers and put them at a disadvantage when they buy land in the world’s most expensive property market, analysts said.A HK$50 million (US$6.4 million) deposit now applies on all land parcels that are valued at over HK$400 million, while plots assessed at between HK$200 million and less than HK$300 million requires a non-refundable… Source link

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Hong Kong government doubles deposit for land tenders to HK$50 million after Goldin’s abandoned Kai Tak sale

The Lands Department said on Thursday it is doubling the deposit for government sites put up for tender to as much as HK$50 million (US$6.3 million) after a buyer walked away from a winning bid of HK$11.1 billion for a plot of prime land in June.The rule is effective immediately and the deposit would apply to all land sales with an estimated value of HK$400 million or more. Deposits for sites valued between HK$100 million to less than HK$400 million will range from HK$10 million to HK$40… Source link

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Vietnam 

VN, Laos tighten ties in deposit insurance – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A Deposit Insurance of Vietnam (DIV) sign displayed at an HDBank office. – Photo kinhtenongthon.vn VIENTIANE — The Deposit Insurance of Vietnam (DIV) has reviewed its co-operation with the Depositor Protection Fund of Laos (DPF) last year, eyeing further improvement in ties. The two sides discussed their co-working efforts last year and exchanged ideas for future co-operation and amendments to the signed memorandum of understanding (MoU). The DPF wanted to learn from the DIV’s experience in capital management, deposit data collection, management and arrangement of information data and internal network systems,…

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Vietnam 

Deposit interest rates jump as banks compete with strengthening greenback – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Most commercial banks, including major ones, have recently increased their deposit interest rates to high levels especially for long terms. — Photo cafef.vn Compiled by Thiên Lý Việt Capital Commercial Joint Stock Bank (VietcapitalBank) offers the highest deposit interest rate of any bank: 8.6 per cent. The rate is applicable for deposits of 24-60 months. For the same period, it offers 8.7 per cent if the deposits are made online. NamABank and ABBank are also offering high rates of 8.3-8.45 per cent. Most…

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Singapore 

Lee Hsien Yang puts up $20,000 security deposit for activist Jolovan Wham’s appeal, Singapore News

SINGAPORE – Mr Lee Hsien Yang, the brother of Prime Minister Lee Hsien Loong, has put up $20,000 as a security deposit for activist Jolovan Wham to appeal against his contempt of court conviction. In a Twitter post on Wednesday (May 22) morning, Mr Wham wrote: “Fortunately, the Prime Minister’s brother, Lee Hsien Yang, reached out to me and offered to put up the security for costs on my behalf. I’m grateful to him for his generosity.” In April, Mr Wham and opposition politician John Tan were each fined $5,000…

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Shanghai Commercial Bank’s 2018 profit up 17 per cent on higher interest income, forfeited Hong Kong Life deposit

Shanghai Commercial Bank said on Tuesday that its profit rose 17 per cent in 2018, driven by higher interest income, particularly in the US, and an “extraordinary contribution” resulting from the failed sale of Hong Kong Life Insurance.The bank, which went private in 2017, reported a profit of HK$2.85 billion (US$363 million) for the year ended December 31, up from HK$2.43 billion a year earlier.“In the year ahead, the bank will take a more cautious approach to preserve good credit quality and… Source link

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Vietnam 

Deposit rate forecast to stay steady over next few months – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The interest rate for đồng deposits is stable at 4.8-5.5 per cent per year for terms of less than 6 months. — VNA/VNS Photo Viet Nam News HÀ NỘI — Interest rates for Vietnamese đồng deposits would remain stable or even decline over the next few months, analysts from Saigon Securities Inc. (SSI) forecast. The outlook is different to a month ago when most believed pressure from interest rate hikes would occur in 2019 due to high inflation, global tightened monetary policy and the accelerating trade war. …

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Buyer of house on The Peak in Hong Kong walks away from deal – loses US$4.6 million deposit

A buyer has walked away from the purchase of a luxury house on The Peak, losing a deposit of some HK$36.09 million (US$4.6 million) in the latest sign of trouble in Hong Kong’s property market. The unidentified buyer did not proceed with the transaction for House 16 on Mount Nicholson, according to official documents, after agreeing to buy it for HK$721.88 million on December 31. “It is definitely not good news for the market,” said JLL executive director Joseph Tsang. “There are stories about buyers walking away from their purchases…

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Singapore 

‘Huat’ are the best times to deposit money on ‘auspicious’ Li Chun this year?, Singapore News

You might not know it by its name, but surely you’ve noticed snaking queues at cash deposit machines on a particular day around Chinese New Year. This date is called Li Chun (立春), and depositing cash has become quite a Singaporean tradition in the past few years. According to some fengshui master or other, Li Chun is supposedly an auspicious day for you to deposit money in your bank account. If you’re wondering when, where and why Li Chun 2019 is all about, here’s a dummies’ guide. (Read all the…

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Nearly 12 million users are waiting for deposit refunds at China’s Ofo according to bike-sharer’s app

Around 11.7 million customers of cash-stretched Ofo are currently waiting for deposit refunds according to information on its app as of Thursday morning, which means the Beijing-based bike sharing start-up needs to return at least 1.16 billion yuan (US$168 million) back to users. Early users of Ofo were asked to pay a 99 yuan deposit, which was later raised to 199 yuan, before they could rent a bike through the service. Users could request a deposit refund anytime via the Ofo app but there was a waiting period of 15…

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