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Shenzhen in world’s top 10 financial centres for first time since 2010 while Hong Kong stays in third place just behind London

Shenzhen jumped higher in the latest ranking of the world’s financial centres, while Hong Kong moved closer to overtaking London as number two globally, according to a semi-annual survey by the China Development Institute and the London think tank Z/Yen Partners.New York retained the top spot in this year’s Global Financial Centres Index, extending its lead over London by 17 points. Hong Kong remained in third place, but was just two points behind London as concerns mount over the economic… Source link

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Global 

Can Hong Kong maintain its status amid protests despite Beijing’s push to turn Shenzhen into a financial hub?

As Beijing has whipped up the vitriol against Hong Kong’s anti-government protesters and exerted pressure on companies to act against “offenders”, it has also instituted a plan to elevate neighbour Shenzhen into a global model socialist city that it hopes will lead the nation into its next level of development.The conflicting perspectives on the two cities that share a border may fuel speculation that if Hong Kong does not soon toe the line, it runs the risk of being replaced by Shenzhen as the… Source link

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Shenzhen, a blueprint for Chinese cities, must abandon Hong Kong’s property model, warns China’s ‘godfather of real estate’ Meng Xiaosu

Allan Zeman (second left), chairman of Lan Kwai Fong Group, Witman Hung (second right), principal liaison officer for Hong Kong at the Shenzhen Qianhai Authority and Tony Verb (right), co-founder and partner at GreaterBay Venture & Advisors, take part in a panel discussion titled ‘The competition conundrum’, at the South China Morning Post’s China Conference, on Wednesday. Photo: May Tse Source link

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Meituan tests unmanned delivery with robots in Beijing and Shenzhen

If you live in Beijing and Shenzhen, robots and drones may soon be delivering your takeaway lunch orders.Meituan, China’s largest food delivery service platform, is currently testing indoor robot delivery in 10 office buildings and hotels in Beijing and Shenzhen, and already delivered thousand of orders, Xia Huaxia, chief scientist of Meituan, said on the sideline of the World Artificial Intelligence Conference held in Shanghai last Thursday.Xia also said that robots and humans would be working… Source link

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Property 

Shenzhen homeowners seize building collapse opportunity to make a quick profit, raise prices by 20 per cent

One would expect a building collapse to be disastrous for home prices. But in Shenzhen prices have zoomed up instead.Homeowners in a residential estate in the southern Chinese city where a building collapsed on Wednesday morning raised their prices by nearly 20 per cent within 24 hours of the incident, betting buyers would be willing to pay a premium in the hope that the entire estate would be razed and redeveloped.A block of flats in the Heping Xinqu residential estate in Louhu district… Source link

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China 

China’s regulator relaxes currency conversion rules throughout Shenzhen, sharpening city’s edge in Greater Bay Area

The Chinese government has eased the rules for converting hard currencies into the yuan in Shenzhen, the special economic zone set up four decades ago to spearhead China’s economic reforms, taking another major step in sharpening the city’s competitiveness in southern China. Under a pilot programme, effective within the city limits of Shenzhen, foreign exchange will be allowed to be convertible into the renminbi without prior permission by the State Administration of Foreign Exchange (SAFE),… Source link

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Money 

Shenzhen is set to be China’s new model city, so why are parents losing sleep over their children’s education?

Alice Xu’s worries about the education prospects of her nine-year-old daughter have caused sleepless nights over the last few days, and got so bad that the Shenzhen resident took herself to the doctors after hearing that fewer than half the children in the city are admitted to public high schools after completing the nine years of compulsory education.“The doctor told me I’m not alone and that he had seen many patients like me who are anxious,” said Xu, who herself is a middle school teacher,… Source link

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China using Shenzhen to hedge its bets and reduce reliance on Hong Kong as gateway to West, says long-time global markets adviser

China is using Shenzhen to hedge its bets and reduce its reliance on Hong Kong, the gateway to the West that is caught up in political turmoil, according to Water Cheung, Asia-Pacific chief executive for Storm Harbour Securities, a global markets and financial advisory firm.“If I am Beijing, I would definitely try to hedge this situation, in terms of promoting Shenzhen as another international city,” said Cheung, who has 30 years experience in investment banking. “I think they have no choice … Source link

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Prospective homebuyers enticed off sidelines in Shenzhen after Beijing picks it as new special economic zone

Home sales are hopping suddenly in Shenzhen, after Beijing announced it had picked the southern city as a new special economic zone to carry out wide-ranging reforms in medical, legal and other sectors.Last weekend – the first after Beijing’s announcement on August 21 – total new home sales jumped 10 per cent from the previous weekend, with 173 flats sold.“It’s been quite vibrant since last weekend, as home seekers who used to be hesitant, are actively coming to us and asking about available… Source link

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