Latest news with #GreaterBayArea


South China Morning Post
6 hours ago
- Business
- South China Morning Post
Elevated rents a ‘big problem' for Hong Kong restaurants as closures mount
Hong Kong's restaurant industry is bracing for the wave of business closures to continue into the second half of the year with little hope for a quick turnaround, following a string of shutdowns of well-established chains in the city. 'We are worried about the overall situation in the second half of the year,' Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, told a radio show on Saturday. Wong cited rent as a 'rather big problem', with industry observers saying that prices remained elevated. However, some landlords had recently reduced rents, and in certain areas, prices dropped by up to 15 per cent over the past six months, he added. 'However, when calculated by cost compared with the Greater Bay Area, especially Shenzhen, our costs are still higher,' he said. 'So, in terms of labour, rent, ingredients, other administrative expenses and promotion, it is precisely the cost-effectiveness that puts immense pressure on operating a restaurant in Hong Kong.' Bakery chain Taipan Bread & Cakes, the inventor of 'snow skin' mooncakes, closed down all of its branches earlier this week after more than four decades in the business, becoming the latest in the list of major chains that have shut down in recent years.


South China Morning Post
8 hours ago
- Business
- South China Morning Post
Hong Kong has ‘window of opportunity' for 2036 Olympics bid, working group says
The group behind a potentially audacious bid to bring the 2036 Olympics to Hong Kong said the IOC president's decision to revisit the bidding process 'created an important window of opportunity' for the city. On Friday, Kirsty Coventry announced she had paused the fast-tracking of a preferred bidder, a signature policy of predecessor Thomas Bach, in a concession to International Olympic Committee members who have wanted more say in decisions under new leadership. That was seen as not only stalling the momentum India was believed to have built as favourites to win hosting rights, but also opening the door to a Hong Kong-driven bid to bring an Olympics to China for a third time. A working group, comprised of business leaders and sports officials, has quietly been building support behind the scenes, with the intention of bidding to stage the Games in the Greater Bay Area. In a statement sent to the Post on Saturday, it said 'discussions to date have been extremely positive and, from our perspective, heading in the right direction'. Kai Tak Arena will host the fencing competition for the National Games in November. Photo: Edmond So Sources said business chambers in the city had reacted positively to the group's proposal, while influential figures in several sporting governing bodies had given it serious consideration.


South China Morning Post
a day ago
- Business
- South China Morning Post
IOC's Coventry pauses 2036 Olympics hosting contest, does that open door for Hong Kong bid?
New IOC president Kirsty Coventry has paused the fast tracking of a preferred bidder for the 2036 Olympics, potentially opening the door to a bid from Hong Kong. Advertisement While India had been considered the front runner to win hosting rights, Coventry's decision on Thursday has seemingly stalled that momentum in a race that also includes the likes of Qatar, Saudi Arabia, Indonesia and Turkey. China has yet to officially express an interest in hosting a third Olympics, after staging the Summer Games in 2008 and the Winter version in 2022, but a working group in Hong Kong has been pushing hard to bring it to the Greater Bay Area. The group, which is made up of local business and sporting officials, has already brought their plan to the government and hope to have it mentioned as part of the Chief Executive John Lee Ka-chiu's Policy Address later this year. In a series of opinion pieces, the group has outlined the benefits a Games would bring, and the minimal cost involved if co-hosted with Shenzhen and Guangdong. 01:24 Two-time Olympics champion freestyle skier Eileen Gu teases 2026 Winter Olympics Two-time Olympics champion freestyle skier Eileen Gu teases 2026 Winter Olympics Coventry paused the signature policy of her predecessor and mentor Thomas Bach, in a concession to International Olympic Committee members who have wanted more say in decisions under new leadership.


South China Morning Post
2 days ago
- Business
- South China Morning Post
HKMC explores Greater Bay Area retirement home tie-ups for senior residents
The Hong Kong Mortgage Corporation (HKMC), which has seen a surge in popularity for its retirement-related products, is exploring tie-ups with retirement homes in the Greater Bay Area to support residents planning to retire in the region. Advertisement Executives of HKMC, which is owned by the Hong Kong government, visited the Greater Bay Area cities of Shenzhen and Guangzhou recently to study retirement home operations, said Daniel Leong Ling-chi, CEO of HKMC Annuity, on Thursday. 'We are exploring cooperation opportunities with our retirement home partners so that the senior citizens who have bought our public annuity policies can use their monthly payments to use the facilities,' Leong said. No concrete deals have been made yet, he added. HKMC CEO Colin Pou Hak-wan said they were also looking into whether the retirement homes would accept monthly payments from its annuity scheme holders as well as special deals. 03:31 Ageing Japan turns to AI robots to care for the elderly Ageing Japan turns to AI robots to care for the elderly 'The public annuity scheme is very popular and some annuity-scheme holders have expressed an interest in living in the Greater Bay Area due to its cheaper cost of living,' Pou said. 'We are thinking of the next step on how to help senior citizens better use their annuity payments to support their lives after retirement.' Advertisement


Zawya
4 days ago
- Business
- Zawya
DBS Hong Kong and edge Lead Dialogue on Cross-Border Growth at "Gateway to Indonesia"
Empowers businesses to explore expansion across Indonesia, Hong Kong, and other Greater Bay Area to thrive in Asia's dynamic landscape HONG KONG SAR - Media OutReach Newswire - 24 June 2025 - DBS Bank (Hong Kong) Limited ("DBS Hong Kong") in partnership with edge, a business ecosystem connecting Indonesia, Hong Kong and other cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), hosted the "Gateway to Indonesia: Navigating Uncertainties to Capture Boundless Growth" conference in Hong Kong last week. This timely event aimed to bring together senior executives, investors and professionals to examine the evolving regional economic landscape and explore how businesses can navigate uncertainty while unlocking the tremendous growth potential across Indonesia and the broader Asia region. As the economic environment continues to evolve amid global trade realignments, the conference served as a strategic platform for business leaders to gain data-backed insights, share experiences and develop market entry strategies into Indonesia — one of Southeast Asia's most dynamic and rapidly growing economies. DBS, headquartered and listed in Singapore, possesses a strong regional network and extensive cross-border service experience, giving it a unique advantage in opening doors for businesses into Indonesia. DBS also provides advisory on market entry strategies to help clients navigate the complexities of doing business in Indonesia. DBS Hong Kong offers comprehensive financing solutions to help business tap into the growth opportunities in Indonesia, simplifying and optimising cross-border operations. Through advanced cash management services, the bank enables companies to efficiently manage liquidity across multiple markets, ensuring seamless capital flows. The foreign exchange (FX) capabilities provide competitive rates and risk management tools to help clients mitigate currency volatility under the ever-changing economy. Boris Chan, Managing Director and Head of Institutional Banking Group, DBS Bank Hong Kong, highlighted how DBS Hong Kong is helping clients connect across Indonesia, Hong Kong, and other GBA cities, enabling them to grow with positive impacts in new markets. "We believe Indonesia will have huge investment demands in the future. DBS Hong Kong is committed to being a trusted partner for our clients as they scale across borders. By leveraging our extensive network spanning 19 markets, DBS offers strategic insight, strong local partnerships and comprehensive financial solutions that help businesses manage complexity in these markets and confidently unlock new avenues of growth." His excellency Pak. Yul Edison, Consul General of the Republic of Indonesia in Hong Kong, shared at the conference how Indonesia is adapting to the global trade environment, with a shift from traditional manufacturing to digital industries and e-commerce. "Despite global volatility, Indonesia's economy is also expected to grow by around 5% this year, supported by resilient domestic demand and fiscal discipline. These numbers reflect Indonesia's structural transformation in recent years. Our industrial hubs in Batang, Kendal, and Subang are attracting firms seeking to relocate from China or scale regionally, especially in the EV, electronics, and pharmaceutical sectors." Andrew You, Co-Founder of edge, said, "edge aims to establish a trusted business platform that fosters deep connections in the digital economy between Hong Kong and Indonesia, with a passion to continue advocating for business innovation and economic development. As the commercial hub connecting these two markets, we are delighted to partner with DBS Hong Kong to help corporates explore new frontiers of development." As Asia enters a new chapter of economic transformation, Indonesia's economic momentum is accelerated and driven by a young, tech-savvy population and rising consumption. DBS Hong Kong continues to serve its clients with financing, capital deployment and risk management based in the GBA. The bank believes that Hong Kong's mature financial infrastructure combines with DBS's position as a connectivity hub in Asia, makes it a natural launchpad for regional expansion into Indonesia. Hashtag: #DBSHongKong The issuer is solely responsible for the content of this announcement. DBS DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. Recognised for its global leadership, DBS has been named " World's Best Bank" by Global Finance, " World's Best Bank" by Euromoney and " Global Bank of the Year" by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named " World's Best Digital Bank" by Euromoney and the world's " Most Innovative in Digital Banking" by The Banker. In addition, DBS has been accorded the " Safest Bank in Asia" award by Global Finance for 16 consecutive years from 2009 to 2024. DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit DBS