29 h. ago Xi urges Communist Party to learn from pioneer of China’s economic planning

Chinese President Xi Jinping urged the ruling Communist Party to learn from the legacy of early party figure Chen Yun – a pioneer of China’s economic planning – in remarks on Friday to commemorate the 120th anniversary of the late statesman’s birth. Xi called on the party to have unwavering confidence when facing “chaotic and complex turbulence”, and to strengthen its ability to cut a path for China’s economy with “objective and thorough” research, according to state news agency Xinhua. The...

Economics

53 h. ago Indebted owner’s luxury property on The Peak on sale at 30% discount

Distressed sales in Hong Kong’s luxury property market persist, with a mansion on The Peak now listed at two-thirds the purchase price six years ago. The three-storey detached house in Twelve Peaks at 12 Mount Kellett Road, developed by Sun Hung Kai Properties, has been put up for sale for HK$330 million (US$42 million) by the creditor, according to Colliers, which has been appointed as the sole agent for the asset. Yip Yuen Sai bought the property for HK$450 million in 2019, according to the...

Economics

64 h. ago TikTok’s sister app Douyin courts merchants with lower deposit fees

TikTok owner ByteDance, whose Douyin short video app has emerged as a popular e-commerce shopping platform in China, will cut the guarantee deposit payable by merchants, in a move designed to keep existing sellers and lure new ones amid fierce competition. The deposit, held by the platform on behalf of sellers to cover potential costs such as refunds or penalties, would be capped at 5,000 yuan (US$695), a fraction of the previous maximum of 500,000 yuan. As a result, the deposit payable by...

Events

6 d. ago Hibor plunge a bigger deal for stock market than Hong Kong’s property sector

Hong Kong needs all the help it can get. Since 2018, the city has suffered one shock after another, preventing a meaningful recovery from taking hold and fuelling concerns about its position as a global financial centre. As an importer of US monetary policy with an economy that is far more synchronised with that of mainland China, Hong Kong has been the biggest casualty of economic and policy divergence between the world’s two largest economies, prompting renewed questions about the suitability...

Economics

7 d. ago Officials race to comply with Xi’s austerity rules as inspectors come knocking

As Elon Musk’s so-called Department of Government Efficiency was shaking up federal agencies in America with deep spending cuts, bureaucrats in China were also feeling the heat. Since mid-March, thousands of Chinese officials have been scrambling to comply with President Xi Jinping’s austerity orders – making sure their offices are modest, their meal receipts are in order and returning any lavish gifts – as inspectors carry out checks. The campaign has been running since 2012 and takes aim at...

Politics

8 d. ago BYD’s latest EV price cuts trigger ‘war panic’ as China warns it’s now out of control

BYD’s latest EV price cuts trigger ‘war panic’ as China warns it’s now out of control  Electrek

Events

1 week ago Citi Cuts Tech Staff in China, Presses on With Brokerage Plan

Citi Cuts Tech Staff in China, Presses on With Brokerage Plan  WSJ

Politics

1 week ago Citi plans to cut 3,500 tech roles in China as global banks cut costs

Citi plans to cut 3,500 tech roles in China as global banks cut costs  CNBC

Economics

1 week ago Citi plans to slash 3,500 tech roles in China as global banks cut costs

Citi plans to slash 3,500 tech roles in China as global banks cut costs  CNBC

Economics

1 week ago Citi to cut 3,500 tech jobs in China as part of global revamp

Citi to cut 3,500 tech jobs in China as part of global revamp  Reuters

Politics

1 week ago Citi to cut 3,500 technology jobs in China as part of global revamp

Citi to cut 3,500 technology jobs in China as part of global revamp  Yahoo Finance

Politics

1 week ago After Trump cut funding for energy transitions overseas, could China step in?

After Trump cut funding for energy transitions overseas, could China step in?  Dialogue Earth

Politics

1 week ago Tracking Trump: DOGE cuts cause inefficiencies; China accuses Trump of provoking trade tensions; Trump discusses a pardon for Diddy; and more

Tracking Trump: DOGE cuts cause inefficiencies; China accuses Trump of provoking trade tensions; Trump discusses a pardon for Diddy; and more  MSN

Politics

1 week ago Japan and Singapore show even property safe havens are not problem

Two findings stood out in CBRE’s survey on Asia’s commercial property investment market published last month. The first was that Japan alone accounted for 36 per cent of transaction volumes in the first quarter of this year. The second was that it was easily the most popular market among cross-border investors, with 86 per cent of respondents describing their level of interest in Japan as very strong or fairly strong. These findings underscore the strong appeal of a market that has long been...

Politics

1 week ago US can’t cut China off completely, but must defend AI and American innovation from nonstop theft: Sen Rounds

US can’t cut China off completely, but must defend AI and American innovation from nonstop theft: Sen Rounds  Fox News

Politics

2 w. ago Hong Kong’s veteran investors face the heat in sinking property market

Hong Kong’s commercial market declines have left some of the city’s once-prosperous veteran investors struggling financially, with experts expecting distressed sales to continue amid plunging property valuations. In April, receivers took over the luxury detached mansion in Pok Fu Lam where “Cassette King” David Chan Ping-chi and his family had lived since the 1980s, marketing it for HK$430 million (US$54.8 million) last week. Chan, who defaulted on a loan of about HK$350 million from Fubon Bank...

Economics

2 w. ago Opinion | Why China’s problem of cutthroat competition demands the world’s attention

Opinion | Why China’s problem of cutthroat competition demands the world’s attention  South China Morning Post

Politics

2 w. ago Tepid sales at Uni Residence as competition heats up in new home market

Competition is intensifying in Hong Kong’s new residential property market as improved sentiment and declining mortgage rates have prompted developers to offer attractive prices to entice buyers. Homebuyers snapped up just 58 of the 100 flats on offer on the first day of sales at Uni Residence in Tai Wai, agents said. Five out of 10 flats offered by tender were also sold, generating about HK$38 million (US$4.8 million). In contrast, Henderson Land’s The Henley in Kai Tak sold 78 of 80 units on...

Society

2 w. ago China Auto Body Slams ‘Vicious Competition’ After BYD Price Cuts

China Auto Body Slams ‘Vicious Competition’ After BYD Price Cuts  Bloomberg.com

Politics

2 w. ago US tariffs to stay in place, China graduate jobs dwindle: SCMP daily highlights

Catch up on some of SCMP’s biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing. 1. US appeal court allows Donald Trump’s tariffs to stay in effect A US federal appeal court has temporarily halted a lower-court ruling against President Donald Trump’s “Liberation Day” reciprocal tariffs, as well as a separate set of fentanyl-related levies on China, Mexico and Canada, the latest in a string of twists that leave the state of global trade...

Politics