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Causeway Bay’s retail vacancy rate to soar, with one in 10 shops standing empty as Hong Kong’s street rallies enter their 15th week

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, adding to the woes of a retail industry that is already suffering from a weakening yuan and mainland China’s abolition of luxury tax.As many as 102 shops stood empty out of 1,087 in August in the district, or a vacancy rate of 9.4 per cent, according to data by the real estate agency Midland IC&I, which noted that the tenant-free… Source link

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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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China 

Xi Jinping rallies China for decades-long ‘struggle’ to rise in global order, amid escalating US trade war

Chinese president Xi Jinping has rallied Communist Party cadres to meet the country’s coming “struggles” and ensure a “great national rejuvenation” by 2049, signalling that China is preparing for continued friction with the US and other Western powers over the next three decades.In a speech on Tuesday, Xi said China must go through “great struggles” to achieve the “Chinese dream” of national rejuvenation – a term popularised under the rule of Xi, who could stay in power China well beyond the… Source link

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MPF’s stocks funds returned 7 per cent average loss in August as Hong Kong’s market was buffeted by trade war and street rallies

Hong Kong employees who betted on the city’s equities suffered their biggest losses last month when the city’s main pension fund was buffeted by the escalating US-China trade war and unprecedented civic unrest.The 42 Hong Kong equity funds under the Mandatory Provident Fund (MPF), the compulsory pension fund with HK$910.09 billion (US$116.02 billion) in assets for 2.9 million of the city’s employees and self-employed, lost 6.6 per cent of their value on average in August, according to Lipper, a… 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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Property 

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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Buyers shrug off Hong Kong rallies to snap up Aurora flats in Tsuen Wan, offered at 10 per cent discount to the neighbourhood

Homebuyers shrugged off a downpour and Hong Kong’s 11th week of street protests to snap up the flats offered at a discount by Billion Development & Project Management in Tsuen Wan.Billion sold 300 flats, or 85 per cent of the 354 available units on offer at The Aurora as at 5pm, sales agents said, adding that they expect the project to sell out by the end of the day.Prices at The Aurora start at HK$3.81 million (US$485,720), or HK$17,558 per square foot, for a 217-square foot (20 square metre)… Source…

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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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Property 

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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