In response to the declining status of Hong Kong as an international financial hub, expanding family offices (rich people setting up private companies to manage investment) has become one of the critical performance indicators (KPI’s) for the Hong Kong government. With border clearance by China nowhere in sight, Hong Kong officials choose to find their…
Hong Kong Seeks Goldmines in the UAE as Over 13,000 Mega-Riches Leaving Hong Kong and China for Singapore
October 25, 2022
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Wall Street Giants Confirmed to Attend Hong Kong Global Financial Summit
October 25, 2022
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ChinaHK BusinessHK Current AffairsHong KongHong Kong Overseas’ OrganizationsPaul ChanThe Global Financial Leaders' Investment Summit
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Hong Kong Monetary Authority (HKMA) is holding the Global Financial Leaders’ Investment Summit on Nov. 2, and the HKMA announced some 200 global corporate executives have confirmed to attend the summit. Twenty Hong Kong overseas’ organizations sent a letter to U.S. President Biden, U.S. Secretary of State Blinken, and other U.S. politicians, criticizing executives from…
Hang Seng Index Plunges Over 1,000 Points on the First Trading Day After CCP’s Congress; Chinese Stocks Collapse
On Monday, Oct. 24, Hong Kong and China stocks dropped, reversing the upward trend of U.S. stocks’ onFriday, Oct 21. South East Asia stocks also plunged on Oct 24, in strong contrast to the performance of the global market. The Hang Seng Index plunged by more than 1,000 points, and the Shenzhen Composite Index and…
Hong Kong Stocks Head for Worst Slide Since 2008 as Xi’s Tighter Grip on Power Alarms Investors
Stocks at the Hong Kong exchange suffered one of their worst days in a long time after the National People’s Congress of China confirmed Xi Jinping for a historic third five-year term as the party leader. Hong Kong’s Hang Seng Index fell by 6.3 percent on Monday, to its lowest level since April 2009. The…
World’s Most Expensive Housing Market, Transactions at Three-Decade low
October 19, 2022
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Hong Kong, the world’s most expensive residential market, is facing a downward trend as it drops out of the top 10 world’s wealthiest cities. The economic downturn, immigration wave, and the Federal Reserve’s interest rate hike have all caused Hong Kong’s property prices to face deep declines. With the decoupling of China and the United…
Hong Kong Reduces COVID Measures as Its International Shine Dims
October 13, 2022
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ChinaChina Business & EconomyHK BusinessHong Konghong kong financialInternational RelationsJohn Lee Ka-chiuUS-China relationsVictor ShihYuen Gong-yizero-COVID
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Hong Kong was saved by a group of Wall Street executives, who forced Beijing to allow the city to drop draconian quarantine policies which have lasted for two years. In a bid to revive Hong Kong’s rapidly eroding status as a financial center due to strict quarantine policies, the Hong Kong Monetary Authority (HKMA) plans…
On China’s Disinflation
October 5, 2022
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Disinflation in China is one of the eye-catching macroeconomic phenomena against the backdrop of global high inflation. Look at the other BRICS countries: India’s latest inflation stands at 7 percent, South Africa at 8 percent, Brazil at 9 percent, and Russia at 14 percent. China? Below 3 percent. The real estate and debt deleveraging must…
Continuing to Defend Currency Peg to US Dollar May Be ‘Dangerous’ for Hong Kong: Expert
Hong Kong’s latest foreign currency reserve showed another $10.014 billion drop in August, down from July’s $441.8 billion, pushing the accumulated reduction since last December to $67.563 billion. On Sept. 30, the Hong Kong Monetary Authority (HKMA), the city’s central bank, released an analysis of the city’s foreign currency reserves and foreign currency liquidity. The…
Hong Kong Economy in Deep Water as Interest Rates Rise in Tandem With China and US Markets
October 3, 2022
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The economy has been tense all over the world due to fuel and gas price increases, the ongoing war between Russia and Ukraine, and rampant inflation. In response to the high domestic inflation, the U.S. Federal Reserve increased the interest rate five times this year. Since Hong Kong’s system depends on the linked exchange rate…
New York Crowned the Richest City in the World 2022; Hong Kong Drops out of Top 10
October 3, 2022
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American Consultation Firm Henley & Partners Group published its latest World’s Richest Cities Report on Sep 13. The report confirmed that New York, Tokyo, and San Francisco are the cities with the most millionaires. With Hong Kong dropping quickly from the 8th in 2021 to the 12th this year, it has become the most affected…
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