https://www.scmp.com/rss/515836/feed Julia Zhong is a bachelor's student majoring in international financial journalism from Hong Kong Baptist University. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Rents in Hong Kong are set to rise by 8 to 10 per cent this year – the biggest jump in 11 years – as students from mainland China and professionals entering the city thanks to the government’s talent-import schemes combine to create a landlord’s market, according to Midland Realty. The average rent for private residential properties in Hong Kong in July reached HK$35.26 (US$4.50) per square foot, the highest level since October 2021, according to Midland’s report, released on Tuesday. The... https://www.scmp.com/business/article/3231941/hong-kong-rents-rise-most-11-years-returning-students-new-professionals-battle-housing-midland?utm_source=rss_feed https://www.scmp.com/business/article/3231941/hong-kong-rents-rise-most-11-years-returning-students-new-professionals-battle-housing-midland?utm_source=rss_feed Tue, 22 Aug 2023 12:30:14 +0000 Enoch Yiu,Julia Zhong Enoch Yiu,Julia Zhong The Chinese yuan has weakened this year to near the lowest level since October, and many mainland citizens are rushing to Hong Kong for safety in higher-yielding bank deposits, insurance and investment products and the US currency. Shi from Beijing was at the Bank of China (Hong Kong) branch in the city’s tourist hotspot, Tsim Sha Tsui, at 7.30am on Friday to open a bank account. He had decided to queue there as online appointments in other branches were already fully booked. As the 9am opening... https://www.scmp.com/business/banking-finance/article/3231680/yuan-slump-turns-hong-kong-haven-mainland-chinese-rush-higher-bank-rates-insurance-policies-and-us?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3231680/yuan-slump-turns-hong-kong-haven-mainland-chinese-rush-higher-bank-rates-insurance-policies-and-us?utm_source=rss_feed Sun, 20 Aug 2023 04:30:11 +0000 The HSBC GBA Sustainability Fund, which aims to support companies in the Greater Bay Area (GBA) in lowering their carbon emissions, has been increased from an initial US$5 billion to US$9 billion. The debt finance scheme has been well received since its launch in May 2022, and now the bank plans to double the fund size, strengthening it beyond banking support to help businesses meet their net-zero goals, HSBC said in a statement on Wednesday. The GBA’s green and sustainable debt market continues... https://www.scmp.com/business/banking-finance/article/3231299/hsbc-nearly-doubles-greater-bay-area-sustainability-fund-us9-billion-after-response-exceeds?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3231299/hsbc-nearly-doubles-greater-bay-area-sustainability-fund-us9-billion-after-response-exceeds?utm_source=rss_feed Wed, 16 Aug 2023 10:30:37 +0000 Japanese beer company Asahi plans to expand in China, targeting major cities like Shanghai and Shenzhen initially before widening its footprint across the country, the world’s largest beer market. “We want to grow our brand from a regional Japanese brand to a global icon,” said Kinyi Choo, managing director of Asahi Beer Asia, “and to be available across all of China, across all channels.” The Japanese beer brand, which mainly sells to Japanese restaurants in China, wants to be made available... https://www.scmp.com/business/china-business/article/3230833/asahi-beers-mainland-china-expansion-targets-shanghai-and-shenzhen-widening-retail-footprint-across?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3230833/asahi-beers-mainland-china-expansion-targets-shanghai-and-shenzhen-widening-retail-footprint-across?utm_source=rss_feed Mon, 14 Aug 2023 01:30:08 +0000 Home rents in Hong Kong climbed to an 18-month high in July as the city’s private housing market entered its peak season, as students and working professionals returned to the city and high interest rates continued to deter renters from becoming buyers. Rents increased 1.15 per cent in July to 114.02 from a month earlier, according to the Centa-City Rental Index compiled by Centaline Property, which tracks 138 housing estates across the city. The index has risen 5.45 per cent over the six-month... https://www.scmp.com/business/article/3230690/home-rents-hong-kong-climb-18-month-high-students-and-professionals-return-while-interest-rates?utm_source=rss_feed https://www.scmp.com/business/article/3230690/home-rents-hong-kong-climb-18-month-high-students-and-professionals-return-while-interest-rates?utm_source=rss_feed Fri, 11 Aug 2023 00:30:19 +0000 A slowdown in public markets has tapped the brakes on office leasing momentum in Hong Kong, but a turnaround in deal activity, with a boost from several blockbuster listings which are in the pipeline, may improve performance in the second half of the year, according to real estate firm Savills. Office rents in the city’s business district saw a decline in the January-June period as the initial public offerings (IPO) market struck a 20-year low with just HK$17.8 billion (US$2.2 billion) raised,... https://www.scmp.com/business/banking-finance/article/3230372/hong-kongs-ipo-market-slump-hurts-office-leasing-demand-insurance-boom-picks-some-slack-savills?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3230372/hong-kongs-ipo-market-slump-hurts-office-leasing-demand-insurance-boom-picks-some-slack-savills?utm_source=rss_feed Tue, 08 Aug 2023 08:53:17 +0000 There is growing optimism among venture capital (VC) investors in Asia about an increase in initial public offerings (IPOs) in mainland China and Hong Kong, despite an overall fall in VC deal value in the second quarter, according to a report by consultants KPMG. VC deal value in Asia in the second quarter was US$20.1 billion, down from US$35.1 billion in the same period last year, with China venture financing accounting for US$9.3 billion of this. Although this was the sixth straight quarterly... https://www.scmp.com/business/banking-finance/article/3230276/vc-deal-value-asia-falls-second-quarter-optimism-grows-about-pick-ipos-hong-kong-and-china-says-kpmg?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3230276/vc-deal-value-asia-falls-second-quarter-optimism-grows-about-pick-ipos-hong-kong-and-china-says-kpmg?utm_source=rss_feed Mon, 07 Aug 2023 23:00:15 +0000 After bouncing between multiple jobs – from furniture sales to e-commerce – for a decade, Rachel He decided to go home in 2021 and take over a 30-year-old factory founded by her father. The major reason for her return was that her parents are in their sixties, and their waning health no longer allowed them to fully commit to the daily operation of a factory with around 50 workers. “I’m their only child. If I don’t go back, is the factory really going to be shut down?” said the 34-year-old. “Then... https://www.scmp.com/economy/china-economy/article/3230287/can-chinas-second-gen-factory-owners-give-made-china-second-chance-crisis?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3230287/can-chinas-second-gen-factory-owners-give-made-china-second-chance-crisis?utm_source=rss_feed Mon, 07 Aug 2023 22:00:18 +0000 Hong Kong residents with family members holding residence permits in Shenzhen are eligible for the first time for government-subsidised housing after authorities in China’s southern metropolis relaxed rules to help low-income families get on the property ladder. Shenzhen hukou holders who have paid social insurance premiums for at least five years can apply for the subsidised flats under a 50:50 ownership scheme with the government that came into effect on Tuesday, according to a document issued... https://www.scmp.com/business/china-business/article/3229625/first-hong-kong-residents-can-co-own-home-shenzhen-family-members-chinas-tech-hub-eases-rules?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3229625/first-hong-kong-residents-can-co-own-home-shenzhen-family-members-chinas-tech-hub-eases-rules?utm_source=rss_feed Tue, 01 Aug 2023 10:40:44 +0000 Beijing may unveil further relaxation measures that could help boost residential market transactions in the nine mainland cities in the Greater Bay Area, after volumes slumped in the second quarter, international property consultant Cushman & Wakefield said in a report. Still that may not prevent a further decline in prices of homes in the secondary market as the post-pandemic caution continues to crimp demand. “The three-year [pandemic] has reduced the government’s funding and the public’s... https://www.scmp.com/business/article/3228460/china-could-relax-property-curbs-boost-residential-market-nine-mainland-cities-greater-bay-area?utm_source=rss_feed https://www.scmp.com/business/article/3228460/china-could-relax-property-curbs-boost-residential-market-nine-mainland-cities-greater-bay-area?utm_source=rss_feed Fri, 21 Jul 2023 08:00:11 +0000 Hong Kong should consider recruiting overseas auditors to resolve a serious manpower shortage, or it will affect the city’s status as an international financial centre, an industry body has said. The Hong Kong Association of Registered Public Interest Entity Auditors (PIEAA) said on Wednesday that a survey it had conducted between October 2022 and February 2023 of 313 Hong Kong-based accounting firms and students found that one in three accounting firms currently lacks 20 per cent of the needed... https://www.scmp.com/business/article/3228197/shortage-audit-professionals-will-affect-hong-kongs-position-fundraising-centre-industry-body-says?utm_source=rss_feed https://www.scmp.com/business/article/3228197/shortage-audit-professionals-will-affect-hong-kongs-position-fundraising-centre-industry-body-says?utm_source=rss_feed Wed, 19 Jul 2023 07:00:18 +0000 Buyers waiting to enter Hong Kong’s property market could be spoiled for choice as some developers release homes at price levels last seen five years ago, looking to lock in sales before further anticipated increases in interest rates and supply. Developers are even offering sweeteners like mortgage discounts, dining and travel vouchers to exotic destinations like the Maldives to drum up sales. Many developers “are rushing to launch at prices close to or even lower than the market price”, said... https://www.scmp.com/business/article/3224926/hong-kong-developers-offer-huge-discounts-cut-prices-2018-levels-new-project-launches-boost-sales?utm_source=rss_feed https://www.scmp.com/business/article/3224926/hong-kong-developers-offer-huge-discounts-cut-prices-2018-levels-new-project-launches-boost-sales?utm_source=rss_feed Thu, 22 Jun 2023 00:30:12 +0000 Property consultancy Colliers has said investors are still largely in the dark about the potential opportunities on offer at the ambitious 627-hectare San Tin Technopole project in the northern New Territories. Proposed as the flagship project for the massive Northern Metropolis development, the site has been touted by the Hong Kong government as an innovation and technology hub that will drive growth in the city and foster closer integration with the Greater Bay Area. The 300-hectare project,... https://www.scmp.com/business/article/3224139/investors-need-more-details-hong-kongs-mega-technology-park-project-northern-metropolis-colliers?utm_source=rss_feed https://www.scmp.com/business/article/3224139/investors-need-more-details-hong-kongs-mega-technology-park-project-northern-metropolis-colliers?utm_source=rss_feed Thu, 15 Jun 2023 05:00:14 +0000 Finance is the top career choice for graduates globally including Hong Kong, as they believe the sector offers better pay and growth prospects in a post-Covid-19 era, according to a CFA Institute survey released on Wednesday. Some 30 per cent of university graduates said they would consider finance as their No. 1 choice, followed by information technology and telecommunications at 25 per cent and medicine at 21 per cent, according to the 2023 Global Graduate Outlook Survey. Over 9,430... https://www.scmp.com/business/article/3223946/hong-kong-and-global-graduates-motivated-high-salaries-eye-career-finance-post-covid-19-era-cfa?utm_source=rss_feed https://www.scmp.com/business/article/3223946/hong-kong-and-global-graduates-motivated-high-salaries-eye-career-finance-post-covid-19-era-cfa?utm_source=rss_feed Wed, 14 Jun 2023 00:30:11 +0000 Landlords in Hong Kong are enjoying the benefits of an economic reopening and demand from mainland Chinese students as rentals in the private housing market climbed for a fourth straight month to the highest level in 15 months. Rents increased 1.4 per cent in May to 112.78 from a month earlier, according to the Centa-City Rental Index compiled by Centaline Property, which tracks 138 housing estates across the city. The rise was the most since a 1.94 per cent jump recorded in August... https://www.scmp.com/property/hong-kong-china/article/3223831/hong-kong-property-landlords-enjoy-market-rebound-students-return-city-rents-climbing-15-month-high?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/3223831/hong-kong-property-landlords-enjoy-market-rebound-students-return-city-rents-climbing-15-month-high?utm_source=rss_feed Tue, 13 Jun 2023 00:00:29 +0000 Chinese firms are eyeing more economic opportunities from Beijing’s booming ties with the Middle East in an upcoming business forum in Saudi Arabia, but analysts say uncertainties remain over how much can be achieved amid a complex economic and political relationship. The two-day Arab-China Business Conference, which begins on Sunday in Riyadh, will welcome more than 3,000 business and government representatives from 23 countries and regions, including mainland China and Hong Kong. The 10th... https://www.scmp.com/economy/global-economy/article/3223591/china-seeks-more-middle-east-economic-inroads-investors-flock-riyadh-politics-more-complex?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3223591/china-seeks-more-middle-east-economic-inroads-investors-flock-riyadh-politics-more-complex?utm_source=rss_feed Sun, 11 Jun 2023 03:00:21 +0000