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Hong Kong economyi

Breaking news and analysis on Hong Kong's economy and the companies that operate in the city, including its GDP, economic outlook, impact of the coronavirus outbreak, macroeconomic indicators, the local government finance and budget, retail sales, consumption, employment and monetary policy.

 

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With some 25,000 attending and economic gains of as much as HK$300 million, the three-day tournament lifts Hong Kong into the spotlight. String of events to follow with “Arts March” cultural activities for rest of month.

  • Hong Kong’s biggest bank and start-up hub aim to build ‘international fintech corridor’ to further city’s goal of being international hub for such technology
  • HSBC will provide financial services to Hong Kong Science and Technology Parks companies and look to adopt their technologies

Private credit lenders are capitalising on businesses’ thirst for generating liquidity from their property assets in Hong Kong, banking on the city’s sound legal system.

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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.

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.

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.

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.

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.

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.

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.

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Commissioner’s office for China’s foreign ministry in Hong Kong also accuses America’s ambassador to country of ‘irresponsible talk’ regarding domestic national security bill.

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.

Chainlink will host its annual SmartCon in Hong Kong this October, an announcement that comes after CoinDesk said it is bringing Consensus to the city next year.

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.

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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.

Just over a quarter of companies in Hong Kong expect to add staff this year, while some 16 per cent expect to cut headcount, KPMG survey shows. Many candidates are eyeing the Greater Bay Area as an alternative.