The need for adaptable workspaces in Hong Kong is on the rise, while the market in Singapore is experiencing a downturn, according to a report. The research identified Bengaluru and Makati as the top locations, witnessing a growth in demand by 107% and 47% respectively.

The desire for adaptable workspaces in Hong Kong increased this year, due to a three-year decline in rental costs, drawing in businesses from the finance and law industries. Conversely, the market in Singapore took a downturn. Bengaluru and Makati stood out as the most in-demand cities.

The report on Wednesday demonstrated that Hong Kong is recovering, emphasizing its durability as an international center for business in spite of recent hurdles. It further mentioned that top-notch adaptable spaces in the city keep drawing in the financial and legal industries.

Singapore, usually a leading market in the area, is witnessing a significant change in corporate choices as many businesses opt for more cost-efficient options or venues. This year, rental rates in Hong Kong have dropped by 3.84 per cent. Meanwhile, the prices for premium office real estate in Singapore have been increasing continuously for no less than 12 consecutive quarters, as stated in an October report by Cushman & Wakefield.

The change in demand is influenced by elements such as cost-effectiveness, business expansion, undiscovered skill reservoirs, and prospering tech centers with robust infrastructures, according to the company.

The real estate surge in Thailand is drawing in Chinese investors, however, the threat of fraud is ever-present. According to a Thai law firm, overseas purchasers are confronted with legal obstacles and potential scams, which could lead to substantial monetary losses.

The real estate market in Thailand is thriving, and unfortunately, so are deceptive practices. Buyers from Mainland China, who made up almost 50% of foreign purchases last year, find themselves among those defrauded.

Zoe Yu, a 45-year-old photographer hailing from Ningbo, southeast China, faced difficulties when she tried to invest in Chiang Mai, Thailand's second-largest city. Attracted by the reasonably priced global education and the decreased cost of living in this northern tourist attraction, she inked a deal in January 2023 to purchase a villa worth 10 million baht (equivalent to US$293,000), after being introduced to the opportunity by a famous Chinese personality.

Yu quickly discovered that in Thailand, foreigners are not allowed to possess land or private homes. Despite her contract not having any legal safeguards, she managed to secure a refund in July of this year. However, this victory came after she had already lost over a third of her investment on costs and home improvements.

Sadly, the market has turned into a breeding ground for scams, drawing in novice investors who lack understanding of the rules, says House Condo Lawyer, a legal firm in Thailand that focuses on real estate investment. Fraudulent property titles and unlawful land transactions can result in significant financial damage. One investor, the firm notes, suffered a loss of up to 400 million baht.

The report also underscored the problem of unlawful nominee arrangements, in which overseas purchasers are given the impression that they can possess land by registering it under a Thai surrogate. Such an action is against the law and could culminate in the foreign investor forfeiting their investment if the surrogate asserts ownership or if an official probe is launched.

Special Report | Geely, China's top electric vehicle producer, leverages technology to grow in Asia and Europe

Speaking to the Post, Geely's CEO Gui Shengyue shares insights on the firm's international strategies and the impact of European Union tariffs.

"Your international expansion strategy needs to be executed methodically," he stated from his workplace in Hong Kong. "Geely will employ varying strategies for diverse countries and regions. In my opinion, we have our unique strengths in this area."

Gui stated that Geely Auto successfully handled the extra 18.8% tariff imposed by the EU on its China-manufactured pure electric vehicles. He further noted that these import charges would not hinder the company's drive to expand its market share in Europe.

In October, the European Union decided to enforce duties on purely electric vehicles produced in China following a probe into unfair subsidy practices. These new charges come in addition to the regular 10 per cent duty already in place for purely electric vehicles from China. Furthermore, Geely Auto faced an extra tariff of 18.8 per cent.

"Given our technological edge in numerous areas, I'm confident that we can handle the [EU] tariffs," stated Gui. "A genuine and efficient method to reduce expenses is through technological progress."

Gui stated that Geely Auto, recognizing its deficiencies in expertise and international after-sales service, doesn't have any immediate intentions to establish factories in the EU.

Rather than holding a large quantity of fixed assets, the firm opted for a lean asset strategy to grow internationally. This business model is becoming more prevalent in places where smart electric vehicles, built by mainland businesses and equipped with autonomous driving technology and digital dashboards, are gaining popularity, he noted.

Actor Roger Kwok's Herbs Generation saw a 10% increase in its initial public offering (IPO) in Hong Kong. The healthcare firm's shares were in high demand, being oversubscribed 6,083 times, following their pricing at the bottom of the scale at HK$3.75.

Individual retail investors eagerly seized the opportunity to invest in the company owned by Hong Kong actor Roger Kwok. The initial public offering (IPO) was over-subscribed by over 6,000 times, marking it as the second most subscribed in the city's history.

Shares of Herbs Generation Group, a health product business established by Kwok and his sister, were valued at the bottom of its range at HK$3.75. This led to the consumer segment being subscribed to 6,083 times more than available. The global section, on the other hand, was subscribed to 0.8 times more than the supply.

In 2018, Most Kwai Chung initiated its initial public offering (IPO) worth HK$95.3 million (US$12.3 million). It set a new record in Hong Kong for oversubscription, with a rate of 6,288 times.

The stock of Herbs Generation soared up to 35 per cent at its initial trading session on Thursday, ultimately settling 10 per cent above its starting price at HK$4.14. Meanwhile, the wider Hang Seng Index experienced a 0.6 per cent decline.

The corporation markets an assortment of wellness supplements, beauty products, and skincare items under labels like Herbs, Zino, and Classic. The primary source of its income was the "immune support and post-Covid care" category, responsible for over one-third of their sales from 2021 to 2023.

Investigations in the US are underway into TP-Link, a router manufacturer established in China that holds a significant market share in America. Sources close to the investigation express concern that TP-Link might be following 'the Huawei strategy'.

The probe initiates a fresh aspect in the US's efforts to clamp down on tech corporations with ties to China, viewed as potential risks to American networks and data. This particular investigation highlights a firm that had mainly gone under the radar in terms of national security, even though TP-Link has become a market leader in the realm of home and small-business routers. These routers are responsible for transferring data from the internet to devices like computers and smartphones.

Sources have revealed that the Department of Commerce issued a subpoena to TP-Link this month, seeking information about the company's structure. These sources requested anonymity as this issue hasn't been officially disclosed yet. The Wall Street Journal first broke the news about the investigation earlier this Wednesday.

The probe was initiated following an August letter from the co-leaders of a bipartisan select committee on China in the House of Representatives, according to sources. The legislators called on the agency to look into what they described as a "major national security concern" stemming from TP-Link's significant market hold in the US.

Additionally, they referred to Chinese legislation that mandates corporations to support the country's military and intelligence goals, and the common occurrence of cyberattacks backed by the Chinese government that take advantage of routers.

Hong Kong stocks decline as the Fed indicates a deceleration in easing for the upcoming year. The Federal Reserve's assertive prediction of only two rate reductions in the following year has subdued market enthusiasm.

Stocks in Hong Kong experienced a downturn after the US Federal Reserve surprisingly projected a stern outlook for interest rate reductions in the coming year.

The Hang Seng Index fell by 0.6 per cent, closing at 19,752.51 on Thursday, having dropped by as much as 1.4 per cent during the day. The Hang Seng Tech Index also decreased by 0.7 per cent. Meanwhile in the mainland, the CSI 300 Index saw a slight increase of 0.1 per cent, while the Shanghai Composite Index dropped by 0.4 per cent.

Jerome Powell, the Chairman of the Federal Reserve, stated that the reduced speed of rate decreases is a result of both the present inflation and the anticipated rise in inflation for the following year. The Federal Reserve's policy statement included modified forward-guidance phrasing, expressing that they are "evaluating the magnitude and schedule of further modifications." This suggests that there may be a temporary halt in rate reductions at the upcoming January meeting.

Jack McIntyre, a portfolio manager at the American investment company Brandywine Global, mentioned that the Federal Reserve is currently in a "standstill" with its monetary policy. He emphasized that the longer this situation continues, the more probable it is for the financial markets to balance the possibilities of a rate increase and a rate decrease equally. He also suggested that this uncertainty in policy could lead to more fluctuations in the financial markets in 2025.

The struggling autonomous truck company, TuSimple, has rebranded itself as CreateAI and unveiled a new AI model. Despite having been a promising name in the self-driving sector, TuSimple is now focusing on AI-powered video content following the dismissal of its CEO.

Hou has initiated legal proceedings calling for the immediate dissolution of TuSimple, now known as CreateAI, accusing the company of misusing shareholder funds. Hou insists that his former 29.7% voting influence should be restored from Chen, which would allow him to block the proposed plan at CreateAI's shareholder assembly this coming Friday. However, Chen has declined to give up control. A judgement is expected to be delivered in the first three months of 2025.

In a conversation with the Post, CreateAI's CEO, Lu Cheng, stated that self-driving technology, despite its high costs, wouldn't yield profits in the immediate future. He also projected that content created through artificial intelligence is estimated to provide substantial earnings for the company by 2025 and lead to profitability by 2026.

Despite the challenges, Lu emphasized that CreateAI remains committed to self-driving technology. Rather than independently managing a large number of vehicles or transporting goods, the company is actively seeking partnerships to license its technology and function as a provider.

Lu stated that the initial previews of the Three-Body Problem feature are expected to be released to the public by mid-next year. Furthermore, a preliminary version of the Heroes of Jin Yong game is anticipated to be available in 2026, with the complete edition projected for a 2027 release.

The struggling autonomous truck company, TuSimple, has rebranded itself as CreateAI and has introduced a new AI model. Previously known for its prominence in the field of self-driving vehicles, TuSimple has shifted its focus towards AI-produced video content after the dismissal of its CEO.

Hou has initiated legal proceedings calling for the immediate dissolution of TuSimple, currently known as CreateAI, on the grounds that the company misused investor funds. Hou claims he should regain his previous voting rights of 29.7%, which Chen currently holds. This would allow him to reject the proposal at CreateAI's shareholder meeting on this coming Friday. Chen, however, declined to give up his control. The court's decision is expected to be made in the first three months of 2025.

In a discussion with the Post, Lu Cheng, the CEO of CreateAI, mentioned that self-driving technology, despite its high expense, would not yield profits in the immediate future. However, he anticipates that content produced by artificial intelligence would start generating significant income for the company by 2025, leading it to become profitable by 2026.

Nevertheless, Lu stated that CreateAI is "not abandoning its pursuit of autonomous driving". Rather than directly managing a large vehicle fleet or transporting goods, the company is "vigorously seeking partners to license [its] technology" as a "provider".

Lu announced that early previews of the Three-Body Problem feature are expected to be released by mid next year. Additionally, the initial edition of the Heroes of Jin Yong game is slated for release in 2026 and the complete version is anticipated to be launched by 2027.

FutureGEN Girls Leadership Conference 2024: Powering the Upcoming Wave of Leaders

[The following article is brought to you by our promotional collaborator.]

The FutureGEN Girls Leadership Summit 2024, held on November 9, saw more than 300 teenage girls gather at the Hong Kong Palace Museum for a day of motivation, education, and empowerment. Now in its third iteration, the JYC Girls Impact Foundation (JYCGIF) organized the summit and became an official member of youthfest@HK 2024. The Home and Youth Affairs Bureau (HYAB), Hang Seng Bank, CTF Education Group, Music Chaos Foundation, Digital Domain, Cupping Room, Eslite Culture HK Ltd., and 9 other organizations supported this vibrant initiative, which encourages youth development and achievement through teamwork. Over the past three years, JYCGIF has staged over 100 events, attracting more than 7,000 attendees.

The theme for this year's Summit was "Discover Your Strength: Encouraging Potential Leaders to Act". The event challenged participants to identify their special talents and maximize their abilities. The agenda was packed with inspiring sessions, including motivational talks and practical workshops, all aimed at instilling teenage girls with the self-assurance and expertise to shape their own future. Miss Alice Mak, SBS, JP, the Secretary for Home and Youth Affairs, stated that the Summit's focus closely aligns with the 2024 Policy Address of the HKSAR Chief Executive, which places a strong emphasis on the career advancement of women.

"Miss Mak announced during her introductory speech at the Bureau of Home and Youth Affairs that they are set to initiate a mentoring scheme. This will partner up female college students with mentors from the upper echelons of management. She further stated their dedication to fostering a diverse talent pool that 'supports half the world', thus enabling women to excel professionally."

Tencent forfeits Epic Games board positions following US antitrust investigation

The most affluent firm in China, which owns Riot Games – a competitor of Epic where it also holds a lesser share – had its board positions in both companies under possible violation of US legislation.

The most lucrative firm in China, which holds a partial ownership in Epic and a direct rival through its subsidiary, Riot Games, has raised antitrust violation fears, as per a Department of Justice (DOJ) statement on Wednesday. The statement also mentioned that Tencent has given up its board seats, along with its exclusive authority to nominate directors or observers.

Epic Games confirmed via email that David Wallerstein and Ben Feder are resigning from their directorial positions. Wallerstein, an executive at Tencent for many years, moved into a consulting capacity this year. On the other hand, Feder holds a leading role at Tirta Ventures.

The Justice Department announced that it has increased enforcement and monitoring for possible breaches of Section 8 of the Clayton Act. This law forbids board members from holding positions in rival companies such as Epic and Riot Games. Riot Games is notably known for developing online multiplayer games such as League of Legends.

"Inspection of overlapping board memberships remains a key focus for the Antitrust Division," said Deputy Director of Civil Enforcement, Miriam Vishio, in the statement from the DOJ. "Our heightened regulatory actions concerning Section 8 in the recent years have yielded significant outcomes."

In a progressively intricate landscape, Ultra-High Net Worth (UHNW) families in Asia are in search of customized wealth management strategies. J.P. Morgan Private Bank's international team is tackling the escalating intricacies of wealth across generations with experience, robustness, and flexibility.

Family offices are typically established to cater to the requirements of extremely wealthy individuals and their families. This can include a range of services from financial planning and tax strategy to safeguarding wealth and organizing inheritance plans.

Lately, the family office sector has been undergoing swift changes due to shifting family requirements, advancements in technology, and the necessity to adjust to a globally intricate financial environment. The "2024 Global Family Office Report" from J.P. Morgan Private Bank offers crucial understanding of how the needs and focuses of wealthy families have changed, and the kind of improved services and support they require. This is provided through the comprehensive, progressive strategy employed by J.P. Morgan Private Bank.

The report indicates that ultra-high net worth (UHNW) families are significantly interested in having a wider range of options in their total investment portfolio. The movement towards varied investment approaches stems from the desire for increased adaptability, which could mean maintaining a robust stance in sectors such as real estate, while also broadening their investments into innovative technologies and developing markets.

The report underscores a notable trend where there's a preference to delegate certain wealth management tasks to financial experts on an optional basis, yet continuing steady discussions with family members and particularly with upcoming family leaders.

The report further highlights how family offices are developing, with a growing focus on enhancing family ties, backing philanthropic objectives, and aiding the passing of wealth across generations.

"Various aspects need to be taken into account, which makes the situation intricate," explains Harshika Patel, the Chief Executive Officer at J.P. Morgan Private Bank in Asia. "Frequently, our clientele consists of large business proprietors, and there's a noticeable shift from a conventional domestic strategy to embracing a more international investment aspect. Therefore, during strategizing, it becomes necessary for us to create a worldwide diversified structure for managing their wealth and to constantly remind them about the complexity involved in such large-scale operations."

HKEX aims to draw in new listings with the implementation of new regulations and reforms. Alterations to listing guidelines and board representation have been initiated with the intent of making Hong Kong a more appealing location for listings, according to HKEX.

The Hong Kong Exchanges and Clearing (HKEX), operator of the world's fourth-largest stock market, has announced a series of amendments to its listing and governance regulations. The aim of these changes is to find a balance between the needs of issuers and investors, thereby enhancing the quality of the market. This initiative is part of a broader strategy to reestablish the city as a top choice for new listings.

Starting from July next year, each independent non-executive director (INED) will be limited to serving on just six boards, as announced by the HKEX on Thursday. This comes as the HKEX moves forward with the contentious plan first suggested in June. Companies exceeding this limit will be granted a three-year window to correct the issue. Currently, 23 INEDs are serving on more than six boards, based on data from the HKEX.

The trading platform, nonetheless, has chosen to postpone the phase-out period for prohibiting firms from employing an INED who has served on a board of directors for nine years. The enforcement of the nine-year restriction has been pushed back to 2032 from the initial 2028, it further stated.

The modifications were intended to improve corporate governance, according to CEO Bonnie Chan Yiting who stated this in June.

The updated regulations regarding INEDs "will introduce fresh and varied viewpoints in the boardroom, consequently bolstering the board's overall efficiency, autonomy, and diversity," stated Katherine Ng, the chief of listing. "These improvements are in tune with the increased global investor anticipations for governance standards."