Beijing topped the charts for rich families, while Shanghai (above) and Hong Kong were in second and third place, Hurun says. Photo: EPA-EFE

China’s affluent families see wealth, numbers decline, Hurun report says

The number of rich families in China declined for the second time in 15 years as the world’s second-largest economy tackles a slew of economic challenges.

25 minutes ago

Dubai royal nephew to open US$500 million family office in boost to Hong Kong hub

Sheikh Ali Al Maktoum, the nephew of Dubai ruler, is opening a family office in Hong Kong, one of the first high-profile global investors to respond to the city’s campaign to lure the ultra-rich.

Sheikh Ali Al Maktoum, the nephew of Dubai ruler, is opening a family office in Hong Kong, one of the first high-profile global investors to respond to the city’s campaign to lure the ultra-rich.

19 Mar 2024 - 9:58AM

Climate disclosures: region needs more education, best practices exchange

Companies in Asia-Pacific will need education, cooperation with suppliers and exchanges of best practices to meet tightening climate-disclosure requirements, says Alexander Bassen of the Greenhouse Gas Protocol’s Independent Standards Board.

Companies in Asia-Pacific will need education, cooperation with suppliers and exchanges of best practices to meet tightening climate-disclosure requirements, says Alexander Bassen of the Greenhouse Gas Protocol’s Independent Standards Board.

19 Mar 2024 - 7:30AM

Hong Kong may design new halal certification system as part of Mideast outreach

Current system is extremely strict, which makes number of restaurants that qualify very limited, Tourism Board says.

Current system is extremely strict, which makes number of restaurants that qualify very limited, Tourism Board says.

18 Mar 2024 - 9:44PM

EMPF Platform: Hong Kong to move smallest firms first, HSBC by end-2025

YF Life Trustees, the smallest of Hong Kong’s MPF providers, will be the first to migrate to the soon-to-be-launched eMPF Platform, while HSBC, the largest provider, will be the last, according to the pensions regulator.

YF Life Trustees, the smallest of Hong Kong’s MPF providers, will be the first to migrate to the soon-to-be-launched eMPF Platform, while HSBC, the largest provider, will be the last, according to the pensions regulator.

18 Mar 2024 - 6:40PM

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Passengers check information at Hong Kong International Airport. A Legco panel will further discuss the airline’s spate of flight cancellations on Friday. Photo: Xiaomei Chen

Hong Kong government hits out at Cathay over 786 flight cancellations in 2 months

Coordination among departments responsible for service planning and crew availability inadequate, Civil Aviation Department says.

18 Mar 2024 - 9:31PM

exclusive | Gaw Capital bets on Vietnam, Mexico and US opportunities to offset China woes

Gaw Capital Partners, one of Hong Kong’s biggest real estate private-fund management firms, is focusing on logistics in Vietnam and Mexico, as well as the AI sector bailing out distressed office assets in the US, amid challenges to an economic recovery in mainland China.

Gaw Capital Partners, one of Hong Kong’s biggest real estate private-fund management firms, is focusing on logistics in Vietnam and Mexico, as well as the AI sector bailing out distressed office assets in the US, amid challenges to an economic recovery in mainland China.

18 Mar 2024 - 11:24AM

Japanese firms make the most of Hong Kong’s low rents, snap up retail spaces

Over the past two years, Japanese businesses have been the most active among foreign firms in terms of leasing retail spaces in Hong Kong, according to data compiled by JLL.

Over the past two years, Japanese businesses have been the most active among foreign firms in terms of leasing retail spaces in Hong Kong, according to data compiled by JLL.

18 Mar 2024 - 8:42AM

Buyers snap up new flats in Kowloon Bay project as curb-free market rebounds

Some 238 of the 336 units available in the first batch at Uptown East in Kowloon Bay, worth about US$179 million, found buyers as of 6pm on Sunday, in a sign that the removal of all market-cooling measures has revived demand in Hong Kong.

Some 238 of the 336 units available in the first batch at Uptown East in Kowloon Bay, worth about US$179 million, found buyers as of 6pm on Sunday, in a sign that the removal of all market-cooling measures has revived demand in Hong Kong.

17 Mar 2024 - 9:14PM

Hong Kong auditors want clarity over fears of work caught by Article 23 law

They worry confidential corporate information could potentially be linked to state secrets, placing auditors in difficult situation.

They worry confidential corporate information could potentially be linked to state secrets, placing auditors in difficult situation.

3 hours ago

Hong Kong home sales double after curbs ditched but prices have yet to jump

Simon Siu, chairman of Estate Agents Authority, says decision to scrap extra stamp duties last month was ‘shot in the arm’ for ailing property market.

Simon Siu, chairman of Estate Agents Authority, says decision to scrap extra stamp duties last month was ‘shot in the arm’ for ailing property market.

18 Mar 2024 - 3:53PM

20 major companies to open or expand in Hong Kong this week: finance chief

Chan says new or expanded firms, together with 30 companies that made similar moves last year, will invest more than HK$40 billion in the city and create 13,000 jobs.

Chan says new or expanded firms, together with 30 companies that made similar moves last year, will invest more than HK$40 billion in the city and create 13,000 jobs.

17 Mar 2024 - 7:22PM

Hong Kong’s ‘Art March’ mega events may attract 4 million patrons: city official

Deputy Financial Secretary Michael Wong also says Hong Kong expected to welcome about 50 million tourists in 2024, up from 34 million logged last year.

Deputy Financial Secretary Michael Wong also says Hong Kong expected to welcome about 50 million tourists in 2024, up from 34 million logged last year.

16 Mar 2024 - 11:28PM

Hong Kong’s popular Ngong Ping 360 cable car attraction on the way up: ex-director

Company says it expects service will be restored to 2018 record levels this year as visitors from mainland China and rest of Asia return.

Company says it expects service will be restored to 2018 record levels this year as visitors from mainland China and rest of Asia return.

16 Mar 2024 - 4:26PM

Sale of Hong Kong mansion signals luxury property rebound after curbs lifted

The 90-year-old converted mansion, Jessville Manor, has changed hands for HK$207 million (US$26.5 million), adding to evidence that the recent scrapping of property curbs may be starting to revive the luxury housing market.

The 90-year-old converted mansion, Jessville Manor, has changed hands for HK$207 million (US$26.5 million), adding to evidence that the recent scrapping of property curbs may be starting to revive the luxury housing market.

16 Mar 2024 - 7:48AM

Hong Kong’s Dah Chong Hong Food Mart to shut stores after 39 years in business

Spokeswoman for food retailer confirms company closing down 28 stores across city.

Spokeswoman for food retailer confirms company closing down 28 stores across city.

15 Mar 2024 - 8:01PM

Mong Kok flower market set for partial makeover in Hong Kong renewal project

Urban Renewal Authority announces plan to redevelop flats and shops at flower market and nearby streets, with HK$2.5 billion to be spent on acquiring properties.

Urban Renewal Authority announces plan to redevelop flats and shops at flower market and nearby streets, with HK$2.5 billion to be spent on acquiring properties.

16 Mar 2024 - 12:10PM

Hong Kong to offer flight deals, vouchers to lure Xian and Qingdao visitors

Tourism Board executive director Dane Cheng touts fresh incentives such as buy-one, get-one-free flight deals and complimentary tickets to attractions.

Tourism Board executive director Dane Cheng touts fresh incentives such as buy-one, get-one-free flight deals and complimentary tickets to attractions.

15 Mar 2024 - 5:38PM

Hong Kong digital coin moves closer to public use with launch of phase 2 trials

The Hong Kong Monetary Authority has launched the second phase of a pilot programme to explore ‘innovative’ uses for a central bank digital currency (CBDC) for public use, five months after it unveiled the results of the first trial run.

The Hong Kong Monetary Authority has launched the second phase of a pilot programme to explore ‘innovative’ uses for a central bank digital currency (CBDC) for public use, five months after it unveiled the results of the first trial run.

14 Mar 2024 - 8:42PM

Wheelock prices Seasons Place project at 5-year low for Tseung Kwan O

Hong Kong developer Wheelock Properties has priced a first batch of 130 units at its Seasons Place residential project in Tseung Kwan O at a five-year low for the district.

Hong Kong developer Wheelock Properties has priced a first batch of 130 units at its Seasons Place residential project in Tseung Kwan O at a five-year low for the district.

14 Mar 2024 - 7:51PM