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BUSINESS10h 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
BUSINESS21h 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
BUSINESS1d 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
BUSINESS1d 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
BUSINESS1d 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
BUSINESS1d 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
BUSINESS1d 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
BUSINESS1d 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
BUSINESS2d 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
BUSINESS2d 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
BUSINESS2d 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
BUSINESS2d agoDelta 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
BUSINESS2d agoInjured 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