Property 

Some Chinese investors suffer big losses after panicking and dumping property investments in Hong Kong

Some mainland Chinese investors who bought properties in Hong Kong at high prices several years ago have panicked amid souring sentiment and sold at big losses of up to HK$8.2 million.For instance, Xiao Yonghong and Sun Darui, the younger sister and brother-in-law of missing Chinese billionaire Xiao Jianhua – founder of the troubled Tomorrow Group – offloaded a 337 square foot retail unit at Causeway Place shopping centre for HK$18 million (US$2.29 million), incurring a loss of HK$8.23 million… Source link

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Money 

China’s new Star Market turns dozens of founders into overnight billionaires, while some small investors nurse heavy losses

Some small investors may be nursing losses after taking a punt on China’s new board for technology companies, but many of the senior executives of the listed start-ups are celebrating a windfall.The frenzied buying that has fired up the stock prices by an average of 200 per cent since trading began on the Star Market two weeks ago has created at least 30 yuan-denominated billionaires among those who already owned pre-IPO stakes in the companies. Someone with a fortune of 1 billion yuan is worth… Source link

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Hang Seng, Shanghai Composite post monthly losses in July, as ongoing trade battling between the US and China bite

July was a washout for Hong Kong investors, mercifully ending early when tropical storm Wilpha forced the stock exchange to close not long after the lunch break.The monthly loss for the Hang Seng Index – only the second this year – stood at 2.68 per cent, as investors dealt with massive demonstrations, mixed company earnings and dashed hopes for real progress toward ending the trade war between the world’s two largest economies. In May, when trade negotiations unravelled, it posted a 9.42 per… Source link

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Stocks Blog: Can Hong Kong, China markets hold on to gains waking up to losses in US benchmarks?

Happy Friday, traders —  So the key benchmarks in the US fell overnight, amid worries about how much more bounce equities have left in them. There was a mixed bag of earnings results, with Amazon a disappointment, and Google, Intel and Starbucks — crediting in part its business in China, which “performed extremely well” — boosting spirits. The US reports its GDP overnight, and next week we hear from the US Fed on rate cuts. We’ve got you covered on the top action in mainland and Hong Kong… Source link

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Chinese film studios expected to report losses, face further decline as audiences cut spending amid economic slowdown

Chinese home-grown film studios are expected to report losses for the first half of 2019, as box office numbers and attendance decline for the first time in a decade amid a wider slowdown in the economy.Box-office revenues across the country were down 2.7 per cent to 31 billion yuan (US$4.5 billion) in the first half, with home-grown movies contributing with only half, down from 60 per cent in 2018, according to Entgroup, China’ box office portal.And the rot may afflict the second half too.“I… Source link

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Hong Kong’s MPF wipes out last year’s losses with strong first-half gains thanks to stocks rally, easing of trade war

Hong Kong’s compulsory pension scheme has clawed back all of last year’s losses as a global stock market rally and an easing in trade tensions boosted returns in the first half of 2019.The HK$813 billion (US$104.43 billion) Mandatory Provident Fund on average achieved 8.43 per cent growth in the first half of this year, according to Lipper, which is a part of financial markets data provider Refinitiv.The fund lost 8.21 per cent last year, its worst decline since 2011 when markets were hit by… Source link

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Global 

China should ease currency controls to let citizens invest abroad and cut losses, expert says

China should gradually remove its currency controls to let citizens diversify their investments internationally to hedge against a slowing domestic economy that threatens to erode investments and the country’s massive savings, Naoyuki Yoshino, dean and CEO of the Asian Development Bank Institute has urged.The nation’s foreign exchange regulator, the State Administration of Foreign Exchanges (SAFE), has imposed draconian capital controls in recent years to keep money onshore to prevent a sharp… Source link

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Shanghai posts sixth straight day of losses while Hong Kong gains as fears of oil glut are added to jitters around ongoing trade war

The Shanghai Composite Index posted its sixth straight trading day of losses, while Hong Kong bounced into slight gains near the close, as a global oil glut added to existing worries over the ongoing US-China trade war.The Shanghai Composite began down Thursday and stayed down, ending with a loss of 1.17 per cent to 2,827.80, helping to pull the first week of June trading into a 2.45 per cent decline. That was its lowest level since February 22. It posted a weekly gain last week.Meanwhile the… Source link

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Shanghai extends losses for fifth day while Hong Kong finishes ahead, as traders battle nerves amid trade tensions

The Shanghai benchmark extended losses for the fifth trading day, while Hong Kong posted gains, as traders felt torn between positive news that the US Federal Reserve is open to a rate cut and gloom from ongoing trade uncertainties.The Shanghai Composite closed down 0.03 per cent to 2,861.42 on Wednesday, falling at the end after opening up 0.91 per cent. The CSI 300 benchmark of large caps on Shanghai and Shenzhen stock markets continued Tuesday’s losses to end down 0.038 per cent to 3,597.11… Source link

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Bond funds become MPF’s safe haven, shielding investors from losses as trade war escalates

Bond funds have become a safe haven for the Mandatory Provident Fund, the only category of investment to deliver a recent gain as the trade war between the US and China escalated, according to pension experts.The 33 bond funds in Hong Kong’s compulsory retirement savings scheme saw an average gain of between 0.17 to 1.1 per cent in May, the best performers among the 426 MPF investment funds tracked by Lipper, part of data provider Refinitiv.The bond funds beat the overall MPF investment fund,… Source link

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