GetYourGuide’s Strategic Push into Hong Kong: Catering to Changing Tourist Preferences and Anticipating Western Demand
GetYourGuide aims to promote engaging 'experiences' in Hong Kong in response to evolving tourist behaviors. The plan also looks forward to capitalizing on the expected increase in visits from Western tourists, who are known for higher per capita spending.
The online travel company, GetYourGuide, is expanding its operations into Hong Kong with the aim to provide unique local tours. This move is in response to the shifting preferences of tourists from mainland China, who have begun to spend less on material items and show more interest in genuine cultural experiences.
The company based in Berlin aims to lure more providers of experiential tours in the city to its platform, considering the potential for expansion and the chance to reestablish Hong Kong's prominence. At present, the company provides 200 of these tours within the city.
In addition to addressing the changing tastes of Chinese travelers, the plan also aims to leverage the expected increase in interest from Western tourists, stated Johannes Reck, the CEO and co-founder of the firm.
"He emphasized the importance of utilizing experiential content to establish Hong Kong's place. He firmly believes that there will be a significant increase in interest from Western consumers towards Asia in the upcoming years. The cost for these Western consumers is quite appealing."
Official data reveals that Hong Kong saw an influx of approximately 32.6 million tourists in the initial three quarters of the year, marai-allcreator.com">king a 40 per cent surge from the same period the previous year. The majority of these tourists, over 75 per cent, hailed from mainland China.
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Chinese Tech Giants Empyrean and Skyverse Deflect Impact of US Sanctions: A Deep Dive into the Resilience of China’s Local Supply Chain Amid Chip War
Trade Battle: Chinese companies underplay new US penalties, highlighting local supply network
Recently banned Empyrean and Skyverse claim the sanctions will barely affect them, citing their local technology resources and home-based clients.
The company stated that its software is built on proprietary technologies and patents that they have developed themselves. They emphasized that they have complete ownership of these technologies, which guarantees the autonomy of their operations. Empyrean, backed by the National Integrated Circuit Industry Investment Fund and China Electronics, a state-owned enterprise, has set an ambitious goal to become a world leader in the field of electronic design automation software by 2030. This market is currently controlled by American companies such as Cadence, Synopsis, and Siemens EDA, which was previously known as Mentor Graphics until it was purchased by Siemens, a German company.
Skyverse Technology, a chip equipment manufacturer listed in Shanghai, has stated that it isn't experiencing any notable effects from the US action due to its five-year preparation for such external disruptions. The company, based in Shenzhen, shared with China Business News that it manufactures essential parts within the country and serves the local market. On Tuesday morning, its stock value declined by 0.25 percent.
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Biden aims for a 10-year setback in China's technology policy
Naura Technology Group, the top semiconductor equipment manufacturer in the nation, hasn't made a statement regarding their blacklisting. The company's share price in Shenzhen saw a 3% drop on Tuesday morning.
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Fears of Deflationary Spiral Send China’s 10-Year Bond Yield to Historic Lows: Echoes of Japan’s Economic Malaise Loom Large
China's decade-long bond yield plummets to an unprecedented low as investors hurriedly seek refuge in secure investments. This astonishing new dip indicates a worrying risk projection in the midst of a deflationary cycle that strikingly mirrors Japan's prolonged economic slump, says an analyst.
The yield on China's 10-year government bond dropped below 2% for the first time in history, highlighting investor speculation that Beijing will have to relax its policies even more to stimulate economic growth. The decrease in value of the yuan was also observed as the yield benefit of comparable US notes increased.
The return on Chinese bonds set to mature in a decade dipped to as low as 1.979% on Tuesday, breaking the 2% barrier for two consecutive days. So far this year, the return has decreased by 57 basis points, positioning it for the largest yearly decline since 2018.
Financial firms forecast that the current trend will persist, with Zhongtai Securities indicating that a reduction in the reserve requirement ratio (RRR) for banks could happen before this year concludes. Meanwhile, Huachuang Securities anticipates a decrease in interest rates ranging from 20 to 40 basis points in the coming year.
"China's bond yields have reached an astonishingly low level, indicating a worrisome risk prediction as the country battles a deflationary cycle eerily similar to Japan's lengthy economic downturn," stated Stephen Innes, a Managing Director at SPI Asset Management in Bangkok. "As yields plunge, the market rumours intensify, expecting more monetary easing."
The recent economic boost efforts by Beijing have not succeeded in alleviating worries among investors regarding the declining economic growth. The recovery has been uneven at its best, with a rise in retail sales, however, the real estate market continues to struggle despite the government's efforts to cut borrowing and mortgage rates and relax buying limitations in most key cities. A parliamentary session held last month refrained from introducing any financial backing for consumer spending, which is considered a crucial part of the economy for stimulating growth.
"In spite of numerous reductions in interest rates and relaxation policies, the central bank's set of strategies hasn't managed to ignite a strong recovery yet, leading to speculations among traders about the introduction of even more drastic measures in the future," stated Innes.
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Balancing Act: Indonesia’s Economic Stability, Energy Security, and Green Future amid Coal Phase Down
Perspective | It's crucial for Indonesia not to discard coal while transitioning to eco-friendly energy
Gradually reducing dependence on coal and channeling resources into renewable energy can safeguard energy dependability and economic steadiness, paving the way for a more sustainable future.
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China’s Next Energy Challenge: Attracting Investment for Clean Tech Beyond Wind and Solar
China should increase funding for the next wave of clean-energy technology following the surge in wind and solar power. More financial resources are needed in sectors like energy storage, hydrogen, and eco-friendly aviation fuel.
"Chan emphasized during a panel discussion at the Tuesday event that there's a need for increased capital to be directed towards areas with unsatisfied needs, rather than towards already heavily invested hotspots. He stressed that there remains a significant gap that still needs to be addressed."
The increase in renewable energy has also led to instability in power grids, which struggle with an excess of solar power during midday that vanishes as the sun goes down.
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HKMA’s ‘Money Safe’ Initiative: An Extra Layer of Protection for Hongkongers’ Bank Balances from Fraud
The Hong Kong Monetary Authority's (HKMA) Money Safe program is designed to protect the bank accounts of Hong Kong residents from fraudulent activities. Enhanced authentication processes will be required to move frozen funds when banks implement this optional feature next year.
Starting next year, residents of Hong Kong will have the option to secure their entire or partial bank account balance in a "Money Safe." This initiative is designed to offer additional protection against fraudulent activities.
"Our constant goal has been to equip our clients with extra choices for their own protection," said Arthur Yuen Kwok-hang, deputy CEO of HKMA, during a press conference on Tuesday.
The HKMA has announced that twenty traditional banks along with eight online banks will gradually introduce Money Safe through various stages or tests, with the aim of having it fully operational by the close of the coming year. The banks will determine the specifics of the implementation according to their individual operational plans.
Enrollment will be optional, allowing clients to safeguard funds in their checking and savings accounts, including time-deposit accounts in Hong Kong dollars and other foreign currencies. The secured sums will keep receiving the same interest and perks as provided by these accounts.
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Shenzhen’s Record $2.5 Billion Land Sale: A Silver Lining in China’s Sluggish Property Market
The sale of land in Shenzhen, worth US$2.5 billion, serves as a positive sign in China's slow-moving real estate market. China Overseas Land and Investment, along with China Resources Land, have acquired a piece of land measuring 263,000 square meters in the Nanshan district.
China Overseas Land and Investment and China Resources Land, both developers, collectively spent 18.5 billion yuan (equivalent to US$2.54 billion) to secure a 263,000-square-meter (or 2.83 million square feet) property in the busy commercial sector of the city's Nanshan district. This was a significant 46% increase from the initial asking price. The sale of the property took place after close to 300 bidding rounds.
The sale marked the highest-priced land transaction ever recorded in the city, as per the information from Centaline Property's Shenzhen office, surpassing a residential land deal in 2016 that was worth 14 billion yuan.
"According to Sun Hongmei, an analyst from China Index Academy, a Beijing-based research group, the land location does not come with the usual constraints that restrict the cost of residential developments constructed on it. This indicates a change towards market-driven pricing in Shenzhen, which is expected to stabilize housing costs and foster a positive market forecast."
This marked the initial significant transaction following China's announcement of relaxed regulations for the real estate sector in its four primary cities: Beijing, Shenzhen, Shanghai, and Guangzhou.
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Alibaba Cloud Targets Southeast Asia Expansion in 2025 through AI Partnerships: A Strategic Move in Global Dominance
Alibaba Cloud sets ambitious goals for Southeast Asia by 2025 through new AI collaborations
The premier cloud services provider in China is focusing on investments in its operations within Indonesia, Thailand, and other markets.
In its updated Alibaba Cloud Partner Rainforest Plan, the company based in Hangzhou expressed its intention to collaborate with 100 ecosystem partners next year. The goal is to create and offer advanced AI and cloud computing solutions to businesses in diverse industries globally.
This action is in line with a wider plan by Alibaba Cloud to increase foreign investments and broaden its cloud infrastructure services in crucial markets.
"Selina Yuan, the president of international business at Alibaba Cloud, stated in the company's partner summit in Bali, Indonesia on Tuesday, that they are dedicated to assisting their worldwide partners to mutually profit from the AI era and satisfy the varied business needs of their global clients."
Artificial Intelligence has significantly propelled the expansion of cloud services at Alibaba, the company that owns South China Morning Post. Alibaba Cloud, which collaborates with approximately 12,000 global partners including Deloitte and Accenture, saw a 7 per cent increase in its year-on-year revenue, reaching 29.6 billion yuan (US$4.1 billion) in the quarter ending in September. This represents the division's quickest quarterly growth in a span of two years.
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Hong Kong Property Transactions Soar to 7-Month Peak, Yet Market Braces for December Downturn Amid Geopolitical Tensions
Real estate transactions in Hong Kong reach a peak in 7 months, yet a decline is anticipated in December. The Land Registry reports that last month saw 7,689 property deals, amounting to US$8.2 billion.
Real estate sales in Hong Kong hit a seven-month peak in November, but market analysts predict a likely decline this month. This downturn is anticipated due to increased wariness among buyers triggered by escalating geopolitical conflicts and a possible reduction in the frequency of interest rate cuts.
Last month saw the finalization of 7,689 transactions involving new and pre-owned residences, workplaces, retail spaces, industrial properties, and car parks. This figure, released by the Land Registry on Tuesday, represents the peak since the 9,880 deals made in April.
The count was 31 percent greater than the 5,857 recorded in October and over twice the 3,532 documented a year ago.
The worth of the transactions surged over 50 per cent to HK$64.1 billion (US$8.2 billion) in comparison to October, indicating a 161 per cent increase from the previous year, according to the data.
Quarter to Four
The Hong Kong housing minister unveils a strategy to control partitioned apartments and enhance home ownership.
Real estate deals in November increased for the third consecutive month, however, they are expected to plunge by almost 40 per cent to a minimum of 4,800 in December due to a decrease in house sales, says Derek Chan, the research chief at Ricacorp Properties.
Confidence resurged in the real estate market after a 0.5% decrease in interest rates in September, which was additionally reinforced by the relaxation of home loan rates for property purchasers and investors in October.
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China’s Industrial Bodies Warn Against US Chip Purchases in Response to Biden’s Sanctions: Potential Impact on Nvidia, Qualcomm, and Intel’s Mainland Operations
Chinese trade associations are advocating for a cautious approach to purchasing American semiconductor components in response to sanctions imposed by the Biden administration. This move could potentially impact the domestic operations of major tech companies such as Nvidia, Qualcomm, and Intel.
The latest actions taken by the US have significantly damaged the steady and robust growth of China's internet sector, says the Internet Society of China. The statement also indicates that these measures have undermined faith and certainty in American chip products.
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China Embraces Sanofi’s US$1 Billion Investment for New Insulin Plant in Beijing
China is receptive to Sanofi's new project worth US$1 billion in Beijing
The most recent financial commitment from Sanofi in China is set to fund the establishment of a new insulin manufacturing facility in the country's capital.
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Hong Kong Investors Boost Japan’s Booming Hospitality Sector Amid Positive Economic Outlook and Favorable Interest Rates
People from Hong Kong are investing new funds into Japan's thriving hospitality industry. This positive perspective on Japan's hospitality industry is backed by the nation's enhancing economic outlook.
The positive perspective on Japan's hospitality industry is supported by the nation's growing economic outlook. In addition, the country's interest rate at 0.25 percent is among the world's lowest.
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Chinese Lidar Sensing Giant Hesai Unfazed by EV Tariffs, Eyes Global Expansion Amidst Rising Demand for Smart Cars
Hesai, a Chinese manufacturer of lidar sensors, remains determined to expand internationally despite electric vehicle tariffs. The company, which creates sensors for autonomous vehicles, is currently evaluating its investment strategies with aims of global reach, according to the Chief Financial Officer.
Hesai Group, the leading global producer of lidar sensors used by numerous intelligent vehicles to survey their environment, maintains its optimism regarding its growth into global markets such as Europe, even amid concerns over potential tariffs on electric vehicles manufactured in China.
The firm is evaluating investment strategies beyond mainland China in an effort to lower the cost of its lidar sensors for international clients, according to Andrew Fan, the Chief Financial Officer of the Shanghai-based business, as he informed the Post.
"He stated, "We are committed to broadening our reach internationally." "Hesai aims to establish itself as a global corporation with a presence all over the world."
"Fan stated that thanks to advancements in technology, increased manufacturing output, and effective cost management, lidar sensors have become dependable and cost-effective for consumers. He is confident that as intelligent driving continues to evolve, these components will become increasingly popular among car manufacturers."
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