Police have closed down five triad-controlled financial consultancies, and arrested 12 directors and employees after they allegedly charged 'huge and unreasonable' fees from loan applicants, including undercover police.Friday, 30 October, 2009, 12:00am
Michael Moore's new documentary film, which went on general release in the United States on Friday, argues that whatever it once was, capitalism is now the legalisation of greed.4 Oct 2009 - 12:00am
HSBC has launched a loan scheme for 'green' financing - lending people money to spend on the purchase, installation and other expenses related to eco-friendly equipment. The minimum loan amount is HK$300,000, and interest rates vary but will be slightly lower than the market rate for small and medium-sized enterprises.29 Sep 2009 - 12:00am
There is general optimism that the number of bankruptcies and compulsory windings-up in Hong Kong will not exceed the peak recorded during the severe acute respiratory syndrome (Sars) epidemic in 2003, according to a recent joint survey conducted by CPA Australia Hong Kong China Division and Deloitte China.24 Sep 2009 - 12:00am
Police have arrested four men, aged between 20 and 42, who allegedly ran a loan-sharking syndicate that targeted gamblers with offers of free ferry tickets to Macau and discounted accommodation. One person, who borrowed HK$200,000 from the syndicate, was required to pay back HK$400,000, officers said.12 Sep 2009 - 12:00am
Mainland lenders are concerned that non-performing loans will jump in the future after this year's rapid loan growth, but most expect they can keep bad-debt ratios below 5 per cent for the next three years, a survey shows.8 Sep 2009 - 12:00am
Police arrested 17 people in raids at 10am yesterday on eight financial companies, which officers said had threatened people into borrowing money in an alleged loan sharking scam.28 Aug 2009 - 12:00am
Sean Wang (not his real name) was unsurprised when he heard that a millionaire depositor had lost his money in a rural credit co-operative in Shandong province.
Mr Wang, a businessman in the coastal Shandong city of Qingdao, knows only too well that corruption and rule bending can be part of the game in the mainland's loosely regulated rural credit network.17 Aug 2009 - 12:00am
China-watchers have long scratched their heads over the rapid build-up of Beijing's foreign exchange reserves. In April, official reserves hit a record US$2 trillion, less than three years after they passed the US$1 trillion mark.3 Aug 2009 - 12:00am
The mainland's central bank pledged to maintain a 'moderately loose monetary policy' and ruled out administrative lending curbs after the stock market succumbed to a selling frenzy on Wednesday.31 Jul 2009 - 12:00am
A clerical worker who borrowed HK$8,000 from a loan shark in 2007 was told she still owed HK$70,000 even after making more than HK$40,000 in interest payments.31 Jul 2009 - 12:00am
Public Financial Holdings, the first Hong Kong-listed lender to report first-half results, said net profit fell 52.98 per cent due to higher bad-debt provisions and lower non-interest income.
Net profit dropped to HK$117.66 million for the period compared with HK$250.23 million a year earlier.15 Jul 2009 - 12:00am
If you don't know the facts, just make them up. That seems to be the first rule of local journalism. Last month, a grainy video clip appeared on YouTube showing a man being forced to strip and walk naked in Mong Kok in broad daylight.4 Jul 2009 - 12:00am
Need money? No worries. Personal finance companies in Hong Kong are desperate to give you some. Like UA Finance, which is promising - wink, wink - to lend you money at low, low interest rates. That's its 'Cash is King' campaign.20 Jun 2009 - 12:00am
We invited readers to share their views on Alan Alanson's new series on banking products and practices. We thank those who took the time to write to us. Here are some of the letters we received.
I found your article about the Alanson Bank illuminating. The central question wasn't answered though - exactly why are local deposit rates so pitifully low?7 Jun 2009 - 12:00am