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BUSINESS3d agoScary deals? What makes Hong Kong shun death-linked homes while France embraces the riskEven as Hong Kong remains the world’s least affordable housing market, many buyers still shun heavily discounted homes linked to an “unnatural death”, such as murder or suicide, according to property agents. Prices for such properties could fall by as much as 50 per cent, while rents were typically about 20 per cent below market rates, they added. The aversion stands in stark contrast to parts of Europe, particularly in France, where buyers are often willing to purchase homes under a “vente en...South China Morning Post
BUSINESS3d agoBordeaux officials hail exclusive 5-year deal for Hong Kong to host VinexpoHaving a presence in Hong Kong and the rest of China is “very important” for Bordeaux, an official from the world-renowned French wine-producing region has said, even as consumption declines on the mainland. The comments by deputy mayor Fabien Robert came as Vinexpo, a premier international wine and spirits trade exhibition that began in Bordeaux, signed a deal for its Asian edition to be hosted solely by Hong Kong from 2027 to 2031. “To be in Hong Kong every year, I think it’s a message ......South China Morning Post
BUSINESS3d agoUK minister discusses tech collaboration in Greater Bay Area during Hong Kong visitUK Indo-Pacific minister Rosie Winterton has visited Hong Kong’s flagship tech hub to discuss plans to expand technological collaboration in the Greater Bay Area, while aiming to strengthen business, education and people-to-people partnerships with the city. During her visit, Winterton also raised concerns about the jailing of former media boss Jimmy Lai Chee-ying in talks with Cui Jianchun, Beijing’s top diplomat in the city, and local officials. “What we want to do is to strengthen those ties...South China Morning Post
BUSINESS4d agoHong Kong to be exclusive host of Vinexpo Asia trade fair for next 5 yearsHong Kong will be the exclusive host of Vinexpo Asia from 2027 to 2031, ending a rotation with Singapore. The organiser of the fair, Vinexposium, confirmed its five-year commitment to Hong Kong on Friday, signing a memorandum of understanding with the Tourism Board. Board chairman Peter Lam Kin-ngok called the partnership a milestone that underscored a commitment to strengthen Hong Kong’s position as Asia’s leading destination for wine, spirits and culinary experiences. “[Vinexposium’s]...South China Morning Post
BUSINESS4d ago8 companies apply for Hong Kong ride-hailing licences ahead of deadlineEight companies have applied for licences to provide ride-hailing services in Hong Kong under the new regulatory regime ahead of Friday’s deadline, the Transport Department has confirmed. US-based Uber, Singapore-based Tada, Amap and Didi Chuxing, all of which currently serve the market, confirmed to the South China Morning Post that they had submitted applications. Amap is operated by Alibaba Group Holding, which owns the SCMP. “Drawing on its global operational experience and local track...South China Morning Post
BUSINESS4d agoHong Kong’s wider yuan push: a gateway to the world?In September, Chief Executive John Lee Ka-chiu unveiled the city’s first five-year plan along with his policy address, highlighting Hong Kong’s strategic role in promoting the greater use of the yuan outside mainland China as a key priority. In the last of a four-part series on the internationalisation of the yuan, Lam Ka-sing examines Hong Kong’s push to make the currency part of everyday life – from vending machines and retail payments to government spending and cross-border trade. At Hong...South China Morning Post
BUSINESS5d agoLater hours unlikely to boost bottle sales at Hong Kong wine festival, exhibitors sayLater opening times are unlikely to boost wine sales by the bottle, exhibitors returning to Hong Kong’s annual Wine and Dine Festival have said, with new overseas participants believing that the city serves as an indicator for broader trends in Asian markets. The festival returned to the Central Harbourfront on Thursday with over 340 booths, an increase of more than 10 per cent from last year, with over 30 countries and regions represented. Operating hours are from 1pm to 1am on Friday and...South China Morning Post
BUSINESS5d agoCK Asset pauses Hong Kong sales launch at Yuen Long’s Montage developmentCK Asset Holdings has suspended sales at its Yuen Long residential project Montage, days before it planned to begin marketing the development’s first homes. The developer confirmed the suspension to the South China Morning Post but declined to explain the abrupt decision, saying only that it reserved the right to pause or commence sales at any time. It dismissed market speculation that the government had revoked the project’s presale consent as baseless. The move followed Moni Yeung, deputy...South China Morning Post
BUSINESS5d agoSamsung Electronics reportedly ending home appliance sales in Hong KongSamsung Electronics is reportedly ending home appliance sales in Hong Kong, months after withdrawing from the mainland Chinese market. Samsung’s Hong Kong office told the South China Morning Post on Thursday that it would focus on televisions, monitors, audio products, business-to-business display solutions and mobile devices in the city. It did not explicitly confirm that it was ending sales of major home appliances. However, a check by the SCMP on Thursday morning found that major home...South China Morning Post
BUSINESS5d agoRegulatory tightening in Hong Kong sees delistings outnumber resumptions: reportThe tightening of Hong Kong’s securities regulations – in the wake of property developer Evergrande’s liquidation and unrelated IPO frauds – has resulted in more delistings than resumptions for the first time in three years, according to a report by accountants Grant Thornton. Hong Kong saw 35 delistings in the 12 months to August this year but only 21 resumptions, the report said. “Regulators have comprehensively tightened resumption requirements,” said Barry Tong, national leader of forensic...South China Morning Post
BUSINESS6d agoWhy Hong Kong rents are hitting records while home price gains lose momentumHong Kong’s lived-in home prices fell 0.8 per cent in the third quarter, their first quarterly decline after five quarters of gains, as a September rebound failed to fully offset a summer slowdown in the residential market. Prices rose 0.19 per cent in September from August, marking a second consecutive monthly increase, according to data released by the Rating and Valuation Department on Wednesday. The index reached 320.8, but remained 19.4 per cent below its September 2021 peak. Prices were...South China Morning Post
BUSINESS6d agoHong Kong exports jump nearly 65% in September, highest growth in over 40 yearsHong Kong’s exports jumped by 64.9 per cent year on year in September, the highest growth in more than 40 years, with artificial intelligence-related (AI) products further fuelling the momentum of recent months. Provisional figures released by the Census and Statistics Department on Wednesday showed the total value of exports rose to HK$762.6 billion (US$97.8 billion) last month, after a 53 per cent surge in August. A government spokesman said September marked the 20th consecutive month of...South China Morning Post
BUSINESS6d agoHong Kong luxury expo to connect brands with ‘high-spending travellers’Private jets, fine jewellery, watches, superyachts and luxury property will feature in a new Hong Kong exhibition offering business opportunities to “brands, yacht owners and connoisseurs”, according to the organiser. The inaugural Festival of Connoisseurs, set to take place between November 4 and 6, is the first exhibition of its kind to secure government funding for large-scale international exhibitions, organiser Informa Markets said on Wednesday. Ryan Hui, deputy event director of the...South China Morning Post
BUSINESS6d agoWhy Hong Kong developer CK Asset sold a mall at an ‘exceptionally cheap’ priceWith the “exceptionally cheap” sale of a vacant Hong Kong shopping mall, developer CK Asset Holdings is freeing up capital for other projects, while the buyer will have to be patient because the location will struggle to attract tenants in the short term, according to analysts. The developer completed the mall in its residential project Seaside Sonata on Hai Tan Street in Sham Shui Po five years ago but never leased it out. It recently changed hands along with a batch of parking spaces for...South China Morning Post
BUSINESS6d agoChinese circuit board firm Dongshan Precision plunges at Hong Kong debutSuzhou Dongshan Precision Manufacturing Co. slumped in its Hong Kong trading debut after an underwhelming HK$9.9 billion (US$1.26 billion) initial public offering (IPO), as investor sentiment was haunted by the deepening sell-off across China’s artificial intelligence (AI) and tech hardware sectors. Shares of the circuit-board manufacturer, a key supplier of components for AI servers, dropped as much as 6 per cent after its debut in Hong Kong market on Wednesday. It bounced back slightly with a...South China Morning Post
BUSINESS6d agoHow Hong Kong went from a yuan gateway to a complete currency ecosystemIn September, Chief Executive John Lee Ka-chiu unveiled the city’s first five-year plan along with his policy address, highlighting Hong Kong’s strategic role in promoting the greater use of the yuan outside mainland China as a key priority. In the second part of a four-part series on the globalisation of the yuan, Daisy Wu examines Hong Kong’s evolution from an offshore reservoir into a self-sustaining yuan ecosystem. Of the hundreds of thousands of people who cross the border between mainland...South China Morning Post
BUSINESSOct 27Delta Air Lines bets on premium travel to win share of Hong Kong marketUS-based Delta Air Lines has expressed confidence that the quality of its service will help it win a share of Hong Kong’s fiercely competitive aviation market, saying demand for its recently relaunched route to Los Angeles has exceeded expectations, driven by corporate bookings. Jeff Moomaw, the airline’s vice-president for Asia-Pacific, said on Tuesday that demand for premium travel was helping drive its growth in the region. “Hong Kong is [a] highly competitive market with premium carriers,...South China Morning Post
BUSINESSOct 27Injured Hong Kong delivery rider seeks full trial on employment status questionA former Deliveroo rider who suffered severe brain injuries in a traffic accident has taken the platform to a Hong Kong court to seek compensation, arguing that resolving the legal question of his employment status at the time of the accident warrants a full trial. In the District Court on Tuesday, Deliveroo’s Hong Kong liquidator applied to strike out the lawsuit, contending that the injured worker, Lok Sze-chu, offered only a “bare assertion” to support his claim of being entitled to...South China Morning Post
BUSINESSOct 27Can Hong Kong deliver in trying to build its yuan credentials?In September, Chief Executive John Lee Ka-chiu unveiled the city’s first five-year plan along with his policy address, highlighting Hong Kong’s strategic role in promoting the greater use of the yuan outside mainland China as a key priority. In the first of a four-part series on the internationalisation of the yuan, Lam Ka-sing and Denise Tsang examine Hong Kong’s efforts as an international financial centre to reform its market infrastructure, including building a larger offshore renminbi...South China Morning Post
BUSINESSOct 26How Shimao’s sale of 2 hotels reveals the growing complexity of Hong Kong debt workoutsThe HK$2.7 billion (US$344 million) sale of two Shimao Group hotels in Hong Kong leaves an estimated HK$1.8 billion shortfall against their secured loans. Still, receivers managed to squeeze out improved bids in the final stages, with all shortlisted parties improving their offers, said Una Ge, a managing director at AlixPartners who oversaw the sale as a joint receiver. The deal offers a glimpse into how mainland China’s developer debt crisis is reshaping Hong Kong’s restructuring industry,...South China Morning Post
BUSINESSOct 26How Hong Kong’s 5-year plan can fuel its financial cloutFinance ministers from 21 Asia-Pacific economies recently met in Hong Kong, the first time the city has hosted them. A practical question sits one level down. Picture the treasury team of a company running its regional business from Hong Kong. It arranges funding in several currencies, pays across markets and manages the risks that follow. Its question is: how can Hong Kong’s services help it operate more efficiently and at lower cost? Those needs are a practical lens for reading the five-year...South China Morning Post
BUSINESSOct 26Hong Kong proposes more homes, less office space at Hung Hom harbourfrontHong Kong authorities have proposed raising the residential share of a Hung Hom harbourfront development to more than 60 per cent by cutting commercial floor space, citing “strong doubts” over market demand for offices. The Development Bureau, which submitted the latest proposal to the Legislative Council’s development panel on Monday, also suggested reallocating residential space from initially planned seaside sites to inland plots near Hung Hom station and Polytechnic University. The move aims...South China Morning Post
BUSINESSOct 26In a global first, Hong Kong opens secondary trading for tokenised public fundsThe Hong Kong Securities and Futures Commission (SFC) on Monday approved the world’s first-ever secondary trading of tokenised public funds, reinforcing the city’s push to build the region’s leading ecosystem for tokenised finance. Investors can now trade two tokenised money market funds – the Hong Kong dollar and US dollar versions of the ChinaAMC Digital Money Market Fund – on an SFC-licensed virtual asset trading platform (VATP). “For retail investors, this marks a vital upgrade in time...South China Morning Post
BUSINESSOct 26Top bankers to gather in Hong Kong to learn how the city has been ‘rethinking the playbook’Some 280 global top bankers, including 120 group chairmen and CEOs, will gather in Hong Kong next week to learn how the city has been “rethinking the playbook” to go forward in coming years, Hong Kong Monetary Authority (HKMA) chief executive Eddie Yue Wai-man said on Monday. The top bankers, including Morgan Stanley chairman Ted Pick, Goldman Sachs chairman David Solomon, and Blackstone president and COO John Gray, will attend the city’s fifth edition of the Global Financial Leaders’ Investment...South China Morning Post
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