2 h. ago Hong Kong developer Grand Ming’s crisis deepens with US$611 million loan default

Hong Kong developer Grand Ming Group warned investors that it has yet to repay a HK$4.8 billion (US$611.4 million) loan, with its gearing ratio surging past 200 per cent – another sign of the growing debt crisis among the city’s small and medium developers. In a filing with the Hong Kong stock exchange on Tuesday, the company said that it had breached financial covenants under its loan facilities, according to its audited annual results for the year ended March 31. “The group has obtained...

Economics

4 h. ago Experts urge Hong Kong to be a ‘value partner’, not just a ‘superconnector’

Hong Kong should ensure it acts as a “value partner” in addition to its role as a “superconnector” between mainland China and the rest of the world, rather than a mere facilitator of connections, according to experts including the city’s former commerce chief. Speaking at the South China Morning Post 2025 China Conference themed “Where Capital Meets Innovation” on Tuesday, the former Secretary for Commerce and Economic Development Edward Yau Tang-wah said Hong Kong should not merely aim to...

Politics

20 h. ago University of Hong Kong plans to cut size of development site after backlash

The University of Hong Kong (HKU) plans to reduce the size of a development project by 15 per cent following a public backlash, leaving most of a Pok Fu Lam green belt untouched, the Post has learned. A source said on Monday that the university was considering building on a residential plot nearby. The revised proposal for HKU’s Global Innovation Centre will be discussed at a town planning board meeting on Friday, after the university gathers feedback from the community. HKU originally planned...

Politics

5 d. ago Hong Kong may issue T1 warning on Friday as potential cyclone develops

Hong Kong Observatory will consider issuing a T1 typhoon warning signal on Friday and Saturday, urging the public to stay away from the shoreline and refrain from water sports. The forecaster on Thursday said the area of low pressure to the north of Luzon would develop into a tropical cyclone in the coming few days and come within 800km (497 miles) of Hong Kong. It said the cyclone would remain near the northeastern part of the South China Sea and intensify. “Depending on its development and...

Events

5 d. ago Hong Kong could issue T1 warning on Friday, as potential cyclone develops

Hong Kong Observatory will consider issuing a No 1 typhoon warning on Friday and Saturday, with the forecaster urging the public to stay away from the shoreline and refrain from doing water sports. An area of low pressure to the north of Luzon would develop into a tropical cyclone in the coming few days and come within 800km (497 miles) of Hong Kong, the Observatory said on Thursday. It added that the cyclone would remain near the northeastern part of the South China Sea and...

Events

5 d. ago Hong Kong could issue T1 warning on Friday, as potential typhoon develops

The Hong Kong Observatory will consider issuing the No 1 typhoon warning on Friday or Saturday, with the forecaster urging the public to stay away from the shoreline and refrain from doing water sports. An area of low pressure to the north of Luzon would develop into a tropical cyclone in the coming few days and come within 800km (497 miles) of Hong Kong, the Observatory said on Thursday. It added that the cyclone would remain near the northeastern part of the South China Sea and...

Events

5 d. ago Emperor’s financial struggle mirrors current state of Hong Kong real estate

Hong Kong developer Emperor International Holdings’ struggles reflect the highs and lows the city’s property sector has endured over the past few years. Just over five years ago, residential and commercial real estate prices and rents were hitting record highs. Developers reported robust earnings and had access to cheap financing, boosting their confidence – and that of investors – to spend more on new projects or acquire existing income-generating properties. But this golden era ended abruptly....

Politics

5 d. ago Mainland digital yuan partner signs deal to develop stablecoin tech in Hong Kong

A Beijing-based fintech services provider, which has provided billing systems for China’s digital yuan, has signed a strategic partnership with a Hong Kong firm to tap stablecoin and virtual asset business opportunities, in the latest sign of mainland interest in the city’s recent moves to license cryptocurrency issuers. Shenzhen-listed North King Information Technology said on Wednesday that it had struck a deal with Hong Kong-listed GoFintech Quantum Innovation to develop infrastructure to...

Politics

5 d. ago Mainland Chinese digital yuan partner to develop stablecoin tech in Hong Kong

A Beijing-based fintech services provider, which has provided billing systems for China’s digital yuan, has signed a strategic partnership with a Hong Kong firm to tap stablecoin and virtual asset business opportunities, in the latest sign of mainland interest in the city’s recent moves to license cryptocurrency issuers. Shenzhen-listed North King Information Technology said on Wednesday that it had struck a deal with Hong Kong-listed GoFintech Quantum Innovation to develop infrastructure to...

Politics

5 d. ago Hong Kong’s South Lantau ecotourism plans could harm environment: green groups

Hong Kong’s South Lantau ecotourism plans could be reduced to property projects that threaten the environment if authorities fail to set clear guidelines, green groups and academics have warned ahead of Wednesday’s deadline for developers to express their interest. Greenpeace, the Hong Kong Bird Watching Society, seven other groups and an academic also said on Wednesday that the government’s approach, which includes allowing developers to propose ecotourism projects with residential...

Politics

7 d. ago Smaller Hong Kong developers face defaults amid mounting debts: analysts

Hong Kong developer Emperor International Holdings’ inability to repay HK$16.6 billion (US$2.1 billion) in loans highlights a growing debt crisis among small and medium-sized developers in the city, prompting analysts to warn of more defaults. “High debt ratios have become a mainstream condition among Hong Kong developers, particularly mid-sized developers” amid dropping valuations, low demand, high vacancy rates, falling rental income and high interest rates, said Glen Ho, national turnaround...

Politics

7 d. ago Emperor’s US$2 billion debt woes reflect Hong Kong’s property market risks

Hong Kong developer Emperor International Holdings’ inability to repay HK$16.6 billion (US$2.1 billion) in loans highlights a growing debt crisis among small and medium-sized developers in the city, prompting analysts to warn of more defaults. “High debt ratios have become a mainstream condition among Hong Kong developers, particularly mid-sized developers” amid dropping valuations, low demand, high vacancy rates, falling rental income and high interest rates, said Glen Ho, national turnaround...

Economics

7 d. ago Hong Kong in ‘critical stage of opening new chapter’, Beijing liaison chief says

Beijing’s new liaison office chief has said Hong Kong is in a “critical stage of opening a new chapter” and should further embrace reforms to broaden its economy in a speech delivered on the eve of the city’s 28th handover anniversary. Zhou Ji also said on Monday evening Hong Kong should “achieve breakthroughs and tackle core issues” to improve development while maintaining a robust “bottom line” of safety to pave the way for further growth. “Hong Kong is in a critical stage of opening a new...

Politics

7 d. ago Hong Kong’s New World Development secures US$11.3 billion lifeline

Hong Kong developer New World Development (NWD) has successfully refinanced HK$88.2 billion (US$11.3 billion) of debt just before the deadline, concluding months of negotiations that pulled the company back from the brink of default. The refinancing package includes multiple tranches of bank loans with varying maturities, with June 30, 2028, being the earliest, the developer said in an exchange filing on Monday. The package would “allow the group more flexibility to better manage its expected...

Economics

7 d. ago New World secures US$11.3 billion funding lifeline, averts loan default

Hong Kong developer New World Development (NWD) has successfully refinanced HK$88.2 billion (US$11.3 billion) of debt just before the deadline, concluding months of negotiations that pulled the company back from the brink of default. The refinancing package includes multiple tranches of bank loans with varying maturities, with June 30, 2028, being the earliest, the developer said in an exchange filing on Monday. The package would “allow the group more flexibility to better manage its expected...

Economics

7 d. ago Adrian Cheng leaves New World after securing funding lifeline

Adrian Cheng Chi-kong, the third generation scion of New World Development (NWD), has left the company after the Hong Kong developer successfully refinanced its debt and concluded months of negotiations that pulled it back from the brink of default. Cheng resigned as non-executive director of NWD, effective July 1, to “devote more time to public services and other personal commitments,” according to a filing to the Hong Kong stock exchange. Earlier, NWD said it successfully obtained HK$88.2...

Politics

8 d. ago Hong Kong justice minister says ‘soft resistance’ political term, not legal one

Hong Kong’s justice minister has said that “soft resistance” is a political term instead of a legal one and should not be used randomly, while offering his definition for actions that officials have said continue to pose a threat to national security. Secretary for Justice Paul Lam Ting-kwok also said the promotion of national security should be proportionate and strike a balance with the city’s development, echoing a call from Beijing’s top official overseeing Hong Kong affairs earlier this...

Politics

8 d. ago Hong Kong justice minister says ‘soft resistance’ political term, not legal

Hong Kong’s justice minister has said that “soft resistance” is a political term instead of a legal one and should not be used randomly, while offering his definition for actions that officials have said continue to pose a threat to national security. Secretary for Justice Paul Lam Ting-kwok also said the promotion of national security should be proportionate and strike a balance with the city’s development, echoing a call from Beijing’s top official overseeing Hong Kong affairs earlier this...

Politics

8 d. ago Hong Kong justice minister says ‘soft resistance’ political, not legal

Hong Kong’s justice minister has said that “soft resistance” is a political term instead of a legal one and should not be used randomly, while offering his definition for actions that officials have said continue to pose a threat to national security. Secretary for Justice Paul Lam Ting-kwok also said the promotion of national security should be proportionate and strike a balance with the city’s development, echoing a call from Beijing’s top official overseeing Hong Kong affairs earlier this...

Politics

8 d. ago Hong Kong justice minister says ‘soft resistance’ term political, not legal

Hong Kong’s justice minister has said that “soft resistance” is a political term instead of a legal one and should not be used randomly, while offering his definition for actions that officials have said continue to pose a threat to national security. Secretary for Justice Paul Lam Ting-kwok also said the promotion of national security should be proportionate and strike a balance with the city’s development, echoing a call from Beijing’s top official overseeing Hong Kong affairs earlier this...

Politics