Commentary The moral truth about capitalism was argued eloquently by George Gilder in his 1981 opus “Wealth and Poverty.” “Not from greed, avarice, or even self-love can one expect the rewards of commerce, but from a spirit closely akin to altruism, a regard for the needs of others, a benevolent, outgoing, and courageous temper of…
The Not-So-Great Wall Street of China
November 8, 2022
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Business & MarketsBusiness ColumnistsChinaHK BusinessHong KongOpinionThinking About ChinaViewpointsWall Street
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China Evergrande Chairman’s Hong Kong Mansion Seized by Bank
HONG KONG—A mansion belonging to embattled China Evergrande Group’s chairman in Hong Kong’s prestigious The Peak residential enclave has been seized by lender China Construction Bank (Asia), records from the Land Registry show. The bank appointed receivers to take over the 5,000 sq ft (465 sq m) mansion on Nov. 1, according to a filing….
Amid Financial Turmoil, China’s Local Governments Issue Bonds in Hong Kong
The governments of China’s Hainan Province and the city of Shenzhen announced last month that they would issue up to 5 billion yuan (about $700 million) of offshore bonds in Hong Kong. China’s local governments, under financial stress, are using Hong Kong to access overseas funds, experts believe. However, Hong Kong’s economic outlook is not…
Chinese Stocks Tumble to Multi-Year Lows Due to CCP Congress
After the end of the 20th National Congress of the Communist Party of China (20th NC of CCP) last week, the collective slump in Chinese concept stocks has brought huge returns to investors who shorted the stocks. Traders made a profit of up to 4.4 billion US dollars in short-selling transactions on Oct. 24 and…
HK Economy: Business Activity Tightens in 3Rd Quarter as GDP Contracts Further to 4.5 Percent
The Hong Kong Census and Statistics Department just released the latest GDP estimates on Oct. 31, saying that the GDP in the third quarter fell by 4.5 percent in real terms from a year earlier, while the decline in the second quarter was 1.3 percent. The decline in GDP was mainly attributable to the weak…
Hong Thai Travel Closes After 50 Years in Business
Hong Thai Travel Services (Hong Thai), in business for over half a century, announced on Oct. 28 that it will start liquidation proceedings due to insolvency. Some commented that its demise was a result of the Hong Kong government’s paradoxical and sometimes contradictory anti-pandemic policy and the related containment measures. The benefits granted to the…
HK Banking System Balance Expected to Drop Below USD13 Billion Before Next Fed Meeting
October 30, 2022
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Asia & PacificChinaChina Business & EconomyChina Human RightsChinese RegimeFederal ReserveHK BusinessHong Konginterest raterate hikeWorld
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The U.S. Federal Reserve is expected to hike the rate again at its meeting Nov 1-2. In Hong Kong, the aggregate balance of the Hong Kong banking system is fast reducing to the HK$100 billion (US$13 billion) safety margin, and the Hong Kong dollar interest rate has risen for 13 consecutive days. Some analysts say…
HK Banking System Balance Expected to Drop Below US$13 Billion Before Next Fed Meeting
October 30, 2022
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Asia & PacificChinaChina Business & EconomyChina Human RightsChinese RegimeFederal ReserveHK BusinessHong Konginterest raterate hikeWorld
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The U.S. Federal Reserve is expected to hike the rate again at its meeting Nov 1-2. In Hong Kong, the aggregate balance of the Hong Kong banking system is fast reducing to the HK$100 billion (US$13 billion) safety margin, and the Hong Kong dollar interest rate has risen for 13 consecutive days. Some analysts say…
U.S. Congress, CECC, and Human Rights Groups Urge US Capital Giants to Boycott the Upcoming Global Investment Summit Hong Kong
October 30, 2022
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AmericasAsia & PacificChinaChina Business & EconomyChina Human RightsChinese RegimeHK BusinessHK Current AffairsHong KongJeff MerkleyRep. Jim McGovernThe Global Financial Leaders' Investment SummitWorld
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The upcoming Global Financial Leaders’ Investment Summit in Hong Kong will be held at the Four Seasons Hotel on Nov 2, and at Hong Kong HKEX Connect Hall on Nov 3. Some of the said attendees include senior executives of Goldman Sachs, Citigroup, and other U.S. financial institutions. The U.S. Congress and Congressional-Executive Commission on…
HK Billionaires Are Fleeing and Those in China Have Had Their Wealth Slashed by Tens of Billions of Dollars
October 29, 2022
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AlibabaAsia & PacificbillionairesChinaChina Business & EconomyChinese RegimeHK BusinessHK Current AffairsHong Kongtencent holdingsWorld
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Following the 20th National Congress of the Communist Party, Chinese stocks immediately witnessed a round of plummeting in value. Together with this deep drop in stock prices is a similar depletion of the wealth of China’s richest. According to statistics, the wealth of China’s richest people was slashed by a staggering US$35 billion in one…
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