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☆ China expected to announce highly anticipated fiscal stimulus package
▼ + stars: | 2024-11-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING – China is widely expected to unveil more stimulus on Friday after its parliament ends a five-day meeting. President Xi Jinping led a meeting on Sept. 26 that called for strengthening fiscal and monetary support, and stopping the real estate market slump. While the People's Bank of China has already cut several interest rates, major increases in government debt and spending requires approval by the country's parliament, called the National People's Congress. Analysts expect an increase in the scale of fiscal support after Donald Trump — who has threatened harsh tariffs on Chinese goods — won the U.S. presidential election this week. When discussing planned fiscal support at a press conference last month, Minister of Finance Lan Fo'an emphasized the need to address local government debt problems.

Persons: Xi Jinping, Donald Trump —, —, Finance Lan Fo'an Organizations: Hongkong, People's Bank of, People's Congress, U.S, Finance Locations: Shanghai, BEIJING – China, People's Bank of China, Beijing

☆ Hongkong Land plans $1 billion luxury retail destinations in financial hub
▼ + stars: | 2024-06-27 | by ( ) www.cnbc.com time to read: +1 min

Hongkong Land announced a more than $1 billion, three-year investment in ultra-luxury retail in the heart of the city's financial district on Wednesday. Hongkong Land announced a more than $1 billion, three-year investment in ultra-luxury retail in the heart of the city's financial district on Wednesday. The expansion plan comes against a backdrop of overall sliding retail and office markets in Hong Kong, where vacancy rates are at record high levels. But Hongkong Land said its "Very Important Customer" group has continued to spend more in 2023 and 2024, an average of HK$1 million ($128,080) each last year. VIC contributed around 80% of the company's luxury retail sales in Hong Kong.

Persons: Jardine Matheson, Cartier, Louis Vuitton Organizations: Hongkong Land, Hong Kong's, Tiffany, Co, Louis, HK, VIC Locations: Hong, Hong Kong

☆ China, U.S. climate envoys hold video talks on climate-change cooperation
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: 1 min

John Kerry, the U.S. special envoy on climate issues, gestures as he attends a press conference in Beijing, China, July 19, 2023. REUTERS/Thomas Peter Acquire Licensing RightsBEIJING, Aug 23 (Reuters) - China's climate envoy Xie Zhenhua and U.S. counterpart John Kerry held a video call on Wednesday, exchanging views on topics such as climate change dialogue and cooperation between the two countries, Beijing's Ministry of Ecology and Environment said. Both sides agreed to continue to maintain close communication, the ministry said. Reporting by Ella Cao in Beijing and Meg Shen in Hongkong, editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

Persons: John Kerry, Thomas Peter Acquire, Xie Zhenhua, Ella Cao, Meg Shen, Mark Heinrich Our Organizations: U.S, REUTERS, Rights, Beijing's Ministry of Ecology, Thomson Locations: Beijing, China, Rights BEIJING, Hongkong

The one unanimous conclusion they came to was that Beijing wants a greater state presence in these sectors. Kroeber says the crackdowns are about "defining what the state does, what the private sector does, and creating a more limited sandbox for the private sector to play in." That has left investors now picking the state over the private sector. The CCP's July Politburo meeting reinforced the message, with the top policymaking body pledging to put a floor under the property sector, help indebted local governments heal and boost consumer demand. Huang Yan, general manager of private fund manager Shanghai QiuYang Capital Co, said Beijing will crack down on any sector seen as increasing people's economic burden.

Persons: Aly, Jack, Arthur Kroeber, Kroeber, Zhang Kexing, Xi Jinping, Mao Zedong's, Thomas Masi, Masi, Xi, Nuno Fernandes, Fernandes, Huang Yan, Huang, Kumar Pandit, Pandit, Jason Xue, Ankur Banerjee, Vidya Ranganathan, Sam Holmes Organizations: REUTERS, Rights, Ant Group, CSI Medical Services, Beijing Tongrentang, HK, Poly, Beijing Gelei Asset Management, Communist Party's, Investors, Mao Zedong's Marxist, Boston, K Investment Management, Shanghai QiuYang, Somerset Capital, Thomson Locations: Shanghai, China, Rights SHANGHAI, HONGKONG, Beijing, New York, London, Singapore

☆ Morgan Stanley reveals the 'top' property stocks to buy and short right now
▼ + stars: | 2023-07-28 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Morgan Stanley has named three stocks to buy and three to short as it revealed a cautious stance on the global office space sector. Reflecting that view, Morgan Stanley said shares of Office Properties Income Trust and Vornado Realty Trust face significant downside to the current share price. The Wall Street bank expects both stocks to decline by more than 35% over the next 12 months. Stocks to buy Morgan Stanley also identified stocks it said were undervalued, pricing in a significantly worse trading environment than is likely to be the case. Shares of all three property companies are also traded in the U.S. "HK has been pricing in one of the highest implied cap rates across the global office markets.

Persons: Morgan Stanley, Ronald Kamdem, Stocks, Morgan Stanley's, Keppel REIT, — CNBC's Michael Bloom Organizations: Income, Vornado Realty, Hongkong, HK Locations: U.S, Hong Kong, Singapore, Europe, Hongkong Land

☆ Asia’s best bars for 2023 announced
▼ + stars: | 2023-07-19 | by ( Lilit Marcus | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Asia comprises about 30% of the world’s land mass. In addition to ranking the top 50, the 50 Best organization – which also rates restaurants and, soon, hotels – acknowledged “best in destination” prizes for bars that were the highest rated from their country, city or region. It was his first-ever visit to Hong Kong. 50 Best/William ReedAsia’s 50 Best Bars 20231. COA (Hong Kong)2.

Persons: Jay Khan, Ernest Hemingway, Beckaly Franks, Hong Kong's, William Reed, Hong Konger, ”, Franks, “, Rohan Matmary, Trigona’s, Matmary, Singapore’s, Khan, Ajit Gurung, “ We’re, William Reed Asia’s, Aubrey Organizations: Hong Kong CNN —, Pontiac, Native American, CNN Travel, Bars Academy, BKK Social, Tropic, Sago, Cham, SG, Analogue Initiative, Chamber, Employees, Southside, Hope, Sesame, House Locations: Hong Kong, Hong Kong CNN — Asia, Asia, Hong, American, Singapore, Kuala Lumpur, Malaysia, Bangkok, Tokyo, Seoul, Tropic City, Taipei, Vesper, Republic, Delhi, Jakarta, Manhattan, Pantja, Manila, Mumbai, Copitas, Bengaluru, Guangzhou, Vender, Taichung, Kyoto

☆ One country, two crypto systems: Hong Kong harbors crypto hub ambitions despite China's crackdown
▼ + stars: | 2023-03-20 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

Sopa Images | Lightrocket | Getty ImagesThe crypto industry has had a rough year with digital currency markets crashing and companies collapsing across the board. Hong Kong is planning to introduce new rules in June that will require crypto trading platforms to be licensed by the Securities and Futures Commission. Bitcoin ATMs, operated by Coinhero, in Hong Kong, China, on Wednesday, Dec. 21, 2022. While Hong Kong harbors high crypto ambitions and boasts relatively lower tax policy on businesses, the city could still potentially find competition with other crypto hubs. The logo of Bitcoin cryptocurrency at a store in Hong Kong on Thursday, Feb. 10, 2022.

☆ We've laid off very few people in Asia, luxury hospitality group says
▼ + stars: | 2023-03-16 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe've laid off very few people in Asia, luxury hospitality group saysClement Kwok, CEO of The Hongkong and Shanghai Hotels, says it was a "conscious decision" despite low levels of business.

Atlanta/Hong Kong CNN —The United States on Thursday added two subsidiaries of Chinese genetics company BGI to a trade blacklist over allegations it conducted genetic analysis and surveillance activities for Beijing, which Washington says was used to repress ethnic minorities in China. CNN has reached out to BGI Group, which is one of the world’s largest genomics companies and a listed firm based in Shenzhen, for comment on its subsidiaries. China has regularly pushed back against these reports with firm denials. The latest list compiled by the US Department of Commerce includes a total of 28 Chinese entities, four from Pakistan, three from Myanmar and one each from Belarus, Russia and Taiwan. Being placed on the list means the entities are restricted from buying American technology and other goods.

REUTERS/Eric ThayerMarch 2 (Reuters) - The Biden administration on Thursday added 37 companies to a trade blacklist, including units of Chinese genetics company BGI (300676.SZ) and Chinese cloud computing firm Inspur, in a move that promises to further ratchet up tensions with Beijing. The Commerce Department, which oversees export controls, added BGI Research and BGI Tech Solutions (Hongkong), over allegations that the units pose a "significant risk" to contributing to Chinese government surveillance. The Commerce Department accused Inspur of acquiring and attempting to acquire U.S. goods to support China's military modernization efforts. Commerce added 26 other Chinese entities to the list - which makes it hard for targeted companies to receive shipments of U.S. goods from suppliers. In 2020, the Commerce Department added two units of BGI Group, the world’s largest genomics company, to its economic blacklist over allegations it conducted genetic analyses used to further the repression of China’s minority Uyghurs.

☆ Hong Kong’s office landlords face a tough rebound
▼ + stars: | 2023-03-01 | by ( Thomas Shum | ) www.reuters.com time to read: +3 min

HONG KONG, March 1 (Reuters Breakingviews) - Hong Kong offices are emptier than in other Asian financial centres. Singapore and Tokyo boast rates well under half of Hong Kong’s level, and figures there are either improving or roughly unchanged. Last year, mainland-based companies accounted for less than 6% of all leases in Hong Kong’s key Central business district, from nearly 30% in 2019. Hong Kong’s economy shrunk for three of the last four years, and its population is slimming too. However, the plan to reduce its office footprint may not apply to Hong Kong, a person familiar with the situation told Breakingviews.

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