Property 

Protest against controversial extradition bill casts shadow on Hong Kong’s largest property sales since early May

Property sales were disappointing on Sunday in Hong Kong’s biggest offering since early May, as buyers stayed away amid huge protests in the city against a proposed extradition bill, and ongoing concerns over the US-China trade war.Not only is Hong Kong sitting in the middle of a worsening US-China trade war, but also its own political turmoil as protesters took to the streets on Sunday for a third time in a week against a proposed extradition law that would allow suspects to be sent to… Source link

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Hong Kong’s controversial extradition bill will damage city’s economy, relationship with the US, say economists

A controversial extradition bill that sparked massive protests in Hong Kong this week could potentially damage the city’s economy and its relationship with the United States, analysts and economists said.Ines Lam, an economist at CLSA, said in a research note that the proposed extradition bill, which would make it easier to send people from Hong Kong to mainland China for trial, could be a “tipping point” in US-Hong Kong relations and threaten Hong Kong’s special status.US senators Ted Cruz and… Source link

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Rising uncertainty over trade war could weigh on bottom lines at Hong Kong’s banks, KPMG says

Rising interest rates helped boost Hong Kong banks as the city’s economy slowed last year, but heightened uncertainty from an escalating trade war between the United States and China could weigh on their performance in 2019, according to KPMG.Operating profit before impairments at the city’s licensed banks rose 15 per cent to HK$268 billion (US$34 billion) last year, from HK$234 billion in 2017, the accounting giant said. Total revenue at Hong Kong’s lenders increased 11.2 per cent to HK$445… Source link

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Hang Seng Index drops by the most in five weeks as Hong Kong’s biggest protest rally in decades finds city on edge

Hong Kong stocks fell by the most in five weeks, as traders pocketed their profits from a recent run-up in prices after the city’s police fired tear gas on demonstrators protesting a controversial extradition proposal.The Hang Seng Index fell 1.7 per cent to 27,308.46, its biggest daily decline since a 2.4 per cent plunge on May 9 amid escalating tensions between the United States and China over trade.“The main issue the market is facing is still the Sino-US trade tussle. We have not seen the… Source link

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Marco Rubio’s bill to increase the scrutiny of US-listed companies may be a boon to Hong Kong’s stock exchange. Here’s why

A United States bill that proposes to delist Chinese firms that don’t open their audit books to American regulators could benefit Hong Kong Exchanges & Clearing Limited as companies instead turn to the city’s bourse.Dubbed the ‘Equitable Act’, the bipartisan bill’s sponsors include Marco Rubio, a long term critic of China’s governance and human rights record. While the measure covers all US-listed firms, the focus is on China and on allowing the Public Company Accounting Oversight Board (PCAOB)… Source link

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ESR Cayman, Asia-Pacific’s largest warehouse landlord, set to raise up to US$1.2 billion in Hong Kong’s biggest IPO so far this year

ESR Cayman, the largest logistics landlord in Asia-Pacific backed by private equity firm Warburg Pincus, has shrugged off the impact of the US-China trade war on the capital markets by launching Hong Kong’s biggest IPO so far this year.The company is seeking to raise up to HK$9.76 billion (US$1.24 billion) by issuing 560.7 million shares at an indicative offer price range of HK$16.2 to HK$17.4 per share. It has reserved the option of issuing an additional 15 per cent or 84.1 million shares,… Source link

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Hong Kong’s housing market doomed to retreat as trade war deepens, says Credit Suisse

The escalation of the US-China trade war could derail the recent upbeat outlook on Hong Kong real estate, with Credit Suisse predicting that all segments of the property market will see a decline in prices this year.The Swiss bank said credit conditions could tighten further as banks become more reluctant to lend, leading to a rise in the Hong Kong interbank offering rate (Hibor), the interest rate at which banks lend to each other.“As the trade tensions escalate, we’re likely going to see… Source link

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No commissions? How Hong Kong’s office market will face a challenge from Singaporean leasing platform GorillaSpace

Singaporean workspace platform GorillaSpace believes it can disrupt Hong Kong’s office leasing market by allowing landlords and tenants to transact directly with each other online, a model they say has been used successfully with co-working and office space in the city state.The start-up, founded by a husband and wife team, recently won an undisclosed amount of seed funding from Japanese real estate developer Mitsubishi ­Estate.It said the model had been well received by growing companies… Source link

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Hong Kong’s new pensions tax break gives early boost to retirement savings

Hong Kong’s new tax incentives for pension contributions have already encouraged more people to save for their retirement, a trend that could help ease the burden of an ageing population, according to regulators and insurers.Several major pension providers including HSBC, Prudential, Manulife and AIA told the Post they had seen a strong response to their new tax-deductible deferred annuity and Mandatory Provident Fund products.HSBC had received 3,500 applications for MPF tax-deductible… Source link

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Chinese developer happy with 66pc jump in paper value of its investment in The Center, Hong Kong’s most expensive office building

The chairman of Chinese developer Yuzhou Properties is a contented man.Lam Lung-on’s company, which owns a floor of The Center, Hong Kong’s most expensive commercial building, has seen the paper value of his investment grow by 66 per cent in just two years.The value of the 58th floor of the iconic office building in Central, which was sold to a group of investors for HK$40.2 billion (US$5.12 billion) in May 2017, has appreciated to about HK$50,000 (US$6,381) per square foot from about HK$30,000… Source link

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