Advertisement
Advertisement
Peggy Sito
Peggy Sito
Hong Kong
@peggysito
Deputy Business Editor
Peggy Sito is the deputy business editor at the Post. She was previously editor on the property desk and has won various news awards from the Hong Kong Consumer Council, the Newspaper Society of Hong Kong and the Society of Publishers in Asia.

Fosun Pharma will team up with Shenzhen’s government to raise a 5-billion yuan (US$700 million) healthcare fund to invest in start-ups and innovations in cellular biology, genetics and other fields related to biomedicine.

videocam

The number of events in the second half of 2023 hit 84 per cent of the pre-pandemic level and is on track to match it this year, top executive says.

Advertisement

New World Development has agreed to sell its shopping centre and parking spaces in Tsuen Wan to Chinachem Group for US$510 million, speeding up asset sales to trim its financing costs.

videocam

Development chief Bernadette Linn rolls out land sale programme for coming financial year, with eight residential sites estimated to provide 5,690 private flats.

Hong Kong’s grade A office rents will decline by another 5 per cent this year, as demand from mainland China-based companies has yet to return to pre-pandemic levels and vacancy rates remain high due to new completions, analysts said.

China’s latest act is to invite more foreign players to its US$232 trillion onshore repo market. As a precursor, Hong Kong will treat Chinese government bonds and policy bank bonds as eligible collateral in its yuan liquidity facility.

Westwell, which makes AI chips and autonomous vehicles for the logistics industry, inaugurates on Tuesday its international headquarters in Hong Kong as a springboard to global expansion.

The private conglomerate headquartered in Riyadh aims to make strategic investments by acquiring equity stakes, providing financial expertise, and offering legal advice to leading players in these industries.

videocam

The US investment bank says the residential sector will see a gradual recovery this year after the US Federal Reserve begins to cut rates and Hong Kong mortgage rates are lowered from the second quarter onwards.

Link Reit, which bought a 50 per cent interest in Qibao Vanke Plaza in April 2021, plans to acquire the remaining 50 per cent stake from the indebted Chinese developer.

In January, the secondary market saw 419 loss-making transactions, the highest since March 2023, including one transaction that lost HK$9.62 million (US$1.2 million).

Some question whether Hong Kong liquidators will be able to secure recognition and help from mainland Chinese courts to effectively seize Evergrande assets on the mainland.

videocam

Hong Kong is well-positioned to leverage its status as a global financial hub to establish connections with industry powerhouses in Southeast Asia and the Middle Eastern countries, says Azman Mokhtar, former chief of Malaysia’s sovereign wealth fund

videocam

Stemline Therapeutics, a wholly-owned unit of Menarini Group, will make a US$12 million upfront payment to Insilico under the agreement, which will be followed by sales royalties worth up to ‘double digits’.

Sun Hung Kai Properties (SHKP) topped the city’s home sales table in 2023, accounting for over a quarter of the deal volume for residential flats in one of the world’s most expensive property markets.

CEOs of major landlords and developers in Hong Kong say priorities for 2024 include offering tenants new, sustainable services and diversifying portfolios.

Forever Cheer Holding picks Hong Kong as the gateway for worldwide expansion with an eye on the US$88.2 billion global chronic pain management market whose size is seen near doubling by 2033.

A HK$10 billion property development venture in the city’s Northern Metropolis indicated Beijing-controlled China Resources Land’s support for Hong Kong’s economic development, the chief of the state-backed company said.

The state-controlled conglomerate joined forces with Hong Kong’s New World Development on a venture worth US$1.28 billion in the city’s Northern Metropolis mega project, according to sources familiar with the matter.

videocam

Hong Kong is gearing up to host the 17th Asian Financial Forum 2024, the first major international financial and business event of the year, aimed at highlighting the city’s significance as an international financial centre.

The company has secured a Level 1 licence for autonomous vehicle testing on public roads, as well as a T1 assessment licence for public path testing, from the Land Transport Authority of Singapore.

videocam

Innovations in synthetic biology and alternative materials can improve the lives and livelihoods of many people, says Horizons Ventures co-founder Solina Chau.

videocam

As China’s economic expansion slows, mainland companies are eyeing the Middle East as an attractive alternative, with countries in the region seeking to develop tech-driven start-up ecosystems to reduce reliance on fossil fuels as a growth driver.

HutchMed is poised to market its self-developed cancer drug ‘fruquintinib’ in Japan and Europe, after partner Takeda receives approval to market the drug in the US to treat metastatic colorectal cancer.

videocam

The invitation to the Post, which marked its 120th anniversary on November 6, underscores its recent investments in coverage and distribution to include the nations of the Gulf Cooperation Council (GCC).

videocam

The Swiss investment bank expects home prices to decline by 10 per cent in 2024 as high interest rates dent demand and an abundance of housing stock boosts supply.

videocam