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Hong Kong’s dollar millionaires swell at the slowest pace since 2014, as trade war-induced bear market crimped fortunes

The ranks of Hong Kong’s US dollar-denominated millionaires grew at their slowest pace since 2014, as the US-China trade war weighed on financial markets and depressed stock values all over Asia, according to a report by Citibank.The number of Hong Kong residents with at least HK$10 million (US$1.27 million) in assets, including property holdings, rose 3 per cent last year to a record 511,000, based on Citibank’s telephone survey and interviews with 4,192 respondents. Of these, the number of… Source link

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Property 

China new home prices grew at their slowest pace in 10 months in February, but property market expected to bottom out

Prices of new homes in mainland China grew at their slowest pace in 10 months in February, especially in smaller cities, according to the country’s National Bureau of Statistics.Across 70 cities monitored by the government, prices edged up by 0.53 per cent last month, their slowest pace since April 2018 and down from 0.61 per cent in January, according to a Bloomberg calculation using National Bureau of Statistics data.“Since property market sentiment cooled last August, it will take a while… Source link

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China’s new home prices approach stall speed, as rate of appreciation eases to slowest in nine months

China’s new home prices rose in January at the slowest pace in nine months, as downbeat sentiment and property curbs weighed on the market.Prices of new homes rose by 0.61 per cent in January on month across 70 cities monitored by the government, according to calculations by Bloomberg of data released by the National Bureau of Statistics. The rate of growth is lower than the 0.77 per cent gain recorded in December, which ranked as the slowest clip since April 2018.“The price growth slowed as… Source link

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Chinese surveillance camera supplier Hikvision posts slowest profit growth in a decade

Hangzhou Hikvision Digital Technology, a key camera supplier for China’s surveillance system, reported the slowest annual pace of profit growth in more than a decade amid growing headwinds in overseas markets. Net income in 2018 rose 20.5 per cent to 11.3 billion yuan (US$1.76 billion), the Hangzhou-based company said in a filing to the Shenzhen Stock Exchange on Thursday. Revenue climbed 23 per cent to 51.2 billion yuan. The company said it maintained a high level of investment into research development while continuing to develop domestic and overseas markets. Its…

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Shanghai promises more open economy, tax cuts amid expectations of slowest economic growth since 1990

Shanghai, which is expecting its slowest economic growth this year since 1990, on Sunday pledged to further open up its market to global investors. The city, mainland China’s main economic hub, will also ease the tax burden on businesses to combat a slowdown. Mayor Ying Yong told an annual session of the Shanghai People’s Congress that the city expected its gross domestic product to expand at a rate between 6 per cent and 6.5 per cent in 2019, lower than the 6.6 per cent growth it recorded last year. This…

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China 

Should Beijing prop up stock markets to combat its slowest economic growth since 1990?

China’s faltering stock markets, compounded by an economy that is growing at its slowest pace since 1990, have incited a heated debate among think tanks and analysts on whether Beijing should step in to help shore up investor confidence. The benchmark Shanghai Composite Index – the world’s worst performer among major markets last year – has extended its decline, sinking to its lowest level in four years at the start of 2019 amid ongoing US-China trade war tensions and dimming prospects of the domestic economy. The Shenzhen Composite Index has…

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Global 

South Korean economy records slowest growth in six years

South Korea’s economy expanded at 2.7 per cent in 2018, the slowest growth for six years, with weakness in exports casting a cloud over the future outlook. However, it grew at the fastest pace in three quarters in the last three months of 2018 thanks to a jump in government spending. Gross domestic product increased by a seasonally adjusted 1 per cent in the fourth quarter from three months earlier, the Bank of Korea said in a statement on Tuesday, outperforming the median forecast of 0.6 per cent, recorded in…

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China 

China set to report 2018 saw slowest economic growth for 28 years

China is expected to report on Monday that economic growth cooled to its slowest in 28 years in 2018 amid weakening domestic demand and bruising US tariffs, adding pressure on Beijing to roll out more support measures. Growing signs of weakness in China, which has generated nearly a third of global growth in the past decade, are stoking worries about risks to the world economy and are weighing on profits for firms ranging from Apple to big carmakers. Policymakers in Beijing have pledged more support for the economy this year…

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US home sales in September fall for sixth straight month to slowest pace in three years

US home sales fell for the sixth straight month in September, a sign that housing has increasingly become a weak spot for the economy. The National Association of Realtors said Friday that sales declined 3.4 per cent last month, the biggest drop in two and a half years, to a seasonally adjusted annual rate of 5.15 million. That is the lowest sales pace since November 2015. Hurricane Florence dragged sales in North Carolina, but even excluding the storm’s effects, sales would have fallen more than 2 per cent, the NAR…

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China economic tsar steps in to steady ship after slowest quarter in decade, says stocks have ‘high investment value’

Liu He, China’s financial tsar, led a coordinated effort with the country’s central bank and financial regulators on Friday to stem its worst stock market rout in three years, and extended a lifeline to businesses battered by a liquidity squeeze. Chinese regulators have already sought measures to defuse risks related to shares used as collateral for loans, while the recent declines in the country’s stock market have created a good buying opportunity, the vice-premier said in an interview to the Communist Party’s mouthpiece, People’s Daily. “In terms of global asset…

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