China is set to promote local goods by prioritizing them in government contract bids. This shift in Chinese policy, referred to as 'new thinking', will provide a 20% price benefit to all domestically produced products in government purchases.

Items produced within the country, regardless of the ownership status of the manufacturer, will be given priority in the Chinese government's procurement process, which includes a 20 percent decrease in the bidding price, according to China's Finance Ministry.

The department publicized the policy and solicited public feedback through a preliminary document issued on Thursday.

The announcement stated, "[We are committed to] providing equal treatment to all kinds of business organizations." It further clarified, "Whether it's a state-owned company, a private firm, a foreign-owned business, or any other type of entity, they will all receive the same level of government assistance for their domestically manufactured goods."

The document outlined the guidelines the department would follow to ascertain if a certain product is domestically produced. It also detailed the method of the bidding procedure. It stated, "When both local and foreign products are in competition, the cost after discount will be utilized for assessment."

Since cost is a significant factor in deciding who wins a contract, this would provide a relative benefit to local manufacturers.

One out of every six residents in Hong Kong is planning to buy a property within the next five years, according to a survey by HSBC. An estimated 300,000 households are set to enter the housing market, a number that surpasses the projected supply, as per the bank's evaluation.

Approximately one out of every six residents in Hong Kong is contemplating buying a property within the next half decade, with a third of those potential purchasers being first-time homebuyers, according to a study conducted by HSBC.

Considering the population of the city, HSBC projects that there could potentially be 300,000 households looking to purchase homes. This indicates that the supply of housing will not meet the anticipated demand, as the government plans to introduce 132,000 private homes and an additional 123,000 public homes to the market in the coming ten years, based on information from HSBC.

The survey of 3,170 residents of Hong Kong, aged 18 to 65, revealed that two-thirds of those expressing a willingness to buy a house were already homeowners. In the group considering the purchase of an additional property, 72% were doing so with the intention of investing and generating passive income. Similarly, nearly one-third of those buying a house for the first time were also inspired by investment objectives.

"Latest patterns indicate a boost in market sentiment, which corresponds with the results of our study. The survey was conducted post the initial interest rate reduction in September, but prior to the government's relaxation of property market controls," stated Sidney Massunaga, the chief of retail products, wealth and personal banking at HSBC Hong Kong. "The year's second decrease in interest rates, declared in early November, is predicted to heighten interest in property acquisitions."

Interest rate reductions have led to the lowest borrowing costs in Hong Kong's commercial banks in two years. This has decreased the monthly mortgage payments by approximately HK$709 (US$91) to HK$22,803, says local mortgage advisor mReferral. This estimate is based on a standard 30-year loan of HK$5 million.

Hong Kong is set to present a new law concerning stablecoins in an effort to oversee digital currencies and safeguard economic steadiness. The Stablecoins Bill was made public by the government in the official journal on December 6, with its preliminary review in the Legislative Council scheduled for December 18.

The government of Hong Kong has released a bill concerning stablecoin in an official publication, advancing the suggested regulatory system towards legality. This move is an effort by the city to maintain both financial stability and consumer safety, while also advancing its focus on digital assets.

The suggested regulatory system mandates that individuals must obtain a license from the HKMA prior to issuing stablecoins or other tokens that claim to hold a steady value against the Hong Kong dollar. The statement also emphasized that licenses are mandatory for anyone intending to widely promote the issuance of such tokens to the general public.

The HKMA will be given the authority to carry out the required oversight, inquiry, and regulation to effectively enforce the system.

Eight fourteen

Bitcoin's progress towards the unprecedented $100,000 mark slows down due to the wariness of crypto investors.

The government has announced that the Stablecoins Bill will have its initial presentation in the Legislative Council on December 18.

The proposed law is crucial for Hong Kong as it aligns with our commitments as a participant in the Financial Stability Board," stated Christopher Hui Ching-yu, the Secretary for Financial Services and the Treasury. "Our goal with this risk-oriented proposal is to encourage a sturdy regulatory setting, which is consistent with Hong Kong's standpoint on the growth of digital assets."

The NBA's agreement with Macau signifies the conclusion of a 5-year absence in China, leading to the arrival of the Nets and Suns in the gambling metropolis. The basketball association and Sands China have inked a partnership worth millions of dollars to hold pre-season matches at the Venetian Arena, beginning in 2025.

The NBA is set to make a comeback in China by 2025, ending a lengthy hiatus caused by a 2019 tweet from an official backing the Hong Kong demonstrators. This reintroduction will be marked with two preseason matches in Macau.

A contract worth millions of dollars between the basketball association and Sands China was inked on Friday. The Brooklyn Nets and Phoenix Suns are lined up to compete in two games on October 10 and 12.

Mark Tatum, the Deputy Commissioner of the NBA, expressed his excitement as he participated in various press activities to publicize the shift. He also mentioned the deep-rooted connection basketball has with China and highlighted that Macau houses some of the most fervent fans.

"Since the mid-1980s, our games have been aired on CCTV, marking almost four decades of partnership. It's genuinely delightful for us to have the opportunity to reintroduce NBA games to Macau," added Tatum.

Sands China's CEO, Grant Chum, stated that his organization was at the forefront of introducing international events to boost Macau's tourism scene.

Half past one

The NBA has inked a contract with Sands China to host pre-season matches at the Venetian Arena in Macau.

Prior to the unfortunate tweet by Daryl Morey, the former General Manager of the Houston Rockets, amid the peak of civil discord in Hong Kong, the NBA had held 25 matches in China since 2004.

Opinion | China might employ strategic empathy to repair relations with Europe

There could be mutual economic advantages for both China and Europe if they deepen their cooperation, especially if China can alleviate investors' worries.

Three specific challenges exist: how Europe views the relationship between China and Russia, the two-way trade shortfall, and the extent to which European companies and investors can access China's market.

There's been a significant increase in the delivery of Huawei's high-end smartphones in China, even though Apple still dominates this market segment. The dispatch of Huawei's luxury smartphones, which are priced over US$600, saw a growth of 34% in the third quarter.

The merging of Hong Kong and Shenzhen could stimulate investment and innovation, according to a specialist. During the Qianhai Forum on Greater Bay Area collaboration, a policy expert proposed that Hong Kong companies should set up secondary main offices in Shenzhen.

An expert at a forum on Friday proposed that Hong Kong companies should have the permission to set up operations in designated areas in Shenzhen. This move would allow them to function under Hong Kong's legal system, thereby promoting the movement of capital into and out of the region.

This unique setup would permit companies registered in Hong Kong to function as offshore businesses in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, according to Xiao Geng, the head of the Institute of Policy and Practice at the Shenzhen campus of the Chinese University of Hong Kong. According to him, this would mean that these companies would fall under the oversight of Hong Kong regulatory bodies, as instructed by Shenzhen officials. He made these remarks at the Qianhai Forum in Shenzhen.

Funds from overseas are progressively being drawn to China's developing sectors, such as international e-commerce, which are mainly situated within the country, according to Xiao. He noted that investors typically choose to maintain their capital outside their home country.

Specialists and previous political figures at the discussion urged for additional changes to aid in unification, ranging from financial markets to technological advancements.

"Shenzhen and Hong Kong need to create a center of activity, though not merely a typical research center," suggested Gu Shengzu, an economic analyst and previous political figure. "It must be a global center that merges major corporations, technological advancements, and skilled individuals."

The US$2.7 billion infrastructure bond offer in Hong Kong has not been fully subscribed. The response from investors has been lackluster, falling short of predictions.

Approximately 128,000 investors enrolled for bonds valued at HK$17.85 billion during the subscription period, which started on November 26 and concluded on Friday, according to a government representative. The ultimate issuance size is projected to be around HK$17.8 billion. These numbers are initial estimates and may undergo revisions.

The authorities are set to reveal the distribution outcomes on the 13th of December. The bonds are scheduled for issuance on the 17th of December and will be available on the stock market the next day.

A representative from the government credited the mediocre reaction to investors choosing to invest their funds in the Hong Kong initial public offering market.

In conjunction with the HK$55 billion garnered from a Silver Bond sale in October, the government has accumulated a sum of HK$72.8 billion in the last two months to fund infrastructure developments.

Nonetheless, banks mentioned that investors prefer to invest in projects that promise steady returns.

"There has been sustained enthusiasm for the newest batch of retail infrastructure bonds, especially in the current climate of decreasing interest rates," said a representative from HSBC, a co-organizer of the bond sale, in a statement.

In a recent development, a US appeals court has confirmed the legislation that prohibits TikTok unless it is purchased. As per the legislation, ByteDance, the company behind the widely-used short-video application, is required to sell it to a buyer outside of China by January 19.

The US Court of Appeals for the District of Columbia Circuit delivered a significant setback to TikTok on Friday. The court's decision allows for the potential prohibition of the widely used short-video application, which engages more than 170 million American users each day. The ban could take effect as early as January 19, unless TikTok finds a buyer that is not based in China.

A decision by the U.S. court of appeals backs a legislation endorsed by President Joe Biden in April. This law requires TikTok, a company under the Chinese technology behemoth ByteDance, to secure a U.S. buyer before the set deadline, otherwise it risks being eliminated from U.S. app stores and web-hosting platforms.

Earlier this year, Congress approved, and President Biden ratified, the Protecting Americans from Foreign Adversary Controlled Applications Act. This action was taken over fears that Beijing could influence ByteDance to modify its algorithm and gather personal information in manners that could potentially jeopardize US interests. TikTok, however, has constantly rebutted these allegations, insisting that they pose no threat to national security.

1:03

The chief executive officer of TikTok strongly refuted any connections with China's Communist Party during a contentious discussion with a US senator.

TikTok, along with two other plaintiffs, disputed the law by taking their case straight to the appellate court, which typically manages such examinations, asserting that it breached the First Amendment rights of the app's users. TikTok also argued that detaching from ByteDance was "technologically, commercially and legally unfeasible".

Stay tuned for more …

ByteDance, the company that owns TikTok, claimed the prestigious research award at the annual 'AI Olympics.' Despite the triumph, there were conjectures concerning if the main author of the paper was the former intern whom ByteDance had previously sued for a sum of US$1.1 million.

The primary author of the study is Tian Keyu, who shares a last name with a former intern, referred to simply as "Tian," who was let go by ByteDance in August. ByteDance is suing for 8 million yuan (equivalent to US$1.1 million) and a public apology in a case before the Haidian District Court in Beijing.

Both ByteDance and the main author of the article did not respond to a comment request made on Wednesday.

'Adapt or perish': Property owners offer reduced rates to Five Guys, among others, due to retail downturn

Experts suggest that companies with global allure or distinctive features stimulate fresh interest for commercial premises in the city.

They also noted that further challenges are projected for 2025. However, brands that have global allure or distinctive features are creating fresh interest in the city's retail spaces.

Cathie Chung, the senior research director at JLL, stated that only the strongest will endure in the retail sector. She noted that the intense local and regional competition, combined with shifts in consumer behavior, will slow down the rate at which retail sales and rent get back to their levels before the Covid pandemic.

"Landlords in Hong Kong are beginning to comprehend and perhaps, become a tad more lenient regarding rents," stated Iain Ross-Mackenzie, the operations vice-president at Five Guys International.

Three thirty-nine

Store occupancy is bouncing back in Hong Kong, yet empty shops continue to be a common sight throughout the city.

Five brothers from the Washington DC region initiated the company, aiming to bypass college. Ross-Mackenzie stated that they are considering the New Territories for potential new locations next year. The company has established its Asia-Pacific headquarters in Hong Kong.

TikTok Shop's US sales tripled during Black Friday, even with a potential ban hanging over its head. The app saw its online sales skyrocket over US$100 million during the shopping spree following Thanksgiving.

TikTok Shop, the shopping function of the app, saw a massive 165 per cent yearly surge in users over the two-day period from Black Friday to Cyber Monday, according to the company. Posts featuring the hashtags #tiktokshopblackfriday or #tiktokshopcybermonday garnered over 7 billion views, as reported by TikTok.

Despite the heightened regulatory oversight, the surge in holiday sales demonstrates that users' fascination with TikTok remains undeterred, with over 170 million Americans using the platform. It also indicates that vendors still find the app a valuable tool for promoting their goods.

TikTok inaugurated its internal shopping center in the US in September 2023. As a result, the significant growth of TikTok Shop one year later is not unexpected. However, the triple surge in sales can also be attributed to TikTok’s dedicated efforts to amplify its e-commerce footprint in the US.