
Sotheby's calls last-minute halt to Hong Kong sale of Buddha relics after India intervenes
Auctioneers Sotheby's announced on Wednesday morning that it was postponing the sale in Hong Kong later that day of sacred Buddhist relics in response to a demand from the Indian government.
Advertisement
New Delhi also demanded the immediate repatriation of the relics.
The 'Piprahwa Gems of the Historical Buddha' were to have been one of the highlights of a fortnight of auctions ongoing in Hong Kong that are focused on Asian works of art.
According to a member of the family which consigned them for auction, the relics in question are 'duplicates' of precious stones, pearls and pieces of gold believed to have been buried around 2,000 years ago with the corporeal remains of the Buddha.
Carved into floral and other motifs, they were unearthed in 1898 in what today is Uttar Pradesh state in India by a British engineer, William Claxton Peppé, in a stupa near the Buddha's birthplace.
Advertisement
They were found with ash and bones which an inscription in the ancient Pali script described as the 'relics of the Buddha, the August One'.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


South China Morning Post
an hour ago
- South China Morning Post
Can Singapore regain allure, as more of the city's companies flock to Hong Kong for IPOs?
Hong Kong's vast lead over Singapore as a listing venue appears unassailable, with even the Southeast Asian city's home-grown companies heading north to raise funds, but the city state remains determined to improve its allure, according to bankers and analysts. Advertisement IFBH, a Singapore-incorporated Thai firm that is the world's second-largest bottler of coconut water, started trading on the Hong Kong stock exchange on Monday after completing a HK$1.16 billion (US$147 million) initial public offering (IPO) . The bottler of the If brand had planned to list in Singapore but changed course and applied in Hong Kong in April, citing strong connectivity with mainland China, its most important market. IFBH's debut in the city followed that of Mirxes, a Singaporean biotechnology company that raised HK$1.09 billion and saw its shares surge 28.8 per cent on the first day of trading on May 23. The Singapore Exchange (SGX) recorded just one IPO this year, raising US$4.5 million, while the Hong Kong stock exchange raised US$13.2 billion through 38 deals, according to data from the London Stock Exchange Group. Last year, SGX had four deals totalling US$34.2 million, compared with Hong Kong's US$11.3 billion from 67 deals. IFBH and Mirxes underline the valuation upside and deep liquidity in Hong Kong's stock market, which has a market capitalisation of US$6.5 trillion – up 37 per cent from a low point last September – and a daily trading volume of around US$30 billion. Meanwhile, Singapore's stock market is worth about US$488 billion and has a daily trading volume of about US$1.1 billion. Advertisement Despite US-China trade tensions driving some Chinese firms to expand in Southeast Asia and consider listings in Singapore, analysts said the impact on Hong Kong's appeal as a listing venue remained minimal.


South China Morning Post
2 hours ago
- South China Morning Post
Ex-HKEX boss Charles Li's new venture aims to transform Hong Kong's capital market
Charles Li Xiaojia, former CEO of Hong Kong Exchanges and Clearing (HKEX), who spearheaded multiple listing reforms during his 11-year tenure, is seeking to revolutionise capital markets again – this time by helping small companies raise funds. Advertisement Li filed on June 20 to list his newly launched Micro Connect International Finance (MCIF) under HKEX's Chapter 21 regime – a framework designed for investment companies seeking capital from institutional investors. 'When I was at the exchange, we did not like the structure of the Chapter 21 listing rule, as it allowed investment companies to raise funds to invest in a basket of stocks, bonds and other products without a clear theme and standard,' Li said on Thursday. However, MCIF had a clear theme and structure, as it allowed international investors to invest in cash-flow-based assets of small companies and start-ups in mainland China and elsewhere, he added. Charles Li speaks at a media briefing on Thursday. Photo: Handout Unlike conventional listed companies that must meet profit, revenue and asset thresholds, Chapter 21 enables newly established investment firms to raise at least HK$150 million (US$19.23 million) from a minimum of 300 qualified investors, each committing HK$500,000 or more. Advertisement The rules have been in place since 1989, but so far only 21 firms have taken this route. China New Economy Fund was the last to do so in January 2011, a year after Li took over the HKEX's reins.


South China Morning Post
2 hours ago
- South China Morning Post
Spark Deep Dive: How loan sharks target desperate Hongkongers
Deep Dive delves into hot issues in Hong Kong and mainland China. Our easy-to-read articles provide context to grasp what's happening, while our questions help you craft informed responses. Check sample answers at the end of the page. News: How one person can fall victim to loan sharks in Hong Kong High interest rates on loans can lead people to borrow more money to cover their payments When his grandmother died, Hongkonger Fai Chan inherited her flat in eastern Kowloon valued at HK$3 million in 2023. But first, he had to pay a HK$1.2 million premium to the city's Housing Authority. He did not have the money. That was the start of his journey into the world of borrowing at high interest rates and sinking deep into debt. He had been shunned by banks due to a past bankruptcy. So he turned to two well-known finance companies for the money. Each lent him HK$600,000, and he paid the Housing Authority. But their 40 per cent annual interest rate over 10 years meant he had to repay HK$22,000 a month, which swallowed almost his entire salary of HK$20,000 to HK$30,000. The punishing monthly payments became unbearable, and he turned to smaller, less regulated lenders to borrow even more. Soon, he was juggling loans from six different places, all licensed lenders. He was taking on new debt to pay off his old ones. Chan never missed a payment but lived in constant anxiety. His phone number was shared among lenders. These loan sharks bombarded him with offers of 'help' if he needed more cash. 'Over WhatsApp, they will say, 'just come over and get money in 30 minutes',' Chan recalled. 'But once you get there, they will scrutinise your request and get all your information, your family's telephone numbers too.' He learned that hidden handling fees were the biggest trap. A borrower taking out a HK$10,000 loan might only receive HK$8,000 after a 20 per cent fee was deducted. However, they would still have to repay the full HK$10,000 plus interest. The law prohibits lenders from charging fees over the stated interest rate. Seeing him struggle, a friend lent Chan HK$180,000. The loan enabled him to break the cycle of borrowing and sinking deeper into debt. By then, Hong Kong's property market had slumped. The value of his grandmother's flat sank to HK$1.2 million. He sadly gave up the flat he inherited, selling it for HK$1.8 million. After repaying his friend and settling his debts, he was left with virtually nothing. Even now, his phone still occasionally buzzes with messages from lenders. Some falsely claim he still owes them money. Looking back, he said he never would have accepted his inheritance if he had known the trouble it would bring. Staff writers Question prompts 1. According to the news, which of the following is true? (1) Chan had to borrow money because of a flat he inherited from his mother. (2) At one point, Chan was dealing with loans from six places, none of which were licensed lenders. (3) Lenders are not allowed to charge fees over the stated interest rate. (4) Chan got out of debt after a friend lent him money. A. (1), (3) only B. (2), (3) only C. (2), (4) only D. (3), (4) only 2. According to the news, list TWO ways loan sharks manipulate their victims. 3. List ONE positive and ONE negative outcome of Chan's experience with predatory loan companies. Illustration Question prompts 1. What is being shown in the illustration? How does it relate to the information in the news? 2. Based on your own knowledge and what you learned in the news, how did predatory lenders get the nickname 'loan shark'? Glossary bankruptcy: a legal process that helps a person or business who cannot repay their debts. Bankruptcy grants them relief by either wiping out what they owe or making a plan for them to pay over time. However, they may be forced to sell things they own, and it could be more difficult for them to get loans in the future. interest rates: the amount you are charged for borrowing money – a percentage of the total amount of the loan. For example, if you borrow HK$1,000 at a 10 per cent interest rate, it means you will repay HK$1,100. loan sharks: people or businesses that lend money but charge extremely high interest rates and may even use threats of violence to collect debts scrutinise: to examine something very carefully in order to discover information Sample answers News 1. D 2. One way loan sharks manipulate their victims is by bombarding them with messages and offers of 'help'. Even after Chan paid off all his debts, loan sharks continued to contact and harass him, falsely claiming that he still owed them money. This can stress out vulnerable and unaware individuals. Additionally, moneylenders collect all of a borrower's contact information, as well as that of their family and friends, so they can harass others in the victim's network. Finally, loan sharks charge hidden handling fees, which take advantage of vulnerable individuals who lack the funds to repay their debts. They may resort to borrowing more money from other loan sharks to pay the fees, continuing the cycle. 3. A positive outcome for Chan was that he managed to break the cycle of borrowing and repaying, thanks to a friend lending him money. He was no longer in debt. However, the value of the flat he inherited dropped by more than half, forcing him to sell it. Unfortunately, he was left with very little money after paying off his debts. Illustration 1. This cartoon shows a man stranded on a boat surrounded by sharks. The man seems desperate to grab the money being handed to him by a 'finance company', as it says on the sleeve. This is a nod to the information in the news because the man is in a vulnerable situation and needs cash. He is willing to take the money from this so-called finance company. All the while, he is surrounded by sharks - which represent loan sharks - that are ready to prey on him. 2. Loan sharks likely got their name because sharks are predatory creatures that hunt their prey. Similarly, loan sharks also seek out vulnerable people, hunting them down and preying on their assets. (accept all reasonable answers)