5 h. ago Hong Kong businesses and workers weather the storm of Typhoon Wipha’s fury

While the hurricane-force winds and torrential rains of Typhoon Wipha battered Hong Kong on Sunday, some continued to work, and many restaurants remained open, supported by limited rail services. Among the restaurants that operated as usual was Chung Kee congee shop in Whampoa, as the operator said it did not expect the typhoon would escalate to a No 10 level. “Originally, we thought it would be just a No 8 typhoon signal. We are close to an MTR station, so we thought we would open and see what...

Economics

35 h. ago Morgan Stanley banker buys two Hong Kong flats for US$18.8 million

David Wraight, managing director at Morgan Stanley, has bought two luxury residential units in Hong Kong for HK$147.3 million (US$18.8 million), joining a growing cadre of global financiers on the hunt for high-value properties at reduced rates. The two flats in the first phase of Deep Water Pavilia in Wong Chuk Hang, developed by New World Development (NWD) and MTR Corporation, have a combined saleable area of 3,242 sq ft. They were sold last month, according to the Land Registry. The buyer,...

Economics

64 h. ago Hong Kong virtual insurer Bowtie Life raises US$70 million in third funding round

Bowtie Life Insurance, the city’s first virtual insurer, on Friday said it raised US$70 million in its third funding round from existing shareholder Sun Life, its largest such effort since its establishment in 2018. “The stock market rally in Hong Kong this year has improved market sentiment, paving the way for many start-ups and companies to raise funds in both private and public markets,” said Fred Ngan, Bowtie’s co-founder, in an interview on Friday. The city’s Hang Seng Index benchmark is up...

Economics

4 d. ago One in 388 Hong Kong homeowners has a net worth of more than US$30 million

One in 388 homeowners in Hong Kong has a net worth of more than US$30 million, making the city No 3 in terms of ultra-wealthy residents among urban centres outside the US, according to a study released on Wednesday by Altrata. Overall, Hong Kong also had the third highest number of ultra-high-net-worth individuals (UHNWIs) owning homes in the city, with 19,439, trailing New York’s 33,222 and Los Angeles with 19,781, according to the US-based group that tracks the world’s affluent. The UHNWs who...

Economics

4 d. ago 1 in 388 Hong Kong homeowners has a net worth of more than US$30 million

One in 388 homeowners in Hong Kong has a net worth of more than US$30 million, making the city No 3 in terms of ultra-wealthy residents among urban centres outside the US, according to a study released on Wednesday by Altrata. Overall, Hong Kong also had the third highest number of ultra-high-net-worth individuals (UHNWIs) owning homes in the city, with 19,439, trailing New York’s 33,222 and Los Angeles with 19,781, according to the US-based group that tracks the world’s affluent. The UHNWs who...

Economics

5 d. ago Developer Grand Ming avoids risking default by getting waivers from lenders

Hong Kong developer Grand Ming Group has avoided risking default by obtaining waivers from its lenders for outstanding loans totalling HK$4.8 billion (US$611.5 million). “The group has successfully obtained waivers from all lenders in respect of the breach,” the company said on Monday. “Accordingly, the lenders will not demand immediate repayment of the respective bank borrowings under the loan facilities from the group as a consequence of the breach. The group will repay the loan principal and...

Events

5 d. ago Chinese firms’ H stocks trade at smallest discount to onshore shares in 5 years

The Hong Kong shares of dual-listed Chinese companies are trading at the smallest discount to their onshore peers in nearly five years, as a weaker US dollar spurs inflows and mainland investors snap up these stocks. The H shares of 160 firms, including Industrial and Commercial Bank of China and BYD, are trading 22 per cent below their mainland-listed A shares, according to a Hang Seng gauge tracking the disparity between the two markets. That marked the smallest gap since June 2020, as trading...

Politics

6 d. ago Hong Kong trails Singapore, London as priciest city for the rich: Julius Baer

Hong Kong has become relatively cheaper for wealthy individuals over the last year, dropping from second to third on a list of the costliest world cities for high-net-worth individuals (HNWIs), according to Julius Baer. Singapore retained the title of the most expensive city, while London and Hong Kong swapped places from a year earlier, according to the 2025 Julius Baer Global Wealth and Lifestyle Report on Monday. The sixth annual study by the Swiss lender compared a basket of goods and...

Politics

6 d. ago Hong Kong’s ultra rich get the cheapest champagne, priciest lawyers

Hong Kong has become relatively cheaper for wealthy individuals over the last year, dropping from second to third on a list of the costliest world cities for high-net-worth individuals (HNWIs), according to Julius Baer. Singapore retained the title of the most expensive city, while London and Hong Kong swapped places from a year earlier, according to the 2025 Julius Baer Global Wealth and Lifestyle Report on Monday. The sixth annual study by the Swiss lender compared a basket of goods and...

Politics

7 d. ago Hong Kong property buyers snap up most flats at Novo Land and 9 Eastern Street

Buyers flocked to two new residential projects on Sunday, buoyed by an ongoing stock market rally and low interest rates – signalling a sustained rebound in Hong Kong’s property market. Developer Million Nice (Hong Kong) sold 62 of the 69 units at 9 Eastern Street in Sai Ying Pun, according to agents. Meanwhile, Sun Hung Kai Properties (SHKP) sold all 110 units in the third round of sales at Novo Land phase 3A in Tuen Mun. 9 Eastern Street consists of 76 units, with sizes from 249 sq ft to 508...

Politics

7 d. ago Hong Kong’s focus on South Korean business collaboration spurred by geopolitics

Hong Kong’s finance chief has launched a strategic offensive to forge closer business ties with South Korea, with investors showing interest in the city’s latest cryptocurrency policy and its role as a “superconnector” to international markets amid geopolitical tensions. Financial Secretary Paul Chan Mo-po, who concluded a three-day visit to Seoul on Thursday, proposed a direct cross-listing of exchange-traded funds and highlighted Hong Kong’s use of an exclusive derivative financial product as...

Politics

7 d. ago Why can’t Hong Kong retail landlords cut rents for struggling tenants?

In a commercial rental market beset by high vacancy rates, many Hong Kong landlords feel stuck between a rock and a hard place: giving tenants a break on rent makes it harder to pay mortgages and threatens asset value, but holding the line on rent runs the risk of driving tenants away. In this difficult environment, are landlords just being stubborn? It’s complicated, according to agents and analysts. Retail sales in the city contracted for 14 straight months until May, when they expanded by 2.4...

Politics

9 d. ago Hong Kong government to offer just 1 residential plot for sale this quarter

Hong Kong’s government will release a mid-size plot for sale in its fiscal second quarter, continuing its tight grip on land supply as the city’s residential property market grapples with a glut that has forced developers to slash prices to find buyers. A plot measuring 6,500 square metres (70,000 sq ft) at the junction of Wing Shun Street and Texaco Road in Tsuen Wan in the western part of New Territories will be made available via tender in the July to September quarter, enough to provide...

Politics

9 d. ago Shougang Lanzatech delays Hong Kong IPO again due to dispute with JV partner

Beijing Shougang Lanzatech Technology on Friday said it will again delay its Hong Kong initial public offering and did not provide a new timetable due to a dispute with a joint venture (JV) partner. The company, which built the world’s first large-scale industrial fermentation facility in 2018 that used exhaust gases from steel mills to make ethanol and microbial protein, was scheduled to announce the final subscription price for its shares on Tuesday. On Monday, it postponed it by a week. “As a...

Economics

1 week ago Hong Kong stocks waver as investors await details on policy support from Beijing

Hong Kong stocks fluctuated between gains and losses on Thursday as investors awaited signals on additional policy support from Beijing after China’s deflation deepened and the end of the 90-day tariff ceasefire with the US gets closer. The Hang Seng Index fell less than 0.1 per cent to 23,887 as of 10.05am local time, while the Hang Seng Tech Index dropped 0.4 per cent. On the mainland, the CSI 300 Index climbed 0.2 per cent and the Shanghai Composite Index added 0.3 per cent. Sunny Optical...

Economics

1 week ago Hong Kong stocks rebound as investors await details on policy support from Beijing

Hong Kong stocks rebounded on Thursday as investors awaited signals on additional policy support from Beijing as the end of the 90-day tariff ceasefire with the US neared and after China’s deflation deepened. The Hang Seng Index rose 0.6 per cent to 24,028.37 at the close and the Hang Seng Tech Index dropped 0.3 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both climbed 0.5 per cent. Sunny Optical Technology advanced 6.1 per cent to HK$75.45 and BYD Electronic...

Economics

1 week ago Commercial property crisis looms in Hong Kong amid sliding values

Hong Kong is facing a commercial real estate crisis, with small and medium-sized developers as well as banks under increasing pressure as capital values slide amid lethargic leasing activity, according to JLL. The capital value of commercial property was set to drop by “a further 5 to 10 per cent” this year, said Joseph Tsang, chairman of the property consultancy in Hong Kong. Selling commercial properties at such prices is not “practical or realistic”, he added. That meant the looming crisis...

Events

1 week ago Hong Kong stocks fall on worries about China’s deflationary pressure

Hong Kong stocks fell by the most in nearly three weeks as China’s deflationary trend became more entrenched, deepening concerns about the nation’s growth prospects. The Hang Seng Index dropped 0.8 per cent to 23,943.42 at 10.13am local time on Wednesday and the Hang Seng Tech Index retreated 1.3 per cent. On the mainland, the CSI 300 Index climbed 0.2 per cent and the Shanghai Composite Index added 0.3 per cent. Henderson Land Development slumped 8.3 per cent to HK$26 after raising HK$8 billion...

Events

1 week ago 5 stocks gain in Hong Kong trading debut as bull market rages on

Hong Kong’s stock exchange had its busiest day of the year for new listings on Wednesday as five mainland Chinese companies made their debuts, cementing the city’s position atop the global ranking for initial public offerings (IPO). Wuhan Dazhong Dental Medical (2651) was the biggest winner of the day when its shares jumped 20 per cent at the open to HK$24, from its IPO price of HK$20. The shares of Apple supplier Lens Technology (6613) began trading at HK$18.88, a premium of 3.8 per cent from...

Economics

1 week ago Apple supplier Lens, 4 other stocks gain in busiest day for new listings in 2025

Hong Kong’s stock exchange had its busiest day of the year for new listings on Wednesday as five mainland Chinese companies made their trading debuts, cementing the city’s top global ranking for initial public offerings (IPOs). Semiconductor chip designer Fortior Technology was the biggest winner after its shares surged 16 per cent to HK$139.80. The Shanghai-listed company raised HK$2.26 billion (US$287.8 million) from its offering of new shares at HK$120.50 each. Apple supplier Lens Technology...

Politics