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Prices of second-hand homes in Hong Kong declined in June amid extradition bill protests, Ricacorp says

The average price of second-hand homes in 50 major residential estates in Hong Kong dropped 0.2 per cent last month from a record high in May, brokerage Ricacorp Properties said on Wednesday.Protests in the special administrative region against a controversial extradition law depressed prices, which fell from an average of HK$15,593 (US$1,995.6) per square foot in May to HK$15,555 per square foot in June, according to Ricacorp, which tracks prices across these 50 residential estates.“Home… Source link

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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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Developers set to unleash 817 flats in the biggest weekend sale since extradition bill protests rocked Hong Kong

Property sales are back in full swing. Six developers are selling 817 units, including Hong Kong’s smallest flat, in the biggest weekend sale since protests against the controversial extradition bill started in early June.Louis Chan, vice-chairman of Asia-Pacific and chief executive of residential division at Centaline Property Agency, said market sentiment has improved as tensions have eased between the US and China after the G20 summit and anticipation that possible interest rate cuts by the… Source link

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Hang Seng climbs as investors focus on progress on trade, not on violent rampage over extradition proposal

Hong Kong investors played catch-up after a holiday, with shares climbing on US-China trade hopes, despite an uncharacteristically violent rampage Monday night that shocked many in the city and the world.The Hang Seng Index on Tuesday closed up 1.2 per cent to 28,875.56, with casinos and smartphones gaining.But Louis Tse, managing director of VC Asset Management, said longer term, the images of the violence did damage to Hong Kong’s reputation. And the American Chamber of Commerce in Hong Kong… Source link

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How the extradition bill crisis threatens Hong Kong’s currency peg to the US dollar

Imagine a frightening scenario where Hong Kong suffers from massive capital outflows. The stock market plummets, property prices tumble and confidence evaporates. To protect themselves, residents instinctively convert their Hong Kong dollar savings into safer currencies such as US dollars and euros.In an effort to stem the outflow of money and maintain the US dollar peg, the Hong Kong Monetary Authority is forced to propel borrowing rates to astronomic levels. This policy response has the… Source link

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Hong Kong extradition protests reveal deep-rooted problems that need addressing. How will Carrie Lam and Beijing respond?

On the spectrum between cock-up and conspiracy, Chief Executive Carrie Lam Cheng Yuet-ngor’s blundering into what may be Hong Kong’s biggest political crisis since China resumed sovereignty over the territory in 1997 smells strongly of a bungle. That does not make it any less serious. The credibility of the administration is in shreds. Divisions in the Hong Kong community have been widened. Crude stereotypes of Hong Kong gradually being swallowed by China’s dark totalitarian forces have run… Source link

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Hong Kong to lag behind NYSE, Nasdaq in 2019 as extradition bill, trade war weigh on listings, says Deloitte

Hong Kong’s stock market is expected to rank third, and Shanghai fourth, in global IPO market rankings for the first half this year, according to latest analysis by Deloitte China’s National Public Offering Group. Both markets have been hit hard by macroeconomic turbulence caused by the US-China trade war as well as political uncertainties.The New York Stock Exchange and Nasdaq are expected to occupy the top two places with mega IPOs in the period under review, Deloitte said on Wednesday.Based… Source link

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Business sector’s opposition to Hong Kong’s extradition bill should have sounded the alarm

As the Hong Kong government attempts to justify the police force’s disproportionate use of tear gas, rubber bullets and pepper spray, it is helpful to remember the exceedingly moderate character of the corporate staff, small-business owners and students who were out on the streets protesting this week. Historically, it has been rare in Hong Kong’s politics for the international business lobby to find itself on the same side as the city’s democrats.In 2014, when the city was readying for the… Source link

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Hong Kong, China stocks end higher as political tensions over extradition bill subside

Hong Kong and China stocks rose on Tuesday, as investors remained cautiously optimistic ahead of a US Federal Reserve policy meeting and amid cooling political tensions over a controversial legislation in the city.The Hang Seng Index climbed 1 per cent to 27,498.77 by close, breaching the 20-day moving average of 27,258.74, which is seen by technical analysts as a key resistance level. Turnover stood at HK$71 billion, below the daily average of HK$97 billion in May.The Shanghai Composite Index… Source link

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Despite extradition protests, China’s economic stimulus and US monetary policy easing leave Hong Kong well placed

Markets always have to react. Attacks on oil tankers in the Middle East prompt a higher oil price. China unveils measures to boost automobile sales and the price of palladium is affected. But, while immediate market reactions are perfectly rational in the moment, those decisions may not stand the test of time. Take Hong Kong for example. Clearly, last week’s use of beanbag rounds, rubber bullets and tear gas in Admiralty was hardly going to elicit a positive reaction from investors, and the… Source link

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