Hong Kong stocks rise after historic protest, government climbdown on extradition proposal restore confidence

Hong Kong stocks rose on Monday, after the city’s leader apologised for her handling of a controversial bill that would allow extraditions to China, following a historic protest joined by an estimated two million people.The Hang Seng Index edged up 0.4 per cent to 27,227.16, snapping a three-day losing streak. The benchmark was previously weighed down by worries over raw tensions between Hong Kong’s government and demonstrators, against the backdrop of an escalating US-China trade war.Chief… Source link

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Property 

Protest against controversial extradition bill casts shadow on Hong Kong’s largest property sales since early May

Property sales were disappointing on Sunday in Hong Kong’s biggest offering since early May, as buyers stayed away amid huge protests in the city against a proposed extradition bill, and ongoing concerns over the US-China trade war.Not only is Hong Kong sitting in the middle of a worsening US-China trade war, but also its own political turmoil as protesters took to the streets on Sunday for a third time in a week against a proposed extradition law that would allow suspects to be sent to… Source link

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Home 

Hang Seng Index drops by the most in five weeks as Hong Kong’s biggest protest rally in decades finds city on edge

Hong Kong stocks fell by the most in five weeks, as traders pocketed their profits from a recent run-up in prices after the city’s police fired tear gas on demonstrators protesting a controversial extradition proposal.The Hang Seng Index fell 1.7 per cent to 27,308.46, its biggest daily decline since a 2.4 per cent plunge on May 9 amid escalating tensions between the United States and China over trade.“The main issue the market is facing is still the Sino-US trade tussle. We have not seen the… Source link

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Property 

‘Fix our flats, or give us back our money’: buyers protest against Vanke build quality

Angry homebuyers who protested outside housebuilder China’s Vanke’s headquarters in Beijing last week, have dismissed the company’s claims it had been fully transparent during the sales process at a development in the capital, and have vowed to continue to fight for justice. Tensions first flared between the two sides after the buyers gained access to their multimillion yuan flats a month ago, only to find what they claim are serious quality issues. Two dozen of them noisily gathered at the office gates on Thursday afternoon, wearing white masks and T-shirts…

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Money 

Police thwart protest rallies by victims of China’s underground financial system

An unknown number of Chinese investors who have lost their life savings in the country’s peer-to-peer (P2P) lending industry mounted a failed attempt at a demonstration before the banking regulator on Monday, amid heavy intervention by the police in Beijing’s financial district. Hundreds of uniformed police, ancillary police and plain clothes officers patrolled several city blocks around Finance Street, where the central bank, as well as the regulators for stocks, banks and insurers are located. Alex Li, a 35-year-old organiser of the demonstration, said disgruntled investors from all corners of…

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Country Garden shares slump to 14-month low after angry homebuyers storm sales centre to protest price cuts

Shares of Country Garden, mainland China’s largest developer by sales, slumped to a 14 month low on Monday, after video circulated on social media showing protesters mobbing at least one sales centre during the weeklong national holiday. They ended 6.7 per cent lower to close at HK$9.05 in Hong Kong, their lowest level since August 21, 2017. Scores of protesters, some seen holding Chinese-language placards that read “return my hard-earned money”, others throwing rocks, mobbed a sales office for Xinzhou Mansion, a Country Garden residential project in Shangrao, Jiangxi. A…

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