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China’s push back on dual passports may derail investment immigration schemes

Global real estate investment flows could be disrupted if the authorities in mainland China were to crack down on the country’s booming trade in ­second passports.Tens of thousands of high-net-worth individuals in the mainland could be affected if authorities restricted the practice of buying property in a foreign country as a way of acquiring a second citizenship, experts said.The possibility of such action was highlighted earlier this month when Sun Xiang, a National People’s Congress… Source link

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Hong Kong’s impending vacancy tax unlikely to derail new-found housing price momentum

The recent stock rally and US Federal Reserve’s dovish attitude on interest rates have muted the threat of the proposed vacancy tax in a bid to cool home prices by raising supply, say market watchers.The introduction of vacancy tax came a step closer after the Legislative Council’s housing panel started discussions on the proposal on Monday.According to the proposal, the Rating and Valuation Department will determine whether a developer needs to pay vacancy tax, which would be equivalent to… Source link

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China 

China tries to walk a tightrope as nationalist backlash over Huawei case threatens to derail US trade talks

As Huawei’s finance chief Sabrina Meng Wanzhou seeks bail, Beijing is walking a fine line between defending one of the crown jewels of the country’s tech industry and preventing a nationalist backlash that could derail its ongoing trade talks with Washington. The chief financial officer and heir apparent to the Chinese tech giant has applied for bail after she was arrested in Vancouver on December 1 at the request of the United States. With Meng due to return to court on Monday local time for her ongoing bail hearing, China…

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China 

Trade war can seriously derail China economic development, says Mohamed El-Erian

China should make concessions to reach a permanent trade deal with the US during the current 90-day ceasefire because it could seriously derail its economic development if it fails, said the chief economic adviser at Allianz Group, Europe’s largest insurer. “The benefit of defusing the trade tensions is that you reduce the risk of falling into the middle income trap,” Mohamed El-Erian told a press briefing in Hong Kong. “My expectation is that something material will occur within the 90-day time period.” The middle income trap is a concept first…

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China 

Trade war will not derail rise of China’s middle-class consumers, Alibaba’s Tsai says

The US-China trade war will not derail the rise of China’s middle-class consumers, who are estimated to double to 600 million in the next 10 to 15 years and will power a long-term upgrading of consumption spending, said Alibaba Group executive vice-chairman Joe Tsai. “China has developed consistently over the last 20 years,” Tsai said in a response to a question at a briefing in Shanghai for Alibaba’s Singles’ Day shopping festival. “China’s GDP per capita was about US$800 per person back in 1999 when I joined the company, and…

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Money 

Trade war will not derail China’s promise to open up its financial markets, central bank chief says

China is committed to opening up its financial services markets to foreign players irrespective of the trade war with the United States, the head of its central bank said on Sunday, countering claims it had suspended licence applications as a result of the dispute. The People’s Bank of China (PBOC) would “implement” agreed plans for the move, governor Yi Gang told reporters on the sidelines of a forum in Beijing, which was also attended by Chinese Vice-Premier Liu He. “Our road maps and timetables for financial opening are already very…

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