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China's state planner was set to meet property firms carrying large dollar-denominated debts on Tuesday to take stock of their total issuance volume and repayment capability, amid mounting concern about liquidity. read moreShares of property developers extended losses, hurt also by concern over China's plans to introduce a real estate tax. China's CSI 300 Real Estate Index (.CSI000952) fell 2.8%, and the Hang Seng Mainland Properties Index (.HSMPI) dropped 4.3%. The broader Hang Seng index (.HSI) edged down 0.4% while China's CSI300 index (.CSI300) slipped 0.3%. Chinese Estates Holdings Ltd (0127.HK) said it would book a loss of HK$288.37 million ($2.24 billion) this fiscal year from its latest sale of bonds issued by Chinese property developer Kaisa Group Holdings Ltd (1638.HK).
Persons: Thomas Peter, Fitch, who's, China Evergrande, Donny Kwok, Andrew Galbraith, Anne Marie Roantree, Himani Sarkar, Robert Birsel Organizations: REUTERS, HK, China Evergrande, Co, Fantasia Holdings, Evergrande, CSI, Mainland Properties, Chinese Estates Holdings, Kaisa Group Holdings, Finance, China, Thomson Locations: Beijing, China, Seng, HONG KONG, SHANGHAI, Hong Kong, Shanghai
Tech and property firms dragged Hong Kong stocks lower
  + stars: | 2021-10-26 | by ( Reuters Staff | ) www.reuters.com   time to read: +2 min
Oct 26 (Reuters) - Hong Kong shares finished down on Tuesday, dragged by tech and property firms. The Hang Seng index fell 0.4%, to 26,038.27, while the China Enterprises Index lost 0.7%, to 9,259.43 points. ** The Hang Seng Tech Index lost 1.3%, index heavyweights Alibaba Group and Meituan dropped 2.6% and 1.3%, respectively. ** Mainland property firms Country Garden, China Evergrande Group, Sunac China lost between 4% and 7.4%. ** “We expect more property policy fine-tuning to offset the negative impact of the property market downturn and weak economic outlook,” CLSA added.
Persons: CLSA, ” CLSA Organizations: Hong Kong, China Enterprises, Seng Tech, Alibaba, Technology, Heng, Index, Mainland Properties, Garden, China Evergrande, Sunac, Tesla, Inc Locations: Hong, China, Sunac China, Hong Kong
The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly SongHONG KONG/SHANGHAI, Oct 26 (Reuters) - Modern Land (1107.HK) reported a missed payment on Tuesday, the latest Chinese property developer to do so, adding to worries about spiralling effects of the debt crisis at behemoth China Evergrande Group (3333.HK) and dragging on shares in the sector. Shares of Chinese property shares extended losses, hurt also by concerns over plans to introduce a real estate tax. Chinese Estates Holdings Ltd (0127.HK) said it would book a loss of HK$288.37 million in the current financial year from its latest sale of bonds issued by Chinese property developer Kaisa Group Holdings Ltd (1638.HK). China Evergrande (3333.HK) gave up early gains to fall 6%.
Persons: Aly, HONG, who's, China Evergrande, Donny Kwok, Andrew Galbraith, Anne Marie Roantree, Himani Sarkar Organizations: China Evergrande Group, REUTERS, HK, China Evergrande, Co, Fantasia Holdings, Evergrande, CSI, Mainland Properties, Chinese Estates Holdings, Kaisa Group Holdings, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, SHANGHAI, HK, Hong Kong, Shanghai
China stocks inch higher on IT gains; Hong Kong slips
  + stars: | 2021-10-26 | by ( Reuters Staff | ) www.reuters.com   time to read: +1 min
SHANGHAI, Oct 26 (Reuters) - China stocks edged up on Tuesday, led by information technology stocks, while sustained worries over a planned pilot real estate tax scheme weighed on sentiment. The Hang Seng index dropped 0.4% to 26,028.94. The Hong Kong China Enterprises Index lost 0.8% to 9,251.00. ** The information technology sub-index, the construction engineering sub-index and the new energy vehicles sub-index added more than 1% each. ** In the Hong Kong market, tech and properties stocks dragged the Hang Seng benchmark.
Persons: CLSA, Liu, Janet Yellen, Rashmi Aich Organizations: Hong Kong China Enterprises, U.S, Treasury, Seng Tech, Technology, Heng, Index, Mainland Properties, Longfor, Sunac, Shanghai Locations: SHANGHAI, China, Shanghai, Hong, Hong Kong, Sunac China
China's yuan inches higher after Sino-U.S. talks
  + stars: | 2021-10-26 | by ( Reuters Staff | ) www.reuters.com   time to read: +3 min
In the spot market, onshore yuan opened at 6.3845 per dollar and was changing hands at 6.3830 at midday, 26 pips firmer than the previous late session close. By midday, the broad dollar index rose to 93.892 from the previous close of 93.842, while the offshore yuan was trading at 6.3815 per dollar. Negative number indicates that spot yuan is trading stronger than the midpoint. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2% from official midpoint rate it sets each morning. OFFSHORE CNH MARKET Instrument Current Difference from onshore Offshore spot yuan 6.3815 0.02% * Offshore 6.5637 -2.66% non-deliverable forwards ** *Premium for offshore spot over onshore **Figure reflects difference from PBOC's official midpoint, since non-deliverable forwards are settled against the midpoint.
Persons: Liu, Janet Yellen, Ken Cheung, Winni Zhou, Andrew Galbraith, Simon Cameron, Moore Organizations: U.S, Treasury, U.S ., Mizuho Bank, People's Bank of China, European Central Bank Locations: SHANGHAI, U.S, China, United States, Hong Kong, Japan
HONG KONG — A Hong Kong activist dubbed "Captain America 2.0" for wielding the superhero's shield during protests was found guilty of incitement to secession on Monday, the second person convicted under a national security law imposed by China in a crackdown on dissent. Critics say authorities have used the security law as a tool of repression, and that the right to free speech, enshrined in the city's mini-constitution, the Basic Law, has been severely undermined. Hong Kong's first national security conviction involved a man, Tong Ying-kit, who rode a motorcycle into a group of police officers. "The environment of repression and perpetual uncertainty created by the national security law makes it impossible to know what activities might lead to criminal sanctions," she added. A Hong Kong Security Bureau spokesman said in response to a Reuters request for comment that "every person or organization must abide by the laws of Hong Kong," and that the security legislation "upholds human rights."
Persons: Ma Chun, Stanley Chan, unreservedly, ” Ma, Critics, Hong Kong's, Tong Ying, Tong, America’s, Edwin Choy, Ma, Anjhula Mya Singh Bais, Hong, ” Singh Bais Organizations: NBC, China, British, Defense, Amnesty, Hong, Hong Kong Confederation of Trade Unions, AP, Hong Kong Security Locations: HONG KONG, Hong Kong, China, Beijing, Kong, Asia's, Taiwan
Princess Mako of Japan at the enthronement ceremony for Emperor Naruhito at the Imperial Palace in Tokyo on Oct. 22, 2019. Rather than Tokyo’s prestigious Gakushuin University, favored by the imperial family and other Japanese elite, she chose to study at International Christian University in Tokyo. Emperor Naruhito of Japan, Empress Masako, Crown Prince Fumihito of Akishino, Princess Kiko, Princess Mako and Princess Kako at the New Year's Day celebration at the Imperial Palace in Tokyo on Jan. 1, 2020. “I think this has conveyed the image that the imperial family as a system can never make women happy,” Hara told NBC News. Along with traditional tabloid newspapers, he said, imperial family members also now have to contend with criticism on social media.
Persons: Princess Mako, Emperor Naruhito’s, Prince Fumihito, Kei Komuro, Rather, Britain’s Prince Harry, Meghan Markle, Mako, Aiko, Prince Hisahito, Emperor Naruhito, Kazuhiro Nogi, Ken Ruoff, , , Emperor Akihito, Prince, Hisahito, ” Ruoff, Mako’s, Prince Akishino, Komuro, Critics, quarantining, Naruhito, Empress Masako, Akishino, Princess Kiko, Kako, Kunihiko Miura, Takeshi Hara, Naruhito’s, ” Hara, what’s, Reina Sakaguchi, Toshifumi Kitamura, Sayaka Fujita, ” Komuro, Lowenstein Sandler, Ruoff, Harry, Meghan, “ They’re, Jennifer Jett, Arata Yamamoto, Olivier Fabre Organizations: Center, Japanese Studies, Portland State University, Prince Hitachi, Mainichi, Gakushuin University, International Christian University, University of Leicester, Fordham University, Open University of Japan, Harvard, NBC, Imperial Household Agency, Mako, University of Tokyo, Getty, New, New York, Bar Locations: HONG KONG, Japan, Tokyo, United States, Scotland, England, New York, Saitama, AFP, U.S, Hong Kong
Asia stocks catch Wall St cheer but China caps gains
  + stars: | 2021-10-26 | by ( Kane Wu | ) www.reuters.com   time to read: +3 min
Hang Seng Index and China’s benchmark CSI300 Index opened higher but fell into negative territory, weighed by property stocks. “Of the S&P 500 firms that have reported this season, the net surprise on earnings has been 13%. The Dow Jones Industrials and S&P 500 closed at record highs on Monday. Tesla, which jumped 12.66% and breached $1 trillion in market capitalisation, also provided the biggest boost to the S&P 500 and the Nasdaq. “However, we need to watch whether it will put on extra pressure on the Chinese property market when property tax is rolled out.
Persons: Issei Kato, Australia’s, , Dow Jones Industrials, Tesla, Edison Pun Organizations: Reuters, SoftBank Corp, Nikkei, REUTERS, Facebook, Apple Inc, Microsoft, ANZ Research, ” ANZ, Nasdaq, Saxo Markets, U.S, Treasury, Federal Reserve, Brent, U.S . West Texas Locations: HONG KONG, Hong Kong, Tokyo, Japan, 0133GMT, Asia Pacific, China, Edison Pun ,, United States, U.S
HONG KONG (Reuters) - Asian stocks largely rallied on Tuesday, following Wall Street’s record highs overnight, though fresh worries about China’s property sector weighed on investors’ sentiments. China property stocks extended their losses in the afternoon sessions as another developer, Modern land, defaulted on a payment, adding to worries about spiralling effects of the debt crisis at China Evergrande Group. “However, we need to watch whether it will put on extra pressure on the Chinese property market when the property tax is rolled out. “Of the S&P 500 firms that have reported this season, the net surprise on earnings has been 13%. The Dow Jones Industrials and S&P 500 closed at record highs on Monday.
Persons: Issei Kato Europe, , Anderson Alves, Australia’s, Edison Pun, Dow Jones Industrials, Tesla Organizations: Reuters, SoftBank Corp, Nikkei, REUTERS, China Evergrande Group, CSI, Saxo Markets, U.S . Federal Reserve, Facebook, Apple Inc, Microsoft, ANZ Research, European Central Bank and Bank of Japan, Nasdaq, Treasury, Federal Reserve, Brent, U.S . West Texas Locations: HONG KONG, Tokyo, Japan, U.S, Asia Pacific, Hong Kong, China, Edison Pun ,, United States
Stocks across the world buoyant on upbeat earnings
  + stars: | 2021-10-26 | by ( Tom Wilson | Kane Wu | ) www.reuters.com   time to read: +4 min
LONDON/HONG KONG (Reuters) - Shares made slim gains around the world on Tuesday, with upbeat corporate earnings buoying European shares and outweighing recurring worries about China’s property sector. REUTERS/Suzanne PlunkettThe broad Euro STOXX 600 hit its highest in seven weeks, adding 0.5%, with German stocks gaining 0.9%. The MSCI world equity index, which tracks shares in 50 countries, added 0.1%Asian stocks had earlier followed Wall Street’s record highs overnight, before giving up their gains. MSCI’s gauge of Asia-Pacific stocks outside Japan was flat after briefly touching its highest in six weeks, following gains throughout October. Weighing on the market were Chinese property stocks, which extended losses as another developer, Modern Land, defaulted on a payment, adding to worries about the effects of the debt crisis at China Evergrande Group.
Persons: Suzanne Plunkett, Robert Buckland, Organizations: Reuters, London Stock Exchange, REUTERS, UBS, Wall, Apple Inc, Deutsche Bank analysts, Tesla Inc, China Evergrande Group, CSI, Citi, U.S, European Central Bank and Bank of Japan, Treasury, Federal Reserve, Brent, U.S . West Texas Locations: HONG KONG, London, Britain, Asia, Pacific, Japan, China, Hong Kong, Europe, Germany, United States, U.S
China property stocks fall on tax fearsReal estate stocks in Hong Kong declined in Tuesday trade amid fears that Beijing could tax property owners. Shares of debt-ridden developer China Evergrande Group plunged 5.99% while China Vanke fell 5.13% and Country Garden dropped 3.67%. Those losses came after China's top executive body was authorized over the weekend to conduct a property tax test for five years in unspecified regions. South Korea's LG Chem, owner of electric battery maker LG Energy Solution, gained 1.22%. Electric vehicle stocks in Hong Kong also jumped, with shares of BYD rising 3.63% and Xpeng soaring 11.37%.
Persons: China Vanke, Hertz Organizations: China Evergrande Group, EV, Panasonic, Korea's LG, LG, Contemporary, Technology, Dow Jones Industrial, Dow, Nasdaq Locations: China, Hong Kong, Beijing, Asia, Pacific, Tesla, Japan
The office entrance to Amnesty International is seen in Hong Kong on October, 2021, as the Human Rights organization announces it will be closing its offices by the end of 2021.International rights group Amnesty International said on Monday it would close its Hong Kong offices because a China-imposed security law had now made it "effectively impossible" for rights groups to work freely without the risk of reprisals. Anjhula Mya Singh Bais, the chair of Amnesty's international board, said in a statement that the two offices would close by year-end, noting an intensification of a crackdown that has forced at least 35 groups to disband under the law this year. "This decision, made with a heavy heart, has been driven by Hong Kong's national security law, which has made it effectively impossible for human rights organizations in Hong Kong to work freely and without fear of serious reprisals," said Singh Bais. "The environment of repression and perpetual uncertainty created by the national security law makes it impossible to know what activities might lead to criminal sanctions," she added. A Hong Kong Security Bureau spokesman said in response to a Reuters request for comment that "every person or organization must abide by the laws of Hong Kong," and that the security legislation "upholds human rights."
Persons: Anjhula Mya Singh Bais, Hong, Singh Bais Organizations: Amnesty, Human, International, Hong, Hong Kong Security Locations: Hong Kong, China
"The increase in human cases in China this year is of concern. While human H5N6 cases have been reported, no outbreaks of H5N6 have been reported in poultry in China since February 2020. The Chinese Center for Disease Control and Prevention (CDC) could not be reached for comment on the rise in H5N6 human cases. Avian influenza viruses constantly circulate in domestic and wild birds, but rarely infect people. That suggests the latest H5N6 infections in China may be a new variant.
Persons: Thijs Kuiken, Filip Claes, Dominique Patton, Michael Perry Organizations: World Health Organization, WHO, Erasmus University Medical Centre, Chinese Center for Disease Control, Prevention, China's CDC, Regional, Emergency, Food and Agriculture Organization, The, Agriculture, Rural Affairs, Thomson Locations: BEIJING, China, Rotterdam, Hunan, Hong Kong, Sichuan, Chongqing, Guangxi, Guangdong, Anhui, Europe, Guilin
DuKai photographer/GettyModern Land failed to make a $250 million dollar bond payment that matured on Monday. Last week, embattled rival Evergrande unexpectedly made an $83.5 million payment to offshore bondholders. Chinese developer Modern Land became the latest company to miss a bond payment, indicating that the country's property market remains in turmoil. The Hang Seng Mainland Property index fell as much as 5%, while the Hang Seng Property index fell 1.9%. Multiple developers have defaulted this month, although Evergrande made one offshore bond payment worth $83.5 million ahead of deadline last week.
Persons: Evergrande, Sidley Austin, Hang Seng, Read Organizations: Getty, Bell, Bloomberg, Cailian Press, Research, OANDA, Shanghai Locations: Beijing, Hong Kong, China
Earlier this month, the People's Bank of China said that Evergrande had mismanaged its business, but risks to the financial system were "controllable." And at financial forum in Beijing last week, Chinese Vice Premier Liu He stressed that risks were generally under control, despite what he called "individual problems" in the property market. Five developers have already run into trouble as China's once red-hot real estate industry cools rapidly. With total liabilities of some $300 billion, including $20 billion in international bonds, Evergrande is China's most indebted real estate company. At the end of September, Evergrande raised $1.5 billion in cash by selling part of its stake in a Chinese bank.
Persons: Evergrande, Liu, Xu Jiayin, Xu, haven't, Hopson, Fantasia, Moody's, Sidley Austin, Jeffrey Halley, Fitch, Jill Disis, Laura He, Michelle Toh Organizations: People's Bank of, Hong Kong, Fantasia Holdings, China Properties Group China Properties Group, Cheergain, Modern, Asia Pacific, Sinic Holdings Locations: People's Bank of China, Beijing, Guangdong, Chinese, Shenzhen, Hong Kong, China, Asia
Marketmind: Trillion-dollar Tesla
  + stars: | 2021-10-26 | by ( ) www.reuters.com   time to read: +3 min
A Tesla logo is seen at the Tesla Shanghai Gigafactory in Shanghai, China January 7, 2019. REUTERS/Aly SongLONDON, Oct 26 (Reuters) - A look at the day ahead from Sujata RaoApple, Amazon, Microsoft, Alphabet... and Tesla. We now have a trillion-dollar EV firm whose 10% surge on Monday lifted Wall Street to new record highs -- electric vehicles going mainstream is perhaps encouraging news ahead of the COP26 environment summit. All in all, the global equity index is inching back towards the record highs hit early-September. And French car parts maker Faurecia saw Q3 sales drop 10% as semiconductor shortages forced its customers to cut production read more .
Persons: Aly, Sujata Rao, Tesla, Faurecia, Eli Lilly, Lockheed Martin, Karin Strohecker Organizations: Shanghai, REUTERS, Sujata Rao Apple, Microsoft, EV, Google, Twitter, UBS, Hyundai, Bank of England, Citi reckons, Modern Land, Philadelphia Fed, Survey, Norsk Hydro, Logitech, Electric, Hasbro, Invesco, JetBlue, Lockheed, P Global, United Parcel Service, Xerox, Texas, Tesla, Thomson Locations: Shanghai, China, Europe, Hong Kong, Corning
Austin Ramzy andModerna agrees to sell up to 110 million Covid vaccine doses to African countries. The African Union has ordered 220 million doses of Johnson & Johnson’s single-shot vaccine, with the option to order 180 million more. A shortfall in expected deliveries from Covax this year has left African countries scrambling to come up with alternative plans to vaccinate their populations. Image Waiting for shuttle buses to mandatory government-designated quarantine hotels in the arrival hall at the Hong Kong International Airport in August. Hong Kong has recorded just two locally transmitted cases in the past five months, but Mrs. Lam said the city had still not met Beijing’s standards.
Persons: Zhang Hao, Austin Ramzy, Zohra Bensemra, Moderna, Stéphane Bancel, Biden, Jerome Favre, Europe —, Carrie Lam, Mrs, Lam, Hong, Hong Kong Organizations: Moderna, Union, Associated Press, , Nationwide, Alxa League, Reuters, New York Times, European Union, African Union, African, Johnson, United Nations, Hong Kong International Airport, ., Asia Securities Industry, Financial Markets Association, Hong Locations: Lanzhou, China, Gansu Province, Inner Mongolia, Beijing, Hunan, Hubei, Hainan, Fujian, Dakar, Senegal, Africa, United States, African, Covax, Hong Kong, , Europe, Hong,
Digital World Acquisition, a Miami-based special purpose acquisition company (SPAC), fell 10.98%, its first declining session since announcing Wednesday it would merge with Trump’s media company to create a social media app called TRUTH Social. Earlier on Monday, short seller Iceberg Research tweeted here it was betting against the company’s shares. The company said earlier this year that it was short popular meme stock AMC Entertainment Holdings. Twitter, Facebook and other social media platforms banned Trump from their services after hundreds of his supporters rioted at the U.S. Capitol on Jan. 6. TRUTH Social is set for a beta launch next month and full rollout in the first quarter of 2022.
Persons: Donald Trump’s, Noble, Noel Randewich, Ira Iosebashvili, Chris Reese Organizations: Research, Wordpress, Noble, AMC Entertainment Holdings, GameStop Corp, Twitter, Facebook, Trump, U.S, Capitol Locations: Miami, Hong Kong
Oct 25 (Reuters) - Hong Kong shares closed flat on Monday as gains in energy and materials stocks were offset by losses in the real estate sector. The Hang Seng index was unchanged at 26,132.03, while the China Enterprises Index fell 0.4% to 9,322.08 points. ** “We believe Beijing is determined to quicken the rollout of property tax, but will still proceed in a cautious way and only phase in the tax gradually. ** Energy stocks and the power-intensive materials sector gained about 1% each. ** Wuxi Biologics went up 3.9%, making it the biggest daily gainer on the Hang Seng Index.
Persons: ” Nomura, Nomura, Hui Ka Yan Organizations: China Enterprises, Xinhua, quicken, Wuxi Biologics, China Evergrande Group, EV Locations: Hong Kong, Beijing, China, Wuxi, Shenzhen
A man wearing a protective mask walks past a logo of HSBC at its headquarters, amid the coronavirus disease (COVID-19) outbreak in Kuala Lumpur, Malaysia September 9, 2020. HSBC posted pretax profit of $5.4 billion for the quarter to September, versus $3.1 billion a year earlier and the $3.78 billion average estimate of 14 analysts compiled by HSBC. HSBC was ranked Europe's biggest lender by assets until last year, when French rival BNP Paribas (BNPP.PA) claimed the title with $3 trillion in assets. INFLATION FEARSDespite the overall positive results, HSBC said its cost projections for 2022 had increased to $32 billion from $31 billion, due to global inflation pressures which would push up its $19 billion wage bill. "A little bit of inflation is good for us as it should drive policy rates higher," Stevenson said.
Persons: Lim Huey Teng, Ewen Stevenson, Noel Quinn, Stevenson, Quinn, Anshuman Daga, Lawrence White, Ana Nicolaci da Organizations: HSBC, REUTERS, HSBC Holdings, Reuters, China Evergrande, Chartered, Barclays, Citi, BNP, Citigroup, Thomson Locations: Kuala Lumpur, Malaysia, Hong Kong, SINGAPORE, LONDON, China, HK, Asia, Singapore, London, Ana Nicolaci da Costa
MORNING BID-Watch those earnings coming!
  + stars: | 2021-10-25 | by ( Reuters Staff | ) www.reuters.com   time to read: +2 min
Oct 25 - A look at the day ahead from Danilo Masoni. The overall picture looks still strong though as the economy remains in recovery mode, offsetting for now angst over central banks tapering bond purchases and raising interest rates. Meanwhile, a long unloved sector, banks, is finding fresh demand from the changing macro environment. HSBC surprised with a 74% rise in profit as concerns about pandemic-related bad loan receded, allowing it to announce a $2 billion buyback. Its shares rose to a 4-month high in Hong Kong.
Persons: Danilo Masoni, Kimberley Clark Organizations: Big Tech, Facebook, HSBC, Futures, Logitech, Packaging Corp, America Locations: Europe, Hong Kong, Italy, Kazakhstan
HONG KONG—Amnesty International said it will pull out of Hong Kong by the end of the year, marking one of the most prominent departures of a civil-rights group since China’s imposition of a sweeping new security law on the city. The London-based rights group said it will close two offices in the city, including a regional base. It cited the security law, which took effect in June 2020, saying the legislation was vague and being used by authorities to restrict freedom of expression and repress political opposition.
Organizations: Amnesty Locations: HONG KONG, Hong Kong, The London
SHANGHAI, Oct 25 (Reuters) - Shanghai shares rose on Monday, led by environmental protection stocks on China’s measures to achieve carbon neutrality, while property firms fell after a report said the government would roll out a pilot real estate tax in some regions. The Hong Kong China Enterprises Index lost 0.2% to 9,335.02. ** Real estate firms lost 2.9%. The official Xinhua news agency said the State Council, or Cabinet, would determine which regions will be involved in the pilot real estate tax and other details. ** Property firms lost 1.3%.
Persons: , Hui Ka Yan Organizations: Hong Kong China Enterprises, Xinhua, State Council, ” Citi, Wuxi Biologics, China, Group, EV Locations: SHANGHAI, Shanghai, Hong, Hong Kong, Wuxi
FILE PHOTO: A general view showing the Central Business District, in Hong Kong, China, September 15, 2021. REUTERS/Tyrone SiuHONG KONG (Reuters) - A financial industry group warned on Monday that Hong Kong’s zero-COVID policy and strict quarantine requirements for international travellers threatens to undermine the city’s status as a financial hub. Local leaders say their focus is removing restrictions on travel from Hong Kong to mainland China, which also has strict entry restrictions. “Hong Kong’s status as an (international financial centre) is increasingly at risk along with its long-term economic recovery and competitiveness as a premier place to do business,” Mark Austen chief executive of Asifma wrote in open letter to Hong Kong’s financial secretary Paul Chan. Hong Kong has reported just over 12,300 cases since the start of the pandemic, mostly imported, and 213 deaths.
Persons: Tyrone Siu, ” Mark Austen, Asifma, Hong, Paul Chan Organizations: Central Business District, REUTERS, Reuters, Asia Securities Industry, Financial Markets Association, Singapore, Regional Locations: Hong Kong, China, Tyrone Siu HONG KONG, Hong, Singapore
HONG KONG (Reuters) - Shares in China Evergrande Group and its EV unit rose on Monday as the embattled property developer moved to prioritise growth of its nascent electric vehicles business over its troubled core real estate operations. FILE PHOTO: A traffic light is seen near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Evergrande rose as much as 6% while China Evergrande New Energy Vehicle Group Ltd as much as 17%, although both later trimmed their gains. Evergrande's new vehicle business, founded in 2019, has yet to reveal a production model or sell a single vehicle here. Broader concerns about China’s real estate sector, which accounts for a quarter of gross domestic product, still loom large for investors and policymakers in the world’s second-largest economy.
Persons: Aly, Hui Ka Yan, Evergrande, Raymond Cheng, ” Cheng, Cheng, Hui, Evergande, Liu He, Yi Gang Organizations: Reuters, China Evergrande Group, REUTERS, Energy Vehicle Group, CGS, CIMB Securities, EVs, China’s Securities Times, Xinhua Locations: HONG KONG, China, Shenzhen, Guangdong province, Beijing
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