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Abandoned HK$11.1 billion Kai Tak commercial plot has its wings clipped by protests, is back on market for 40 per cent less

A commercial site on the runway of Hong Kong’s former airport that was abandoned because of “social contradiction and economic instability” on June 11, following a successful record bid of HK$11.1 billion (US$1.4 billion), is back on the market – but may be worth 40 per cent less.The Lands Department said on Friday that five bids had been received for the plot, Area 4C Site 4, on the Kai Tak runway. The plot has a gross floor area of 863,000 sq ft and received six bids in May, before the…

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Real estate professionals expect home prices, sales and rents will drop in next 12 months due to protests, survey finds

Real estate professionals expect home prices, sales and rents will fall in Hong Kong over the next 12 months as protests continue with no end in sight, accordingly to a newly released survey.That is quite a change from the survey in June, the month peaceful protests kicked off in a colourful stream of umbrellas. Then the real estate professionals said they expected prices, sales and rents would go up.The Confidence Index – by the Royal Institution of Chartered Surveyors (RICS) and local online… Source link

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Hong Kong stocks hit longest losing streak in six weeks as investors fear more protests on the way

Hong Kong stocks fell for a fourth straight day, their longest losing streak in six weeks, on concerns there will be more protests ahead of China’s National Day.The Hang Seng Index dropped 1.1 per cent to 26,468.95 at the close on Thursday. The four-day decline was the longest since a stretch of five days that ended on August 6. Cosmetics retailer Sa Sa International Holdings said the civil unrest in the city was hurting its sales.Concerns were running high that more demonstrations will be… Source link

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Hong Kong fashion house Esprit says protests to blame for 40 per cent drop in customer traffic

Hong Kong and Germany-based fashion house Esprit Holdings said on Wednesday customer traffic at its shops in the city had dropped 40 per cent because of protests over the now-shelved extradition bill that began in June.“What we are seeing in Hong Kong is abnormal,” Anders Kristiansen, the company’s chief executive, said during an earnings presentation. “You don’t see a reduction in traffic anywhere in the world of 40 per cent. This is massive and, clearly, it is linked to what is happening here… Source link

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Stocks Blog: Hong Kong retailers slammed by protests

Good day, traders — We can expect Hong Kong ‘s stock market to continue to feel fallout from the protests today. Here are just a few things to consider: One in every 10 shops in Causeway Bay now stands empty, as three months of protest rallies have deterred visitors from the world’s most expensive shopping district, our SCMP reporters note. On the other hand, as questions are growing about Hong Kong’s future, new data shows that its role as the primary gateway for long-term international… Source link

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Hong Kong protests fail to slow city’s role as foreign investment gateway to China, government data shows

Hong Kong’s role as the primary gateway for long-term international investors to transfer money into China has remained largely intact despite the city being hit by increasingly violent anti-government protests, according to data released by the Chinese government.According to the figures from China’s Ministry of Commerce, Hong Kong remained the dominant source of foreign direct investment entering China in June, July and August when the city grabbed global headlines for the protests triggered… Source link

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Combination of Lands Resumption Ordinance, protests will adversely affect Hong Kong developers, analyst says

Hong Kong, the world’s least affordable housing market, must find ways to provide cheaper housing amid anti-government protests that have now lasted over three months.Use of the Lands Resumption Ordinance, which allows the city’s government to take back private land for an established public purpose, has been touted in some quarters. As it happens, some of Hong Kong’s biggest private developers hold about 100 million sq ft in farmland, one of the easiest sources of new land in the city.In a… Source link

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Several dozen Hong Kong retailers likely to fold, leaving thousands unemployed as ongoing protests hit sales

Several dozen small retailers are likely to shut shop as soon as the end of this month due to plunging sales that could lead to thousands of lay-offs as protests frighten away tourists, according to a Hong Kong-based staffing agency.“It is just too hard to survive,” said Alexa Chow Yee-ping, managing director of AMAC Human Resources Consultants, adding that retail chains were trying their best to keep permanent staff despite the gloomy scene.About 20 per cent to 30 per cent of retailers were… 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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Hong Kong airport’s loss is Guangzhou and Shenzhen’s gain amid ongoing anti-government protests

Guangzhou surpassed Hong Kong International Airport in terms of the number of monthly passengers carried for the first time in August, while Shenzhen airport also reported a significant uptick in flight traffic, according to official data.Guangzhou Baiyun International Airport said it welcomed 6.5 million travellers in August, an increase of 3.4 per cent compared with a year earlier, while passengers passing through Hong Kong airport plunged 12.4 per cent to six million amid ongoing protests… Source link

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