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Hong Kong economy

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Hong Kong economy
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.
A lawmaker has floated having an entry fee for the East Dam. Photo: Dickson Lee
Hong Kong tourism

Hong Kong’s East Dam draws thousands for ‘golden week’ as entry fee floated

Tourists opt for ecotourism over traditional shopping after Unesco geopark receives widespread publicity on mainland Chinese social media.

Hong Kong

Visitors warned over removing crabs from Hong Kong’s Sharp Island

Hong Kong tourism

Mainland Chinese tourists make 76,056 trips to Hong Kong on Labour Day morning

Hong Kong tourism

Yacht tourists, hikers drive ‘golden week’ optimism for Hong Kong eateries

Industry leader says 5 per cent year-on-year increase in business expected, adding that operators have ramped up manpower to cope with influx.

Industry leaders say they hope the growing trend of mainland Chinese visitors hiking and sailing yachts will bring a windfall to seafood restaurants. Photo: Elson Li
Diplomacy

Opinion | A world adrift looks to China for institutional anchors. Enter Hong Kong

Amid talk of cities like Beijing and Shanghai hosting UN functions as the US withdraws, Hong Kong must ensure it is part of the conversation.

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Hong Kong courts

Former executive of Hong Kong’s insurance regulator acquitted of misconduct

Anti-corruption agency had alleged that Carol Hui coerced insurer Prudential into hiring her daughter-in-law.

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Aviation

China forges new aviation alliances to fast-track C929 certification

Pacts include airworthiness standards for long-haul aircraft, together with Hong Kong and Macau, aiding efforts to expand international operations for Comac’s jets.

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Zhao Chunling, the chief designer of China’s widebody C929 aircraft, touches a model of the in-development jet. Photo: Xinhua
US, Israel war on Iran

Industrial costs up 50% in Hong Kong since start of Mideast war: oil executive

Wah Fu Petroleum Company executive pledges to pass on subsidy to customers, while taxi union leader praises government for quick intervention.

Hong Kong

Hong Kong tour groups to mainland China surge by up to 40% for Labour Day break

Industry leaders say slight fuel surcharge rises for flights to Asian destinations ‘not main driver’ behind Hongkongers heading to mainland.

China economy

Opinion | How Hong Kong’s institutional strengths can power its 5-year plan

The ‘small government’ era is over. Hong Kong must proactively serve as a super value-adder connecting China and the world.

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The Victoria Harbour waterfront in Hong Kong. The city must make full use of its institutional strengths in this increasingly fragmented environment. Photo: Reuters
Interest rates

HKMA warns of interest-rate uncertainty as Fed’s trajectory remains unclear

HSBC, Standard Chartered and Bank of China (Hong Kong) keep their prime and savings rates unchanged.

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The Hong Kong Monetary Authority maintained the city’s base rate at 4 per cent on Thursday. Photo: Jonathan Wong
Hong Kong tourism

Editorial | Ahead of Labour Day, a sensible tweak to Hong Kong’s tourism strategy

While mainland arrivals are still down from their heyday, the tourism strategy is pivoting from pursuing numbers to seeking higher value.

Hong Kong property

Hong Kong penthouse sells for US$54m to mainland Chinese buyer

Sale of 6,701 sq ft home sets record per-square-foot price for High Peak project in Mid-Levels West.

Hong Kong Monetary Authority (HKMA)

Hong Kong throws SMEs lifeline with raft of measures, HK$450 billion in loans

Measures aim to improve access to financing, strengthen resilience, and accelerate transformation amid challenges linked to Middle East war.

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Hong Kong’s small businesses are grappling with soaring fuel prices. Photo: Sam Tsang
Hong Kong society

Youth hostel scheme falls short as only 44% of expected flats available: audit

Audit Commission review finds only 1,326 flats offered at two hotels in operation, fewer than half of 3,000 expected from seven facilities.

Po Leung Kuk Lee Shau Kee Youth Oasis is one of only two properties in operation under the government’s Youth Hostel Scheme. Photo: K. Y. Cheng
Hong Kong

Hong Kong surplus hits HK$11 billion as finance chief ‘monitors’ Mideast war

Financial Secretary Paul Chan says surplus revised to HK$11 billion, HK$8.1 billion higher than the HK$2.9 billion originally forecast in budget.

Hong Kong transport

Hong Kong taxis, minibuses to get 2-month LPG subsidy amid soaring fuel prices

Finance chief Paul Chan says task force monitoring fuel prices has proposed 50 HK cents per litre subsidy for two months, starting in May.

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Banking & finance

Hong Kong’s IPO lead

Hong Kong has retained its crown as the world’s busiest market for initial public offerings so far this year, helped by offerings from printed circuit board maker Victory Giant and pork producer Muyuan Foods.

Hong Kong’s IPO lead
Mainland China

Letters | As data leaks surge, Hong Kong needs to mandate reporting

Readers discuss why the city should require data breaches to be reported, whether more rubbish bins are a solution to littering, and an iconic skyscraper.

Hong Kong cinema

Editorial | Hong Kong cinema can still succeed

The industry needs more than subsidies and discounts to sustain development. It must reinvent itself with more gems and new operating models.

Hong Kong property

Pair of Hong Kong luxury homes sells for US$41 million as market sizzles

Mainland China property tycoon reaps 86 per cent gain on 2010 investment, following another sale in the same project that netted 77 per cent.

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The luxury residential development at 8-12 Peak Road, pictured in 2021. Photo: Jonathan Wong
Hong Kong

Editorial | Hong Kong has a big stake in the harbourfront event space’s success

Success will be measured not only in ticket sales or rental income, but in how the site enhances Hong Kong’s global image.

The Central harbourfront event apace on April 23. Photo: Sam Tsang
Auctions

The Great Wave sale highlights Hong Kong’s art market resilience

Despite overall cooling, Hong Kong’s art market shows resilience – the top end remains intact, and the lower price brackets stay steady.

Hong Kong transport

Rail giant using AR technology to fast-track work on Northern Link station

Augmented reality inspection system is being used at Kwu Tung station to help workers simulate future scenarios.

Hong Kong

Hong Kong exports surge 35.8% in March, sharpest rise in over 5 years

Exports rise nearly 36 per cent year on year, driven by demand for AI electronics and outpacing February’s growth despite trade disruptions.

A cargo ship docked at Kwai Tsing Container Terminals in Kwai Chung. Photo: Sam Tsang
Hong Kong

Hong Kong insurers’ health at risk as medical claims could double in decade

Research finds total reimbursements reached HK$17.73 billion in 2023, up by 61 per cent from HK$10.99 billion in 2019.

The increase was mainly driven by inpatient claims, which grew by 75 per cent to more than HK$14 billion, compared with a 24 per cent growth in outpatient reimbursements. Photo: Getty Images
Food delivery apps

Hong Kong launches consultation on Keeta’s proposal over competition concerns

Competition Commission consults on delivery platform’s commitment to curb exclusivity and support fairness in the market.

Hong Kong

Hong Kong Disneyland profit drops 36% to HK$536 million as costs rise

But managing director stresses profit still second-highest in park’s 20-year history.

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