“In Hong Kong, Legco’s approval is necessary for imposing any tax ... But real estate and construction sector lawmaker Abraham Razack said it would be unfair to target property developers’ new flats, arguing that only 3,000 were actually vacant. ( read original story ...)
Hong Kong’s ‘nano-flats’ for young professionals
Hong Kong’s real estate is the most expensive in the world, with median house prices at 19.4 times median incomes, the worst ratio globally according to the Annual Demographia International Housing Affordability Survey 2018. Property prices have been ... ( read original story ...)
Meituan mulls $6b IPO in Hong Kong
Customers wait to be served outside a restaurant next to a billboard of Meituan, a group-buying and takeout app, in Changzhou, Jiangsu province, July 17, 2016. [Photo/VCG] HONG KONG－Chinese mainland on-demand online consumer services platform Meituan ... ( read original story ...)
Jiangxi Bank Draws Citic, Dianrong to $993 Million Hong Kong IPO
Jiangxi Bank Co., a commercial lender in eastern China, is seeking to raise as much as HK$7.79 billion ($993 million) in a Hong Kong initial public offering. The company is offering 1.17 billion shares at HK$5.94 to HK$6.66 apiece, according to a Hong Kong ... ( read original story ...)
John Tsang, Hong Kong’s ex-finance tsar, is now a fintech evangelist
John Tsang Chun-wah made a name for himself in Hong Kong for a few things: he tried and failed to become Hong Kong’s chief executive in 2017; he was one of the longest serving financial secretaries in Hong Kong’s history; and he presided over an ... ( read original story ...)
Hong Kong raises interest rate by 25 basis points, matching US Fed move as higher cost of money sets in
Hong Kong’s monetary authority raised the city’s base lending rate for the second time this year, in lockstep with an overnight move by the US Federal Reserve to maintain stability in the local currency, as the ever-rising cost of money trend becomes ... ( read original story ...)
Hong Kong regulator enhances supervision on Allahabad Bank
The bank should also not incur additional non-bank credit exposures. The bank currently has only one overseas branch with a dealing room in Hong Kong. The business of the branch decreased by nearly 9 per cent to ₹12,871 crore as on March 31, 2018, ... ( read original story ...)
Rate Hikes for Hong Kong Borrowers a `Matter of Time’ After Fed
A dose of reality may be on the way for Hong Kong, even as it breezes through the U.S. Federal Reserve’s latest rate hike. Because its currency is pegged to the dollar, the Asian financial hub effectively imports U.S. monetary policy and adjusts ... ( read original story ...)
Hong Kong’s Fed-Pacing Rate Hike Signals Reckoning Still to Come
Analysts seeking to call when banks will raise mortgage costs A dose of reality may be on the way for Hong Kong, even as it breezes through the U.S. Federal Reserve’s latest rate hike. Because its currency is pegged to the dollar, the Asian financial hub ... ( read original story ...)
China’s Vaccine Tourists Drain Hong Kong’s Supply of Cancer Drug
In the two years since Merck & Co.’s Gardasil 9 became available in Hong Kong, about 2 million mainlanders have come for the shots, according to the Xinhua News Agency. With the drugmaker unable to keep up, some clinics are turning away Chinese patients ... ( read original story ...)
Hong Kong bourse raises CEO’s annual salary to HK$9.3 million, before bonus and stock options
Hong Kong Exchanges and Clearing Limited (HKEX) has raised the salary of its chief executive by 3.5 per cent as it renews his contract for three more years, rewarding him for leading the 2017 overhaul in listing rules that could return the world’s fourth ... ( read original story ...)
Hong Kong workers feel they are not equipped with the right skills for digital economy: Survey
Robotic process automation is an emerging form of digital labour powered by software robots or artificial intelligence, which mimic human actions relating to a wide variety of business transactions. Hope said that Hong Kong’s economy could potentially ... ( read original story ...)
Hong Kong Monetary Authority enhances supervision of PNB’s HK branch
State-owned Punjab National Bank (PNB) on Wednesday said the Hong Kong Monetary Authority (HKMA) has enhanced supervision of its Hong Kong branch and has asked it "not to proactively solicit customer deposits". "...In view of the capital position of the ... ( read original story ...)
‘Nirav Modi shifted all dummy directors in Hong Kong to Cairo after scam was exposed’
Divyesh Gandhi, director in Anuragen, one of the Hong Kong-based dummy companies ... so that he could pay off previous ones and use the remaining money for his business activity. He convinced bank officials by showing bogus papers of import-export business ... ( read original story ...)