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Henderson posts second straight drop in interim revenue, as one of Hong Kong’s largest developers falls victim to real estate slump

Henderson Land Development reported its second consecutive double-digit percentage decline in interim revenue, as one of Hong Kong’s largest developers fell victim to the city’s slowing property market.Turnover fell 38 per cent to HK$8.12 billion in the six months ended June, while first-half underlying profit, excluding revaluation gains on investment properties, dropped to HK$6.7 billion. Revenue from real estate sales plunged 68 per cent to HK$2.7 billion during the period, said Henderson,… Source link

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China 

China’s May holdings of US Treasuries dip for the third straight month to a two-year low amid trade war woes

China’s holdings of US Treasuries dipped in May to the lowest in two years amid an escalation of the trade war between the world’s two largest economies.The Asian nation’s pile of notes, bills and bonds fell by US$2.8 billion to US$1.11 trillion, according to Treasury Department data released Tuesday in Washington. It was the third straight month of declines and left the nation’s holdings the smallest since May 2017.China remained the US’s biggest foreign creditor. Japan was next, with US$1.1… Source link

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China 

Bull run in China’s home prices continues for 50 straight months in June, but growth slows as curbs kick in

China’s new home prices rose for 50 months in a row in June, but the pace of growth slowed as a range of cooling measures initiated by the government kicked in.The average cost of a new home increased by 0.6 per cent in June, slowing from 0.71 per cent jump in May and 0.62 per cent in April, according to calculations based on National Bureau of Statistics data released on Monday morning.“The government has launched policies targeting developers one after another, which have cooled down the… Source link

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Hong Kong shares rise for a fifth straight week but investors tread with caution

Hong Kong stocks gained for a fifth straight week despite closing slightly lower on Friday, as investors stayed on the sidelines ahead a meeting between Chinese and US officials next week to try and resolve the year-long trade war.The Hang Seng Index fell 0.1 per cent to 28,774.83 on Friday, but was up 0.81 per cent for the week.In the mainland, the Shanghai Composite rose 0.2 per cent to 3,011.06, taking its five-day gains to 1.08 per cent. This reversed last week’s losses.The gains also… Source link

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China’s vehicle sales may drop for the second straight year as a trade war amid a slowing economy deter buyers from showrooms

China’s vehicle demand is expected to decline for the second straight year, extending a historic slump as customers delay purchases amid trade tensions with the US, industry watchers said.Passenger-car sales will probably drop 5 per cent in 2019, researcher LMC Automotive estimated, after the first annual decline in more than two decades last year.Guangzhou Automobile Group, which builds sport-utility vehicles, sedans and minivans, forecast overall vehicle deliveries will fall by the same… Source link

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Property 

Prime Hong Kong office rents are most expensive globally for fourth straight year, CBRE says

Prime office rents in Hong Kong’s Central district are the most expensive globally for a fourth straight year, with growth in rents across Asia doubling year on year, US commercial real estate services and investment firm CBRE said in a report on Tuesday.Currently, six of the 10 most expensive office markets are in Asia, and rental growth in the region has almost doubled year on year to 3.3 per cent.The average annual rent for a prime office in Central, inclusive of taxes and fees, rose to US… Source link

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Hong Kong, Shanghai indexes end higher for sixth straight day

Hong Kong and Shanghai stocks closed higher for the sixth consecutive session on Monday, amid a general sense of caution as investors looked ahead to the gathering of world leaders at the G20 Summit in Osaka from Friday.The US-China trade negotiations are expected to resume, with presidents Xi Jinping and Donald Trump planning to meet on the sidelines of the summit.The Hang Seng Index closed up 0.14 per cent, or 39.29 points higher at 28,513, led up by property stocks, bolstered by expectations… Source link

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Investors pull cash from US-based China region equity funds for 8th straight week

Investors extended their purge of US-based China region equity funds, pulling cash from the sector for the eighth consecutive week, marking the longest negative streak since mid-2016 and overlapping with the deterioration of trade talks between Washington and Beijing, according to new data.For the week ending June 19, a net US$218.6 million was withdrawn from China region funds sold to US investors, data provider Lipper, a Refinitiv company, reported late on Thursday.Since April 1, investors… Source link

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Shanghai posts sixth straight day of losses while Hong Kong gains as fears of oil glut are added to jitters around ongoing trade war

The Shanghai Composite Index posted its sixth straight trading day of losses, while Hong Kong bounced into slight gains near the close, as a global oil glut added to existing worries over the ongoing US-China trade war.The Shanghai Composite began down Thursday and stayed down, ending with a loss of 1.17 per cent to 2,827.80, helping to pull the first week of June trading into a 2.45 per cent decline. That was its lowest level since February 22. It posted a weekly gain last week.Meanwhile the… Source link

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Vietnam 

Emirates reports profits for 31st straight year – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Emirates will receive 14 more Boeing A380 aircraft from 2019 until the end of 2021, taking its A380 fleet to 123. — Photo courtesy of Emirates HCM CITY — UAE carrier Emirates has announced its 31st consecutive year of profits and steady business expansion. Its annual report shows a profit of AED2.3 billion (US$631 million) for the financial year ended 31 March, 2019, on revenues of AED109.3 billion ($29.8 billion), an increase of 7 per cent year-on-year. “2018-19 has been tough, and our performance was not as strong as we…

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