These are external links and will open in a new window An Andy Warhol portrait of Chairman Mao has been sold at a historic auction in Hong Kong - but fell short of its top estimate of $15m (£12m; HK$116m). The iconic silkscreen portrait fetched $11m in ... ( read original story ...)
Efforts to suppress Hong Kong property prices have failed, Carrie Lam says
Chief executive-elect Carrie Lam Cheng Yuet-ngor has admitted that efforts to suppress Hong Kong property prices have failed and pledged to tackle the issue with a “starter home” scheme once she assumes office. As home prices rose in Hong Kong for the ... ( read original story ...)
Hong Kong plays host to electronics & lighting fairs
The number of Hong Kong-based start-ups has boomed in recent years. According to InvestHK’s report last year, there are more than 1,900 start-ups in Hong Kong. Many young entrepreneurs are bringing new ideas and unique products to the market using their ... ( read original story ...)
Hong Kong electric car start-up Thunder Power eyes China market
Hong Kong-based electric vehicle company Thunder Power has thrown down the gauntlet to carmakers and tech giants around the globe, claiming that its vehicles will have revolutionary wireless charging, autonomous driving capabilities and a range that will ... ( read original story ...)
Employees win, providers lose in Hong Kong MPF’s low-fee reform
Hong Kong’s Mandatory Provident Fund market may see more consolidation as reforms taking effect on April 1 slash income from fees by up to 40 per cent, forcing smaller providers out of the market. From Saturday onwards, all 18 MPF providers are required ... ( read original story ...)
120 sacked HSBC technologists must stay in Hong Kong banking or face 20% pay cuts
If you’ve just been laid off from HSBC’s Hong Kong tech team, you should try to stay in banking – even if that means retraining. http://news.efinancialcareers.com/sg-en/278578/banking-tech-cvs-stand-out/ The 120 technology staff recently laid off by ... ( read original story ...)
Send in the clowns: Hong Kong chief executive-elect gets advice from an unlikely quarter
As Hong Kong’s new leader reflects on a baptism of political fire and ponders the stark reality of making good on a campaign pledge to heal a divided city, advice has arrived from an unlikely quarter. In the week that saw Carrie Lam Cheng Yuet-ngor ... ( read original story ...)
Hong Kong Warns on Home Loan Risks, Daily Says, as Prices Soar
The Hong Kong Monetary Authority has warned banks in the city over the rising risks of property lending, according to the Oriental Daily, just as home prices notch up another record in the world’s most expensive housing market and Citigroup Inc. sees an ... ( read original story ...)
Bank of China beats estimates to post highest profit rise among big state-owned banks
BOC’s Hong Kong subsidiary, Bank of China Hong Kong, more than doubled its profits in 2016 to HK$55.5 billion thanks to the HK$30 billion gain from the sale of its interest in Nanyang Commercial Bank last year. Once this and other one off elements were ... ( read original story ...)
Hong Kong trade finance goes Deloitte-fully blockchain
and trade finance banks in Hong Kong have developed a distributed ledger technology (DLT) proof of concept (PoC) for trade finance. Industry participants include Bank of China (Hong Kong), the Bank of East Asia, Hang Seng Bank, HSBC and Standard Chartered ... ( read original story ...)
Hong Kong’s richest man in deal to buy Reliance Home Comfort for $2.1 billion
Li Ka-Shing, Hong Kong’s richest man, is adding to his assets in Canada with the purchase of Reliance Home Comfort from Alinda Capital Partners for $2.82 billion. The purchase of the water heater and air conditioner firm will be made through CKP (Canada ... ( read original story ...)
Reliance Home Comfort sold for $2.8B to Hong Kong firm
One of Hong Kong's richest families is planning to buy Reliance Home Comfort, an Ontario-based company that services home furnaces and air conditioning systems. Alinda Capital Partners is selling Reliance for $2.82 billion Cdn to a subsidiary of Cheung ... ( read original story ...)