34 h. ago Mainland Chinese buyers fuel 25% of Hong Kong home sales last quarter: Centaline

Mainland Chinese homebuyers remain a strong driving force in Hong Kong’s residential property market, spending HK$38 billion (US$4.9 billion) to account for 25 per cent of the city’s total home transactions in the third quarter, according to Centaline Property Agency. Buyers with names in pinyin – the mainland’s system of romanisation of Chinese script – registered 3,797 deals between July and September, up 7 per cent from the previous quarter, Centaline said in a report on Monday. It noted that...

Economics

61 h. ago US business leaders eye Hong Kong as ‘springboard’ to mainland China, Asia

American business leaders are looking to use Hong Kong as a “springboard” for tapping markets in China and Asia despite geopolitical tensions amid a wider reassessment of the mainland’s technological innovation, the city’s finance chief has said. Reflecting on his trip to New York and Washington last week, Financial Secretary Paul Chan Mo-po also said on Sunday that his exchanges would “lay the foundation” for further cooperation with the United States, even as Hong Kong got caught up in the...

Politics

3 d. ago Guangdong motorists must follow Hong Kong laws under new scheme: transport chief

Motorists from mainland China entering Hong Kong under a new travel scheme must abide by the city’s laws, the transport minister has warned. Secretary for Transport and Logistics Mable Chan also said that authorities would have systems in place to track their unpaid penalties through their registered mainland payment methods. Under the “Southbound Travel for Guangdong Vehicles” scheme, motorists from the southern Chinese province will be able to apply to drive into Hong Kong next month. The...

Politics

3 d. ago New lending and repo plans accelerate the yuan’s challenge to the US dollar

When Hong Kong businessman Sunny Yip Yuk-chik heard about a new scheme that would make it easier and cheaper to borrow Chinese yuan, he immediately called his staff on the Chinese mainland with the news. Earlier this month, the Hong Kong Monetary Authority (HKMA) launched a 100 billion yuan (US$14 billion) Renminbi Business Facility (RBF) that would enable business owners like Yip to borrow yuan from Hong Kong banks for up to 12 months at the onshore yuan interest rate, easing trade...

Politics

4 d. ago Hansoh and Leads Biolabs clinch US$2.5 billion in global drug licensing deals

Two Chinese drug developers have signed licensing deals that could yield as much as US$2.5 billion in performance-based payments, underscoring growing international confidence in China’s life sciences sector. Hansoh Pharmaceutical Group has agreed to license global rights – excluding mainland China, Hong Kong, Macau and Taiwan – to develop and market a colon cancer drug candidate to F Hoffmann-La Roche, a unit of Swiss-based biotech giant Roche. Hansoh, a major psychotropic and cancer drugs...

Economics

4 d. ago China’s new carrier takes shape, missing Filipino helpers found: 7 highlights

We have selected seven stories from this week’s news across Hong Kong, mainland China, the wider Asia region and beyond that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please consider subscribing. 1. Images of hull sections suggest progress on China’s fourth aircraft carrier China appears to be making progress on its fourth aircraft carrier at a shipyard in the country’s northeast, according to satellite images, another key part...

Events

4 d. ago China shuns US software for documents, Tim Cook boosts iPhone Air: 7 highlights

We have selected seven stories from this week’s news across Hong Kong, mainland China, the wider Asia region and beyond that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please consider subscribing. 1. Images of hull sections suggest progress on China’s fourth aircraft carrier China appears to be making progress on its fourth aircraft carrier at a shipyard in the country’s northeast, according to satellite images, another key part...

Society

5 d. ago 3 arrested in Hong Kong, mainland Chinese operation targeting money launderers

Hong Kong and mainland Chinese authorities have arrested three men in a cross-border operation targeting a money laundering syndicate that allegedly used pre-recorded footage to bypass digital bank accounts’ facial recognition software and laundered more than HK$270 million (US$34.7 million). Chief Inspector Lo Yin-lam of Hong Kong police’s financial investigation bureau said on Thursday that the syndicate allegedly recruited members from the mainland to travel to the city and open accounts with...

Events

7 d. ago Yuan boost eyed as Hong Kong’s mainland China spending hits HK$5 billion

Hong Kong’s government spent more than HK$5 billion (US$642.3 million) using the city’s currency on services or purchases related to mainland China in the last financial year, according to officials. In comparison, the government only used 240 million yuan (US$33.7 million) annually to settle expenditures, in addition to payments related to its renminbi-denominated bonds. Authorities are now exploring ways to increase payments in renminbi and expand its use. “Since the amount of renminbi bonds...

Economics

8 d. ago Post signs pact with Indonesian business guild to hold events, dialogue

The South China Morning Post has signed a memorandum of understanding with the Indonesian Chamber of Commerce and Industry, or Kadin Indonesia, to establish a platform for dialogue between the business leaders of Indonesia and the Chinese mainland, including Hong Kong. The Post, which has been covering China from Hong Kong since its first front page was published in November 1903, will leverage its editorial authority, convening power and international readership, while Kadin Indonesia will...

Politics

8 d. ago Mainland Chinese financial firms seeking strategic Hong Kong base on the rise: Citigroup

A growing number of mainland Chinese financial institutions and international companies have shown interest in establishing regional headquarters in Hong Kong to tap into increasing business opportunities across the region, according to the head of Citigroup’s local unit. Aveline San Pau-len, Citi Hong Kong CEO and head of banking, said many mainland banks and international financial institutions would like Citigroup to help set up their headquarters in the city to serve clients who wanted to...

Economics

1 week ago Hong Kong firms urged to find alternatives amid US tariffs, software export controls

Hong Kong businesses have braced themselves for additional US tariffs, but experts urged companies to develop alternative strategies due to proposed export controls on American-made critical software, warning of a “painful” adjustment. Industry figures told the Post on Saturday that United States President Donald Trump’s threat to impose an additional 100 per cent tariff on mainland China from November 1 would not significantly impact Hong Kong businesses, which are used to uncertainties from...

Economics

1 week ago Hong Kong firms urged to find alternatives due to US tariffs, software controls

Hong Kong businesses have braced themselves for additional US tariffs, but experts are urging companies to develop alternative strategies due to proposed export controls on American-made critical software, warning of a “painful” adjustment. Industry figures told the Post on Saturday that US President Donald Trump’s threat to impose an additional 100 per cent tariff on mainland China from November 1 would not significantly impact Hong Kong businesses, which were used to uncertainties from his...

Economics

1 week ago SF Express looks at drone deliveries between Hong Kong, 4 mainland China cities

China’s largest courier, SF Express, has said that it is looking at offering cross-border drone delivery services between Hong Kong and four mainland cities. The company revealed its plan on Friday as Hong Kong’s transport chief stressed the need for a resilient logistics ecosystem with geopolitical tensions rising. Kenny Lau, chief technology officer at SF Express Hong Kong, said that the second stage of the company’s plan would be to expand the service to cover all cities in the Greater Bay...

Events

1 week ago Petronas CEO’s F1 champagne shower, Kyoto hotel tax: SCMP’s 7 highlights

We have selected seven stories from this week’s news across Hong Kong, mainland China, the wider Asia region and beyond that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please consider subscribing. 1. Trump team presses unlikely buyers to snap up US soybeans Shut out of China’s massive soybean market, the United States is pressing countries across Africa and Asia to step up purchases of American soybeans, as President Donald...

Economics

1 week ago 1.4 million mainland passenger trips made to Hong Kong over ‘golden week’ break

More than 1.4 million mainland Chinese passenger trips were made to Hong Kong during the country’s National Day “golden week” holiday, official data has shown, but a sector representative said tourists’ spending power remained weak despite the increased numbers. According to the latest figures from the Immigration Department, the number of inbound trips made by mainland visitors during the eight-day break, which coincides with the Mid-Autumn Festival this year, marked a 15 per cent increase from...

Politics

1 week ago 1.4 million mainland Chinese passenger trips made to Hong Kong over ‘golden week’

More than 1.4 million mainland Chinese passenger trips were made to Hong Kong during the National Day “golden week” holiday, official data has shown, but the number still fell short of the city government’s expectations of nearly reaching pre-pandemic levels of 1.52 million. While Hong Kong retailers and caterers reported business growth of up to 20 per cent year on year during the break, a sector representative said on Thursday that tourists’ spending power had remained weak. According to the...

Politics

1 week ago Does Hong Kong need to criminalise storm chasing or will idea blow over?

Super Typhoon Ragasa recently passed within about 120km of Hong Kong and led to the No 10 warning signal being raised. Thankfully, advance warning of the storm and comprehensive preparations in Hong Kong and mainland China, including the evacuation of nearly 2 million people in high-risk areas of Guangdong, averted catastrophe. Still, the impact was significant, with 101 injuries reported in Hong Kong and substantial property damage. Among the debris left in Ragasa’s wake is a debate over...

Events

1 week ago China Market Update: Hong Kong Declines On Low Volumes, Mainland To Reopen Tomorrow

China Market Update: Hong Kong Declines On Low Volumes, Mainland To Reopen Tomorrow  Forbes

Politics

1 week ago Hong Kong can help mainland China ‘take renminbi global, build ties with France’

Hong Kong’s dual status as an international financial centre and offshore renminbi trading hub allows it to play a vital role in taking the yuan onto the global stage and promoting Sino-French economic ties, mainland Chinese business leaders have told a meeting in Paris. Representatives from major mainland companies and financial institutions in Paris raised the idea with a delegation from the Better Hong Kong Foundation, led by its executive committee chairman, Ronnie Chan Chi-chung, during a...

Politics