HONG KONG (Reuters) - Li Ka-shing’s rise from penniless immigrant in 1940 to billionaire tycoon is the consummate success story in Hong Kong, a city which progressed alongside him from trading outpost to one of the world’s biggest financial centers. ( read original story ...)
JD.com’s finance unit aims to raise $1.9 billion in fresh funding: sources
HONG KONG (Reuters) - JD.com Inc’s finance arm is looking to raise about 12 billion yuan ($1.9 billion) in fresh equity that could see its value double from last year to more than $20 billion, three people with knowledge of the matter said. The unit of ... ( read original story ...)
UBS Fights Hong Kong IPO Sponsor Ban
UBS Group AG faces a race against the clock in Hong Kong. The Swiss bank, under threat of a regulatory suspension from acting as a so-called sponsor on initial public offerings in the city, has such a role on roughly an estimated $4.5 billion of deals ... ( read original story ...)
Hong Kong mulls tax on vacant properties as unsold flats pile up in red-hot housing market
Policymakers are studying the possibility of imposing a vacancy tax on property owners hoarding empty flats as the latest measure to tackle space-starved Hong Kong’s acute housing shortage. Financial Secretary Paul Chan Mo-po revealed on Thursday that ... ( read original story ...)
Exclusive – Shell close to clinching Hong Kong’s first LNG import deal – sources
SINGAPORE (Reuters) - Royal Dutch Shell (RDSa.L) is close to bagging a deal to supply Hong Kong with liquefied natural gas (LNG), beating out major competitors for the right to be the first company to supply LNG to the city. Shell has edged out companies ... ( read original story ...)
Hong Kong’s judges voice fears over China influence in judiciary
HONG KONG (Reuters) - As Hong Kong’s judges and senior lawyers paraded in ceremonial wigs and gowns on Jan 8 to mark the start of the legal year, anxieties over China’s growing reach into the city’s vaunted legal system swirled with the wintry winds. ( read original story ...)
Hong Kong’s fintechs must shake off their traditional shackles to make the next technological leap
The Hong Kong Monetary Authority’s (HKMA) recent position paper on virtual banking reinforces the inward looking, bureaucratic self-defence of Hong Kong at its most oblivious. Hong Kong struggles with its own creativity drought. Besides the problem that ... ( read original story ...)
Pipe dream? Hong Kong architect proposes low-cost tube homes
Hong Kong's notoriously expensive housing makes owning an affordable home a pipe dream for many residents. A local architect has proposed a novel idea to help alleviate that problem: building stylish micro-apartments inside giant concrete drainage pipes. ( read original story ...)
Hong Kong stocks snap 4-day rising streak on trade war fears
Hong Kong stocks fell on Wednesday ... Huatai Securities Co Ltd which fell 2.0 per cent and Postal Savings Bank of China Co Ltd down by 1.8 per cent. About 1.76 billion Hang Seng index shares were traded, roughly 68.9 per cent of the market's 30-day ... ( read original story ...)
Hong Kong stocks end higher for 4th straight day before key US, China economic data
The Hang Seng Index fluctuated within a narrow range of 248 points ... per cent and 0.5 per cent respectively to 1,895.31 and 1,872.68. Agricultural Bank of China’s Hong Kong-listed shares surged 5.4 per cent to close at HK$4.71. Its Shanghai-traded ... ( read original story ...)
HKMC says its mortgage business volume rose 30pc in 2017, indicating that it is actively helping first-time buyers
The Hong Kong Mortgage Corporation reported its mortgage business volume rose 30 per cent last year to HK$32.3 billion, indicating that homebuyers were relying on the government-owned body for financial support as local property prices soar into the ... ( read original story ...)
Hong Kong regulator issues notice for action against 8 IPO sponsors: official
HONG KONG (Reuters) - Hong Kong’s securities regulator is pursuing disciplinary action against eight firms for alleged misconduct in their roles sponsoring initial public offerings (IPOs) in the Asian financial hub, a senior official said on Wednesday. ( read original story ...)
HK bolstering financial prowess
Financial Secretary Paul Chan: Hong Kong has also put in place a comprehensive anti-money laundering and counter-terrorist financing regime. It's built on a robust legal framework, effective law enforcement, rigorous preventive measures, capacity-building ... ( read original story ...)
Hong Kong airline Cathay Pacific sees annual loss, outlook upbeat
Hong Kong flag carrier Cathay Pacific on Wednesday booked the first ... The firm's report was its worst since 2008 during the global financial crisis, as lower-cost Chinese airlines ate into market share while it took a major hit from fuel costs. ( read original story ...)