3 d. ago JPMorgan says NWD controlling shareholder may need to provide liquidity support

Debt-laden New World Development’s (NWD) controlling shareholder may eventually have to offer the firm liquidity support by either buying properties or providing loans if the developer cannot sell assets to other parties, according to JPMorgan. But an injection of capital, as suggested by a recent media report, was less likely, the US investment bank said in a report on Tuesday. NWD stock dropped on Tuesday after the property developer said it had not received a proposal from its controlling...

Politics

5 d. ago Hong Kong police drugs crackdown snares 418, with boy, 13, youngest arrested

A 13-year-old boy was among more than 400 people arrested in a citywide anti-drug operation over the summer, with Hong Kong police saying he was suspected of trafficking four capsules believed to contain etomidate, previously known as space oil. Police said on Sunday that officers smashed 303 drug cases during the seven-week operation, code-named “Tailbacker”, with 328 male and 90 female suspects arrested. The arrestees, aged between 13 and 73, included 11 boys and six girls. The police force...

Events

5 d. ago Hong Kong police drug crackdown snares 418, with boy, 13, youngest arrested

A 13-year-old boy was among more than 400 people arrested in a citywide anti-drug operation over the summer, with Hong Kong police saying he was suspected of trafficking four capsules believed to contain etomidate, previously known as space oil. Police said on Sunday that officers smashed 303 drug cases during the seven-week operation, code-named “Tailbacker”, with 328 male and 90 female suspects arrested. The 418 arrestees, aged between 13 and 73, included 11 boys and six girls. The police...

Events

9 d. ago FWD expands office at Swire’s Taikoo Place to become largest tenant

FWD Hong Kong has signed a decade-long lease for 330,000 sq ft of office space in Taikoo Place, marking the largest office rental deal in the city this year, according to a joint statement from landlord Swire Properties and the insurer on Wednesday. The company would consolidate and expand its presence in the Devon House building by adding four and a half floors to accommodate business growth. The expansion will make FWD the largest office tenant in Taikoo Place, a complex featuring 10 prime...

Politics

1 week ago Hong Kong’s office leasing market picks up pace for fourth straight month

Office-leasing activity in Hong Kong rose for a fourth straight month in July, chipping away at the elevated vacancy rates that continue to weigh on rents, according to JLL. Tenants leased a net 190,000 sq ft of prime office space last month, the property consultancy said on Monday. Among them was Shell Hong Kong, which leased 12,300 sq ft at The Millennity in Kwun Tong, relocating from Landmark East in the same district. However, grade A office rents continued to fall, declining 0.5 per cent in...

Politics

2 w. ago China ‘pretend work’ firm offers office space for US$4 a day, aids personal growth

Pretend work companies that help unemployed people fake having a job for a small price are springing up across China. The trend is particularly prevalent in first and second-tier cities where people rent office space and transform it into “pretend work companies”. They usually charge people between 30 and 50 yuan (US$4 and US$7) a day. The rate drops if they buy a monthly package for a working spot. Chen Yingjian owns one such company in Hangzhou, in eastern China’s Zhejiang province. Chen...

Economics