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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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Global investors to fully adopt green investments by 2030 as trend gathers pace, finds survey

Green investment is set to take off in the next three years and will become integral to institutional investors’ approach by 2030, according to a report by Allianz Global Investors (AllianzGI) released on Wednesday.Green investment strategy, also known as environmental, social and governance (ESG) approach, refers to financial investments that can help reduce pollution and have a positive impact on society.More than 70 per cent of the 450 institutional investors managing US$15 trillion worth of… Source link

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Hong Kong’s real estate bull market regains its pace, as sales value of city’s subsidised homes soar to 22-year high

Hong Kong’s property bull market regained pace after a brief falter, extending its reach over to the city’s subsidised housing market as the number of transactions and sales value soared.The number of pre-owned flats sold through the Home Ownership Scheme (HOS) increased 60 per cent to 477 units in March, compared with the previous month, according to data from Centaline Property Agency. Their sales value jumped 64.6 per cent to HK$2.41 billion (US$307.12 million).The monthly transactions were… Source link

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Standard Chartered CEO ‘absolutely’ pleased with pace of turnaround, but says there is more to do

Bill Winters, the Standard Chartered chief executive, says he is “absolutely” happy with progress the emerging markets lender has made and believes it is heading in the right direction.Nearly four years since he took the top job at the bank, Standard Chartered is profitable, has a less risky loan portfolio and has dramatically revamped its financial crime controls as it faced pressure from regulators in the United States, the United Kingdom and other parts of the world.But, the 57-year-old… Source link

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Property 

China new home prices grew at their slowest pace in 10 months in February, but property market expected to bottom out

Prices of new homes in mainland China grew at their slowest pace in 10 months in February, especially in smaller cities, according to the country’s National Bureau of Statistics.Across 70 cities monitored by the government, prices edged up by 0.53 per cent last month, their slowest pace since April 2018 and down from 0.61 per cent in January, according to a Bloomberg calculation using National Bureau of Statistics data.“Since property market sentiment cooled last August, it will take a while… Source link

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Baidu under pressure to maintain pace of growth amid macro challenges and tough advertising market

Amid a slowing economy, as search fades in importance and with AI still in its infancy, Baidu is under pressure to maintain its growth pace, say analysts.China’s largest search engine and national AI champion posted fourth quarter results on Thursday that beat estimates, as its full-year net profit surged 51 per cent year-on-year to 27.6 billion yuan (US$4 billion) on total revenue of 102.3 billion yuan. But analysts pointed to slipping margins as evidence of the current tough times.Operating… Source link

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Property 

Prices of China’s new homes grow at the weakest pace in eight months as purchase curbs bite hard amid a slowing economy

Prices of China’s new homes grew at the slowest pace in eight months in December, as the government’s curbs on speculation dampened sentiments amid a slowing economy, their impact particularly hard-felt in the country’s smaller cities. The prices of new homes rose by 0.77 per cent last month across 70 cities monitored by the government, according to Bloomberg’s calculation of data released by the National Bureau of Statistics. This was slower than the 0.98-per cent gain in November, and was the slowest clip since April 2018. “The continuous slowdown in…

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Hong Kong, Shanghai stocks fall after US Fed defies investors’ call and keeps aggressive pace of interest rate increases

Hong Kong and Shanghai stocks dropped in Thursday’s early trading, along with other Asian markets, as the US Federal Reserve Chairman Jerome Powell kept his aggressive pace of rate increases and ignored investors’ calls for a slower clip. The Fed raised the key interest rate by 25 basis points for the fourth time this year, setting US rates in a range of between 2.25 per cent and 2.5 per cent, defying a call by investors including President Donald Trump to ease up on raising the cost of money. The move…

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Hong Kong landlords ponder how to fill large retail spaces as consumer slowdown gathers pace

Hong Kong landlords are likely to struggle to find suitable tenants that could fill the three large retail locations currently occupied by troubled music retailer HMV – with floor space as big as 40,000 square feet – in the city’s most prime locations. The future of the HMV shops in Central, Causeway Bay and Kowloon Bay have been in question after the landlords of the respective spaces filed separate lawsuits over the past two weeks collectively seeking more than HK$5 million (US$639,738) in unpaid rent and other charges. A potential…

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Vietnam 

Manufacturing sector output rises at near-record pace in November – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Việt Nam’s Manufacturing Purchasing Managers’ Index (PMI) rose from 53.9 points in the previous month to reach 56.5 points in November, according to the latest survey from Nikkei’s IHS Markit, released on Monday. Manufacturing business conditions during November improved to one of the greatest heights in the near eight-year history of the survey. The consumer goods sector was the strongest performer of the three broad sectors covered in the latest survey period, witnessing the fastest rises in output, new orders and employment. New…

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