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…

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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

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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

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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

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Hong Kong’s health insurance and pension saving ‘tax deducting schemes’ find traction in the first two weeks since launch

Two government programmes to encourage individuals to buy private health insurance and save more for retirement have been well received in the first two weeks since launch, providing what could be a long term growth engine for local insurance companies, according to industry players and credit rating agencies.Several major insurers including Prudential, AXA, AIA, Manulife and HSBC Life all told the Post that they have recorded strong sales in the new tax-deductible schemes over the first two… Source link

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Hong Kong’s slide down ranks of cities with highest global construction costs to boost developers

Hong Kong moved down two places in the ranks of cities with the highest average cost of construction globally in 2018, according to international project manager Turner and Townsend. The city’s average cost of construction rose by just 1 per cent, contributing to a slip from third place in 2017 to fifth last year.The average construction cost had risen by 6.2 per cent in 2017, placing Hong Kong behind only London and Zurich. Last year, affected by the US-China trade war, it stood at US$3,749… Source link

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Chinese brokerage giant seeks to raise US$1.25 billion in Hong Kong’s largest IPO this year

Shenwan Hongyuan, China’s sixth largest securities firm by market value, is seeking to raise as much as US$1.25 billion in Hong Kong’s largest IPO this year to replenish its capital and expand internationally.Shenwan, already listed on the Shenzhen Stock Exchange, is set to become the 12th Chinese brokerage firm with dual listings in Hong Kong and mainland markets.The firm, controlled by state-owned Central Huijin Investment, plans to sell 2.5 billion shares priced between HK$3.63 and HK$3.93… Source link

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Hong Kong’s first-quarter IPOs generate biggest returns in four years as bull market builds up

Hong Kong’s initial public offering market has been delivering the best returns in years.Eleven companies that sold IPOs worth at least U$S100 million rose by an average of 11 per cent one month after first-day trading, the biggest such gains for any first quarter in four years, according to data compiled by Bloomberg. The last time IPO shares sold on Asia’s third-largest stock market did as well in a first quarter was back in 2015.Investors’ demand for new shares has been improving, as the… Source link

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Money 

China’s middle class still seeking protection in Hong Kong’s insurance market despite forex crackdown

China’s growing wealthy middle class population are increasingly looking to safeguard their assets and plan for the future by investing in long term insurance and saving products in Hong Kong, but strict financial controls in the mainland are limiting opportunities.The products, including critical illness insurance as well as life insurance, are often denominated in US dollar and have grown in popularity in China, with premiums collected from mainland Chinese visitors making up 30 per cent of… Source link

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Fintech unicorn WeLab bags Hong Kong’s fourth virtual bank licence

A unit of home-grown fintech unicorn WeLab Holdings has won the fourth virtual bank licence granted by the Hong Kong Monetary Authority on Wednesday, making it the first stand-alone company to receive the new licence.Simon Loong, the founder and chief executive of WeLab, said that the licence for WeLab Digital was a validation and recognition of “our innovative mindset and proven fintech capabilities”.The HKMA said it was still processing four more candidates who are among the final eight… Source link

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