https://www.scmp.com/rss/16613/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Julie Zhang,Yulu Ao Julie Zhang,Yulu Ao Until last year, Fidelity International’s most significant cornerstone commitments on the Hong Kong initial public offering (IPO) market dated back to 2021, when Chinese short-video platform Kuaishou Technology raised US$5.4 billion and healthcare firm Medlive Technology completed a US$543.4 million listing. Then for the next four years, the asset manager went quiet. Late last year it returned to Chinese assets in force. It backed gold miner Zijin Gold International’s US$3.2 billion listing in... https://www.scmp.com/business/banking-finance/article/3344890/big-cornerstone-comeback-whats-driving-investors-back-hong-kong-ipos?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3344890/big-cornerstone-comeback-whats-driving-investors-back-hong-kong-ipos?utm_source=rss_feed Sat, 28 Feb 2026 02:00:57 +0000 Julie Zhang,Themis Qi Julie Zhang,Themis Qi Another gold fund in mainland China suspended new investments as precious metals extended a plunge on Monday, heightening dilemmas for investors. The Harvest Gold Securities Investment Fund, a listed open-ended fund (LOF) investing in gold-related products, said it would suspend new investments from Tuesday until further notice. The fund manager said it aimed to ensure stable operation and protect the interests of unit holders. On Wednesday, E Fund Management’s E Fund Gold Theme LOF also closed... https://www.scmp.com/business/banking-finance/article/3342079/gut-check-time-how-chinese-gold-and-silver-investors-assess-metals-volatility?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3342079/gut-check-time-how-chinese-gold-and-silver-investors-assess-metals-volatility?utm_source=rss_feed Mon, 02 Feb 2026 08:30:13 +0000 Julie Zhang Julie Zhang Multinational corporations including French beauty giant L’Oréal and Canadian sportswear brand Lululemon have pledged continued investment in China at the world’s largest trade fair in Shanghai, signalling confidence in the world’s second-largest economy amid signs of a consumer recovery. Speaking on the sidelines of the China International Import Expo (CIIE), L’Oréal chief executive Nicolas Hieronimus said “investing in China is investing in the future”, citing the country’s recovering luxury... https://www.scmp.com/business/china-business/article/3331810/luxury-and-lifestyle-giants-signal-renewed-confidence-chinas-consumer-recovery?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3331810/luxury-and-lifestyle-giants-signal-renewed-confidence-chinas-consumer-recovery?utm_source=rss_feed Thu, 06 Nov 2025 11:29:58 +0000 Cheryl Arcibal Cheryl Arcibal Saudi Arabia could replicate the success of Dubai in attracting foreign property investors, including those from Hong Kong and mainland China, following the kingdom’s relaxation of homebuying rules, according to experts. A new law approved by the kingdom last month is set to allow non-Saudis to buy real estate in designated zones. The law will take effect in January. “Saudi Arabia can absolutely succeed at making itself a major destination for investment and residency,” said Kashif Ansari,... https://www.scmp.com/business/article/3320480/saudi-arabia-next-dubai-hong-kong-and-mainland-chinese-property-investors?utm_source=rss_feed https://www.scmp.com/business/article/3320480/saudi-arabia-next-dubai-hong-kong-and-mainland-chinese-property-investors?utm_source=rss_feed Mon, 04 Aug 2025 01:30:13 +0000 Julie Zhang Julie Zhang Shareholders of mainland Chinese companies are showing increasing interest in setting up family offices in Hong Kong after their initial public offerings amid a swelling pipeline of new listings in the city, according to an asset manager overseeing up to US$2 billion in wealth. “This week alone, I have met two clients inquiring about family office services and tonight I am meeting another – lots of overtime,” said Wang Fengyu, founder and chairman of Hong Kong-based Oakwise Capital, in an... https://www.scmp.com/business/banking-finance/article/3318844/shareholders-mainland-chinese-firms-look-hong-kong-family-offices-asset-manager?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3318844/shareholders-mainland-chinese-firms-look-hong-kong-family-offices-asset-manager?utm_source=rss_feed Sun, 20 Jul 2025 23:30:10 +0000 Salina Li Salina Li Skechers, an American footwear and apparel company, is taking advantage of a slump in Hong Kong’s retail market by filling a space previously occupied by high-end Swiss watchmaker Patek Philippe on Causeway Bay’s Russell Street, one of the city’s most expensive shopping strips. A 1,036 sq ft shop on the ground floor of 50-52 Russell Street was leased to Skechers for three years at a monthly rent of HK$360,000 (US$45,860), or HK$347 per square foot, according to Rickey Chan, managing director of... https://www.scmp.com/business/article/3318335/skechers-take-over-former-patek-philippe-space-causeway-bays-russell-street?utm_source=rss_feed https://www.scmp.com/business/article/3318335/skechers-take-over-former-patek-philippe-space-causeway-bays-russell-street?utm_source=rss_feed Wed, 16 Jul 2025 00:30:07 +0000 Enoch Yiu Enoch Yiu Hong Kong has become relatively cheaper for wealthy individuals over the last year, dropping from second to third on a list of the costliest world cities for high-net-worth individuals (HNWIs), according to Julius Baer. Singapore retained the title of the most expensive city, while London and Hong Kong swapped places from a year earlier, according to the 2025 Julius Baer Global Wealth and Lifestyle Report on Monday. The sixth annual study by the Swiss lender compared a basket of goods and... https://www.scmp.com/business/money/article/3318034/hong-kong-trails-singapore-london-priciest-city-rich-lifestyle-julius-baer-says?utm_source=rss_feed https://www.scmp.com/business/money/article/3318034/hong-kong-trails-singapore-london-priciest-city-rich-lifestyle-julius-baer-says?utm_source=rss_feed Mon, 14 Jul 2025 01:30:12 +0000 Ken Ip Ken Ip For the better part of the last decade, China’s economic narrative has been defined by one central doctrine: “supply-side reform”. Since President Xi Jinping introduced the concept in 2015, Beijing has been laser-focused on boosting productivity, eliminating excess capacity and cultivating new technologies. The results have been striking. China now leads the world in the production of electric vehicles and solar energy, and has made significant strides in artificial intelligence, particularly in... https://www.scmp.com/opinion/china-opinion/article/3309116/china-knows-how-produce-next-test-whether-it-can-consume?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3309116/china-knows-how-produce-next-test-whether-it-can-consume?utm_source=rss_feed Tue, 06 May 2025 08:30:08 +0000 Associated Press Associated Press Artificial intelligence “agents” are supposed to be more than chatbots. The tech industry has spent months pitching AI personal assistants that know what you want and can do real work on your behalf. So far, they are not doing much. Visa hopes to change that by giving them your credit card. Set a budget and some preferences and these AI agents – successors to ChatGPT and its chatbot peers – could find and buy you a jumper, weekly groceries or an aeroplane ticket. “We think this could be really... https://www.scmp.com/lifestyle/gadgets/article/3308788/would-you-give-ai-your-credit-card-go-shopping-you-visa-banking-it?utm_source=rss_feed https://www.scmp.com/lifestyle/gadgets/article/3308788/would-you-give-ai-your-credit-card-go-shopping-you-visa-banking-it?utm_source=rss_feed Sun, 04 May 2025 09:15:08 +0000 Danielle Popov,Aileen Chuang Danielle Popov,Aileen Chuang Digital wallets are on track to become the dominant payment method in Hong Kong by 2030, accounting for nearly half of all online and in-store transactions, marking a significant shift away from traditional credit card payments, according to a new report. Digital wallets – typically smartphone-enabled payment systems run by technology companies such as Google and Apple – are projected to account for 45 per cent of the city’s online transaction value and 48 per cent of point-of-sale (POS)... https://www.scmp.com/business/money/money-news/article/3307217/digital-wallets-poised-overtake-credit-cards-hong-kong-2030-report?utm_source=rss_feed https://www.scmp.com/business/money/money-news/article/3307217/digital-wallets-poised-overtake-credit-cards-hong-kong-2030-report?utm_source=rss_feed Sun, 20 Apr 2025 09:00:31 +0000 Aileen Chuang Aileen Chuang While yachting is often perceived as an activity for the privileged few, Lawrence Chow entered the world of sailing by spending about HK$16,000 (US$2,063) to buy a boat with two friends about 10 years ago. “It is a small boat but very affordable, splitting between three people, and we can enjoy the water,” said Chow, who is now the chairman of the Hong Kong Boating Industry Association (HKBIA), which represents all sectors of the leisure marine sector and aims to make boating more accessible to... https://www.scmp.com/business/companies/article/3306698/hong-kong-airport-authority-plans-500-berth-yacht-bay-promote-marina-tourism?utm_source=rss_feed https://www.scmp.com/business/companies/article/3306698/hong-kong-airport-authority-plans-500-berth-yacht-bay-promote-marina-tourism?utm_source=rss_feed Wed, 16 Apr 2025 22:00:08 +0000 Cao Li Cao Li Not many parts of China’s economy have been able to withstand the post-pandemic slump. The housing market remains in the doldrums and bank lending has shrivelled. Yet, the appeal of “old money fashion” has endured, even in the face of recession in consumer spending. Discussions on how to define the style, or how to dress like it, are trending on popular social media platforms, from Douyin to Xiaohongshu. Items tagged with the style, ranging from 20-yuan (US$2.70) jumpers and belts to luxury... https://www.scmp.com/business/china-business/article/3292370/old-money-look-hot-china-nouveau-riche-glitz-gets-cold-shoulder-amid-slump?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3292370/old-money-look-hot-china-nouveau-riche-glitz-gets-cold-shoulder-amid-slump?utm_source=rss_feed Thu, 26 Dec 2024 23:30:09 +0000 Yuke Xie Yuke Xie Liu Fang used to splurge up to 300,000 yuan (US$42,144) each year on luxury bags and accessories before the Covid-19 pandemic. She has since cut her spending by half, unconvinced that Beijing’s recent wave of stimulus measures will alter China’s immediate economic outlook. “I didn’t spend much, aside from buying a few Chanel bags,” the 57-year-old professional in Beijing said in an interview. “The overall economic environment isn’t great. There are also fewer occasions where I need to impress... https://www.scmp.com/business/companies/article/3282673/lvmh-burberry-kering-feel-pinch-chinese-consumers-tighten-purse-strings?utm_source=rss_feed https://www.scmp.com/business/companies/article/3282673/lvmh-burberry-kering-feel-pinch-chinese-consumers-tighten-purse-strings?utm_source=rss_feed Thu, 17 Oct 2024 03:05:13 +0000 Mark Gong Mark Gong Demand for new homes in the Greater Bay Area rebounded last month after Beijing’s historic measures to rescue the property sector took effect. However, a meaningful recovery in prices will take time amid economic headwinds, property consultancy Cushman & Wakefield said on Tuesday. Total transactions for new houses in the bay area numbered 28,584 in June, nearly 20 per cent more than in May, driven by a boost in demand that followed an unprecedented package of government easing measures. The... https://www.scmp.com/business/china-business/article/3271592/greater-bay-area-home-sales-surged-june-after-property-market-rescue-package?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3271592/greater-bay-area-home-sales-surged-june-after-property-market-rescue-package?utm_source=rss_feed Tue, 23 Jul 2024 23:00:14 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong’s property sales sank again in June, with the number of private residential units changing hands down by more than a third from the previous month, according to data from one of the city’s largest real estate agencies. The total number of property sales – encompassing everything from homes, car parks and shops to industrial units and offices – came to 4,939 as of June 27, according to a tally by Midland Realty. That is about a third lower than the 7,361 transactions recorded in... https://www.scmp.com/business/article/3268725/hong-kong-property-sales-plunge-again-high-interest-rates-economic-malaise-dent-demand?utm_source=rss_feed https://www.scmp.com/business/article/3268725/hong-kong-property-sales-plunge-again-high-interest-rates-economic-malaise-dent-demand?utm_source=rss_feed Mon, 01 Jul 2024 09:30:08 +0000 Daniel Ren Daniel Ren Robin Zeng, the founder and chairman of Contemporary Amperex Technology Ltd (CATL), has urged Chinese electric vehicle (EV) builders and car component manufacturers to cease the price war engulfing the sector and focus on ensuring the reliability of their products. Speaking at the 15th Annual Meeting of the New Champions, also known as the Summer Davos, the boss of the world’s largest EV battery maker joined the chorus of recent voices warning that such intense price competition may come at the... https://www.scmp.com/business/companies/article/3267975/catl-boss-robin-zeng-urges-chinas-ev-makers-stop-cutting-prices-and-focus-reliability?utm_source=rss_feed https://www.scmp.com/business/companies/article/3267975/catl-boss-robin-zeng-urges-chinas-ev-makers-stop-cutting-prices-and-focus-reliability?utm_source=rss_feed Tue, 25 Jun 2024 08:58:29 +0000 Yulu Ao,Salina Li Yulu Ao,Salina Li A tide of mainland Chinese retail brands expanding in Hong Kong appears to have ebbed, with several food and beverage chains ending their tenancies as their businesses have come under intense pressure. Newcomers need to think hard about the locations they select and how best to cater to local tastes to survive sky-high rents and fierce competition, analysts and industry insiders say. LMM (Ling Meng Meng), a lemon tea brand, closed its first shop in Hong Kong last week, less than a year after... https://www.scmp.com/business/china-business/article/3267728/mainland-retailers-struggle-survive-hong-kongs-sky-high-rents-fierce-competition?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3267728/mainland-retailers-struggle-survive-hong-kongs-sky-high-rents-fierce-competition?utm_source=rss_feed Sun, 23 Jun 2024 23:00:17 +0000 Salina Li Salina Li Hong Kong beauty products retailer Sa Sa International saw its profit jump almost fourfold in the last financial year as the number of mainland Chinese tourists returning to shop in the city continued to rise. The company said on Thursday it is cautious about opening new stores in the city, however, as the retail environment remains challenging in the absence of supportive government policies. The cosmetics chain reported a gain of 276 per cent in earnings to HK$218.9 million (US$28 million) for... https://www.scmp.com/business/companies/article/3267399/beauty-chain-sa-sas-profit-soars-mainland-tourists-return-shop-hong-kong?utm_source=rss_feed https://www.scmp.com/business/companies/article/3267399/beauty-chain-sa-sas-profit-soars-mainland-tourists-return-shop-hong-kong?utm_source=rss_feed Thu, 20 Jun 2024 11:34:07 +0000 The European Union’s proposed import tariffs on electric vehicles (EVs) will do little to keep Chinese brands at Europe’s gate, as the most innovative and cost-effective assemblers like BYD can overcome any hurdle, analysts said. “The tariffs will only affect Chinese brands’ exports to Europe in the near term,” said Guotai Junan Securities analyst Wu Xiaofei. That is a relief for an industry that had been awaiting the EU’s nine-month anti-subsidy investigation, which culminated this week in... https://www.scmp.com/business/china-business/article/3266509/eus-tariffs-may-stall-saics-exports-ev-do-little-keep-byd-bay-analysts-say?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3266509/eus-tariffs-may-stall-saics-exports-ev-do-little-keep-byd-bay-analysts-say?utm_source=rss_feed Fri, 14 Jun 2024 00:00:15 +0000 Price competition among Chinese electric vehicle (EV) makers abroad is not sustainable since consumers will start to doubt the quality and reliability of the cars if they are frequently discounted, according to Bain & Co. The global consultancy advises Chinese assemblers, which already enjoy a cost advantage over their international rivals, to focus on premium and expensive models when building their global image, rather than selling cheaper cars to lure budget-conscious consumers. “Chinese... https://www.scmp.com/business/china-business/article/3266361/chinese-ev-makers-price-wars-overseas-markets-will-sew-doubts-over-quality-bain?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3266361/chinese-ev-makers-price-wars-overseas-markets-will-sew-doubts-over-quality-bain?utm_source=rss_feed Thu, 13 Jun 2024 00:00:16 +0000 Shimao Group Holdings, one of several mainland Chinese developers facing liquidation suits for failing to repay debts, has become the latest to report higher property sales aided by Beijing’s stimulus package aimed at reviving its crisis-hit real estate sector. The Shanghai-based company said sales in May came to 2.92 billion yuan (US$402 million) worth of properties covering a total area of 229,177 square metres (2.47 million square feet), in a filing with the Hong Kong stock exchange on... https://www.scmp.com/business/article/3265849/shimao-latest-developer-see-sales-rise-chinas-property-rescue-package?utm_source=rss_feed https://www.scmp.com/business/article/3265849/shimao-latest-developer-see-sales-rise-chinas-property-rescue-package?utm_source=rss_feed Fri, 07 Jun 2024 12:24:27 +0000 Chinese state-backed developer Poly Property saw sales fall by almost a fifth in May, adding to a mixed picture of the impact so far of Beijing’s historic measures to rescue its crisis-hit real estate segment. Poly Property booked sales worth 4.6 billion yuan (US$634 million) for projects spanning about 218,000 square metres (2.35 million square feet) at an average price of 21,197 yuan per sq m, the Shanghai-headquartered company said in a filing with the Hong Kong stock exchange on... https://www.scmp.com/business/article/3265676/poly-propertys-sales-slump-beijings-market-rescue-package-produces-mixed-results?utm_source=rss_feed https://www.scmp.com/business/article/3265676/poly-propertys-sales-slump-beijings-market-rescue-package-produces-mixed-results?utm_source=rss_feed Thu, 06 Jun 2024 13:47:22 +0000 Chinese electric vehicle (EV) assembler Nio has forecast a strong improvement in car sales with deliveries between April and June expected to hit an all-time high. The Shanghai-based carmaker said on Thursday that second-quarter deliveries could reach 54,000 to 56,000 units, up 79.7 to 86.3 per cent from the previous quarter in its earnings report for the three months ending March. The top end of the projection would beat its record of 55,432 cars sold in the third quarter of last year. Nio... https://www.scmp.com/business/companies/article/3265671/chinas-nio-forecasts-record-ev-sales-second-quarter-incentives-lure-buyers?utm_source=rss_feed https://www.scmp.com/business/companies/article/3265671/chinas-nio-forecasts-record-ev-sales-second-quarter-incentives-lure-buyers?utm_source=rss_feed Thu, 06 Jun 2024 13:08:33 +0000 Country Garden sold more properties in May, becoming the second major Chinese developer to see its turnover improve after Beijing launched a historic rescue package to shore up its battered real estate segment. The Foshan-based company that was once China’s top home builder by sales shifted 4.29 billion yuan (US$592 million) worth of properties last month, equivalent to 440,000 square metres (4.7 million square feet) of gross floor area, according to a filing with the Hong Kong stock exchange on... https://www.scmp.com/business/article/3265526/country-garden-sees-home-sales-jump-beijings-rescue-package-gives-developers-boost?utm_source=rss_feed https://www.scmp.com/business/article/3265526/country-garden-sees-home-sales-jump-beijings-rescue-package-gives-developers-boost?utm_source=rss_feed Wed, 05 Jun 2024 13:35:44 +0000 Hong Kong’s property sales fell by a quarter in May, the latest official data shows, as analysts said the initial exuberance over the lifting of property cooling measures had started to wear off. Some 7,361 new and lived-in homes, car parks, shops, office and industrial units changed hands in May, down by 25.5 per cent from April, according to Land Registry data released on Tuesday. The total value of property sales plunged 25.8 per cent to HK$62.28 billion (US$7.9 billion). From a year ago,... https://www.scmp.com/business/article/3265372/hong-kong-property-deals-fall-quarter-exuberance-over-scrapping-cooling-measures-fades?utm_source=rss_feed https://www.scmp.com/business/article/3265372/hong-kong-property-deals-fall-quarter-exuberance-over-scrapping-cooling-measures-fades?utm_source=rss_feed Tue, 04 Jun 2024 12:00:15 +0000 Hong Kong was Asia’s busiest market for homes valued at US$10 million and above in the year to March, according to a Knight Frank report. With 132 transactions between April 2023 and March this year, Hong Kong beat its main rival, Singapore, which recorded 88 deals in what the property consultancy referred to as the super-prime residential market. Deals in Hong Kong’s ultra-luxury housing sector were worth US$2.8 billion in the period, while those in Singapore came to US$1.2 billion. Globally,... https://www.scmp.com/business/article/3265243/hong-kong-asias-busiest-super-prime-housing-market-removal-property-curbs-boosts-demand-knight-frank?utm_source=rss_feed https://www.scmp.com/business/article/3265243/hong-kong-asias-busiest-super-prime-housing-market-removal-property-curbs-boosts-demand-knight-frank?utm_source=rss_feed Mon, 03 Jun 2024 23:00:13 +0000 Chinese state-owned carmaker Guangzhou Automobile Group (GAC) said it plans to intensify its push into Hong Kong’s electric vehicle market by setting itself an ambitious target of 4,000 sales in the city by the end of this year. GAC Aion, the electric vehicle (EV) unit of GAC, the Chinese partner of Toyota and Honda, aims to meet this target by introducing more new-energy car models to the city’s drivers later in the year, according to Coleman Cheung, general manager of Harmony Motor Aion in... https://www.scmp.com/business/companies/article/3264752/electric-vehicles-chinas-gac-aion-shifts-gear-hong-kong-ambitious-sales-target-new-models-pipeline?utm_source=rss_feed https://www.scmp.com/business/companies/article/3264752/electric-vehicles-chinas-gac-aion-shifts-gear-hong-kong-ambitious-sales-target-new-models-pipeline?utm_source=rss_feed Thu, 30 May 2024 23:30:08 +0000 BYD has unveiled a new and improved version of its plug-in hybrid technology that it hopes will encourage more widespread adoption of electric vehicles (EVs) in the world’s largest automotive market, ratcheting up pressure on traditional carmakers like Volkswagen and General Motors. The world’s bestselling EV builder, backed by Warren Buffett’s Berkshire Hathaway, said two brand new models to be fitted with the new technology will become pioneers that help propel a transition to electrification... https://www.scmp.com/business/china-business/article/3264523/china-ev-wars-byd-mounts-big-challenge-petrol-guzzling-rivals-its-new-fuel-efficient-hybrid?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3264523/china-ev-wars-byd-mounts-big-challenge-petrol-guzzling-rivals-its-new-fuel-efficient-hybrid?utm_source=rss_feed Wed, 29 May 2024 06:28:38 +0000 Shanghai, mainland China’s commercial and financial hub, will relax home purchase restrictions and grant subsidies to people buying new flats in a move designed to bolster the city’s real estate sector. The measures are effective from Tuesday and come less than two weeks after the central government rolled out a rescue package to avoid a property bust in the world’s second-largest economy. Down payment ratios for first-time buyers have been cut to 20 per cent from 30 per cent, and to 35 per cent... https://www.scmp.com/business/article/3264289/china-property-shanghai-relaxes-home-buying-restrictions-grants-subsidies-new-flats-revive-sector?utm_source=rss_feed https://www.scmp.com/business/article/3264289/china-property-shanghai-relaxes-home-buying-restrictions-grants-subsidies-new-flats-revive-sector?utm_source=rss_feed Mon, 27 May 2024 10:37:11 +0000 A price war among Chinese electric vehicle (EV) assemblers is spreading to overseas markets as more than a dozen players look abroad to bolster sales and chase higher profits to offset losses at home. In Southeast Asia, where battery-powered cars are becoming more and more popular, Chinese EV builders from established giants like BYD and Great Wall Motor to start-ups such as Hozon New Energy Automobile are offering discounts in a bid to take on Japanese rivals whose petrol vehicles dominate the... https://www.scmp.com/business/china-business/article/3264032/chinas-ev-price-war-spreads-overseas-carmakers-chase-market-share-higher-profit-margins?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3264032/chinas-ev-price-war-spreads-overseas-carmakers-chase-market-share-higher-profit-margins?utm_source=rss_feed Fri, 24 May 2024 12:46:06 +0000 The ParknShop supermarket chain is importing more products from mainland China in response to the changing spending habits of Hongkongers who have taken to travelling to Shenzhen and other nearby mainland Chinese cities where they can shop and dine at cheaper prices, according to the chairman of CK Hutchison. It comes at a time of slowing retail sales in Hong Kong. They fell 7 per cent in March from a year ago, marking the first decline since the border with mainland China reopened post-Covid in... https://www.scmp.com/business/article/3263835/li-ka-shings-parknshop-imports-more-goods-mainland-china-hongkongers-flock-shenzhen-cheaper-goods?utm_source=rss_feed https://www.scmp.com/business/article/3263835/li-ka-shings-parknshop-imports-more-goods-mainland-china-hongkongers-flock-shenzhen-cheaper-goods?utm_source=rss_feed Thu, 23 May 2024 11:31:26 +0000 Shenzhen and Wuhan have become the latest Chinese cities to ease home purchase restrictions to boost sales, as a growing number of major metropolises take steps to support the country’s slumping property sector and shore up confidence. Shenzhen, China’s technology hub, said it has lowered the thresholds for the personal income tax and social insurance payments of non-local individuals and families seeking to buy a property in certain districts, while allowing local families with two or more... https://www.scmp.com/business/china-business/article/3261672/china-property-shenzhen-wuhan-are-latest-cities-ease-housing-market-restrictions-stir-demand?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3261672/china-property-shenzhen-wuhan-are-latest-cities-ease-housing-market-restrictions-stir-demand?utm_source=rss_feed Tue, 07 May 2024 03:56:33 +0000 More than half of middle-income households in Hong Kong believe house prices are poised to rally now that all of the restrictions in the market have been scrapped, according to a survey by Citibank. Of all the cooling measures removed by the government at the end of February, most respondents considered the dropping of stamp duties the most important. Citibank Hong Kong conducted the survey in April to gauge attitudes to residential property ownership in response to the withdrawal of curbs. It... https://www.scmp.com/business/article/3261582/hong-kong-property-most-middle-income-households-see-prices-rising-now-restrictions-are-past?utm_source=rss_feed https://www.scmp.com/business/article/3261582/hong-kong-property-most-middle-income-households-see-prices-rising-now-restrictions-are-past?utm_source=rss_feed Mon, 06 May 2024 09:15:13 +0000 China’s overseas vehicle shipments are set to grow at a clip this year, bolstered by surging sales in markets like Southeast Asia and the Middle East, as the country’s heft in developing and manufacturing electric cars goes from strength to strength. Curbs on exports of Chinese-made cars in the US and European Union will not deter major assemblers from BYD to Chery Automobile from pursuing their global ambitions as they look to localise their production facilities outside mainland China,... https://www.scmp.com/business/china-business/article/3261312/chinas-ev-makers-unfazed-us-european-export-curbs-will-push-overseas-vehicle-shipments-new-heights?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3261312/chinas-ev-makers-unfazed-us-european-export-curbs-will-push-overseas-vehicle-shipments-new-heights?utm_source=rss_feed Mon, 06 May 2024 00:00:16 +0000 Sustainable packaging firms in Hong Kong are enjoying an increase in business as the recent ban on disposable plastic takeaway containers has pushed the city’s food and drink companies to opt for more environmentally-friendly alternatives. Sustainabl. Planet, which provides plastic-free packaging for restaurants, hotels and other businesses, saw a 20 to 25 per cent jump in new customers and sales in the first quarter of the year, compared to the same period in 2023. “We have certainly seen a... https://www.scmp.com/business/money/spending/article/3261201/throwaway-plastics-ban-boon-hong-kongs-sustainable-packaging-firms-restaurants-go-green?utm_source=rss_feed https://www.scmp.com/business/money/spending/article/3261201/throwaway-plastics-ban-boon-hong-kongs-sustainable-packaging-firms-restaurants-go-green?utm_source=rss_feed Thu, 02 May 2024 23:30:24 +0000 Macau casino operator MGM China announced better-than-expected first-quarter earnings and has set its sights on maintaining its highest ever share of the mass market gaming segment. The company’s senior executives said they will continue to use data analysis to navigate and capitalise on market trends, which they believe gives them an advantage over their five main rivals, namely Galaxy Entertainment, Melco Resorts, Sands China, SJM, and Wynn Macau. MGM China reported a net revenue of HK$8.3... https://www.scmp.com/business/companies/article/3261226/mgm-china-sees-first-quarter-revenue-soar-it-sets-its-sights-protecting-its-highest-ever-market?utm_source=rss_feed https://www.scmp.com/business/companies/article/3261226/mgm-china-sees-first-quarter-revenue-soar-it-sets-its-sights-protecting-its-highest-ever-market?utm_source=rss_feed Thu, 02 May 2024 11:52:42 +0000 A new wave of property stimulus measures is brewing that should fuel a recovery in market sentiment across mainland China as the country’s top decision-makers pledged to tackle housing inventories, according to analysts. However, some observers worried the much-needed support might be too little too late. China property shares continued to rally on Thursday as industry leaders China Vanke and Shimao jumped as much as 14.7 per cent and 11.1 per cent respectively in intraday trading. The Hang Seng... https://www.scmp.com/business/china-business/article/3261218/china-property-new-stimulus-way-politburo-pledges-cut-housing-inventory-say-analysts?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3261218/china-property-new-stimulus-way-politburo-pledges-cut-housing-inventory-say-analysts?utm_source=rss_feed Thu, 02 May 2024 11:00:53 +0000 Yum China Holdings, which owns the KFC and Pizza Hut restaurant chains in mainland China, plans to open more stores in “untapped” parts of the country where it hopes its low-price strategy will appeal to vast numbers of less affluent customers. The fast-food behemoth said 30 per cent of its 1,500 to 1,700 new outlets to be established this year would be located in lower-tier cities or strategic places such as transport hubs or tourist destinations. “Operating under a near-term challenging... https://www.scmp.com/business/china-business/article/3260956/kfc-pizza-hut-owner-yum-china-plans-stores-countrys-untapped-smaller-cities-consumers-tighten-their?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3260956/kfc-pizza-hut-owner-yum-china-plans-stores-countrys-untapped-smaller-cities-consumers-tighten-their?utm_source=rss_feed Tue, 30 Apr 2024 11:30:19 +0000 China’s financial technology giant Ant Group has ramped up its digital payments network by partnering with 14 overseas mobile payment apps, which will give Hong Kong’s merchants access to a swathe of countries with a total population of around 1.2 billion. Overseas travellers from nine countries and regions can make payments in Hong Kong using their home wallet apps through Alipay+, a widely-used cross-border mobile payment service operated by Ant International. The company is an affiliate of... https://www.scmp.com/business/article/3260464/ant-group-beefs-customer-base-hong-kong-merchants-adding-14-foreign-mobile-payment-apps-its-network?utm_source=rss_feed https://www.scmp.com/business/article/3260464/ant-group-beefs-customer-base-hong-kong-merchants-adding-14-foreign-mobile-payment-apps-its-network?utm_source=rss_feed Fri, 26 Apr 2024 06:00:48 +0000 International marques from Volkswagen to Honda, grappling with falling market share in China, are mounting a spirited fightback in the world’s largest automotive market, focusing on reliability and safety as they build cars for a new generations of local customers. Most of them plan to take a balanced approach – focusing on both conventional and battery-powered vehicles – to pursue sales growth in a market where electric vehicles (EVs) are rapidly gaining ground. That strategy stands in stark... https://www.scmp.com/business/china-business/article/3260444/international-marques-vw-honda-fight-regain-ground-lost-their-ev-rivals-china?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3260444/international-marques-vw-honda-fight-regain-ground-lost-their-ev-rivals-china?utm_source=rss_feed Fri, 26 Apr 2024 03:58:55 +0000 Prices of Hong Kong’s second-hand homes have increased for the first time in almost a year as the recent removal of cooling measures gave a much-needed boost to the beleaguered property market. The average price of a lived-in unit rose by 1.06 per cent in March, according to official data, the first gain in 11 months. The index climbed to 305.7 from 302. 5 the previous month, according to the Rating and Valuation Department (RVD). The increase was broad-based, with all sizes of house seeing a... https://www.scmp.com/business/article/3260417/hong-kong-home-prices-rise-first-time-11-months-removal-cooling-measures-boosts-demand?utm_source=rss_feed https://www.scmp.com/business/article/3260417/hong-kong-home-prices-rise-first-time-11-months-removal-cooling-measures-boosts-demand?utm_source=rss_feed Fri, 26 Apr 2024 02:42:50 +0000 Li Auto, Tesla’s nearest rival in mainland China, reduced the price of all its vehicles by up to 5.7 per cent, just a day after the US carmaker offered discounts to local customers amid an escalating discount war. The Beijing-based company announced on Monday morning that it would cut prices by between 18,000 yuan (US$2,485) and 30,000 yuan as a way of “focusing on customer value”. It said it is determined to keep improving its offerings for Chinese families such as its large vehicles fitted... https://www.scmp.com/business/china-business/article/3259873/teslas-closest-chinese-rival-li-auto-slashes-prices-ev-discount-war-spreads-premium-market?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3259873/teslas-closest-chinese-rival-li-auto-slashes-prices-ev-discount-war-spreads-premium-market?utm_source=rss_feed Mon, 22 Apr 2024 05:29:34 +0000 Elon Musk’s underlings at Tesla are accustomed to chaos. It comes with the territory of working for a chief executive who sets exacting targets and often abruptly switches directions – and whose biographer describes his more intense moods as “demon mode”. But even by Tesla standards, this year has been unruly. Its stock has slid more than 40 per cent amid slumping sales, confusing product decisions and more price cuts. Its once-dominant position in China’s electric vehicle (EV) market is under... https://www.scmp.com/business/companies/article/3259847/tesla-job-losses-plunging-share-price-and-uncertainty-plague-ev-giant-ceo-musk-prioritises-robotaxi?utm_source=rss_feed https://www.scmp.com/business/companies/article/3259847/tesla-job-losses-plunging-share-price-and-uncertainty-plague-ev-giant-ceo-musk-prioritises-robotaxi?utm_source=rss_feed Mon, 22 Apr 2024 02:53:02 +0000 A new operating model enabling Hongkongers to use the services of multiple credit reference agencies (CRAs) for the first time will start on April 26, the Hong Kong Association of Banks (HKAB) and two other industry groups announced on Thursday. The programme, called Credit Data Smart, aims to promote competition in the consumer credit reference industry and enhance service quality. It will enable people to obtain a free credit report from three CRAs, namely Nova Credit, PingAn OneConnect Credit... https://www.scmp.com/business/money/spending/article/3259530/hongkongers-will-get-access-more-one-credit-reference-agency-under-new-scheme-aimed-promoting?utm_source=rss_feed https://www.scmp.com/business/money/spending/article/3259530/hongkongers-will-get-access-more-one-credit-reference-agency-under-new-scheme-aimed-promoting?utm_source=rss_feed Thu, 18 Apr 2024 23:30:21 +0000 Tesla’s job cuts in mainland China involved mainly sales staff and will not affect production at its Shanghai factory, which accounts for more than half of the carmaker’s total output, according to people with knowledge of the matter. Only a few dozen employees at the Gigafactory 3 in Shanghai’s Lingang free-trade zone were told to leave, representing a tiny portion of the workforce of 20,000 engaged in the assembly of Model 3 and Model Y vehicles, according to two people with knowledge of Tesla... https://www.scmp.com/business/china-business/article/3259519/tesla-boss-elon-musks-lay-offs-mainly-target-sales-staff-leaving-production-shanghai-gigafactory?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3259519/tesla-boss-elon-musks-lay-offs-mainly-target-sales-staff-leaving-production-shanghai-gigafactory?utm_source=rss_feed Thu, 18 Apr 2024 13:00:16 +0000 Chinese electric vehicle (EV) maker Xpeng has taken a significant step towards tapping the right-hand drive market after forming a partnership with Sime Darby group of Malaysia to distribute its cars in Hong Kong. It is poised to become the first major Chinese electric car assembler to build tailor-made vehicles for local customers when sales of its premium EVs fitted with preliminary autonomous driving systems start in the third quarter of this year. “Today marks a major milestone in Xpeng’s... https://www.scmp.com/business/china-business/article/3258416/chinas-xpeng-edges-closer-selling-right-hand-drive-evs-hong-kong-appointing-malaysian-firm-local?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3258416/chinas-xpeng-edges-closer-selling-right-hand-drive-evs-hong-kong-appointing-malaysian-firm-local?utm_source=rss_feed Wed, 10 Apr 2024 02:00:28 +0000 China’s stockbrokers took a pay cut for a second straight year in 2023 as the double whammy of a slumping equities market and a government crackdown on corporate extravagance eroded the incomes of financial workers. Data from the 10 biggest brokerages, from Citic Securities to China International Capital Corp (CICC), all showed a reduction in salaries bills last year. While some smaller securities firms are yet to release their annual results, wages are likely to have taken a hit across the... https://www.scmp.com/business/china-business/article/3258352/chinas-stockbrokers-see-salaries-slashed-second-year-amid-slumping-market-crackdown-flashy-finance?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3258352/chinas-stockbrokers-see-salaries-slashed-second-year-amid-slumping-market-crackdown-flashy-finance?utm_source=rss_feed Tue, 09 Apr 2024 23:30:15 +0000 On a Thursday afternoon in mid-March eager homeseekers crammed in to an office in Hong Kong’s Central district for an auction of foreclosed properties. Some of the houses found buyers before the auction officially got under way, such was the fervour. Among the throng was Mable Mak, who snapped up three properties, in Tuen Mun, Jordan and Discovery Bay, for HK$13 million in total. She was motivated by the government’s decision to scrap all its decade-old property market restrictions with... https://www.scmp.com/business/markets/article/3257979/new-normal-are-wild-days-hong-kongs-housing-market-thing-past?utm_source=rss_feed https://www.scmp.com/business/markets/article/3257979/new-normal-are-wild-days-hong-kongs-housing-market-thing-past?utm_source=rss_feed Sat, 06 Apr 2024 02:00:18 +0000 Hong Kong homebuyers on Sunday rushed into the market to snap up most of the new flats on sale in Kowloon Bay, as developers continued to offer discounts to meet the pent-up demand unleashed by the government’s abolition of purchasing curbs. Wong Sun Hing and partner New World Development sold 238 of the 336 flats at their Uptown East project as of 6pm, recording sales worth about HK$1.4 billion (US$179 million), according to the developers. Agents expect the project to sell out by more 80 per... https://www.scmp.com/business/article/3255709/hong-kong-homebuyers-snap-uptown-east-flats-worth-us179-million-kowloon-bay-market-rebounds-after?utm_source=rss_feed https://www.scmp.com/business/article/3255709/hong-kong-homebuyers-snap-uptown-east-flats-worth-us179-million-kowloon-bay-market-rebounds-after?utm_source=rss_feed Sun, 17 Mar 2024 12:32:31 +0000 A 90-year-old converted manor house in Pok Fu Lam 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. Shun Ho Property Investments bought the 12,288 square-foot Jessville Manor from Samsbury Investments, according to a stock exchange filing by the former. The historic residence at 128 Pokfulam Road on the western coast of Hong Kong Island has been converted into four luxury... https://www.scmp.com/business/article/3255601/hong-kong-property-sale-historic-pok-fu-lam-mansion-us265-million-signals-luxury-market-rebound?utm_source=rss_feed https://www.scmp.com/business/article/3255601/hong-kong-property-sale-historic-pok-fu-lam-mansion-us265-million-signals-luxury-market-rebound?utm_source=rss_feed Fri, 15 Mar 2024 23:30:10 +0000