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Stocks Blog: China traders hoping mainland banks will cut loan prime rate

Happy Friday, traders — In China, traders are hoping mainland banks will cut the loan prime rate, following a reduction by the US Fed in its key benchmark rate and as the China economy slows. Sentiment remains week in Hong Kong, where stocks have fallen four straight days. Stocks of retailers have been hit hard. Chow Sang Sang (116 HK) is down 24 percent, and Chow Tai Fook (129 HK) is down 20.7 per cent, since July 19, when the demonstrations began taking a violent turn.  We have you… Source link

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US luxury icon Tiffany to open more stores in mainland China as Chinese stay home where weak yuan still has buying power

Tiffany & Co. is planning to open more stores in mainland China as the weak yuan drives Chinese consumers away from spending overseas and they shift their luxury buying back home.Currency fluctuations have had “an influence on the intention of Chinese to buy abroad,” CEO Alessandro Bogliogo said in an interview in Shanghai on Thursday. “Conversely, we have seen a big increase in sales in mainland China.”The luxury jeweller plans to open more stores on the mainland, Bogliolo said, including one… Source link

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Hong Kong’s hotel sector is in free fall as violent protests keep tourists from the mainland, and elsewhere, away

Global property markets have cooled this year. Leasing activity and transaction volumes have slowed as investors turn cautious and demand from occupiers weakens.However, in Hong Kong’s hotel market, a modest decline in occupancy and room rates in the first half of the year has exploded into a full-blown crisis as the mass anti-government protests that erupted in June descend into violence.The city’s tourism industry, a pillar of the economy, is experiencing its sharpest downturn since the Sars… Source link

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Rental charges at Hong Kong’s ultra-luxury abodes fall by 30 per cent as expatriates and mainland Chinese renters stay away

Hong Kong’s monthly leases for ultra luxury residences have fallen by almost a third, as three successive months of street protests and the ongoing drought of high-paying financial jobs have deterred expatriate and mainland Chinese renters.Three-storey town houses of around 3,000 square feet (279 square metres) at the South District and on The Peak are now available for between HK$150,000 and HK$200,000 (US$25,000) per month, up to 30 per cent less than what they were going for three or four… Source link

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Chips are down for Macau casinos amid Hong Kong protests, slowdown in mainland Chinese economy

The immediate outlook for Macau’s casino sector looks grim, after gross gaming revenue fell 8.6 per cent in August – its biggest monthly drop since June 2016 – from US$3.3 billion in August 2018 to US$3 billion, according to the Macau Gaming Inspection and Coordination Bureau.And the forthcoming Golden Week Holiday, which starts October 1, could point to how the rest of 2019 will pan out for the sector, said Andrew Chung, an analyst covering the gaming sector for Japanese investment bank Daiwa… Source link

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Amid protest violence and dire warnings for Hong Kong’s economy, mainland property investors provide some hope

As the political unrest in Hong Kong degenerates into further violence, pushing the economy towards a recession, fears are mounting that the crisis will spur capital outflows as investors question the city’s status as Asia’s premier financial hub.The Hang Seng Index, the main gauge of the world’s fifth-largest stock exchange by market capitalisation, has already fallen 14.5 per cent since early May, one of the world’s worst-performing equity markets.Yet, not all investors are put off by the… Source link

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Hong Kong developer Sun Hung Kai Properties appoints Communist Party member to board as it eyes mainland China expansion

Sun Hung Kai Properties has, with an eye on expansion in the “Greater Bay Area”, appointed Wu Xiangdong, a former executive director of state-owned developer China Resources Land, to its board effective September 1.The company, Hong Kong’s largest developer by market value, said Wu, 52, had been appointed as an independent non-executive director. He is widely expected to leverage his expertise to speed up its mainland Chinese property projects.“It is a clever move, as SHKP needs an expert with… Source link

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China Evergrande first major mainland developer to report profit decline as cooling measures hit sales

China Evergrande, the country’s third largest property developer by sales, posted a 45 per cent plunge in first-half core profit on Wednesday, becoming the first among the mainland’s top developers to report a decline in earnings.The sharp fall in core earnings – its first drop since the first half of 2016 – came after the central government rolled out a slew of cooling measures to curb property price growth earlier this year.Interim core profit came in at 30.35 billion yuan (US$4.2 billion),… Source link

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Mainland Chinese developer Jiayuan says Hong Kong micro flats profitable despite price cuts, reports 23 per cent rise in interim profit

The mainland Chinese property developer behind Hong Kong’s smallest micro flats ever – smaller than a car park at 128 sq ft – said the development was profitable even after it cut prices by as much as 38 per cent to as low as HK$1.73 million (US$220,514) per unit in July.Jiayuan International, which acquired a 70.1 per cent stake in the TPlus project from Hong Kong retail magnate Tang Shing-bor for HK$657.5 million in May 2018, said it and Tang had generated about HK$1.1 billion in revenue from… Source link

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Mainland developer China Aoyuan Group building a new niche focus in booming Greater Bay Area

Mainland developer China Aoyuan Group is betting big on the government’s plans for the Greater Bay Area, shifting more of its focus to China’s answer to Silicon Valley amid a slowdown in the overall Chinese property market.The Guangzhou-based property group, which has about a quarter of its land bank in the Greater Bay Area, is developing a niche in the southern Chinese region, according to senior vice-president Jacky Chan Ka-yeung.“No matter from a land bank or investment perspective, or sales… Source link

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