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☆ Hong Kong property stocks jump after city scraps cooling measures
▼ + stars: | 2024-02-28 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

An urban view of high-rise buildings at dusk as seen from Hong Kong's Victoria Peak. Stocks of Hong Kong developers rose after Financial Secretary Paul Chan scrapped property cooling measures in a bid to bolster the sector, which has been weighed down by high borrowing costs and weak economic sentiment. Churchouse added that this could "be a bit of a positive flip" for the wider Hong Kong stock market as it is highly correlated with the residential property market. Hong Kong's stock markets have plunged around 40% from its highs a couple of years ago. Hong Kong's government is also rolling out over 1 billion Hong Kong dollars ($127 million) to support its tourism industry.

Persons: Chan, Paul Chan, Peter Churchouse, Churchouse, Hong Organizations: Hong, Portwood, Kong's Monetary, Hong Kong Locations: Hong, Victoria, Hong Kong

☆ Spending in Shenzhen: Chinese used to escape to this former British colony. Now Hongkongers are heading in the opposite direction
▼ + stars: | 2024-02-24 | by ( Chris Lau | Veronica Lin | ) edition.cnn.com time to read: +13 min

Hong Kong CNN —With Hong Kong’s sky-high cost of living, residents like Andy Tsui have been looking for alternative ways to have more fun and spend less. Rather than spending his cash in his hometown of Hong Kong, he’s been crossing the border into mainland China to splurge instead. Such trips are noteworthy because, for much of Hong Kong’s modern history, the traffic has been largely — conspicuously, even — in the other direction. Hong Kong used to be the place where Chinese would escape to, not from. In 2023, just 26 million mainlanders — about half of the 2018 crowd — visited Hong Kong.

Persons: Andy Tsui, he’s, boba, ” Tsui, Justin Robertson, Noemi Cassanelli, CNN Hong Kong’s, Hong Kong —, misbehaving, —, ”, Steve Tsang, Hong, Shenzhen’s, Hongkongers, Gilles Sabrie, Hongkonger Eddy Lam, Lam, Cherrie Leung, Qilai Shen, Hugo Sin, “, Gary Ng, John Lee, Tsang Organizations: Hong Kong CNN, CNN, Shoppers, Yuen, Britain, Newspapers, Hong, Hong Kong Immigration Department, China Institute, SOAS University, Huawei, Tencent, Bloomberg, Getty, Sam’s Club, Costco, Sam’s, Walmart, Hong Kong, Shenzhen hasn’t, Xinhua, RTHK, SOAS University of London Locations: Hong Kong, China, splurge, Peking, Shenzhen, East, Hong, People’s Republic of China, British, Beijing, London, Bay Area, San Francisco , New York, Tokyo, Kowloon, Coco, Shanghai, “, Inner Mongolia, Taiwan, Japan, Mainland China, Hong Kong’s, Britain, Canada, Australia, Bay, ”

☆ CNBC Daily Open: The U.S. economy seems to be holding up
▼ + stars: | 2024-02-23 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Overnight, the S&P 500 soared to new highs fueled by Nvidia's blockbuster earnings, notching its best day since January 2023. We are seeing a very strong demand in the mobility space," Grab CFO Peter Oey told CNBC, adding that tourism is "growing very much." Cyberattacks cost the global economy an estimated $8 trillion in 2023 — that is set to rise to $10.5 trillion by 2025, said research firm Cybersecurity Ventures.

Persons: Dow, Peter Oey, Reddit, Sundar Pichai, Goldman Sachs Organizations: CNBC, Nasdaq, Social, Securities and Exchange Commission, New York Stock Exchange, Cybersecurity Ventures Locations: Asia, China, Japan

Shuen Chun-wa, 81, and her husband hurried toward a green bus with two dozen other Hong Kong residents, dragging empty suitcases. They had purple tour stickers on their jackets and were headed to shop in Shenzhen, a bustling Chinese city that sits on the northern side of the border with Hong Kong. She paid $9,000 in Shenzhen for a procedure that would have cost $25,000 in Hong Kong. So I went to Shenzhen.”Since China opened its borders in January 2023 after several years of pandemic isolation, Hong Kong residents have made Shenzhen a weekend destination to shop, dine and, yes, even visit the dentist. Hong Kong remains one of the most unaffordable cities in the world, and its battered economy and plunging stock market have made everyone more money conscious.

Persons: Shuen Chun, Shuen’s, ”, Hong Kongers Locations: Hong Kong, Shenzhen, ”, China

☆ Oil starts week lower after Israel says 'concluded' Gaza strikes
▼ + stars: | 2024-02-12 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early Asian trade on Monday after Israel said it had "concluded" a series of strikes in southern Gaza, slightly easing concerns about supply from the Middle East. Geo-political risks including a feared broadening of the Israel-Palestinian conflict across the region and potential oil supply disruption in the Middle East pushed prices up by about 6% last week. The Israeli military said on Monday it had conducted a "series of strikes" on southern Gaza that have now "concluded," days after Israeli Prime Minister Benjamin Netanyahu rejected a ceasefire proposal from Hamas. While supply concerns in the Middle East remained relatively heightened, news from the U.S. eased some worries. Mainland China's financial markets are closed for the Lunar New Year holiday and will resume trade on Monday, Feb 19.

Persons: Israel, Benjamin Netanyahu Organizations: Brent, U.S, West Texas, Federal Reserve Locations: Gaza, Israel, U.S, Asia, China, Hong Kong, Japan, South Korea, Singapore, Taiwan, Vietnam, Malaysia

☆ Japanese stocks can soar 50%, says advisor — and investors can cash in with these ETFs
▼ + stars: | 2024-02-07 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The Nikkei 225 index , one of Japan's most important stock market benchmarks, could surge more than 50% over the next two years, according to Tokyo-based advisor Jasper Koll. The Nikkei 225 currently stands at just over 36,000 points, meaning Koll's target represents a potential upside of around 50% in the next two years. Hong Kong investors have the CSOP Nikkei 225 Index ETF available. This ETF tracks the MSCI Japan index, which is a different index from the Nikkei 225 but holds about 70% of the same stocks. European, UAE, and Singapore-based investors can access the MSCI Japan index through the iShares MSCI Japan UCITS ETF.

Persons: Jasper Koll, Monex, Koll, CNBC's, JP Morgan Japan, Warren Buffett, Berkshire Hathaway Organizations: Nikkei, JP Morgan, Berkshire, KIM, Japan, Japan Hedged Equity Locations: Tokyo, Japan, Berkshire, that's, Swiss, Hong Kong, U.S, UAE, Singapore

☆ Investors are hoping the power of Xi's personal attention will rescue China's floundering markets
▼ + stars: | 2024-02-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Markets have rallied on the news as it's stoking hopes that China will roll out a forceful rescue plan. China and Hong Kong's stock markets have lost nearly $7 trillion from their peaks in 2021. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The plan is to brief the country's top leaders about the state of the markets, Bloomberg reported, citing unnamed people with knowledge of the matter. But some analysts see these moves as less powerful than Xi's personal participation in stabilizing the markets — even though it's unclear if any new support measures will result from the meeting, Bloomberg reported.

Persons: Xi Jinping, it's stoking, —, Hang Seng, Xi, Li Weiqing, Li Organizations: Bloomberg, Markets, Service, China Securities Regulatory Commission, Hang, CSI, ING, Investment Management, Business Locations: China, Hong, Hong Kong, Beijing, Singapore

Last week, Chinese stocks capped their worst week in five years. On Friday, Big Tech stocks once again carried Wall Street to a record, even though the majority of stocks fell due to renewed worries about risks of a hot economy. The Big Tech stocks, which are two of Wall Street’s most influential, also vaulted the Nasdaq composite up by 1.7%. But the Dow Jones Industrial Average, which has less of an emphasis on tech, rose by a more modest 0.3% to 38.654.42. They’re both members of a small group of Big Tech stocks known as the “Magnificent Seven” responsible for the majority of Wall Street’s run to a record.

Persons: Donald Trump, Hang Seng, Australia’s, it’s, Stocks, Jerome Powell, They’re Organizations: China Securities Regulatory Commission, Nikkei, Big Tech, Meta, Dow Jones, Nasdaq, Federal Reserve, Facebook, Amazon, Apple, Charter Communications, New York Mercantile Exchange, Brent, U.S Locations: HONG KONG, Beijing, Shenzhen, Shanghai, U.S, China, Hong, Asia

☆ CNBC Daily Open: A scorching start for U.S. jobs growth
▼ + stars: | 2024-02-05 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. "We just want some more confidence before we take that very important step of beginning to cut interest rates," he said. Gold, silver advanceGold and silver could rise further this year on hopes that the U.S. Federal Reserve will lower interest rates, said UBS. "Also, this comes with a weaker dollar," said Joni Teves, adding gold will likely hit $2,200 per ounce in 2024.

Persons: Jerome Powell, Hong, Joni Teves Organizations: CNBC, U.S . Federal, CSI, Dow, Nasdaq, UBS, U.S, Senators, House Republicans, Citi Locations: China, U.S, Ukraine, Israel

☆ Asia markets poised for mixed open as they kickstart holiday-shortened week; central bank decisions in focus
▼ + stars: | 2024-02-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Jade Gao | Afp | Getty ImagesAsia-Pacific stocks were set for a mixed open as they kickstart a holiday-shortened trading week for some markets. Investors will watch out for key central bank decisions this week, especially from the Reserve Bank of Australia on Tuesday and the Reserve Bank of India on Thursday. On Monday, private surveys on service sector activity will be released from China and Hong Kong. Hong Kong's Hang Seng index is also set to fall, with futures at 15,412 compared to the HSI's close of 15,533.56. China, Taiwan, South Korea, Singapore, and Hong Kong will all see shortened trading weeks as the Lunar New Year approaches.

Persons: Jade Gao, Hong Organizations: Central Business District, Afp, Getty, Investors, Reserve Bank of Australia, Reserve Bank of India, Nikkei Locations: Beijing, Asia, Pacific, China, Hong Kong, Singapore, Thailand, Australia, Chicago, Osaka, Taiwan, South Korea

☆ Hong Kong government may cut support funding after Messi did not play in friendly match
▼ + stars: | 2024-02-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

HONG KONG, CHINA - FEBRUARY 04: Fans react after not seeing Inter Miami's Argentine forward Lionel Messi play during the friendly match between Hong Kong Team and Inter Miami CF at Hong Kong Stadium on February 4, 2024 in Hong Kong, China. The Hong Kong government said it may cut funding for a friendly match after soccer legend Lionel Messi did not take the pitch on Sunday. The Miami Herald reported that Messi had an MRI last week ahead of a friendly match in Saudi Arabia. The friendly match had been awarded "M" Mark status which is granted to major sporting events held in the city. Hong Kong said it had awarded the event a matching grant of 15 million Hong Kong dollars ($1.9 million) and a venue grant of HK$1 million.

Persons: Lionel Messi, Messi Organizations: Inter Miami's Argentine, Hong Kong Team, Inter Miami CF, Hong Kong, Hong, Major League Soccer, Inter Miami, Argentine, Miami Herald, Florida, China, HK Locations: HONG KONG, CHINA, Hong Kong, China, ., Saudi Arabia

☆ What the collapse of a company owing $300 billion means for the world
▼ + stars: | 2024-02-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +8 min

AdvertisementImportantly, since the court order was made in Hong Kong, it's also unclear if mainland authorities will recognize and comply with the order. However, the company owes about $300 billion — a big shortfall, and there's a clear order of priority when it comes to repayments. How will the Evergrande collapse impact sentiment in China's economy and markets? Notably, the stock market sell-off came before Evergrande's liquidation order. Hong Kong's Hang Seng index ended up slightly higher the day the court order was made.

Persons: —, Kyle Rodda, Rodda, Alvarez, Marsal, Evergrande, it's, Baker McKenzie, Daniel Margulies, Margulies, Andrew Collier Organizations: Service, Business, Hong Kong Stock Exchange, Reuters, Deloitte, CSI, Orient Capital Research Locations: Hong Kong, China, Beijing, Asia

☆ Amazon Filmed ‘Expats’ in Hong Kong, but People There Can’t Watch It
▼ + stars: | 2024-01-30 | by ( Tiffany May | Yan Zhuang | ) www.nytimes.com time to read: +1 min

That series from Amazon Prime, “Expats,” which stars Ms. Kidman, aired its first two episodes last week in what it described as a worldwide release. For Hong Kong viewers, they appeared as “currently unavailable.”The reasons are unknown. Amazon Studios declined to comment. A spokesman for the Hong Kong government said it had facilitated the filming of some street scenes in “Expats” but would not comment on the “operational arrangement of individual businesses.”The show is being released after several years of transformation in the city, a Chinese territory. Hong Kong was largely closed off to the world during three years of pandemic restrictions, and speech and dissent have become severely restricted after a mass protest movement was squashed in 2019.

Persons: Nicole Kidman, “, Kidman, Hong Kong Organizations: Amazon Prime, Hong Kong, Amazon Studios, Hong Locations: Hong Kong, Hong

☆ China's economy is facing a nightmarish Year of the Dragon
▼ + stars: | 2024-01-30 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

With the Year of the Dragon less than two weeks away, China's economy wobbled again on Monday. Fragile growthIn late 2022, China's Communist Party finally called time on its harsh zero-COVID measures — but the economy hasn't enjoyed the post-lockdown rebound many forecasters had predicted. DeflationFalling prices are another source of China's economic woes. AdvertisementNone of that speaks to a dedication to the free market — so China will likely keep struggling to attract more foreign investment in 2024. The sell-off reflects investor concern about the economy's overall health, as well as Chinese tech companies falling behind their US rivals in the development of AI.

Persons: wobbled, Linda Chan, Evergrande, Liquidators, hasn't, they'll, Li Qiang, John Kerry, Janet Yellen, Elon Musk, Xi Organizations: Hong, Business, China's Communist Party, World Bank, Tesla, Communist Party, Bain, Co, Big Tech, CSI Locations: Hong Kong, Evergrande, Beijing, China, Japan, Shanghai

☆ There may be little to recover in the $300 billion Evergrande debt saga
▼ + stars: | 2024-01-29 | by ( Huileng Tan | Nidhi Pandurangi | ) www.businessinsider.com time to read: +5 min

Read previewChina Evergrande — the world's most indebted property developer — received a liquidation order from a Hong Kong court on Monday, but there may be little left to recover, said experts. Hong Kong-listed China Evergrande Group's stock price plunged 21% before the court hearing. But several experts BI spoke to prior to Monday's court order said Evergrande's liquidation will be challenging. AdvertisementIt's bad news for creditors, Mat Ng, the managing director at Grant Thornton, a professional services firm that specializes in restructuring, told BI. Despite the complications that could come with Evergrande's liquidation, there may be some upside in the longer run.

Persons: —, Evergrande, Liquidators, Linda Chan, Chan, Siu Shawn, Mat Ng, Grant Thornton, Ng, That's, John Bringardner, Bringardner, Daniel Margulies, Margulies, Andrew Collier Organizations: Service, Business, Evergrande, Reuters, Trading, Securities Times, Deloitte, Investors, Orient Capital Research Locations: China, Hong Kong, Evergrande, Asia

What next for Evergrande’s creditors? A Hong Kong court on Monday ordered the liquidation of Evergrande, the heavily indebted Chinese property giant. The company’s dissolution raises questions about fairness for overseas creditors — which could have wider implications for foreign businesses operating in China. But as the economy slowed, property sales plummeted, and Chinese regulators began clamping down on excessive leverage and speculation. The judge presiding over Evergrande’s bankruptcy case has now called time after two years of talks.

Persons: Evergrande Organizations: Hong, Monday Locations: Hong Kong, Evergrande, China

☆ China property stocks jump as Beijing takes steps to boost liquidity in the beleaguered sector
▼ + stars: | 2024-01-25 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

A newly built property is seen from the air in Hangzhou city, Zhejiang province, China, Dec 15, 2023. China's property stocks jumped after the country's central bank announced measures that would help boost the liquidity available to property developers. The CSI property index jumped 5.2%, while the mainland's broader CSI 300 added 1.8%. Shares of Hong Kong-listed Country Garden jumped 2.94%, Logan Group gained 5.17% and Longfor Group added 4.61%. The People's Bank of China and the Ministry of Finance said in a joint statement late Wednesday that these new measures will be valid until the end of 2024.

Organizations: Hong, Logan Group, People's Bank of China, Ministry of Finance Locations: Hangzhou city, Zhejiang province, China, Hong Kong, Hang

☆ China tries to halt stock market rout by boosting lending and wooing foreign investors
▼ + stars: | 2024-01-24 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —China has vowed to pump more money into the economy and further open its $64 trillion financial industry to international investors, as Beijing scrambles to restore confidence following a massive stock market rout. The astonishing losses, reminiscent of the last Chinese stock market crash of 2015-2016, highlight a crisis of confidence among investors concerned about the country’s future. It will allow Hong Kong banks to expand their businesses in mainland China and reduce the barriers to investing in mainland insurers. Last month, China Reform Holdings, a state-owned investment fund, announced it had bought tech-focused index funds to support the market. The brutal sell-off in Chinese stock markets has even forced some hedge fund managers to apologize for making wrong bets.

Persons: Li Yunze, “, Pan Gongsheng, Goldman Sachs, Li, ”, Lam, Li Qiang, Wang Zhao, Premier Li Qiang, Stringer, Li Bei Organizations: Hong Kong CNN, Administration of Financial, People’s Bank of, Buildings, New Champions, Getty, Premier, Xinhua, Reuters, Securities Daily, Social Security Fund, China Reform Holdings, Central Huijin Investment, Shanghai Banxia Investment Management Locations: China, Hong Kong, Beijing, Shanghai, Shenzhen, People’s Bank of China, Victoria Harbour, British, Tianjin, AFP, Central, Fuyang, China's, Anhui

☆ China is weighing measures to prop up its stock markets, could reportedly mobilize $278 billion
▼ + stars: | 2024-01-23 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

China is considering a rescue package backed by offshore money to stave off a slump in its struggling stock markets, according to Bloomberg News. The report, citing people familiar with the matter, said Chinese authorities are aiming to get about 2 trillion yuan ($278 billion), primarily through offshore accounts of Chinese state-owned companies to help stabilize the market by purchasing stocks onshore through Hong Kong markets. Hong Kong's Hang Seng index fell nearly 14% in 2023, making it the worst performing major Asian stock market. The Bloomberg report comes a day after Chinese Premier Li Qiang said during a state council meeting the country will be rolling out measures to stabilize its stock markets. "We must take more powerful and effective measures to stabilize the market and confidence," Li said, according to state media.

Persons: Premier Li Qiang, Li Organizations: Bloomberg News, Bloomberg, China Securities Finance Corp, Huijin Investment Ltd, China's CSI, Premier Locations: China, Hong Kong

☆ Asia markets mixed after falling on Wednesday; Australia unemployment data in focus
▼ + stars: | 2024-01-18 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The Sydney Opera House Sydney, New South Wales, Australia. Gallo Images | Brand X Pictures | Getty ImagesAsia-Pacific markets were set for a mixed open Thursday after stocks fell in the previous session, with mainland Chinese shares touching a near-five-year low. Investors will be watching Australia's unemployment numbers on Thursday for clues on the Reserve Bank of Australia's moves in its February meeting. Futures for Hong Kong's Hang Seng index were flat, standing at 15,274 compared with the HSI's close of 15,276.9. Hong Kong stocks plunged almost 4% to hit their lowest level since November 2022 on Wednesday.

Organizations: Sydney Opera House, Getty, Reserve Bank, Nikkei Locations: Sydney Opera House Sydney , New South Wales, Australia, Asia, Pacific, Chicago, Osaka, Hong Kong

TOKYO (AP) — Asian shares traded mixed Thursday as pessimism spread among investors about any imminent interest rate cut in the United States. Wall Street slipped following another signal that it may have gotten too optimistic about when the Federal Reserve will deliver the cuts to interest rates. Yields climbed after a report showed sales at U.S. retailers were stronger in December than economists expected. Higher yields can crimp profits for companies, while also making investors less willing to pay high prices for stocks. Higher yields hurt all kinds of investments, and high-growth stocks tend to be some of the hardest hit.

Persons: Australia's, Korea's Kospi, Seng, Brent, Stan Choe, Yuri Kageyama Organizations: TOKYO, Nikkei, Shanghai, Federal Reserve, Dow Jones, Nasdaq, U.S, Treasury, Amazon, Fed, Traders, CME Group, European Central Bank, U.S . Bancorp, Sporting Goods, Spirit Airlines, JetBlue Airways, JetBlue, U.S ., AP Locations: United States, Hong, U.S, New York

☆ First Prosecution Witness Testifies Against Jimmy Lai in Hong Kong
▼ + stars: | 2024-01-17 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

By Jessie Pang and Edward ChoHONG KONG (Reuters) - The first prosecution witness to testify in a landmark national security case against Hong Kong media tycoon Jimmy Lai said on Wednesday he had been instructed by Lai to call people to join protests in 2019 and draw the attention of western democracies. The witness, Cheung Kim-hung, said Lai believed a proposed law that would allow people in Hong Kong to be sent to China to face trial in courts controlled by the Communist Party would be used to crackdown on the territory's democracy and freedoms. He told the court that the image of Lai "was all along very clear, who pursued democracy, freedom and was anti-totalitarian". Hong Kong officials say Lai will receive a fair trial. Both Chinese and Hong Kong officials have said the national security laws were vital to restoring stability in Hong Kong.

Persons: Jessie Pang, Edward Cho HONG, Jimmy Lai, Lai, Cheung Kim, Cheung, Hong, Apple, Chan Pui, Yeung Ching, kee, Andy Li, Chan, Edward Cho, Dorothy Kam, Greg Torode, Neil Fullick Organizations: Reuters, Hong, Communist Party, Apple, Next Locations: Edward Cho HONG KONG, Hong Kong, China, Beijing, Britain, United States

TOKYO (AP) — Asian shares were trading mostly lower on Wednesday after a decline overnight on Wall Street, while Tokyo's main benchmark momentarily hit another 30-year high. S&P 500 futures fell 0.5% to 4,775.25. Companies across the S&P 500 are likely to report meager growth in profits for the fourth quarter from a year earlier, if any, if Wall Street analysts' forecasts are to be believed. But optimism is higher for 2024, where analysts are forecasting a strong 11.8% growth in earnings per share for S&P 500 companies, according to FactSet. The index remains within 0.6% of its all-time high set two years agoFor now, traders are penciling in many more cuts to rates through 2024 than the Fed itself has indicated.

Persons: Australia's, Korea's Kospi, Stephen Innes, Brent, Stan Choe, Yuri Kageyama Organizations: TOKYO, Dow, Nikkei, Companies, Wall, Federal Reserve, Fed, U.S, AP Locations: Hong, Shanghai, New York

☆ Japan's Nikkei blows past 34,000 mark for the first time in over 30 years; CSI 300 near 5-year lows
▼ + stars: | 2024-01-10 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Tokyo Skytree and Mount Fuji are seen from the I-link Town observatory in Ichikawa city, Chiba prefecture, east of Tokyo on July 2, 2023. Philip Fong | Afp | Getty ImagesAsia-Pacific markets mostly fell Wednesday, with China's CSI 300 closing at near 5-year lows, though Japan defied the trend to extend its 33-year high. Japan's Nikkei 225 surged 2.01% to cross the 34,000 mark for the first time since March 1990, closing at 34,441.72. The broader based Topix also gained, climbing 1.3% to end at 2,444.48 and also hitting levels not seen in more than 30 years. Hong Kong's Hang Seng index dropped 0.49%, while the mainland China's CSI 300 lost 0.47% to finish at 3,277.13, hitting its lowest level since Jan. 31, 2019.

Persons: Philip Fong, Topix, Kospi Organizations: Mount, Afp, Getty, CSI, Nikkei, — Locations: Tokyo, Mount Fuji, Ichikawa city, Chiba prefecture, Asia, Pacific, Japan

☆ Shadow bank Zhongzhi files for bankruptcy as China's debt and property crisis deepens
▼ + stars: | 2024-01-08 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

Shadow banks in China operate by pooling household and corporate savings to offer loans to invest in real estate, stocks, bonds, and commodities. Companies such as Zhongzhi have often financed many large Chinese property developers. Hong Kong listed shares of property firms including Logan Group, China Vanke, Sunac and Longfor Group dropped between 2% and 3.6%. More pain for shadow banks? China's government has in the last few years tried to limit the rapid growth of non-bank debt issued by shadow banks.

Persons: Zhongzhi, Commerzbank, Zerlina Zeng, CNBC's Organizations: Zhongzhi Enterprise, Reuters, Beijing, CSI, Logan Group, Longfor, CreditSights Locations: HANGZHOU, CHINA, Hangzhou City, Zhejiang Province, China, Hong Kong

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