64 h. ago Hong Kong’s ‘Cassette King’ offers to sell luxury property to pare debt

One of Hong Kong’s best-known real estate investors has put another luxury home up for sale at a discount, as the city’s property glut and elevated interest rates weigh on highly leveraged entrepreneurs. David Chan Ping-chi, dubbed the “Cassette King” for his fortunes made from producing audiovisual cassettes and compact discs, plans to sell a three-storey mansion at 51 Mount Davis Road on Hong Kong Island to repay debt, he said in a phone interview with the Post. Chan is asking for about HK$450...

Politics

9 d. ago Lidar sensor maker Hesai Group gets regulatory approval for Hong Kong IPO

Hesai Group, one of the world’s largest makers of automotive Lidar sensors, received the green light from China’s securities regulator to sell new shares in Hong Kong. The Shanghai-based company plans to issue up to 51.24 million shares on the Hong Kong stock exchange, according to a filing with the China Securities Regulatory Commission (CSRC) on Tuesday. The filing confirmed that the CSRC reviewed and acknowledged Hesai’s materials, without disclosing the fundraising size and timetable for...

Politics

2 w. ago Swire Properties set to start selling its largest residential project in 20 years

Swire Properties, one of Hong Kong’s largest developers, is set to start selling homes in its 850-unit, three-tower project on Hong Kong Island, its largest residential development in 20 years. The company, one of the city’s largest commercial landlords, said it would unveil the price list for the flats, which range from one to three bedrooms with areas from 400 sq ft to 1,400 sq ft, in the coming days. The project is developed jointly by Swire Properties and China Motor Bus Company. The launch...

Politics

2 w. ago Smoke grenades, live animals delivered to Hong Kong? How sellers evade crackdown

Smoke grenades, live animals and fresh meat are among the heavily regulated items readily available on mainland Chinese e-commerce sites for delivery to Hong Kong despite an official crackdown, the Post has found. Listings on Taobao and Pinduoduo have been subject to increased scrutiny following the arrest last month of a 13-year-old Hongkonger who allegedly bought smoke grenades online. Sources earlier said that the boy had bought the three smoke grenades for HK$92 (US$11.70) on Pinduoduo on...

Events

3 w. ago Lack of National Games tickets for groups a snag for Hong Kong’s tourism sector

Hong Kong tourism representatives have raised concerns that no tickets for the coming National Games will be allocated to travel groups, and that each buyer can only purchase six seats for any event, limiting the types of visitor packages that companies can offer. Yeung Sai-hing, general manager of culture, sport and tourism at China Travel Service, the designated offline ticket seller for Hong Kong events, said on Thursday that his agency was striving to create more travel products, but the...

Sport

3 w. ago Hong Kong sells US dollars to fight carry trade, defend currency peg

The Hong Kong Monetary Authority (HKMA) intervened in the foreign exchange market overnight for the 11th time since late June, buying local currency and absorbing interbank liquidity in a move that analysts believe will increase local interest rates and deter carry traders looking to exploit the city’s interest rate differential with the US dollar. The HKMA said it sold US$900 million and purchased the equivalent of HK$7.07 billion at an exchange rate of HK$7.85 per US dollar during New York...

Politics

4 w. ago Hong Kong police arrest 11 domestic helpers in connection with illegal abortion

Hong Kong police have arrested 11 domestic workers for allegedly selling illegal abortion pills or performing abortions unlawfully after one of the suspects was believed to have killed a fetus older than the legal limit of 24 weeks of pregnancy. While police said on Friday that they believed the helpers were not operating as a crime syndicate, they warned that it was a criminal offence in Hong Kong to administer pharmaceutical drugs to perform abortions illegally. The saga came to light on June...

Events