Global 

China’s exporters welcome trade war truce, but worry about long-term outlook

China-based manufacturers have welcomed the news of a truce in the year-long trade war between Washington and Beijing, with a freeze on further tariffs.President Xi Jinping and his US counterpart Donald Trump confirmed the deal – reported earlier in the week – on the sidelines of the Group of 20 summit in Osaka on Saturday. The US will put on hold new duties on US$300 billion of Chinese goods, and the world’s two biggest economies will restart trade talks. Trump also offered to ease… Source link

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CK Asset says impact of protests on Hong Kong’s property market will be minimal, but trade war remains a long-term worry

The massive street protests triggered by the extradition bill will not have as big an impact on the city’s property market as the US-China trade war, according to a top executive of CK Asset Holdings, Hong Kong’s second largest developer.“There were only 20 days for consultation, which was obviously not enough,” said executive director Justin Chiu Kwok-hung on Tuesday, becoming the first major developer to publicly comment on the political issue that galvanised Hongkongers. “[The protests] show… Source link

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Dubai offers long-term residence, retirement visas to lure wealthy Chinese to boost slumping property market

Dubai has set its sights on wealthy foreign investors, including the Chinese, by offering sweeteners such as long-term residence visas and retirement options, amid a slump in property prices. Dubai, the second largest city in the United Arab Emirates, recently approved visas valid for between five and 10 years. Visas for expat workers and professionals are usually valid for up to three years. Likewise, the UAE announced last year that it was planning to issue five-year retirement visas to non… Source link

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Chinese manufacturers must bite the tariffs bullet or think of long-term options to survive, says Seattle glove maker in Shanghai

Chinese manufacturers who are subject to higher US import duties must either pass the added costs to their customers, or seek long-term solutions to work around the impact of the US-China trade war, said the founder of a Seattle glove maker who produces 10 per cent of his protective gear in China.The threat by Donald Trump’s administration to slap a 25 per cent import tariff on US$300 billion of Chinese products – including Ammex Corporation’s Shanghai-made disposable gloves – adds to duties on… Source link

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Vietnam 

Banks rush to issue bonds for long-term capital hike – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Many banks have issued a large amount of bonds to raise capital. — VNA/VNS Photo HÀ NỘI — Local banks have continued issuing a large amount of bonds to raise capital to meet State Bank of Việt Nam (SBV)’s stricter regulations on credit safety limits and capital adequacy. Last week alone saw the Asia Commercial Bank (ACB) and VietinBank announce bond issue plans worth up to VNĐ15.5 trillion (US$665 million). ACB’s board of directors approved a plan to issue two-year and three-year bonds worth VNĐ5.5 trillion, with a maximum interest…

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Vietnam 

HoREA offers proposals to help real estate firms access long-term bank loans – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  An apartment building in the Nam Trung Yên Urban Area in Cầu Giấy District’s Trung Hòa Commune. — VNS Photo Đoàn Tùng HÀ NỘI — The HCM Real Estate Association (HoREA) has suggested the State Bank of Việt Nam (SBV) extend the application of regulations on banks’ maximum ratio of short-term funds used for medium- and long-term loans until the end of 2020. The HoREA also proposed the rate should be reduced to 37 per cent starting from January 1, 2021; 34 per cent from July 1, 2021; and 30 per…

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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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Property 

Hong Kong’s housing crisis can’t wait for long-term solutions

The government’s recent unveiling of the costs for its Lantau Tomorrow Vision proposal has divided the city: one half is concerned at allegedly exorbitant costs, although some estimates say the project will most likely turn in an eventual surplus; the other half seems to see it as a panacea to systemic housing issues. The official pitch is that the project is a long-term solution, designed to deal with Hong Kong’s expanding population and to relieve the city of its land shortages. All’s fair… Source link

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Vietnam 

Banks struggle to lure long-term capital – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI – Banks have to mobilise long-term capital at high costs by issuing certificates of deposit (CD) in Vietnamese đồng with high interest rates to lure depositors, causing concerns about a domino effect on lending rates. At Southeast Asia Bank (SeABank), when customers apply for a 24-month CD valued at a minimum of VNĐ100 million (US$4,290), they can enjoy a fixed interest rate of 8.4 per cent per year, while a 36-month CD can bring them a fixed interest rate of 8.6 per cent. State-owned Bank…

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Can China boost short-term growth while maintaining long-term prospects? Li Keqiang may have the blueprint

Premier Li Keqiang’s government work report, unveiled on the opening day of the National People’s Congress, argued that Beijing would do well to safeguard near-term growth without undermining the long-term sustainability of the economy.The question is: can Beijing achieve this daunting task against a challenging local and global backdrop, and with a smaller policy toolkit to deploy compared with five or 10 years ago?Let’s take a look at what has been proposed for the task. First, the government… Source link

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