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Lived-in home prices in Hong Kong’s battlefield districts suffer the biggest declines as protest rallies extend into their 14th week

As Hong Kong’s unprecedented spate of civic unrest stretches into its 14th week, a slowdown in the world’s most expensive home market is showing varying effects across different districts, proving the adage that location is everything in real estate.The prices of lived-in homes near the Olympic subway station in western Mong Kok district, a densely populated neighbourhood that was the scene of clashes between protesters and police, have declined the most since June, according to data by… Source link

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Red Lobster seafood chain optimistic as it prepares to open first outlet in protest hotspot Causeway Bay

International brands are pressing ahead with their expansion plans in Hong Kong even as consumer spending and tourists numbers have taken a hit from the social unrest in the city. And with the formal withdrawal of the extradition bill on Wednesday, there is a likelihood of the city returning to normality and boosting consumer confidence.In November, American seafood chain Red Lobster will open its first restaurant in Causeway Bay, one of the city’s busiest shopping districts which has been hit… 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’s banking system holds up, as financial war chest expands and capital remains even if protest rallies deter tourists

Hong Kong’s financial system is holding up against 12 weeks of unprecedented public unrest in the city, as the government’s war chest grew while capital remained in China’s main offshore banking centre even as tourists and visitors stayed away amid increasing reports of violence.The size of the Exchange Fund grew by 0.02 per cent, or an increment of HK$700 million, to HK$4.138 trillion at the end of July, bolstering the city government’s defences against hedge funds that are eyeing a chance to… Source link

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Hong Kong’s protest rallies force Thai developer to defer sales launch of ultra luxury apartments in Bangkok

Magnolia Quality Development Corporation, the developer of an ultra luxury apartment complex in Thailand, said it had to put off the marketing plan to sell the remaining units of its project in Hong Kong, as 11 weeks of protest rallies in the city showed no signs of letting up.At The Residences at Mandarin Oriental in Bangkok, a 52-storey ultra-luxury condominium completed last week, about 30 per cent had been sold to foreign buyers, of which the majority were from Hong Kong and mainland China… Source link

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Should investors get back on Cathay Pacific’s bumpy flight as protest storm sets off a wild ride for its stock?

After turning its first annual profit in three years just four months ago, Cathay Pacific Airways suddenly finds itself trying to navigate through fierce turbulence.Protests that have rocked Hong Kong turned into a menacing storm for Cathay.Halfway through a three-year plan to revive its stalling business, Cathay has been buffeted by political turbulence as Hong Kong’s hometown carrier found itself between China’s aviation regulator and its unionised crew. It’s a turbulence that claimed the… Source link

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Allan Zeman says he’s open to cutting rents to help Hong Kong businesses get through protest turmoil

Prominent Hong Kong businessman Allan Zeman, who has made his name famous through high-end restaurants and is a significant landlord in Central, says he is open to cutting rents to help tenants survive the protests that have rocked the city.Business for some restaurants is off by as much as 40 per cent, estimated Zeman, who said he remains bullish on the city’s future despite the grim economic toll that the US-China trade war and months of protests have taken on its economy.Retail outlets have… Source link

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Sun Hung Kai, MTR defer sale of 1,172-flat Cullinan West III project as Hong Kong’s protest rallies take their toll on market mood

Hong Kong’s biggest residential property developer is postponing the sale of its next mega project, in the latest sign that nine weeks of public unrest and almost daily clashes between police with protesters are taking an ever-bigger toll on consumer sentiment.Sun Hung Kai Properties (SHKP) and MTR Corporation would offer the 1,172 flats at the Cullinan West III project atop the Nam Cheong subway station upon their completion, said David Tang, the property director of the project’s joint… Source link

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Hong Kong’s insurance sales to mainland Chinese policy holders plunge as daily images of mayhem and protest rallies deter arrivals

Hong Kong’s insurance sales have taken a hit in the past two months, as almost daily street protests – particularly in districts frequented by mainland Chinese visitors such as Tsim Sha Tsui and Mong Kok – have kept them away.Policy sales have fallen by between 10 per cent and 20 per cent since June, according to Altruist Financial Group, which provides financial planning services in Hong Kong.“Insurance sales are down with locals buying less, and mainland visitors are also buying less,” said… Source link

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How Hong Kong can put an end to protest chaos – it’s about the economy, so fix the deep divide

Restoring public order in Hong Kong will not happen through heavy-handed policing. That will only make the situation worse. And it will not come from the government abandoning its extradition bill or calling for calm. Even Chief Executive Carrie Lam Cheng Yuet-ngor stepping down would change almost nothing. The only way to restore order is through a radical change in Hong Kong’s economic policies. After decades of doing almost nothing, and letting the free market rule, it is time for the Hong… Source link

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