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☆ China’s Shenzhen metropolis sees fastest growth in millionaires globally
▼ + stars: | 2024-05-16 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

China's Shenzhen has recorded the fastest growth in millionaires over the past decade, and is poised to see a further influx in the coming years, according to a recent report. Shenzhen recorded 140% growth in millionaire count, according to the report from New World Wealth and investment migration advisors Henley & Partners. In 2023 alone, Shenzhen saw a 10% growth in millionaires, while Beijing and Shanghai recorded a decline of around 5% amid an exodus of high-net-worth individuals from China. Shenzhen, also known as China's Silicon Valley, is expected to continue growing "very strongly" all through to 2040, compared with Beijing and Shanghai, which are likely to see moderate growth, Amoils added. China's Hangzhou city was second in terms of millionaire growth at 125%, while India's Bengaluru and Austin city in the U.S. placed third and fourth, respectively; China's Guangzhou ranked fifth, Amoils told CNBC.

Persons: Andrew Amoils, Amoils Organizations: Wealth, Henley & Partners, CNBC, China's Guangzhou Locations: Shenzhen, China, Beijing, Shanghai, Hong Kong, China's Hangzhou, Bengaluru, Austin, U.S

HONG KONG, Oct 25 (Reuters) - Hong Kong's efforts to revive its shrinking stock market are mere stopgap solutions, as analysts say a reversal in fortunes for Asia's premier financial hub would not be possible without a major improvement in China's economic prospects. With a market value of around $4.3 trillion, Hong Kong is home to one of the top-ranked stock markets globally just behind those in the United States, Japan, China and Europe. New share offerings in Hong Kong have fizzled. Local media reported that a record 47 of the 638 trading participants on the Hong Kong exchange shut shop last year. Chinese firms listed in Hong Kong, such as tech giants Tencent (0700.HK) and Alibaba (9988.HK), comprise the bulk of the turnover on the Hong Kong exchange, leaving Hong Kong hostage to China's fortunes.

Persons: Hong, John Lee, Dickie Wong, Rob Brewis, Aubrey, Eddie Tam, Alvin Cheung, Cheung, ”, Alex Wong, Alex KY, Wong, who'd, Summer Zhen, Xie Yu, Vidya Ranganathan Organizations: Nasdaq, Kingston Securities, Seng China Enterprises, HK, Aubrey Capital Management, Hong, Asset Investments, Prudential, Asset Management Company, Global, Thomson Locations: HONG KONG, China, Hong Kong, United States, Japan, Europe, Shenzhen

Flags of China and U.S. are displayed on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. Reuters reported in June that the very AI chips barred by prior regulations could be purchased from vendors in China's Shenzhen. AI capabilities, aided by supercomputing and advanced chips, improve the speed and accuracy of military decision-making, planning and logistics, according to the regulations released Tuesday. LICENSING EXPANDEDThe new measures also expand licensing requirements for exports of advanced chips to more than 40 additional countries that present risks of diversion to China and are subject to U.S. arms embargoes. "We don’t think incremental semiconductor equipment restrictions are likely to have significant long term effects" on equipment suppliers, Wolfe Research said in a client note.

Persons: Florence Lo, Biden, Moore, Gina Raimondo, Biren, ASML, Lam, Raimondo, Jake Sullivan, Janet Yellen, Alexandra Alper, Karen Freifeld, Stephen Nellis, David Shepardson, Max A, Chris Sanders, Jamie Freed, Daniel Wallis Organizations: REUTERS, Rights, Nvidia, Beijing, Commerce, Reuters, Georgetown University's Center for Security, Emerging Technology, Xilinx, Intel, supercomputing, HIT, AMD, U.S, Lam, Applied Materials, Wolfe Research, Semiconductor Industry Association, Thomson Locations: China, U.S, Iran, Russia, Beijing, China's Shenzhen, Georgetown, CHINA, Macau, Netherlands

☆ China's Shenzhen eases mortgage rules for first-home purchases
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Aug 30 (Reuters) - The Chinese tech hub of Shenzhen issued a notice on Wednesday saying it would let people take preferential loans for first-home purchases regardless of their credit record from Aug. 31, the second major city to ease mortgage rules. The move came after Chinese authorities called on cities on Friday to broaden the definition of first-home mortgages to revive the troubled property market. Guangzhou was the first major city to respond and ease mortgage curbs. Reporting by Ella Cao, Liangping Gao and Ryan Woo; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Ella Cao, Liangping Gao, Ryan Woo, Andrew Heavens Organizations: Thomson Locations: BEIJING, Shenzhen, Guangzhou

☆ China's Shenzhen limits indoor venue occupancy, asks public to work from home
▼ + stars: | 2022-11-27 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 27 (Reuters) - The Chinese city of Shenzhen said it will limit restaurant and other indoor venues to 50% occupancy as part of its COVID prevention measures. New arrivals to the southern city will be barred from entering venues such as theatres and gyms for the first three days, it also said in a government notice on WeChat. During an evening briefing, local authorities also required the majority of enterprises, employees and residents to work from home from Monday to Friday. Reporting by Beijing newsroom and David Kirton in Shenzhen; Writing by Liz Lee; Editing by Edwina Gibbs and Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

☆ China's Shenzhen Energy signs long-term LNG contract with BP
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 26 (Reuters) - China's Shenzhen Energy Group (000027.SZ) has signed a long-term agreement with oil major BP (BP.L) to buy liquefied natural gas (LNG), aiming to lock in supplies with gas-fired power generation poised to surge in the world's second-largest economy. The agreement is Shenzhen Energy's first long-term international LNG contract and its first long-term contract with BP Singapore, the Chinese company said in a statement on Friday. "To meet the demand of Guangdong province and Shenzhen city for energy security and stability, Shenzhen Energy Group is making efforts to promote the construction of gas power plants," it said. "It is estimated that around 2024, as the gas power plants go into operation, the group's total demand for natural gas will significantly rise." QatarEnergy has signed a 27-year deal to supply LNG to China's Sinopec in the longest such agreement to date, as volatility drives buyers to seek long-term supplies.

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