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Cathay Pacific, Hong Kong property and telecom stocks shoot up despite overall sense of caution in markets

Bargain hunters who gambled on telecom, Hong Kong property and Cathay Pacific Airways stocks were rewarded Thursday, as they stepped beyond the caution that dominated Hong Kong and mainland China markets.Cathay Pacific Airways shot up 5.7 per cent. That was its second straight day of gains, after it fell to a 10-year low earlier in the week when it got caught up in a firestorm connected to some of its employees’ participation in protests that have shaken Hong Kong.Meanwhile, the… Source link

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China’s July home price cools, as escalating trade war and slowest economic growth in decades send shivers through property market

China’s frenzied housing market has cooled, as a government effort to cap prices is biting, while the impact of the year-long US-China trade war has percolated into the economy and caused the domestic output to grow at the slowest quarterly pace in three decades.The average cost of a new home rose by 0.59 per cent in July, marking the slowest increment in five months, while increases were recorded in only 61 of 70 cities being monitored. June’s growth was 0.66 per cent while prices grew 0.71… Source link

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Guangzhou-based Yuexiu Property warns of tougher times ahead after Beijing tightens screws on housing sector, slowing economy

Mainland developer Yuexiu Property posted a 63.2 per cent jump in first half core net profit, but warned that the outlook remains tough against the backdrop of a slowing Chinese economy and property cooling measures.“The government has been very clear that they want to steady the property sector and the price of land. Rising US-China trade tensions has also made the property market nervous,” Lin Zhaoyuan, chairman of the Guangzhou-based company, said at a news conference to announce the interim… Source link

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Birmingham’s rising potential finds favour among foreign property investors who find London overpriced

Birmingham, the second-largest city in England, is increasingly attracting overseas property investors, as they find London overpriced. Among them is Hongkonger Jabbie Yip, who bought three homes in Birmingham, about 162km northwest of the British capital. “These are long-term investments,” said Yip, 45, who also owns two flats in Hong Kong. “London, even if prices have declined by 10 per cent since Brexit, is still two and a half times more expensive than Birmingham.” The businessman bought… Source link

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Property 

Wharf Holdings warns China’s stringent property curbs could weigh on future profit

Hong Kong-listed Wharf Holdings, a leading developer in China with 100 billion yuan (US$14.2 billion) worth of assets, said mounting curbs in the mainland’s housing market could seriously affect its profitability, as it posted a 12 per cent drop in first-half underlying profit.The company’s underlying profit stood at HK$2.24 billion (US$285 million) for the six months ended June 30 versus HK$2.53 billion a year earlier.“This year, we see the severity of the curbs is even more higher,… Source link

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Billion Development prices Tsuen Wan project at 10pc discount to lived-in homes as Hong Kong’s property market reels from protests

Billion Development and Project Management on Tuesday released the first batch of flats at its Tsuen Wan project at discounts of up to 10 per cent to rates prevailing in the district, in the first sign that two months of unrest in Hong Kong is having an impact on property prices.The Hong Kong builder unveiled 238 flats at the 840-unit The Aurora in the western New Territories, even as sales of secondary homes dropped to a nine-month low, with 48 deals concluded last week, according to a report… Source link

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London property developments expect proximity to famous landmarks will boost sales, prices

At least three residential projects in London are betting on nearby landmarks to boost their prices, underscoring the importance of location when it comes to investing in, or buying, a property. Greenwich Peninsula, Marylebone Square and Battersea Power Station, three projects in the UK capital, are banking on attractions to boost their prices. “There are some exciting developments, such as Battersea Power Station, taking shape in London at the moment, which are creating new communities that… Source link

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Property buyers snap up Great Eagle Holdings’ flats in Tai Po even as two simultaneous rallies rattle Hong Kong’s nerves

Hong Kong investors have snapped up the latest launch of small flats, as the first interest rate cut in more than a decade persuaded buyers to set aside concerns of rising political instability, even as protesters held two opposing rallies simultaneously across the city.Great Eagle Holdings sold 119 flats, or 96 per cent of 124 flats on offer at its Ontolo complex in Pak Shek Kok of Tai Po as at 3pm, according to sales agents, who predicted that the developer would chalk up a second weekend of… Source link

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Chinese Estates sells no property but swings to profit in first half amid gains on investments

Chinese Estates, developer of No. 55 Conduit Road, has transitioned from a property group into an investment holding company, as indicated by its results announcement for the first half of 2019. The last property sold by the company was at the Conduit Road development in January 2018. Photo: SCMP/Sam Tsang Source link

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‘New red scare’ shrouds US-China tech war as Trump cracks down on intellectual property theft

Chinese scientists in America are increasingly wary that US prosecutors will unfairly pursue cases against them based on race as part of US President Donald Trump’s intensified crackdown on Chinese intellectual property theft, a hugely contentious issue in the ongoing trade and tech war between China and the United States.Such mounting worries come after Washington launched the China Initiative in November to identify and prosecute those engaging in trade secret theft, hacking and economic… Source link

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