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Australian co-working firm Victory Offices braves ‘overcrowded’ Hong Kong market to open space in iconic The Center

Victory Offices, an Australian co-working space operator, has opened its first location in Hong Kong – on the 76th floor of the iconic The Center skyscraper – braving the city’s ongoing political crisis and a crowded, highly competitive shared office market.The company has leased a 25,000-square-foot space near the top of The Center, the city’s most expensive office tower, in the main business district.Victory’s foray into Hong Kong – its first overseas – comes as the city’s economy teeters on… Source link

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Singapore woos banks in battle of Asia’s biggest currency hubs as it loses ground to Hong Kong

Singapore saw its lead over Hong Kong shrink to just a whisker in the battle to be Asia’s biggest foreign-exchange currency hub. To keep its advantage, the island state wants to attract more companies to set up electronic trading platforms.Average daily trading in Singapore jumped 22 per cent to a record US$633 billion in April from the same period in 2016, according to the latest survey by the Bank for International Settlements. That’s just ahead of Hong Kong’s US$632 billion, as the Chinese… Source link

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Combination of Lands Resumption Ordinance, protests will adversely affect Hong Kong developers, analyst says

Hong Kong, the world’s least affordable housing market, must find ways to provide cheaper housing amid anti-government protests that have now lasted over three months.Use of the Lands Resumption Ordinance, which allows the city’s government to take back private land for an established public purpose, has been touted in some quarters. As it happens, some of Hong Kong’s biggest private developers hold about 100 million sq ft in farmland, one of the easiest sources of new land in the city.In a… Source link

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Several dozen Hong Kong retailers likely to fold, leaving thousands unemployed as ongoing protests hit sales

Several dozen small retailers are likely to shut shop as soon as the end of this month due to plunging sales that could lead to thousands of lay-offs as protests frighten away tourists, according to a Hong Kong-based staffing agency.“It is just too hard to survive,” said Alexa Chow Yee-ping, managing director of AMAC Human Resources Consultants, adding that retail chains were trying their best to keep permanent staff despite the gloomy scene.About 20 per cent to 30 per cent of retailers were… Source link

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Hong Kong airport’s loss is Guangzhou and Shenzhen’s gain amid ongoing anti-government protests

Guangzhou surpassed Hong Kong International Airport in terms of the number of monthly passengers carried for the first time in August, while Shenzhen airport also reported a significant uptick in flight traffic, according to official data.Guangzhou Baiyun International Airport said it welcomed 6.5 million travellers in August, an increase of 3.4 per cent compared with a year earlier, while passengers passing through Hong Kong airport plunged 12.4 per cent to six million amid ongoing protests… Source link

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Hong Kong stocks drop most in three weeks, weighed down by protests, weak China data

Hong Kong’s stocks dropped the most in three weeks, as Chinese economic data that trailed estimates and the drawn-out protests in the city weighed on Asia’s third-largest equity market.The Hang Seng Index dropped 0.8 per cent, or 228.14 points, to 27,124.55 at the close on Monday, the steepest decline since August 26. Protesters clashed with the police on Sunday, setting fire on entrances to Wan Chai subway station and throwing petrol bombs at the government headquarters in Admiralty, as the… Source link

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Short sellers don’t have enough ‘bullets’ to successfully attack the Hong Kong market like in 1998, says Monetary Authority’s Chan

Short sellers could not successfully attack the Hong Kong stock and futures markets now like they did in the Asian financial crisis because the city’s financial market is much larger and they would need “much more bullets” than they could afford, said Norman Chan Tak-lam, chief executive of the Hong Kong Monetary Authority, the city’s de facto Central Bank.Short sellers in 1998 tried to force the government to delink the local currency’s peg to the US dollar by attacking the stocks, futures and… Source link

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Hong Kong protests a minor blip for strategic investors in home-grown start-ups as they focus on long-term potential

The ongoing protests have not discouraged strategic investors in Hong Kong-based start-ups as their focus is on the long-term potential of such companies.AngelHub and WHub, co-founded by Karen Contet Farzam and Karena Belin, last week raised a combined US$3 million in their first round of funding from TNG Fintech Group and Kharis Capital. The valuation and equity structure were not disclosed.Since the anti-government protests started on June 9, the city’s economy has taken a beating,… Source link

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London Stock Exchange rejection ‘shows Hong Kong can’t make it alone’

The London Stock Exchange Group’s preference for Shanghai over Hong Kong as a Chinese market partner shows that the southern city cannot break away from the mainland and develop on its own, according to a Communist Party mouthpiece.In a commentary published late on Saturday, People’s Daily said that getting access to future opportunities in China depended on how well the city consistently aligned with the country’s interests.The comments came after the London bourse operator rejected Hong Kong… Source link

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HSBC chairman Mark Tucker condemns violent protests in Hong Kong

Hong Kong must resolve its political crisis peacefully under “one country, two systems” and violence will not enable protesters to achieve their aims, the head of the city’s biggest bank told China’s state broadcaster.Speaking publicly for the first time about the summer of unrest, HSBC chairman Mark Tucker said Hong Kong thrived because of its stability, resilience and rule of law.“Its rule of law is essential to its status as an international financial centre. And we fully support the… Source link

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