Paul Chan forecasts ten-quarter rise in Hong Kong GDP
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South China Morning Post
20 minutes ago
- South China Morning Post
Hong Kong stocks kick off trading on a strong note after US-EU trade deal
Hong Kong stocks started the week on a solid note after the US and the European Union (EU) agreed on a trade deal with a lower-than-expected tariff rate that could prevent the global economy from slipping into a recession. The Hang Seng Index rose 0.6 per cent to 25,533.23 at 10.07am local time, while the Hang Seng Tech Index dropped 0.1 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both climbed 0.2 per cent. China Life Insurance rallied 5.9 per cent to HK$24.10 and New Oriental Education & Technology rallied 3.9 per cent to HK$37.30. Ping An Insurance Group added 2.6 per cent to HK$56.10. The framework trade deal between the US and the EU included a 15 per cent tariff on European goods entering the US and significant EU purchases of American energy and military equipment, according to President Donald Trump. The US also struck a trade agreement with Japan last week, which triggered a rally in global equities amid fading fears of a trade war. Traders were gearing up for an eventful week: a third round of trade talks between China and the US are underway in Sweden. In addition, the US Federal Reserve will unveil its decision on interest rates and bellwether companies including HSBC Holdings are due to release first-half earnings reports.
South China Morning Post
an hour ago
- South China Morning Post
Will Hong Kong government's more hands-on approach to development pay off?
News that the government has withdrawn tenders for two sites to speed up development of the Northern Metropolis comes as Hong Kong is still celebrating the anniversaries of various economic initiatives from a previous era. There could not be a better illustration of the changes in the city's approach to economic development. On Monday, the Development Bureau announced that it was withdrawing from two sites that had previously been open to private sector bidders. A three-hectare lot in Yuen Long will instead be given to the wholly government-owned Hong Kong Science and Technology Parks Corporation, which already runs an innovation park on adjacent land. The site will be used to build a microelectronics industrial ecosystem. Meanwhile, an eight-hectare site in Hung Shui Kiu will be developed as an industrial estate run by a government-owned company to be established pending a bureau policy study. In both cases, the administration is clearly taking much more of a leadership role and hands-on approach. This contrasts with the philosophy prevailing immediately after the establishment of the Hong Kong Special Administrative Region in 1997. At that time, then financial secretary Donald Tsang Yam-kuen set up a Business and Services Promotion Unit as part of his own office to play a much more proactive role than the laissez-faire approach that had largely applied under British administration. The unit was created to draw up and implement programmes to help businesses – basically, cutting red tape – and to support the development of Hong Kong's service sector. Each programme had its own advisory committee comprising business leaders and academics, with support from relevant government departments. Financial secretary Donald Tsang (left) is helped by his assistants as he shows copies of Hong Kong's 2000-2001 budget to the press on March 7, 2000. Photo: Dustin Shum Tsang encouraged leading members of the private sector to put forward suggestions for strengthening and improving the economy in general as well as the operating environment in specific sectors. The unit would then study how best to improve the situation with the help of external consultants if necessary.
South China Morning Post
an hour ago
- South China Morning Post
Mainland Chinese hotel brands poised to reshape Hong Kong's hospitality scene, analysts say
Mainland Chinese hotel operators are expected to significantly increase their presence in Hong Kong's hotel industry , potentially replacing established brands in the coming years, according to analysts. Currently, Western and international operators dominate Hong Kong's hotel landscape, while Chinese ones have a minor presence. Among some of the more notable mainland players, BTG Homeinns operates both upscale and mid-market hotels in Hong Kong, including the Wharney Hotel in Wan Chai, Oasis Avenue in Tsim Sha Tsui, and Oasis Aurum 181 in Sai Ying Pun. However, mainland brands had significant potential for growth, said Hannah Jeong, executive director and head of valuation and advisory services at CBRE Hong Kong. 'The Chinese operators are increasing their footprint and it's a global trend,' said Jeong, adding that because 70 per cent of tourists in Hong Kong came from the mainland, Chinese hotels 'must show their presence' in the city. The shift reflects the growing ambition of Chinese hotel operators to expand beyond the mainland, which could give them a competitive edge in attracting hotel asset owners, according to CBRE. Tourists at the Observation Deck of the Peak Tower. Photo: Elson Li Hotel operations typically follow several business models, such as a master lease – where the hotel owner leases the asset to an operator – or hotel service management, whereby the operator manages the hotel on behalf of the owner.
