Global 

China’s response to Facebook’s Libra could be ‘Hong Kong style’ cryptocurrency, says ex-central bank governor

China could learn a lesson for its possible digital currency issuance from the Hong Kong monetary system that allows “commercial entities” to issue banknotes backed by their own private currency assets, former central bank governor Zhou Xiaochuan said.Zhou, who served as the governor of the People’s Bank of China (PBOC) for over 15 years until 2018, revealed new thinking about Beijing’s own digital currency plans as the government scrambles to respond to Facebook’s proposed new Libra digital… Source link

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Weak response among property firms to Kai Tak residential plot a week after sale was cancelled due to Hong Kong protests

A residential plot at Hong Kong’s old airport received a lukewarm response from developers on Friday, with only about five bids submitted for the oceanfront piece of land by 7pm.The sale of Area 4C Site 1 on the Kai Tak runway was postponed last week because of mass protests in Hong Kong. The plot could yield 714,374 sq ft of gross floor area for an estimated HK$20,000 (US$2,560) per square foot, and is expected to set a price record.“It is a really bad reaction for a plot at such a…

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Global 

Donald Trump hitting Mexico with 5 per cent tariff in response to migrants

In a surprise announcement that could compromise a major trade deal, US President Donald Trump announced on Friday morning that he is slapping a 5 per cent tariff on all Mexican imports to pressure the country to do more to crack down on the surge of Central American migrants trying to cross the border.He said the percentage will gradually increase “until the illegal immigration problem is remedied.”Trump made the announcement by tweet after telling reporters earlier on Thursday that he was… Source link

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Singapore 

Pearl Bank Apartments may open for public viewing again following overwhelming response to photo walk, Singapore News

SINGAPORE – Some 40 members of the public fanned out across Pearl Bank Apartments on Saturday (May 11) to capture the 38-storey horseshoe-shaped landmark in Outram ahead of its redevelopment. The event, which started at 3pm, was hosted by property developer CapitaLand which acquired the site through a collective sale for $728 million in February last year. CapitaLand worked with Mr Ivan Kuek, the founder of an Instagram community with about 15,000 followers, to organise the photo walk. Mr Kuek said it was a “rare opportunity” to document not only…

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China 

China may pull U-turn stimulus in response to potential US trade war tariff hike, analysts say

China may up the pace and size of its economic stimulus to cushion the impact on already sluggish consumption, following the escalation of trade tensions, analysts said.The options include additional cuts in taxes and fees, incentives for buying big ticket items like appliances and cars, and a further lowering of interest rates to boost lending to the real economy, particularly for small firms that will be hit hardest by increased trade tensions.A further reduction in property sales… Source link

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Buyers flock to Centra Horizon’s property sale in Tai Po, in an overwhelming response that is a harbinger of rising home prices

Homebuyers flocked to the weekend sale of a residential project in Tai Po, forming a long queue that encircled the sales office even after the developer priced its flats 4.1 per cent higher than a January offering, in a harbinger of rising real estate prices in Hong Kong.As many as 4,950 registrations of interest were received for 295 flats at the Centra Horizon project in Pak Shek Kok, or 16 bidders for every available unit. As of 7:45pm 220 flats, or nearly 75 per cent of the offerings, had… Source…

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Global 

China’s rushed foreign investment law gains lukewarm response from local and international businesses

China’s draft foreign investment law is expected to be one of the flagship announcements at the ongoing National People’s Congress in Beijing, but it has received a lukewarm response from businesses and academics in China.Among the foreign business community in China, there is a shared view that the draft foreign investment law (FIL) lacks substance and that it is being rushed through in a bid to meet some of the terms of a trade war truce laid out by US President Donald Trump.“We are… Source link

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‘Micro-home’ project T-Plus in Tuen Mun halts sales drive amid lacklustre buyer response

T-Plus, the residential project in Tuen Mun made up of micro homes smaller than a car parking space, said on Friday it will suspend sales with immediate effect, without providing a reason for the halt. The project, co-developed by mainland developer Jiayuan International Group and local developer Stan Group, announced the freeze after having sold just two units in the 356-unit project since its launch on November 29. On Thursday, AVA 228 a micro-home project in Sham Shui Po debuted its price list for an initial batch of 50 units,…

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With a discount, Sino Land’s new residential property draws keen response amid Hong Kong’s price slump

Hong Kong developer Sino Land said it had received more than 5,000 subscriptions for the upcoming sale of 488 flats at its Grand Central residential development in East Kowloon that would be sold at a discount amid the property price slump. The initial batch of units of the property in the Kwun Tong district will be sold at a starting price of HK$15,532 (US$1,987) per square foot, or HK$7.3 million for a 452 sq ft flat. “It is very likely that buyers will snap up all the flats on the…

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Foxconn considers setting up factory in Vietnam in response to US-China trade war

Foxconn, the world’s biggest electronics contract manufacturer and a key Apple supplier, is considering setting up a factory in Vietnam to mitigate any impact of an ongoing trade war between the United States and China, Vietnamese state media reported. The move would be one of the first significant steps by a major company with large manufacturing facilities in China to secure an additional production base outside the country because of trade tensions between the world’s top two economies. The report follows several executives of other corporations singling out Vietnam and…

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