Home 

New World Development takes Hong Kong lifestyle to another level, set to launch priciest serviced apartments

New World Development is set to displace Four Seasons Place as the operator of Hong Kong’s most expensive serviced apartments.Agents say NWD plans to offer leases at its K11 Artus serviced apartment development, part of the US$2.6 billion Victoria Dockside project in Tsim Sha Tsui, for a third more than what luxury hotel operator Four Seasons Place Hong Kong charges for its serviced suites in the IFC complex in Central.The Hong Kong builder will offer leases for as much as HK$167 per square… Source link

Read More
Vietnam 

Leading garment-makers to display goods at Hong Kong’s largest trade show – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

HCM CITY — More than 30 leading Vietnamese manufacturers of garments, textiles, handicrafts and fashion accessories will be showcasing their products at one of Asia’s largest exhibitions to be held in Hong Kong at the end of this month.  Goods to be displayed at the show include apparel, fashion jewelry, underwear, swimwear, bags, luggage, scarves, footwear and fabrics all under one roof. The four-day Global Sources Fashion show will feature verified suppliers from major fashion manufacturing hubs, including Việt Nam, China, Hong Kong, Taiwan, South Korea, Bangladesh, India, Indonesia and…

Read More
Property 

Hong Kong’s pre-owned housing market rips higher, as analysts warn of pause ahead

The recent uptick in the secondary market where buyers kept snapping up homes costing less than HK$6 million (US$765,267) in major estates is expected to take a breather in coming weeks as prices near their previous peaks, analysts said.“The recent rise in home prices has been quite fast, accumulating solid increases. Also, a number of bargains in the market have been snapped up and homeowners have kept asking prices firm,” said Willy Liu, chief executive of Ricacorp Properties.Ricacorp said it… Source link

Read More
China 

Head of China’s biggest state firm in Hong Kong urges Beijing to deepen market reforms

The head of China’s largest and oldest state-owned company in Hong Kong has recommended that the government should let competitive forces play a bigger role in certain market-oriented industries.The government should continue to dominate industries monopolised by state entities, such as power distribution and transmission, whereas industries that are already populated by private enterprises or quasi-state companies should be allowed to compete.“Let the fittest survive,” said Fu Yuning, chairman… Source link

Read More
Home 

Hong Kong developer Henderson Land sells a third of 101 units at Yuen Long project

Hong Kong developer Henderson Land sold about a third of the 101 apartments on offer at its Reach Summit project in Yuen Long on Tuesday, in further evidence a recovery in the city’s property market was taking hold after a five-month correction in prices.The apartments, ranging from 255 to 381 sq ft in area, were offered at an average discounted price of HK$16,088 per square foot, an increase of 1.3 per cent over the average price of HK$15,881 offered when the project was launched late last… Source link

Read More
Home 

Hong Kong insurer Blue Cross adopts blockchain to speed up medical claims, eliminate fraud

Hong Kong’s insurance firms are fast embracing technology to keep up with their more nimble rivals.On Tuesday, Blue Cross (Asia-Pacific) Insurance said it has become the first insurer in the city to launch a blockchain-backed solution to speed up medical insurance claims and prevent fraud, adding that the distributed ledger technology will also help the company cut costs.Rivals Prudential, HSBC Life and Bowtie Insurance have started selling insurance products and processing insurance claims… Source link

Read More
Home 

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

Read More
Home 

Along with climate change come mosquito-borne diseases. Is Hong Kong ready for a public health emergency?

Months after Hong Kong was ranked by Bloomberg as the economy with the world’s most efficient health care, its public health system is caught in a crisis. More than 100 medical staff protested about the manpower crunch and ward overcrowding amid a winter flu surge in January, with many holding placards that sent the desperate message: “Breaking point”. This has been followed by a spike in measles infections since mid-March, and a shortage of vaccines. More alarmingly, the next public health… Source link

Read More
Home 

Vacancy tax is a short-term solution to Hong Kong’s long-term housing shortage crisis

The Hong Kong government plans to introduce a vacancy tax on empty new flats to pry open supply bottlenecks by imposing fines on developers for hoarding new homes. Under the proposed legislation, a tax equivalent to twice the estimated annual rental value will be levied on flats that remain unsold after 12 months of receiving an occupation permit. According to the Rating and Valuation Department, the preliminary findings in the Hong Kong Property Review 2019 indicate that the vacancy rate of… Source link

Read More
Home 

Hong Kong’s dollar millionaires swell at the slowest pace since 2014, as trade war-induced bear market crimped fortunes

The ranks of Hong Kong’s US dollar-denominated millionaires grew at their slowest pace since 2014, as the US-China trade war weighed on financial markets and depressed stock values all over Asia, according to a report by Citibank.The number of Hong Kong residents with at least HK$10 million (US$1.27 million) in assets, including property holdings, rose 3 per cent last year to a record 511,000, based on Citibank’s telephone survey and interviews with 4,192 respondents. Of these, the number of… Source link

Read More