Surge in Homebuyers at Wang On’s 101 King’s Road Project Signals Hong Kong Real Estate Market Revival
Buyers quickly purchase apartments at Wang On's project at 101 King's Road due to a resurgence in the market. Situated at 101 King's Road, close to the Fortress Hill MTR station, the development provides apartments with one to three bedrooms, ranging in size from 244 square feet to 434 square feet.
A new residential development by Wang On Properties in Hong Kong's Eastern district attracted a swarm of potential buyers on Saturday, demonstrating revived interest in the city's property market, encouraged by the government's stimulus initiatives.
By 3:30 in the afternoon, agents reported that 98 out of the 157 available units at 101 King's Road – a housing development featuring a residential tower, a business platform, and open-air commercial space – had been purchased.
"The cost of apartments at 101 King's Road is fairly appealing," stated Sammy Po Siu-ming, the head of the residential division for Midland Realty in Hong Kong and Macau.
The project is popular among many long-term investors due to its diverse range of unit options and its proximity to the MTR. He further mentioned that nearly 40 per cent of the potential homeowners who arrived on Saturday were investors.
The project, situated at 101 King's Road in North Point close to the Fortress Hill MTR station, provides apartments ranging from one to three bedrooms with sizes between 244 and 434 square feet.
The cost has been established in the range of HK$4.88 million to HK$11.87 million, which translates to HK$18,626 to HK$27,357 per square foot.
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Investor Anticipation Builds for China’s Economic Conference: A Glimpse into Potential Stimulus Measures and Market Impacts
Investors are on the lookout for new indications of economic stimulus from China prior to Xi Jinping's financial summit. Any expansion of the government's budget or reinforcement actions for consumer spending and the real estate sector would be positively received by investors.
The meeting's date is still undecided, however, according to various news outlets, it's expected to take place on December 11th and 12th. Stock market participants are uncertain about the outcomes of this business conference. Nonetheless, any talk of enhancing the state's budget, or introducing initiatives to boost consumer spending and the real estate market, would be seen as positive triggers.
"Many are unsure about the eventual stabilization of the economy," stated Yuan Fang, a financial analyst at SDIC Securities. "Thus, the financial market is closely monitoring the central economic conference. The course of the equity market will be dictated by how the conference outlines the scale and speed of policies intended to stabilize growth."
Citic Securities, the biggest publically traded brokerage in China, indicated that the conference is expected to sustain an optimistic outlook for macroeconomic policies in 2025. It's anticipated that the leaders will emphasize the importance of local government debt, the real estate market, consumer spending, and technological advancement as key priorities for the country.
In particular, China plans to boost residential property acquisitions next year to establish a stockpile of reasonably priced homes, as per Citic Securities' statement last month. They are also urging local authorities to repurchase unused land to support the real estate market. Additionally, Citic Securities anticipates that Beijing will implement further reductions in mortgage rates to stimulate demand and encourage the technology sector to decrease its dependency on foreign resources.
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Opinion: The Silver Thread – Hong Kong’s Opportunity to Reclaim Its Gateway Status Amidst China’s Latin American Expansion
Perspective | Is it possible for Hong Kong to reestablish its position as Asia's main link to the Americas?
With China broadening its commerce and financial ventures in Latin America, Hong Kong ought to take initiative and leverage the chance to bridge all entities involved.
The commerce was driven by silver originating from the territories that were, at the time, Spanish colonies of Peru and New Spain. The latter included regions of Mexico, Central America, and portions of the United States. This silver was fundamental to the Chinese monetary system and by the start of the 18th century, it had become China's initial normalized form of currency.
The Hong Kong dollar, Chinese yuan (with yuan translating to "round", indicative of coins as opposed to taels), the Japanese yen, and certainly the US dollar, all trace their roots back to this monetary predecessor. Hong Kong, on the other hand, supplanted Manila as the principal trading hub in East Asia.
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Hong Kong Stocks Soar in Anticipation of Key China Conference: A Glimpse at Market Movements and Economic Forecasts
Hong Kong's stock market records its most significant weekly increase in two months, just before a crucial Chinese gathering. According to Citic Securities, the central economic work conference is set to uphold an optimistic outlook for macroeconomic strategies in the coming year.
The Hang Seng Index increased by 1.6 per cent, ending at 19,865.85, which resulted in a weekly rise of 2.3 per cent. This signifies the index's highest achievement within a week since October 4. The Hang Seng Tech Index also saw a rise of 2.2 per cent.
The CSI 300 Index in China saw a rise of 1.3 per cent, while the Shanghai Composite Index increased by 1.1 per cent.
Wuxi AppTec and Wuxi Biologics saw a rise in their stocks after Citigroup announced that US legislators are considering a possible concession on a bill designed to stop Chinese biotech companies from securing US government contracts. Property development companies like Longfor Group also saw an increase, driven by predictions of increased policy backing for the sector.
According to Citic Securities, China's biggest publicly traded brokerage, the private meeting is expected to keep an upbeat outlook on macroeconomic strategies for 2025. The conference's leaders are projected to emphasize the importance of local government debt, real estate market, consumer spending, and technological advancement as key focus areas.
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NBA Strikes Landmark Deal with Sands China: Brooklyn Nets and Phoenix Suns to Flag-off Preseason Games at Macau’s Venetian Arena
The NBA has inked a contract with Sands China to host pre-season matches at the Venetian Arena in Macau. The Brooklyn Nets and Phoenix Suns are slated to inaugurate this collaboration with a pair of games on the 10th and 12th of October in the upcoming year, as announced by the NBA's deputy commissioner, Mark Tatum.
"Today is a thrilling day as we introduce the NBA to Macau," announced Mark Tatum, the NBA's deputy commissioner. "It's astounding to witness the changes in Macau since my previous visit in 2008."
Macau boasts an enthusiastic following for the NBA and with Sands China pouring resources into sports, it's the reason we're reintroducing the games, he stated.
"During the Covid era, we initiated conversations with the NBA as part of our effort to enhance the tourism offerings of the resort," Sands China's CEO, Grant Chum, revealed in a Post interview. "We're pooling our resources with the NBA for a long-term strategic partnership that includes a number of significant events. This not only provides new experiences for our guests, but it also boosts Macau's image and standing as a global tourist spot that seamlessly blends top-quality entertainment, hospitality, and sports."
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Chip War Deescalation: U.S. Excludes Major Chinese Firms from Latest Export Restrictions, Yielding to Japanese Opposition
Semiconductor battle: US gives certain Chinese companies a reprieve from limitations as a compromise to Japan, insiders report
The U.S. government has exempted a few of China's top semiconductor firms from its most recent export sanctions.
According to insiders, the leading Chinese manufacturer of dynamic random-access memory (DRAM) chips was exempted from the most recent set of US chip export limitations, due to resistance from Japan.
CXMT did not promptly reply to a comment request on Thursday.
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Strengthening Financial Ties: Hong Kong and Saudi Arabia Enhance Roles as Asia and Middle East Gateways
Hong Kong and Saudi Arabia enhance economic relationships, acting as entry points for Asia and the Middle East
The governor of the Saudi central bank, Al-Sayari, and his team were in Hong Kong this week for the Financial Stability Board’s main conference.
Hong Kong and Saudi Arabia are intensifying their mutual collaboration in the financial services industry following a gathering in the city this week. Their central banks are investigating methods to improve their positions as the links between the two regions.
The Chief Executive Officer of the Hong Kong Monetary Authority (HKMA), Eddie Yue Wai-man, had a meeting with the head of the Saudi Central Bank, SAMA, Ayman Al-Sayari, on Thursday. This meeting was a continuation of their initial interaction in Riyadh in July 2023. Topics such as the progression of financial infrastructure, the incorporation of regulatory technology, and investment perspectives were among the subjects discussed, according to a statement from the HKMA on Friday.
The pair of financial regulators also investigated possible avenues of collaboration in areas such as financial stability, data interpretation, financial ingenuity and payment infrastructures, according to a distinct statement from the SAMA.
"Recent years have seen an increase in the connection between Hong Kong and Saudi Arabia," expressed Yue. "We are eager to reinforce our affiliation with the SAMA and persist in our shared areas of interest to further our positions as the key links between the Middle East and Asia."
Five minutes past three
Paul Chan encourages businesses from the Middle East to consider visiting Hong Kong in 2023 with the aim of investigating potential listing options.
Al-Sayari and his team were present in Hong Kong for the Financial Stability Board's main gathering on December 4th and 5th, alongside various international central bank and finance department representatives. This board, headquartered in Basel, oversees potential risks to the system and proposes solutions to address weak points in the worldwide financial structure.
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China Favors Locally Made Products in Government Contracts: A 20% Price Advantage Boosts Domestic Manufacturers
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.
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HSBC Survey Predicts Housing Demand Surge in Hong Kong: 1 in 6 Eyeing Home Purchase Amidst Shortage Concerns
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.
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Hong Kong Advances Stablecoin Bill: A Move to Regulate Virtual Tokens and Fortify Financial Stability
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."
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NBA Ends 5-Year China Exile with Multimillion-Dollar Deal: Nets and Suns to Play in Macau’s Venetian Arena Starting 2025
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.
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China’s Strategic Empathy: A Potential Path to Mending Economic Ties with Europe Amid Trade Deficit and Market Accessibility Concerns
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.
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Huawei’s Premium Smartphone Shipments Soar, Yet Apple Maintains Dominance in China’s High-End 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.
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