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Allan Zeman says he’s open to cutting rents to help Hong Kong businesses get through protest turmoil

Prominent Hong Kong businessman Allan Zeman, who has made his name famous through high-end restaurants and is a significant landlord in Central, says he is open to cutting rents to help tenants survive the protests that have rocked the city.Business for some restaurants is off by as much as 40 per cent, estimated Zeman, who said he remains bullish on the city’s future despite the grim economic toll that the US-China trade war and months of protests have taken on its economy.Retail outlets have… Source link

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How Carrie Lam could end the Hong Kong turmoil in a single speech – with an amnesty for protesters and police, an independent inquiry and more social welfare

After skipping a press conference on Monday, Chief Executive Carrie Lam Cheng Yuet-ngor held a short one largely in Cantonese on Tuesday. It was an opportunity lost; she repeated previous mantras, as though the government has done no work despite being absent from public view. The government holds the solutions for peace in its hands but fiddles while Hong Kong continues to smoulder. No change from Government House means no change. Rich leaders blaming relatively impecunious protesters for… Source link

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Owners in Yuen Long and North Point begin to sell properties at a loss to escape the worsening social turmoil

Property owners in Yuen Long and North Point, two battlefield districts that have seen the most violent clashes in Hong Kong’s 10-week old protest rallies, are selling their flats at losses as they bail out of the market amid the worsening civic unrest.Prices may dip 3 per cent at housing estates across Hong Kong in August, agents said. They added sellers in Yuen Long in the New Territories have reduced prices by about 10 per cent, while homeowners in North Point to the east of Hong Kong Island… Source link

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CK Asset postpones sale of luxury flats estimated to cost more than US$12.7 million citing social turmoil

CK Asset Holdings, the second largest developer by market value in Hong Kong, has become the latest builder to defer the sale of its luxury residential project, as 10 weeks of social turmoil has severely hurt consumer sentiment.The as-yet unnamed project at 21 Borrett Road, in Mid-Levels, was originally expected to be released for sale this month.Executive director Justin Chiu Kwok-hung said on Tuesday that the group had decided to postpone the sale of the luxury flats that would cost more than… Source link

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Hong Kong’s July foreign exchange reserves rise to a record US$448.5 billion, offering a shield against financial turmoil

Hong Kong’s hoard of foreign currencies increased 0.6 per cent to a record, bolstering the city’s defences against currency attacks and financial turmoils, as growth in the local economy slows amid unprecedented public unrest and effects of the deteriorating US-China trade war.Foreign exchange holdings, excluding gold, rose to US$448.5 billion at the end of July from US$431.9 billion a year ago, and compared with US$445.6 billion in June, according to data released by the Hong Kong Monetary… Source link

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Chinese tycoon Li Jianhua fights daughter over Canada real estate fortune in lawsuits depicting knife violence, fraud and corporate turmoil

Tycoon Li Jianhua once planned to live next door to his daughter in Vancouver after he retired from a career that has brought him political prestige and great wealth in China.Two multimillion-dollar mansions were built on a steep and wooded hillside overlooking Vancouver and the Salish Sea, side by side in the exclusive British Properties neighbourhood.It was a fitting location for the former deputy in the National People’s Congress, China’s parliament – in a corporate profile he called himself… Source link

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Stocks Blog: Markets brace for more turmoil from rate cut prospects and more IPO supply

Good day traders — A lot of attention right now is on “later” — whether that’s on the coming tech board in Shanghai on July 22 and its potential impact on share prices in the broader Chinese markets, or testimony Wednesday and Thursday this week in Washington by Federal Reserve Chairman Jerome Powell that might give hints about whether a rate cut may be coming. But the “later” focus is being felt in markets now.  We’ve got you covered on all the plays today in the China and Hong Kong markets……

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Hong Kong’s extradition turmoil won’t dampen the property market greatly – but China’s economy might

Protesters march from Causeway Bay to the government headquarters in Tamar, Admiralty, on June 16, against the extradition bill, calling on Hong Kong’s leader to resign and to drop the categorisation of the events of June 13 as a riot. Photo: Robert Ng Source link

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A dovish Fed and other central banks could save emerging markets from a repeat of last year’s turmoil

Exactly a year ago, developing economies were in the throes of a severe sell-off triggered by the escalation in trade tensions and the surge in the US dollar. The sharp decline in emerging market assets over the past month has worrying echoes of last year’s turmoil.Within a two-month period, beginning on April 1, 2018, the MSCI Emerging Market Equity Index – one of the main gauges of stocks in developing nations – fell just over 8 per cent. This year, the index has already lost 7 per cent since… Source…

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Vietnam 

ADB forecasts steady growth despite global turmoil – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

HÀ NỘI The Asian Development Bank (ADB) forecast Việt Nam’s economic growth to moderate but remain strong in the next two years despite a projected slowdown in the global economy and world trade. In its flagship annual economic publication Asian Development Outlook 2019 launched on Wednesday, ADB forecasts Việt Nam’s economy to grow by 6.8 per cent in 2019 and 6.7 per cent in 2020. “The economic performance in Việt Nam reached a sweet spot in 2018, driven by strong exports and domestic demand,” said ADB Country Director for Việt…

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