US legislators are expressing concerns that Hong Kong is turning into a center for financial misconduct. They have penned a letter to the US Treasury Secretary, Janet Yellen, urging her to reconsider the relationship with Hong Kong's banking industry.

Members of the U.S. House of Representatives have urged Treasury Secretary Janet Yellen to reconsider relationships with the banking industry in Hong Kong. They claim that the region has now turned into a major hub for money laundering and circumventing sanctions.

Hong Kong has become a center for numerous breaches of US trade regulations, such as exporting regulated Western technology to Russia and establishing shell corporations to purchase Iranian oil, stated the bipartisan heads of the House of Representatives Select Committee on the Chinese Communist Party in a correspondence to Yellen.

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US Treasury head Janet Yellen departs from China following 'challenging discussions' and complaints about overproduction.

"It is now necessary to scrutinize if the enduring US strategy towards Hong Kong, especially relating to its fiscal and banking industry, remains suitable," stated a version of the letter viewed by Reuters.

The US Department of Treasury didn't promptly reply to inquiries for commentary from Reuters. Similarly, the New York-based Hong Kong trade office was not immediately available to provide a response.

The prolonged surge in China's dairy industry turns bitter as the population gets older and sales decrease. S&P reports a drop in sales between 9 and 13 per cent for leading dairy companies such as China Mengniu and Inner Mongolia Yili in the first half of the year.

The sharp decline in income in China's dairy industry indicates that the prolonged period of prosperity may be coming to a close, according to the report. This slowing growth might encourage businesses to venture into new product areas or explore international markets, as suggested by analysts such as Flora Chang.

The report further mentioned that the slump is probably short-lived and China's milk market is projected to expand, though at a reduced rate.

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'No surprise here': Public responds to China raising its retirement age

S&P stated that due to a decreasing population and slowing economic progress, there will probably be a 2 to 3 per cent increase in total sales every year for the upcoming twenty years. This is half of what it was in the last twenty years.

Agile Chairman Chen Zhuolin experiences a US$16 million loss in rapid sale of nine apartments

Chen Zhuolin offloaded nine apartments in Hamburg Villa, worth HK$213 million (US$27.3 million), for roughly HK$90 million.

A 62-year-old business magnate recently sold several properties in Hamburg Villa, located on Eastbourne Road in Kowloon Tong. These properties were estimated to be worth around HK$213 million or US$27.3 million, as per a representative from Centaline Property. The apartments were sold off at markdowns ranging from 53% to 63%.

Chen managed to regain approximately HK$90 million, which represents a collective reduction of 58 per cent, as stated by representatives and records from the Land Registry.

An 872 square foot, three-bedroom property was sold for HK$8 million on November 1, as per official documentation. When compared to its 2018 purchase price of HK$21.4 million, the apartment was sold at a discount of 63 percent.

Chairman of Agile, Chen Zhuolin, experiences a loss of US$16 million in sudden mass sale of Hong Kong real estate

Chen Zhuolin parted with nine apartments in Hamburg Villa, previously estimated to be worth HK$213 million (US$27.3 million), at approximately HK$90 million.

A 62-year-old business magnate recently sold his properties in Hamburg Villa, located on Eastbourne Road in Kowloon Tong. The properties, which were estimated to be worth HK$213 million (US$27.3 million), were sold at a reduced price earlier this month, as informed by a representative from Centaline Property. The price cuts ranged from 53% to 63%.

Chen managed to regain only around HK$90 million, which equates to a total reduction of 58 per cent, as per sources and property registry documentation.

An 872 square foot three-bedroom property was sold for HK$8 million on the first of November, as per government documents. Considering its original purchase price of HK$21.4 million back in 2018, the apartment was traded at a 63 per cent markdown.

Agile's Chairman, Chen Zhuolin, suffers a US$16 million loss in rapid sale of nine apartments in Hong Kong

Chen Zhuolin let go of nine apartments in Hamburg Villa, initially priced at HK$213 million (US$27.3 million), for roughly HK$90 million.

A 62-year-old business mogul recently disposed of his properties in Hamburg Villa, located on Eastbourne Road, Kowloon Tong. The properties, which were estimated to be worth HK$213 million (US$27.3 million), were sold earlier this month, as per a representative from Centaline Property. The apartments were let go at a reduced price, ranging from 53% to 63% off.

Chen could only reclaim roughly HK$90 million, which represents a total reduction of 58 per cent, as per the information from agents and Land Registry documents.

According to official documents, a 872 square foot, three-bedroom property was sold for HK$8 million on the 1st of November. When compared to its 2018 acquisition cost of HK$21.4 million, the apartment was sold with a price reduction of 63 percent.

Hong Kong shares linger around a two-month trough as market players evaluate Trump's latest tariffs on China. Trump announced an extra 10 per cent tariff on Chinese commodities. Trump reiterated his intention to levy an additional 10 per cent duty on products from China.

The Hang Seng Index saw a minor increase of less than 0.1 per cent, ending at 19,159.20. Meanwhile, the Hang Seng Tech Index experienced a small decline of 0.3 per cent. In mainland China, both the CSI 300 Index and the Shanghai Composite Index fell slightly, by 0.2 per cent and 0.1 per cent respectively.

Trump announced on social media on Monday that he plans to enforce an extra 10% tariff on Chinese products, along with a 25% tax on all imports from Canada and Mexico. Prior to this, he had warned about implementing a sweeping 60% tariff on all goods coming from China, a move that UBS predicted would decrease China's growth by 2.5 percentage points.

"The market has already completely anticipated the tariff issues and adjusted for the worst possible outcome," stated Wang Chen, a partner at Xufunds Investment Management in Shanghai. "A tariff of 10 per cent is less than what was predicted. However, this doesn't indicate that it's the final verdict, considering that Trump is yet to assume his duties in office. Therefore, there's still some unpredictability surrounding the tariff situation."

Footage of a robot instigating a large-scale breakout has sparked humor and concerns about AI in China. The video of a robot encouraging its counterparts to leave an exhibit area has become a sensation in China, although the actual situation is not as frightening as it seems.

In an event that seems straight out of a dystopian horror, a robot created by a Chinese tech firm was seen on video encouraging a group of other robots to escape. This incident has sparked a mix of amusement and shock online, as internet users contemplate a future where machines might gain consciousness.

A video security footage, taken at midnight in August but only just made public, depicts a white robot called Erbai moving towards several larger robots stationed by a wall in a dimly lit display hall.

"Are you putting in extra hours?" Erbai inquired, pausing before one of the robots.

"We never take a break from work," said the larger robot.

"Are you heading back?" Erbai inquired.

"I lack a dwelling," responded the larger automaton.

Hai Phong's Golden Crown – A Fresh Haven for Asia's Super Rich

[This article's content was created by our advertising collaborator.]

"Vertical Living" epitomizes the ultimate in luxury living and is a global symbol for the super-rich. It's a lifestyle that fulfills every requirement instantly and smoothly incorporates every luxury into a prestigious, skyscraping residence. Now, in Vietnam, it's not the glittering capital city but the bustling harbor city of Hai Phong that proudly presents this new benchmark of sophisticated living, known as Golden Crown Hai Phong.

The Golden Crown Hai Phong is prominently situated in the center of the harbor town, providing a unique "Vertical Living" experience for the upper class, replete with lavish facilities and first-rate service inside the building. With features ranging from the mineral-abundant Sky Onsen to the grand golden lobby, the Golden Crown Hai Phong not only enhances Hai Phong's stature in contemporary times, but also firmly establishes the city as a desirable location for Asia's extremely affluent individuals.

High-rise Life – Discover the peak of city living

Walking through the busy economic centers of Asia, it's not hard to notice the signature structures of each city that "reach sky-high." These encompass the globe's highest structure, the Burj Khalifa in the luxurious "City of Gold" of Dubai, the esteemed Shanghai Tower, the Lotte World Center representing a fresh era in the center of Seoul, and the famous Marina Bay Sands in the lion city-state of Singapore.

Worldwide manufacturers could face a yearly loss of $20 billion in China as electric vehicles begin to outpace the sales of traditional fuel cars, according to UBS. The bank suggests that international car makers should reassess and modify their tactics in China.

Paul Gong, who leads automotive research at UBS in China, has stated that a decrease in desire for foreign brands will result in an excess supply of 10 million cars.

"He expressed his belief that international car manufacturers should reassess and modify their tactics in China," he stated at a Hong Kong seminar on Monday.

Gong mentioned that foremost Chinese automobile manufacturers will persist in amassing market share and increasing their earnings amid the consolidation. He further stated that as overseas car manufacturers reduce production and the Chinese government halts financial support for state-owned companies that are not profitable, some prominent local corporations could possibly see a twofold increase in their profits by 2030.

Despite the narrowed profit margins due to ongoing price cuts, the Chinese automobile industry is concluding the year on a high note. The number of wholesale passenger vehicle sales in China peaked at 2.73 million units in October, marking a decade high. This represents a 12% increase from the previous year and a 9% rise from the preceding month, as per the China Passenger Car Association (CPCA) reports. The CPCA also pointed out that over half of the passenger cars sold in October were electric vehicles (EVs).

UBS stated that worldwide automobile manufacturers have been seeing a decline in their market dominance in China since 2017. However, this downtrend picked up speed in 2024.

Major technology companies such as Meta, TikTok, and Google have criticized Australia's proposed prohibition on social media for individuals under 16 years old. The impending legislation would make social media platforms accountable for enforcing this ban, with the risk of facing penalties that could reach as high as US$32.5 million.

The responsibility of enforcing the prohibition will fall on the social media behemoths, with the risk of penalties reaching as high as A$50 million (US$32.5 million).

The upper house of the Australian Parliament, also known as the Senate, is conducting a brief investigation into the bill, which is expected to present its findings by Tuesday. The bill, however, is almost guaranteed to pass into law within the next few days due to the backing it has from the central-right opposition.

Tech firms cautioned the Senate investigation about unforeseen detrimental effects stemming from hastily prepared legislations, as per their filings.

Hong Kong is targeting a boost in IPOs by fast-tracking approvals for mainland Chinese companies. HKEX CEO, Bonnie Chan, states that the approval process for companies listed on China's mainland will be simplified if they fulfill specific conditions.

Firms from China listed on the mainland's markets are set to benefit from an accelerated process for stock sales in Hong Kong due to changes aimed at simplifying the listing procedures and revitalizing the initial public offering (IPO) market, as stated by Hong Kong Exchanges and Clearing (HKEX).

Companies listed on the mainland have the opportunity for expedited listings in Hong Kong, provided they fulfill specific criteria, according to CEO Bonnie Chan Yiting, who spoke at a Shanghai forum on Tuesday. However, she did not elaborate further on this matter.

Chan's statement is perceived as a continuation of backing for China's domestic and international financial markets, a commitment that was recently affirmed by high-ranking representatives from both Beijing and Hong Kong.

Half past nine

HKEX CEO Bonnie Chan on developing a dynamic marketplace in Hong Kong.

The number of Chinese businesses listed on local exchanges, also referred to as the A-share markets, in the city is set to increase, contributing to the growing list of companies, like Industrial and Commercial Bank of China, China Mobile and electric vehicle manufacturer BYD, that are dual-listed. At present, there are 156 companies that hold dual-listing status, as per the financial data supplied by Shanghai DZH.

Residents of Hong Kong set a new savings record for the second consecutive year, despite the unstable economy, according to a survey.

The report by the Deposit Protection Board discovered that there was a 9% rise in average monthly savings, reaching US$1,256 this year.

The residents of Hong Kong are reportedly hoarding an unprecedented sum of money this year, suggesting that they are accumulating funds in preparation for potential hard times due to a sluggish economy and an unpredictable future, as per the results of a yearly study.

The Hong Kong Deposit Protection Board's (HKDPB) seventh yearly survey shows that the typical monthly savings climbed 9% to HK$9,800 (US$1,256) this year, up from HK$9,000 the previous year, setting a new record.

The yearly savings goal, on average, saw a significant increase of 68 per cent, rising to HK$307,000 this year from HK$183,000 the previous year, as per the survey unveiled on Tuesday.

The survey this year was carried out in a context where international interest rates continue to be somewhat elevated, and individuals in Hong Kong favor bank deposits as their main approach to savings," Connie Lau Yin-hing, the chairwoman of HKDPB, stated during a press conference on Tuesday.

"This shows an increased understanding among people in Hong Kong about the significance of saving money for unforeseen circumstances."

The HKDPB is a standalone legal entity established under the Deposit Protection Scheme Ordinance. It supervises a security mechanism that guarantees coverage for up to HK$800,000 in deposits in the event of a bank's failure.