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Companies looking to list in Hong Kong await sunnier days, have held back IPOs but aren’t abandoning market

Companies looking to list in Hong Kong have put their initial public offerings on hold amid a year-on-year decline of as much as 40 per cent in the valuations of new share offerings in some cases, making the market Asia’s cheapest after Pakistan.Protests in the special administrative region and the ongoing US-China trade war have rattled investor confidence. The average price to earnings (PE) ratio in Hong Kong currently stands at 10.46 times – its lowest in recent years. Last year, the ratio,… Source link

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Henderson posts second straight drop in interim revenue, as one of Hong Kong’s largest developers falls victim to real estate slump

Henderson Land Development reported its second consecutive double-digit percentage decline in interim revenue, as one of Hong Kong’s largest developers fell victim to the city’s slowing property market.Turnover fell 38 per cent to HK$8.12 billion in the six months ended June, while first-half underlying profit, excluding revaluation gains on investment properties, dropped to HK$6.7 billion. Revenue from real estate sales plunged 68 per cent to HK$2.7 billion during the period, said Henderson,… Source link

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Weak earnings led by Xiaomi keep gains in check in Hong Kong as investors await trade war developments

Weak earnings by Chinese smartphone giant Xiaomi as well as Hong Kong and China Gas weighed on the Hang Seng Index, with the ongoing US-China trade war being blamed for at least part of their difficulties.Even so, the Hang Seng Index managed to eke out a small gain on Wednesday, closing ahead 0.15 per cent, at 26,270.04.The Shanghai Composite also held on to a teensy gain – a mere 0.01 per cent, which left it at 2,880.33. The Shenzhen Composite Index ended down a bit, by 0.09 per cent, at…

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Protests could hammer Hong Kong’s economy, Bank of East Asia warns, as its profit falls 75 per cent in first half

The Bank of East Asia (BEA) warned on Wednesday that protests and civil unrest in Hong Kong over the past two months, combined with an escalation of the US-China trade war, could begin to weigh on the city’s economy as it reported a nearly 75 per cent drop in its first-half profit.The warning came days after Hong Kong’s government cut its forecast for economic growth to zero to 1 per cent in 2019 and Morgan Stanley said it expected the city’s economy to contract this year.In June, Hong Kong’s… Source…

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Sellers of Singapore’s largest residential site above a lush park are wooing mainland China, Hong Kong developers

A choice piece of property in Singapore – the city-state’s largest residential site on a hilltop overlooking a lush park – is back on the market. Hong Kong or mainland developers could be its next owners, analysts say.The spot is called Braddell View, and it sits on 1.14 million square feet above MacRitchie Reservoir Park. Its starting price is S$2.08 billion (US$1.5 billion), but the hope is for competing bids to drive that up.The central city site was unsuccessfully put up for sale in March… Source link

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Stocks Blog: Xiaomi earnings, Trump's trade comments likely to weigh on Hong Kong opening

Good day traders, Overnight in the US, the S&P 500, Dow and Nasdaq fell, with US President Donald Trump sounding pessimistic about reaching a deal with China anytime soon. Meanwhile, in Hong Kong the city is bracing for another day of protests.    If you have any feedback, please send them to deb.price@scmp.com . — Yujing Liu, Deb Price and Srinivasan Iyer in Hong Kong Source link

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Hong Kong restaurateurs develop taste for takeaway shops, avoid setting up dine-in premises to cope with rising rents

An increasing number of restaurateurs are choosing to set up takeaways instead of dine-in premises in Hong Kong to get past the city’s expensive rents, which have topped the world for several years in a row.The number of food factory licences, also called takeaway licences, increased 7.4 per cent year on year to 7,671 as of the end of 2018. This represents an increase of 19 per cent in three years, from 6,459 in 2015. The number of food vending machine licences rose 130 per cent year on year to……

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Are Hong Kong’s protests crushing the city’s role in China’s Greater Bay Area plan?

Joshua Rotbart, a gold trader and shipper, has been watching Hong Kong’s unfolding political crisis with keen interest, fearing that further protests could damage the city’s leading position in the gold market.Before this past weekend’s peaceful demonstrations, confrontations between the police and protesters had become increasingly violent over the summer, culminating at Hong Kong International Airport last week when hundreds of flights were cancelled.The cancellations disrupted the transport… Source link

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Hong Kong, China markets struggle for direction as four-day winning run ends

Hong Kong and China markets struggled for direction and ended lower on Tuesday, one day after recording the biggest rally in about two months, as investors awaited developments on the trade war and US interest rates.The Hang Seng Index swung between gains and losses, finally ending 0.2 per cent lower at 26,231.54, snapping a four-session winning streak. Turnover on the main board stood at HK$79 billion (US$10 billion), down from Monday’s HK$97 billion.The Shanghai Composite Index ended 0.1 per… Source link

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More banks are predicting Hong Kong’s home prices to decline, as persistent public unrest sours moods and crimp transactions

Hong Kong’s property prices are poised to decline by 10 per cent through March 2020, as the economy shrinks this year, according to a forecast by Morgan Stanley, the first bank to predict a contraction as street rallies across the city extend into their 12th week.The “key drags” of the economy include “continued trade tension, disruption to economic activity due to unrest, as well as a potentially higher Hibor, which are likely to lead to broad-based slowdown in consumption, investment and… Source link

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