GDS, a Chinese data center company, has secured US$1 billion in funding for the expansion of their infrastructure abroad. This financial boost will support the creation of data centers with a total capacity of up to 1 gigawatt outside of China, as stated by GDS.

In conjunction with the current equity of GDS International, the Series B financing will be adequate to fund the growth of up to 1 gigawatt of overall data centre capacity. This capacity is more than double the size of the company's existing facilities that are operational or being built outside the mainland, as per the announcement.

Cloud computing technology allows businesses to handle or disseminate a variety of software and other digital resources as a service that can be used as needed, akin to electricity from a power grid. These resources are housed within data centers.

Xiaomi has revealed a luxury car, resembling a Ferrari, priced at US$114,000 as part of their new venture. The SU7 Ultra has garnered mixed reactions such as doubt and praise from customers in the world's biggest EV market.

From March onward, Xiaomi has successfully shipped 75,688 SU7 sedans, with its monthly shipment exceeding 20,000 units for the first time ever in October, as per the company's reports. These figures place the new player, Xiaomi, on an equal footing with veterans in the field like Tesla and BYD.

Xiaomi's electric vehicle sector produced a revenue of 6.4 billion yuan in the second quarter, as per the company's financial statement. However, due to continuous investment, it suffered a net loss of 1.8 billion yuan.

Xiaomi's stock saw a minor increase of under 0.6% to HK$26 by the end of trading on Wednesday. This followed an announcement by the Beijing-based firm that they had garnered over 3,600 pre-orders for the SU7 Ultra within the first 10 minutes of opening registration late Tuesday.

HSBC reveals Gen Z prioritizes saving for travel and short-term objectives, beginning to invest at a younger age. The survey indicates that almost 50% of Gen Z participants focus on saving for short-term aims, frequently associated with life enjoyment.

Brian Hui, who leads customer propositions and marketing for wealth and personal banking at HSBC Hong Kong, commented that each generation has its own unique lifestyle choices and economic requirements. He noted that almost 50% of the Gen Z participants in their study put a high priority on setting aside money for immediate objectives, which are frequently associated with life enjoyment.

The poll revealed that for 71% of Generation Z, the primary reason for working is to be able to travel, which they prioritize over buying a house or starting a family. Some participants expressed that buying a house seems like an unrealistic goal, showing a tendency towards jobs that provide personal satisfaction, especially those that involve travel.

In the last year, the participants reported they took trips approximately thrice, with an average expenditure of about HK$35,000 (US$4,504), which constitutes roughly 13% of their earnings.

Furthermore, individuals from Generation Z allocate almost 10 per cent more of their budget to leisure activities compared to other age groups. However, they also exhibit higher saving habits, putting away approximately HK$6,014 monthly, which represents 28 per cent of their earnings. This saving rate is the highest across all generations, as indicated by the survey.

Residential and commercial real estate in Hong Kong is reviving, whereas the office sector is grappling with an excess supply. According to recent reports, strong weekend property sales suggest that the housing market will rebound faster than office spaces by 2025, say industry consultants.

The availability of empty office space kept increasing last month in several commercial areas of the city such as Central, Wan Chai, Causeway Bay, and Tsim Sha Tsui, as mentioned in JLL's most recent study. The property consulting firm noted a 1.1 per cent decrease in rents since August.

"Exiting the slump would require time, particularly as businesses are currently struggling to enlarge their workspace," stated Martin Wong, the chief director and leader of research and consultancy for Greater China at Knight Frank.

The market is currently dealing with an excess supply issue, with vacancy rates remaining close to record levels, says real estate services firm CBRE. Developers and property owners in Hong Kong are projected to introduce approximately 3 million square feet of additional office space next year, which will further exacerbate the surplus, the company predicts.

Three thirty-nine

Store occupancy is rebounding in Hong Kong, however, empty shops continue to dot the cityscape.

The vacancy rates are expected to deteriorate further by the end of 2025, and rents could potentially drop by an additional 5 per cent, as projected by CBRE.

Hong Kong shares achieve the most extended series of victories in a month; HSBC soars to a level not seen in six years. HSBC climbed to a level not witnessed in six years following a quarterly profit that surpassed experts' projections, aiding in boosting the Hang Seng Index's most durable victorious run in a month.

The Hang Seng Index saw an increase of 0.5 per cent, closing at 20,701.14, marking a three-day rise of 1 per cent. HSBC reached its highest point in six years while Wuxi AppTec, a biopharmaceutical company, experienced a surge after its third-quarter earnings exceeded market predictions. Meanwhile, the Hang Seng Tech Index grew by 1.1 per cent.

Stock market indicators on the mainland experienced a drop; with the CSI 300 Index declining by 1 per cent and a 1.1 per cent decrease observed in the Shanghai Composite Index.

Shen Fanchao, a financial analyst at Zheshang International in Hong Kong, suggests that China will probably increase its budgetary aid for economic expansion, with additional measures expected. The government has repeatedly emphasized its aim to reach this year's growth objectives. These efforts are predicted to enhance the mood in the marketplace.

FII 2024: Saudi summit informed that inclusive strategies and adaptable work regulations encourage gender diversity

HSBC's former CEO Noel Quinn and ex-HKEX chairman Laura Cha were among the speakers at the HERizon Summit in Riyadh.

Currently, women make up 36 per cent of the kingdom's workforce, close to twice the rate in 2016, as per data from the Saudi government. The strides made in diversity have exceeded expectations, achieving the goal six years ahead of schedule. This is in line with the Vision 2030 plan, which was established to reduce the economy's reliance on oil and promote the use of innovative and environmentally-friendly technologies.

Quinn departed from HSBC in September. He noted that at the time he left, close to one-third of the bank's staff in Saudi Arabia were women, a significant increase from the past when the number of women employees was merely in the dozens.

Across the world, women constitute 52 percent of the bank's workforce and one-third of its top management, as stated on HSBC's website. Quinn noted that twenty years ago, women only represented about 20 percent of its high-level executives.

"He stated during a panel discussion in Riyadh that the transformation was brought about by establishing an environment where individuals could be represented and avail opportunities."

Housing prices in Hong Kong have plunged to an 8-year low, however, rental rates have increased. In September, the prices of secondary homes dropped by 1.7 per cent, yet there was a 0.1 per cent monthly increase in rental rates.

The cost of residential properties in Hong Kong dropped roughly 1.7 per cent in September, hitting its lowest point since August 2016, according to recent official figures. This comes as the property market struggles to recover, despite interest rate reductions, which have not yet had their intended effect.

Following a record peak in September 2021, housing prices have seen a decrease of approximately 28 per cent.

Simultaneously, the cost of residential rentals kept on climbing, going up by 0.1 per cent on a monthly basis and 5.8 per cent annually. The rental prices have seen an approximately 5.4 per cent hike this year. The present rental index stands at 196, a mere four points away from the highest point of 200.1 recorded in September 2019.

The economic relief efforts seem to be working, as new developments are receiving favorable feedback from property purchasers. This past Sunday saw the complete sale of all 198 apartments in Echo House, a collaborative project between Chinachem Group and Urban Renewal Authority situated in Cheung Sha Wan, on its opening day.

Elhedery of HSBC quashes rumors of a spin-off following better-than-expected third-quarter results, leading to a surge in stocks. The bank saw a 9% increase in net profit, amounting to US$6.13 billion for the quarter ending on September 30, surpassing market predictions.

The CEO of HSBC has brushed off speculation regarding possible division separations, following the bank's significant growth in its wealth and personal banking sectors. This progress led to the bank's third-quarter results surpassing market predictions and propelled the share value to its highest in six years.

The CEO, Georges Elhedery, assured on a call Tuesday that the restructuring scheme the bank revealed last week does not indicate any plans to break up the company. This call followed the release of the bank's earnings report.

Under global accounting guidelines, the net earnings surged by 9% to reach US$6.13 billion in the quarter concluding on September 30, exceeding market predictions and marking growth for the first time in a year. Total income saw a 5% rise, hitting US$17.21 billion.

The financier has declared a stock repurchase worth US$3 billion, which supplements a US$6 billion buy-back scheme disclosed at the start of this year. Additionally, a mid-year dividend of 10 cents per share will be distributed.

Elhedery reported notable increases in income and positive results in wealth and bulk transaction banking. He added that their robust internal capital creation allows them to declare an additional US$4.8 billion in dividends and buy-backs for the third quarter, bringing the overall amount allocated so far in 2024 to US$18.4 billion.

Hurun Wealth Report: Economic downturn and market drops erode the fortunes of China's richest

The combined assets of China's richest individuals have fallen by 10 per cent compared to the previous year, amounting to US$2.97 trillion.

The consultancy discovered that there were 1,094 people from the mainland, Hong Kong, Taiwan, and Macau possessing personal wealth of a minimum of 5 billion yuan (US$700 million) as of August 30. This figure is 12 per cent less compared to the 1,241 people the previous year.

The combined wealth of these individuals fell by 10 percent compared to the previous year, amounting to US$2.97 trillion, according to the China Rich List released by Hurun on Tuesday.

"China's economy experienced a decline, and their stock markets were caught in a continuous slump," stated Rupert Hoogewerf, the chairperson and lead researcher of Hurun. "This marks the third year in a row that the population of China's ultra-wealthy has decreased."

Throughout the initial nine months of 2024, the economic expansion of China fell short of the 5% goal established by the Chinese government in March. The country is grappling with a sluggish real estate sector and low consumer spending. Moreover, by August 30, the standard Shanghai Composite Index had declined by 8.9% compared to the same period in the previous year, and the prestigious Hang Seng Index had dropped by 2.1%.

Since Beijing introduced a range of strategies in late September to boost stocks, real estate, and the broader economy, markets have bounced back. However, the sustainability of this recovery is under scrutiny, and traders are keenly anticipating further financial stimulus.

Hongkong Land is on the hunt for US$10 billion through asset sales, as Jardine focuses on the 'ultra-premium' market. The strategic shift is intended to eventually double its profit before interest and tax, with a goal of increasing its managed assets to US$100 billion by 2035.

The biggest commercial real estate owner in Central has identified 50 potential properties to sell following a "comprehensive examination in the previous six months" of its strong points, financial health, and business strategy, according to CEO Michael Smith in a conversation.

"Hongkong Land has undertaken an extensive self-evaluation to comprehend our strengths and what we truly excel at," he stated. "Our ultimate aim is to emerge as the leading figure in Asia, focusing on gateway cities and concentrating on the ultra-luxury, integrated commercial properties."

"He insisted that this isn't a shift due to monetary concerns, but rather a strategic business realignment."

In a recent disclosure to the stock exchange on Tuesday, Hongkong Land revealed a plan to review strategy and sell assets. The company, which trades on the London and Singapore exchanges, is 53% owned by Jardine Matheson, a trading firm established in 1830.

According to a report, China's smartphone market is set to end 2024 with its first yearly sales growth in half a decade. In the quarter ending in September, local smartphone sales saw a 2.3% increase compared to the previous year, which supports market predictions of a modest rise in 2024.

The global smartphone market saw a 2.3% rise in sales year on year in the quarter ending September, indicating the fourth straight quarter of growth. This underpins predictions of a slight increase in 2024, as indicated by a report from Counterpoint released on Monday.

Chinachem secures Hong Kong property contract with a $131 million offer amidst a muted atmosphere. Consultants predict developers will continue to bid cautiously until there are more prominent indications of a rebound in the real estate market.

Property developer Chinachem Group from Hong Kong secured a government land contract in the New Territories, with the winning bid falling within market predictions, despite a subdued atmosphere for land auctions, according to industry consultants.

The Lands Department announced on Tuesday that Keen Mighty Limited, a branch of Chinachem Group Holdings, secured the location in Sha Tin with a successful offer of HK$1.02 billion (US$131 million).

The location at the intersection of Sha Tin Wai Road and Siu Lek Yuen Road, which is 5,652 square meters or 60,838 square feet, has the capacity to accommodate 570 units. The offer equates to HK$3,357 per square foot, which is consistent with market predictions that varied between HK$3,100 and HK$4,000.

The Lands Department reported that Sun Hung Kai Properties (SHKP), Wheelock Properties, CK Asset Holdings, Keen Point Limited, and Sino Land all placed bids for the site, referred to as STTL 625, before the cut-off on Friday.

The cost per square foot is 15% lower than what SHKP paid for a different plot in the same vicinity in July, according to Alvin Lam, a director at Midland Surveyors. The government obtained 11 proposals for this 2,425-square-meter property in Yuen Shun Circuit, which was the sole residential site available from April to June. Among the bidders was Chinachem.