https://www.scmp.com/rss/521296/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Enoch Yiu Enoch Yiu Gold, mahjong sets, fancy lai see packets and dinners with fireworks views are among the incentives Hong Kong banks are using to lure wealthy customers from the city and the mainland during the Lunar New Year, which kicks off on Tuesday. Hong Kong authorities estimated that as many as 1.43 million mainland visitors would cross the border during the holiday period, up 6 per cent from a year earlier. The Year of the Horse begins on Tuesday, but the mainland holiday started on Sunday and ends on... https://www.scmp.com/business/banking-finance/article/3343663/hong-kong-banks-lure-wealthy-clients-gold-mahjong-sets-fireworks-during-holiday?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3343663/hong-kong-banks-lure-wealthy-clients-gold-mahjong-sets-fireworks-during-holiday?utm_source=rss_feed Mon, 16 Feb 2026 05:00:09 +0000 Enoch Yiu Enoch Yiu It was rare to see hundreds of regulators, financiers and executives of listed companies – including chairmen and CEOs – come together in Central on Sunday morning without striking deals. Instead, they were taking part in a charity run, raising HK$9.7 million (US$1.2 million). The top bosses of Hong Kong Exchanges and Clearing (HKEX), JPMorgan, DBS Hong Kong, Standard Chartered Bank, KPMG and Wharf (Holdings) were among those who had put on their running shoes to compete in relay races over 388... https://www.scmp.com/business/banking-finance/article/3333749/jpmorgan-dbs-standard-chartered-bosses-swap-deals-sneakers-hkex-charity-run?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3333749/jpmorgan-dbs-standard-chartered-bosses-swap-deals-sneakers-hkex-charity-run?utm_source=rss_feed Sun, 23 Nov 2025 04:30:08 +0000 Cheryl Arcibal Cheryl Arcibal Ever since Hong Kong’s retail sector shook off 14 months of consecutive declines in May, analysts have been speculating whether the city’s landlords and developers can look forward to rental increases sooner rather than later. Hong Kong retailers such as Bakehouse and Korean food and beverage operator Seoul Recipe Group are more optimistic these days, as locals and tourists alike start to spend more in the city. However, a meaningful recovery in rents for high street shops and prime shopping... https://www.scmp.com/business/companies/article/3328623/hong-kong-retailers-cheer-sales-boom-shop-rental-hikes-may-not-follow-any-time-soon?utm_source=rss_feed https://www.scmp.com/business/companies/article/3328623/hong-kong-retailers-cheer-sales-boom-shop-rental-hikes-may-not-follow-any-time-soon?utm_source=rss_feed Sun, 12 Oct 2025 02:30:08 +0000 Cannix Yau Cannix Yau Hongkongers are rushing to gold stores to buy and sell the precious metal, which has surged by nearly 50 per cent this year to record high prices. Analysts suggest that many investors are seeking a trusted asset to guard against currency devaluation amid global uncertainties. At Lee Cheong Gold Dealers in Sheung Wan on Friday, a steady stream of customers entered the store to trade gold and other precious metals. Many of them told the Post they wanted to diversify their asset portfolio and... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3328594/gold-fever-sweeps-hong-kong-investors-hedge-against-inflation-amid-record-rally?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3328594/gold-fever-sweeps-hong-kong-investors-hedge-against-inflation-amid-record-rally?utm_source=rss_feed Fri, 10 Oct 2025 14:06:51 +0000 Enoch Yiu Enoch Yiu Prime views of the fireworks, a reception with Hong Kong actor Tony Leung Chiu-wai, lucky draws and investment seminars were some of the incentives Hong Kong banks were rolling out to attract wealthy mainland customers during the golden week holiday, which kicked off on Wednesday. Hong Kong authorities have estimated that as many as 1.54 million mainland visitors, including 1,200 tour groups, would cross the border during the eight-day “golden week” holiday, which coincides with China’s National... https://www.scmp.com/business/banking-finance/article/3327533/hong-kong-banks-woo-wealthy-mainland-golden-week-tourists-tony-leung-fireworks?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3327533/hong-kong-banks-woo-wealthy-mainland-golden-week-tourists-tony-leung-fireworks?utm_source=rss_feed Thu, 02 Oct 2025 00:30:10 +0000 Salina Li Salina Li One of Hong Kong’s best-known real estate investors has put another luxury home up for sale at a discount, as the city’s property glut and elevated interest rates weigh on highly leveraged entrepreneurs. David Chan Ping-chi, dubbed the “Cassette King” for his fortunes made from producing audiovisual cassettes and compact discs, plans to sell a three-storey mansion at 51 Mount Davis Road on Hong Kong Island to repay debt, he said in a phone interview with the Post. Chan is asking for about HK$450... https://www.scmp.com/business/article/3324155/hong-kongs-cassette-king-puts-another-luxury-property-sale-pay-debt?utm_source=rss_feed https://www.scmp.com/business/article/3324155/hong-kongs-cassette-king-puts-another-luxury-property-sale-pay-debt?utm_source=rss_feed Wed, 03 Sep 2025 06:36:22 +0000 Salina Li Salina Li The improving sentiment in Hong Kong’s property market has spurred hope for a sustainable recovery in home prices, but analysts suggest the rebound is unlikely to come this year due to an uptrend in mortgage rates and a nagging supply glut. As of Friday, about 9,150 first-hand transactions had been recorded so far this year, a 3.9 per cent increase from a year earlier and a six-year high since 11,580 transactions were recorded in the first half of 2019, according to agents. Growth for lived-in... https://www.scmp.com/business/article/3316282/rebound-hong-kongs-home-prices-unlikely-come-year-analysts?utm_source=rss_feed https://www.scmp.com/business/article/3316282/rebound-hong-kongs-home-prices-unlikely-come-year-analysts?utm_source=rss_feed Mon, 30 Jun 2025 01:30:12 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong’s residential property segment is on the verge of a turnaround that could last between four and five years, with home prices likely to rise starting in the second half of the year, according to Morgan Stanley. The US investment bank said the first half of the year would end with prices down 2 per cent from a year earlier, while prices in the second half would rise 2 per cent year on year. The call essentially moves the recovery forward in time and smooths it out compared with the... https://www.scmp.com/business/article/3315223/hong-kong-home-market-brink-turnaround-morgan-stanley-says?utm_source=rss_feed https://www.scmp.com/business/article/3315223/hong-kong-home-market-brink-turnaround-morgan-stanley-says?utm_source=rss_feed Fri, 20 Jun 2025 08:30:03 +0000 Enoch Yiu Enoch Yiu DBS Hong Kong, a unit of Southeast Asia’s biggest lender, plans to hire 100 bankers in the next three years and open a new wealth centre next year to capture the growing wealth-management business in the city, according to a senior executive. The subsidiary of the Singapore bank was pressing ahead with its expansion plan as its wealthy customers were not worried about market volatility triggered by the US-China trade war, according to Ajay Mathur, head of DBS Hong Kong’s consumer banking group... https://www.scmp.com/business/banking-finance/article/3314384/dbs-hong-kong-hiring-wealth-managers-investors-risk-appetite-grows?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3314384/dbs-hong-kong-hiring-wealth-managers-investors-risk-appetite-grows?utm_source=rss_feed Mon, 16 Jun 2025 00:30:09 +0000 Ng Kang-chung,Wynna Wong Ng Kang-chung,Wynna Wong Hong Kong’s economy grew by a stronger-than-expected 3.1 per cent year on year in the first quarter, although economists have warned that the effects of the US tariff war have yet to be reflected. Estimates released by the Census and Statistics Department on Friday showed that economic expansion picked up in the first three months compared with the 2.5 per cent growth in the preceding quarter and outperformed the previous market forecast of around 2.1 per cent, thanks to a surge in... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3308865/hong-kongs-economy-grows-solid-31-first-quarter?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3308865/hong-kongs-economy-grows-solid-31-first-quarter?utm_source=rss_feed Fri, 02 May 2025 10:04:37 +0000 Enoch Yiu Enoch Yiu Banks in Hong Kong are doing their best to lure new wealthy clients among mainland Chinese visitors to the city, offering tickets to Liverpool vs AC Milan football match and access to concerts by Taiwanese singer Jay Chou, in addition to cash rebates. They were among notable incentives rolled out by lenders including Standard Chartered, HSBC, Bank of China (Hong Kong), Citigroup and the Bank of East Asia during the golden week holiday, highlighting the stiff competition in selling investment... https://www.scmp.com/business/article/3308694/hong-kong-banks-offer-liverpool-jay-chou-tickets-and-rebates-win-new-wealthy-clients?utm_source=rss_feed https://www.scmp.com/business/article/3308694/hong-kong-banks-offer-liverpool-jay-chou-tickets-and-rebates-win-new-wealthy-clients?utm_source=rss_feed Thu, 01 May 2025 23:00:09 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong’s small and medium-sized enterprises (SMEs) are seeking funding support and easier loan access, as rising costs have landed at the top of their list of worries, according to DBS Bank (Hong Kong). Operational costs had become the top concern for 60 per cent of the city’s SMEs, according to the bank’s survey of 400 SME representatives last month. A year ago, the top concern was geopolitical uncertainties, cited by 53.3 per cent of respondents. The survey found that more than half of the... https://www.scmp.com/business/article/3299928/hong-kong-smes-want-funding-support-amid-mounting-costs-survey-finds?utm_source=rss_feed https://www.scmp.com/business/article/3299928/hong-kong-smes-want-funding-support-amid-mounting-costs-survey-finds?utm_source=rss_feed Mon, 24 Feb 2025 10:33:25 +0000 Salina Li Salina Li New World Development (NWD) is launching a second offering of flats at its State Pavilia project in North Point on Wednesday after selling all the units it offered at the weekend. The developer on Sunday said it would put an additional 88 units up for sale “in response to the market’s needs”. On Saturday, NWD sold all 168 units that were offered in the initial phase of the firm’s redevelopment project on the site of the former State Theatre. NWD said the weekend sale attracted more than 7,800... https://www.scmp.com/business/article/3299023/hong-kong-developer-nwd-launch-second-state-pavilia-offering-after-weekend-sell-out?utm_source=rss_feed https://www.scmp.com/business/article/3299023/hong-kong-developer-nwd-launch-second-state-pavilia-offering-after-weekend-sell-out?utm_source=rss_feed Mon, 17 Feb 2025 10:58:10 +0000 Enoch Yiu Enoch Yiu Hong Kong lenders, intent on enticing visitors from mainland China to open new accounts during the Lunar New Year festive period, are offering a bevy of perks including cash rebates, lucky draws, afternoon tea vouchers, hotel stays and dinners overlooking the Lunar New Year fireworks or horse races. As the Year of the Snake begins, the government expects the city to welcome about 1.43 million mainlanders during the “golden week” holiday, spanning January 28 to February 4. To compete for new... https://www.scmp.com/business/banking-finance/article/3296603/year-snake-fireworks-cash-hong-kong-banks-vie-lure-mainland-visitors?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3296603/year-snake-fireworks-cash-hong-kong-banks-vie-lure-mainland-visitors?utm_source=rss_feed Wed, 29 Jan 2025 05:30:07 +0000 Salina Li Salina Li A developer is relaunching several residential units at a high-rise project on Hong Kong Island at prices below the levels set about two years ago, suggesting the city’s property market will need at least six more months to overcome excess supply and halt a three-year slump. Hip Shing Hong (Holdings) is taking orders for 50 units at Oria in Shau Kei Wan after an attempted sale in June 2023. The mid-sized private developer is cutting the prices on 30 of the units by more than 30 per cent,... https://www.scmp.com/business/article/3293202/hong-kong-developer-cuts-prices-shau-kei-wan-project-oversupply-plagues-market?utm_source=rss_feed https://www.scmp.com/business/article/3293202/hong-kong-developer-cuts-prices-shau-kei-wan-project-oversupply-plagues-market?utm_source=rss_feed Fri, 03 Jan 2025 00:30:12 +0000 Salina Li Salina Li Inside The Center, a 73-storey skyscraper in Hong Kong’s bustling Central business district, indebted Chinese property developer Kaisa Group has been trying to sell its headquarters in the city for nearly half of what it paid over five years ago. But the company has yet to find a buyer for the 30th floor, according to people familiar with the matter, as the city’s market for office space has been in the doldrums for years. The Shenzhen-based home builder is seeking HK$500 million (US$64.3... https://www.scmp.com/business/article/3291749/center-skyscraper-sale-was-hong-kong-blockbuster-now-buyers-struggle-cash-out?utm_source=rss_feed https://www.scmp.com/business/article/3291749/center-skyscraper-sale-was-hong-kong-blockbuster-now-buyers-struggle-cash-out?utm_source=rss_feed Sat, 21 Dec 2024 02:00:14 +0000 Mia Castagnone,Enoch Yiu Mia Castagnone,Enoch Yiu China envisions Hong Kong’s capital markets as a beacon of prosperity, having lifted the city out of social chaos in June 2020. This week, Beijing backed that goal with vocal support at an investment summit attended by CEOs of global banks and money managers. Do global investors share the optimism? The question has never been more pertinent as the US ushers in president-elect Donald Trump in January. His economic policies will roil global markets, based on campaign speeches. Hong Kong, caught in... https://www.scmp.com/business/china-business/article/3287789/hong-kong-vs-trump-20-global-ceos-see-new-hopes-old-threats?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3287789/hong-kong-vs-trump-20-global-ceos-see-new-hopes-old-threats?utm_source=rss_feed Sat, 23 Nov 2024 01:30:15 +0000 Salina Li,Peggy Sito Salina Li,Peggy Sito Bob Prince, the co-chief investment officer of the world’s largest hedge fund, bought a luxury home in Hong Kong, joining an A-list of global financiers who have begun to heed the city government’s serenade to put down roots in Asia’s third-largest capital market. The executive of Bridgewater Associates, which had US$235 billion of assets under management as of March 31, paid HK$95 million (US$12.2 million) for a three-bedroom flat measuring 1,752 sq ft (162.8 square metres) at St. George’s... https://www.scmp.com/business/article/3287412/bridgewaters-prince-buys-hk95-m-hong-kong-flat-joining-financiers-putting-down-roots?utm_source=rss_feed https://www.scmp.com/business/article/3287412/bridgewaters-prince-buys-hk95-m-hong-kong-flat-joining-financiers-putting-down-roots?utm_source=rss_feed Wed, 20 Nov 2024 10:32:56 +0000 Cheryl Arcibal Cheryl Arcibal Dozens of Hongkong Land’s assets in China and Southeast Asia are likely to be divested while those in Hong Kong are likely to be spared, as the developer shifts its focus to ultra-luxury commercial developments, according to analysts. Last month, the developer, the biggest commercial landlord in Hong Kong’s Central business district, said its goal was to recycle US$10 billion in capital by 2035, including US$6 billion from development properties. To reach this goal, Hongkong Land is likely to... https://www.scmp.com/business/article/3286727/china-singapore-key-hongkong-lands-us10-billion-asset-disposal-goal?utm_source=rss_feed https://www.scmp.com/business/article/3286727/china-singapore-key-hongkong-lands-us10-billion-asset-disposal-goal?utm_source=rss_feed Sun, 17 Nov 2024 03:00:16 +0000 Salina Li Salina Li DBS Group Holdings, Singapore’s biggest lender, is taking advantage of a property slump to expand its business in Hong Kong by picking more office space in what used to be the world’s most expensive office tower. Local unit DBS Bank (Hong Kong) paid HK$646 million (US$83.1 million), or HK$27,028 per square foot, for the entire 75th floor in The Center located in the central business district on November 6, according official records. It earlier paid HK$700 million, or HK$26,000 per square foot,... https://www.scmp.com/business/article/3285775/dbs-bank-buys-entire-75th-floor-center-extending-foray-hong-kong-property-market?utm_source=rss_feed https://www.scmp.com/business/article/3285775/dbs-bank-buys-entire-75th-floor-center-extending-foray-hong-kong-property-market?utm_source=rss_feed Fri, 08 Nov 2024 08:42:33 +0000 Salina Li Salina Li The big bosses at DBS Bank and HSBC’s money-management unit became new owners of luxury homes in Hong Kong in October amid a revival in optimism and stock market wealth, helping drive the property market to its busiest month since May. Transactions involving new and lived-in homes, offices, shops, car parks and industrial spaces jumped 52 per cent to 5,845 units from a month earlier, according to data published by Centaline Property, the city’s biggest real estate agency. It marked the highest... https://www.scmp.com/business/article/3284883/hong-kong-property-busiest-month-may-dbs-hsbc-bosses-pick-luxury-homes?utm_source=rss_feed https://www.scmp.com/business/article/3284883/hong-kong-property-busiest-month-may-dbs-hsbc-bosses-pick-luxury-homes?utm_source=rss_feed Fri, 01 Nov 2024 13:06:31 +0000 Cheryl Arcibal,Salina Li Cheryl Arcibal,Salina Li Three luxury Hong Kong homes changed hands this week for between HK$49.4 million (US$6.36 million) and HK$114 million, an indication that well-heeled buyers have returned to the market for exclusive addresses as interest rates come down. Sebastian Paredes, the CEO of DBS Bank (Hong Kong), paid HK$49.4 million for a 1,249 sq ft, three-bedroom flat at The Aster in Happy Valley, according to Land Registry records. The purchase price was more than twice what the previous owner paid for the property... https://www.scmp.com/business/article/3283870/hong-kong-sees-3-multimillion-dollar-home-sales-week-well-heeled-buyers-return?utm_source=rss_feed https://www.scmp.com/business/article/3283870/hong-kong-sees-3-multimillion-dollar-home-sales-week-well-heeled-buyers-return?utm_source=rss_feed Fri, 25 Oct 2024 11:00:13 +0000 Ralph Jennings Ralph Jennings Flagging consumer confidence and domestic property issues are set to weigh on China’s economy for the remainder of the year, according to the International Monetary Fund (IMF), prompting the Washington-based financial agency to lower its 2024 economic growth forecast. China’s economy would grow by 4.8 per cent this year, down from its previous projection of 5 per cent in July, the IMF said in its “World Economic Outlook” on Tuesday. The projection, although in line with Beijing’s official... https://www.scmp.com/economy/economic-indicators/article/3283403/despite-chinas-stimulus-imf-lowers-gdp-forecast-property-consumer-confidence?utm_source=rss_feed https://www.scmp.com/economy/economic-indicators/article/3283403/despite-chinas-stimulus-imf-lowers-gdp-forecast-property-consumer-confidence?utm_source=rss_feed Tue, 22 Oct 2024 13:00:13 +0000 Enoch Yiu Enoch Yiu Horse racing, golf and fireworks dinners along with international school visits are some of the special incentives offered by major Hong Kong banks to attract new clients from the mainland visiting the city during the National Day golden week holiday. The holiday, which runs up to October 7, is expected to draw more than 1.2 million mainland Chinese tourists to Hong Kong, 10 per cent higher than a year earlier, according to government estimates. HSBC, Citibank, DBS Hong Kong and Bank of East... https://www.scmp.com/business/banking-finance/article/3280683/top-hong-kong-banks-lure-mainland-clients-special-incentives-during-golden-week?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3280683/top-hong-kong-banks-lure-mainland-clients-special-incentives-during-golden-week?utm_source=rss_feed Wed, 02 Oct 2024 01:30:15 +0000 Salina Li Salina Li DBS Bank (Hong Kong) bought an entire floor of offices in what was formerly the world’s most expensive tower, taking advantage of a commercial property slump to expand its footprint in the city. Singapore’s largest banking group paid HK$700 million, or about HK$26,000 per square foot, for the 66th floor of The Center building in Central from David Chan Ping-chi, a Hong Kong tycoon known as the “Cassettes King”. The property was handed over on Thursday, according to the local land registry. The... https://www.scmp.com/business/article/3280263/hong-kongs-cassette-king-sells-center-offices-dbs-discount-amid-property-woes?utm_source=rss_feed https://www.scmp.com/business/article/3280263/hong-kongs-cassette-king-sells-center-offices-dbs-discount-amid-property-woes?utm_source=rss_feed Fri, 27 Sep 2024 11:30:08 +0000 Enoch Yiu Enoch Yiu Fourteen commercial banks in Hong Kong have pledged to keep funding small businesses in the city and quicken their approval review process, after authorities stepped in last month to tackle complaints about financing struggles. The lenders, including HSBC, Standard Chartered and the Bank of China (Hong Kong), agreed to “not to change their risk appetite” in financing small and medium-sized enterprises (SME) and related credit approval standards, according to a statement by an industry task... https://www.scmp.com/business/article/3277381/hsbc-13-other-lenders-pledge-support-hong-kong-smes-amid-financing-struggles?utm_source=rss_feed https://www.scmp.com/business/article/3277381/hsbc-13-other-lenders-pledge-support-hong-kong-smes-amid-financing-struggles?utm_source=rss_feed Thu, 05 Sep 2024 13:39:07 +0000 Martin Choi Martin Choi The Hong Kong Monetary Authority (HKMA) has fined DBS Bank (Hong Kong) HK$10 million (US$1.28 million) for breaching anti-money-laundering and counterterrorist financing rules. The penalty comes after an investigation by the city’s de facto central bank found that DBS failed to “continuously monitor business relationships and conduct enhanced due diligence in high-risk situations during various periods between April 2012 and April 2019” and to keep records regarding some of its customers, the... https://www.scmp.com/business/banking-finance/article/3269382/hkma-fines-dbs-hong-kong-us128-million-after-money-laundering-investigation?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3269382/hkma-fines-dbs-hong-kong-us128-million-after-money-laundering-investigation?utm_source=rss_feed Fri, 05 Jul 2024 12:59:07 +0000 Enoch Yiu Enoch Yiu International school visits, property outlook seminars, lucky draws and wine tastings are just some of the freebies that major Hong Kong banks have in store for mainland Chinese customers visiting the city during the Labour Day “golden week” holiday. The holiday, which runs between May 1 and May 5, is expected to draw more than 800,000 mainland Chinese tourists to Hong Kong, according to Hong Kong’s Chief Executive John Lee Ka-chiu. Capitalising on the surge, certain branches of HSBC, Standard... https://www.scmp.com/business/article/3261036/hsbc-stanchart-dbs-tap-golden-week-visitors-drawn-hong-kongs-cash-residency-scheme?utm_source=rss_feed https://www.scmp.com/business/article/3261036/hsbc-stanchart-dbs-tap-golden-week-visitors-drawn-hong-kongs-cash-residency-scheme?utm_source=rss_feed Wed, 01 May 2024 06:00:54 +0000 Dave Besseling Dave Besseling “Bank junks deposit boxes in renovation blunder,” read a headline in the South China Morning Post on October 6, 2004. “A Hong Kong bank has blamed human error for an embarrassing blunder – expected to cost millions – in which 83 safe deposit boxes and their contents were discarded as scrap metal,” the report continued. “DBS Bank (Hong Kong) officials yesterday admitted the boxes had been mistakenly scrapped during renovations to a branch in Mei Foo […] By the time the error was discovered […]... https://www.scmp.com/magazines/post-magazine/short-reads/article/3236870/when-hong-kong-bank-suffered-crushing-humiliation-after-scrapping-83-safe-deposit-boxes-full-cash?utm_source=rss_feed https://www.scmp.com/magazines/post-magazine/short-reads/article/3236870/when-hong-kong-bank-suffered-crushing-humiliation-after-scrapping-83-safe-deposit-boxes-full-cash?utm_source=rss_feed Fri, 06 Oct 2023 03:15:09 +0000 Enoch Yiu Enoch Yiu Tickets to Disneyland, afternoon tea at The Peninsula and fine dining with wine pairings – these are just some of the incentives with which major Hong Kong banks such as HSBC and Standard Chartered plan to woo high-flying mainland Chinese customers visiting the city during the “golden week” holiday. The holiday, which usually falls around China’s National Day on October 1 and runs from September 28 until October 6 this year, will also coincide with the Mid-Autumn Festival. Hong Kong is expected... https://www.scmp.com/business/article/3235540/disneyland-tickets-tea-peninsula-hong-kong-banks-roll-out-incentives-attract-mainland-chinese?utm_source=rss_feed https://www.scmp.com/business/article/3235540/disneyland-tickets-tea-peninsula-hong-kong-banks-roll-out-incentives-attract-mainland-chinese?utm_source=rss_feed Sun, 24 Sep 2023 03:30:26 +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 Enoch Yiu Enoch Yiu HSBC, DBS, and China Citic Bank International are among the city’s major lenders that have offered a wide range of incentives including extended operating hours at certain branches, with an eye on the surge of mainland visitors to Hong Kong during the “golden week” holidays. These banks are offering incentives such as free limousine service, luxury hotel rooms and meals, Covid vaccines, as well as Ocean Park tickets and shopping vouchers to entice wealthy mainland visitors to open new bank... https://www.scmp.com/business/article/3219069/hsbc-dbs-china-citic-other-banks-offer-range-incentives-entice-mainland-business-during-first-post?utm_source=rss_feed https://www.scmp.com/business/article/3219069/hsbc-dbs-china-citic-other-banks-offer-range-incentives-entice-mainland-business-during-first-post?utm_source=rss_feed Tue, 02 May 2023 03:00:10 +0000 Lam Ka-sing Lam Ka-sing Sino Land plans to launch some 2,100 flats in six developments this year, the Hong Kong property developer said on Friday after posting a 36 per cent drop in half-year profit. Some 640 of the 2,077 flats will be available in phase 13 of Lohas Park, in which it has a 25 per cent stake, according to the company’s results presentation. The company is “cautiously optimistic” about Hong Kong’s residential market, chairman Robert Ng Chee Siong said in a filing to the Hong Kong stock exchange, noting... https://www.scmp.com/business/article/3210998/sino-land-set-launch-some-2100-flats-year-it-turns-cautiously-optimistic-hong-kongs-property-market?utm_source=rss_feed https://www.scmp.com/business/article/3210998/sino-land-set-launch-some-2100-flats-year-it-turns-cautiously-optimistic-hong-kongs-property-market?utm_source=rss_feed Tue, 21 Feb 2023 11:23:33 +0000 Enoch Yiu Enoch Yiu The Hong Kong Monetary Authority has launched an electronic platform designed to help small businesses get cheaper loans by sharing their operational data with banks. The Commercial Data Interchange is one of the key initiatives under the de facto central bank’s “fintech 2025” strategy for the next three years. The platform, launched on Monday, allows the 23 banks that have joined the scheme to access the information they need to determine the creditworthiness of small and medium-sized... https://www.scmp.com/business/banking-finance/article/3197064/hkma-launches-new-platform-help-small-businesses-get-cheaper-bank-loans-sharing-their-data-lenders?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3197064/hkma-launches-new-platform-help-small-businesses-get-cheaper-bank-loans-sharing-their-data-lenders?utm_source=rss_feed Mon, 24 Oct 2022 10:30:16 +0000 Lam Ka-sing Lam Ka-sing The potential easing of cooling measures anticipated in Chief Executive John Lee Ka-chiu’s maiden Policy Address will stimulate housing demand but not necessarily lead to a quick rebound in prices because of the prevailing headwinds, according to analysts. Lee is expected to announce several groundbreaking measures in his address on Wednesday, aimed at reviving the city’s battered economy. Property developers and agents have been lobbying the government to scrap legacy stamp duties. Analysts... https://www.scmp.com/business/article/3196405/easing-cooling-measures-not-cure-all-hong-kongs-struggling-property-market-say-analysts?utm_source=rss_feed https://www.scmp.com/business/article/3196405/easing-cooling-measures-not-cure-all-hong-kongs-struggling-property-market-say-analysts?utm_source=rss_feed Wed, 19 Oct 2022 00:30:10 +0000 Enoch Yiu Enoch Yiu One day in early March, Cheung Tin-sang found that the Hang Seng Bank branch near his office in Hong Kong’s Sheung Wan area was closed. Unperturbed, the octogenarian walked 15 minutes to another outlet in Central to withdraw cash. “Getting cash is the major reason for going to the bank these days, as [almost every aspect of banking], such as the settlement of clients’ funds, is now handled electronically,” said the veteran stockbroker, who trades at Luk Fook Securities (HK), which has five... https://www.scmp.com/business/banking-finance/article/3176005/bank-branches-continue-decline-more-lenders-go-digital?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3176005/bank-branches-continue-decline-more-lenders-go-digital?utm_source=rss_feed Sat, 30 Apr 2022 02:00:25 +0000 Enoch Yiu Enoch Yiu Hong Kong lenders are escalating efforts to expand the local market for electronic lai see amid increasing demand from tech-savvy consumers, while current social-distancing measures have made this digital red packet service more essential than ever, according to bankers. Various e-lai see services from the apps of virtual banks such as Mox and ZA Bank as well those of the city’s traditional big players HSBC, Standard Chartered, Bank of China (Hong Kong), Citibank, Hang Seng Bank and Bank of East... https://www.scmp.com/business/banking-finance/article/3165327/hong-kong-lenders-big-and-small-ratchet-competition-citys?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3165327/hong-kong-lenders-big-and-small-ratchet-competition-citys?utm_source=rss_feed Tue, 01 Feb 2022 02:00:23 +0000