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BUSINESS7h agoHong Kong aims to raise innovation spending to 3% of GDP by about 2030Hong Kong will strive to raise its expenditure on innovation activities to a level equivalent to 3 per cent of gross domestic product (GDP) by around 2030, nearly double the current rate, according to the city’s first five-year plan. Chief Executive John Lee Ka-chiu unveiled the ambitious goal, together with measures to boost frontier technologies, including aerospace research, on Wednesday. Among the 22 indicators laid out in the plan, the government aims to raise the ratio of total domestic...South China Morning Post
BUSINESS7h agoHong Kong sets 5-year plan to double innovation spending, boost new industriesHong Kong’s leader has unveiled the city’s first five-year blueprint, aligned with China’s national development strategy, setting targets to nearly double innovation spending and raise the share of manufacturing and new industries to 5.5 per cent of the economy. In a historically significant new approach, Chief Executive John Lee Ka-chiu prefaced his annual policy address on Wednesday with a comprehensive set of binding and anticipatory or aspirational longer-term targets for Hong Kong up to the...South China Morning Post
BUSINESS8h agoHong Kong targets film tourism boom and higher-level tennis tournamentsHong Kong will introduce themed tourism routes showcasing the city’s most recognisable filming locations and explore upgrading Victoria Park’s Centre Court to host higher-level tennis tournaments, as authorities seek to significantly increase the sector’s economic contribution under the city’s first five-year development plan. The 2026-30 blueprint aims to raise the tourism industry’s value added from HK$86.2 billion (US$10.9 billion) in 2024 to HK$126 billion by 2030 – an increase of about 40...South China Morning Post
BUSINESS8h agoFirst building in Hong Kong’s university town project to be ready in monthsThe first building in the 1,000-hectare (2,472-acre) university town project in the Northern Metropolis will be completed by the end of this year, Hong Kong’s leader has said, revealing that the flagship tower is called Loop Academy One. Announcing Hong Kong’s first five-year plan on Wednesday, Chief Executive John Lee Ka-chiu also revealed the official names of the three Northern Metropolis developments: San Tin University Town, Hung Shui Kiu University Town and Ta Kwu Ling University Town. The...South China Morning Post
BUSINESS9h agoHong Kong to woo finance and tech firms with new tax breaksHong Kong will introduce various tax incentives for new finance and technology industries to attract businesses and reinforce the city’s role as a leading financial hub, the city leader has announced in his policy address. Tax concessions to draw intellectual property (IP) businesses and selected industries to the city were among the new measures Chief Executive John Lee Ka-chiu announced on Wednesday, while the halving of the profits tax rate for gold traders would be sped up. To speed up the...South China Morning Post
BUSINESS14h agoUS crypto bill stumble sparks call for Hong Kong to seize ‘critical strategic window’The US Senate’s rejection of the Clarity Act – a landmark bill meant to regulate cryptocurrency market structure – has opened a window for Hong Kong to accelerate its digital asset ambitions, industry insiders say, even as the sector remains mired in a slump after a brief rally last month. Beijing’s ban on crypto remains in force in mainland China, but Hong Kong has received approval to develop itself as a digital asset hub, with the stalled push in Washington presenting the city with what...South China Morning Post
BUSINESS16h agoHong Kong rated Asia’s top financial hub for 4th straight year: reportHong Kong has retained its status as Asia’s top financial hub for a fourth consecutive edition of the Global Financial Centres Index (GFCI), even as many of the world’s leading centres saw their scores slip slightly amid rising geopolitical headwinds. The city also ranked third globally in the 40th edition of the twice-yearly report, released on Wednesday amid a remarkably tight race at the top of global finance. Hong Kong scored 756, just one point behind London on 757 and a point ahead of...South China Morning Post
BUSINESS16h agoHong Kong unveils first five-year plan to cement position as global financial hubHong ⁠Kong leader ​John Lee on Wednesday unveiled the city's first five-year plan to boost its global position as a financial hub. The plan serves as a social and economic roadmap detailing the city-state's strategic priorities, including an aim to expand technology ties with mainland China.France 24 [en]
BUSINESS22h agoSoutheast Asian buyers emerge as top non-local investors in Hong Kong commercial propertySoutheast Asian investors have emerged as the largest non-local buyers of Hong Kong commercial property, led by Singapore-based capital, according to Savills. As of Tuesday, local and non-local investors – including those from mainland China – were behind an estimated HK$30.36 billion (US$3.87 billion) in transactions involving commercial property deals above HK$50 million in Hong Kong so far this year, data compiled by the property consultancy showed. Southeast Asian investors contributed...South China Morning Post
BUSINESS1d agoHong Kong finance chief urges Cathay to keep fares attractive, add routesHong Kong’s finance chief has called on Cathay Pacific Airways to offer attractive fares and expand its route network, as China’s national development plan reinforces the city’s status as a global aviation hub. Speaking at Cathay’s 80th anniversary celebration on Tuesday, Financial Secretary Paul Chan Mo-po described the flag carrier as more than just a transport provider, calling it an ambassador for Hong Kong that reinforced the city’s status as a global aviation hub and “superconnector”. Chan...South China Morning Post
BUSINESS1d agoMainland Chinese joint venture launches new electric taxi in Hong KongA mainland Chinese joint venture will introduce an electric taxi in Hong Kong next month, but a lawmaker has warned that a lack of quick-charging stations remains the biggest challenge to the government’s target of introducing 3,000 such cabs by next year. SAIC-GM-Wuling, a joint venture between SAIC Motor, General Motors China and Guangxi Automobile Group, on Tuesday unveiled its Darion Taxi, a new six-seater e-taxi to be launched in Hong Kong. DH Legend Motors, the joint venture’s sole Hong...South China Morning Post
BUSINESS1d agoHong Kong airport builds third runway with strategy to help marine environment thriveWhen Hong Kong International Airport (HKIA) set out to build a new runway and associated facilities for the three-runway system operation, engineers had to carefully navigate a challenge hidden beneath the surrounding waters. The project involved 650 hectares (1,606 acres) of reclaimed land adjacent to the existing airport, an area equivalent to about 34 Victoria Parks or 900 standard football pitches. More significantly, some 40 per cent of it sat directly above decades-old mud pits storing...South China Morning Post
BUSINESS1d agoHong Kong visitor arrivals hit post-pandemic monthly high in AugustHong Kong recorded its highest monthly number of visitors since the Covid-19 pandemic in August, provisional official figures show, with authorities attributing the surge to a series of international conferences and mega-events. The Hong Kong Tourism Board said on Tuesday that the city received 5.46 million visitors across the month, up by 6 per cent from a year earlier and the highest monthly total since the pandemic. Tourist numbers in the first eight months of the year also rose by 11 per...South China Morning Post
BUSINESS1d agoHong Kong’s employment outlook rebounds sharply to 14% in fourth quarterHong Kong employers’ hiring sentiment rebounded sharply in the fourth quarter, with far fewer companies expecting to cut jobs as confidence improved alongside stronger economic growth, according to a ManpowerGroup survey. The international human resources firm said the city’s seasonally adjusted net employment outlook rose to 14 per cent, up by 23 percentage points from minus 9 per cent in the third quarter of this year. The outlook is calculated by subtracting the percentage of employers...South China Morning Post
BUSINESS2d agoMan arrested over alleged HK$2.8 million Hong Kong school admission scamA man has been arrested for allegedly defrauding an education consultant out of nearly HK$3 million (US$382,500) by claiming he could secure dozens of places at a Hong Kong school, the South China Morning Post has learned. A police source said on Monday that the suspect, a 51-year-old Hongkonger who claimed to be a businessman, had signed a contract with a 45-year-old woman working as an education consultant on March 1, 2024, claiming he could provide dozens of places at a “Kiangsu-Chekiang...South China Morning Post
BUSINESS2d agoHong Kong’s HK$500b silver economy by 2034 offers ‘blue ocean’ prospects: Paul ChanHong Kong’s silver economy is set to become a HK$500 billion (US$63.8 billion) market by 2034, the city’s finance chief has said, urging the elderly care industry to deploy technology and explore cross-border opportunities. Financial Secretary Paul Chan Mo-po said on Monday that Hong Kong’s ageing population presented both a challenge and a “promising blue ocean” market opportunity for the city, which could serve as a model for other regions. In a speech at an event to mark the 30th anniversary...South China Morning Post
BUSINESS2d agoForms Syntron draws Hong Kong’s next-gen tycoons in HK$940 million IPOHong Kong’s younger generation of tycoons is becoming increasingly active in the city’s initial public offering market through family offices and private investments. But their investments extend beyond the property and traditional financial sectors associated with their predecessors, into technology and digital finance. Prominent business leaders Cheng Chi-heng of New World Development and Peter Lee Ka-kit of Henderson Land participated as cornerstone investors in Shenzhen Forms Syntron...South China Morning Post
BUSINESS2d agoHong Kong faces pressure to speed up trading hours review after South Korea’s moveHong Kong’s stock market is facing fresh pressure to accelerate its review of longer trading hours after South Korea’s main bourse extended its session by four hours on Monday, according to an industry player. The Korea Exchange, South Korea’s bourse operator, launched a real-time after-market from 4pm to 8pm in addition to regular trading from 9am to 3.30pm. It also signalled ambitions to expand to nearly 24-hour trading, following similar plans by Nasdaq and the London Stock Exchange. The...South China Morning Post
BUSINESS2d agoHong Kong consumer watchdog questions supermarkets’ buy-one-get-one-free dealsHong Kong shoppers may have saved less than they expected – or nothing at all – through supermarkets’ “buy-one-get-one-free” and bulk-buy promotions, the city’s consumer watchdog has warned, urging residents to compare unit prices instead of relying on promotional labels. The Consumer Council on Monday released the findings of a survey of 222 products sold by AEON, ParknShop and Wellcome between September 2025 and July this year. It found that the actual discounts offered in some promotional...South China Morning Post
BUSINESS2d agoHong Kong aims to scale its tech ecosystem and nurture more unicorns: HKSTP CEOHong Kong is intensifying efforts to attract technology start-ups and nurture unicorns through expanded financial support via a key government-backed platform, leveraging the city’s booming fundraising activities and world-class financial infrastructure. Investors are displaying an increased appetite for the local tech scene compared with a decade ago – a trend that Terry Wong Ping-sau, CEO of the Hong Kong Science and Technology Parks Corporation (HKSTP), said was a positive sign for the city’s...South China Morning Post
BUSINESS3d agoHong Kong to deepen ties with Global South and Middle East, finance chief saysHong Kong will deepen ties with emerging economies worldwide, expanding connections with the Middle East and belt and road countries, from finance to innovation and technology, according to the finance chief. Financial Secretary Paul Chan Mo-po also said the city aims to build “networked and institutionalised” connectivity with the Global South – a broad term for developing less-industrialised countries, primarily located in Africa, Asia and Latin America. Belt and road countries are nations...South China Morning Post
BUSINESS4d agoHong Kong’s ethnic minority groups can play key role in belt and road, summit hearsHong Kong’s ethnic minority communities can leverage their multicultural backgrounds and language skills to play an “important role” in the city’s efforts to build ties with belt and road countries, the labour minister has said. Other speakers at the Zubin Foundation’s Ethnically Diverse Youth Leadership Summit on Saturday also highlighted the advantages these historically marginalised communities possessed in helping mainland Chinese companies go global. In his opening remarks, Secretary for...South China Morning Post
BUSINESS4d agoHong Kong to table cooling-off period bill for beauty, fitness deals by mid-2027The Hong Kong government will table a bill at the Legislative Council in the first half of 2027 to introduce a statutory cooling-off period for prepaid beauty and fitness contracts, the commerce chief has said. Secretary for Commerce and Economic Development Algernon Yau Ying-wah revealed the timeline on Saturday, two weeks after the government concluded a two-month consultation on the policy proposal to address limitations of the Trade Descriptions Ordinance on August 31. “We hope to table the...South China Morning Post
BUSINESS5d agoKazakh firms eyeing Hong Kong, mainland China markets urged to take long-term viewKazakhstan’s businesses should prioritise long-term fundraising ambitions rather than quick wins in the Hong Kong and mainland Chinese markets, the managing director of the Central Asian country’s sovereign wealth fund has said. Saltanat Satzhan, managing director for development and privatisation at sovereign wealth fund Samruk-Kazyna, said she also aimed to list state-owned rail operator Kazakhstan Temir Zholy (KTZ) in Hong Kong by the end of the year. KTZ, wholly owned by the government...South China Morning Post
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