35 m. 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

55 m. ago 80% of Hong Kong Uber drivers worried about quota and fees under new rules

Nearly 80 per cent of 4,800 Uber drivers polled in Hong Kong are worried that a strict quota or high licensing fees under coming new regulations for ride-hailing platforms will threaten their livelihoods. The results of the poll conducted by platform operator Uber in June were revealed on Tuesday, just days after Secretary for Transport and Logistics Mable Chan announced that a highly anticipated regulatory proposal would be submitted to the legislature before the end of the month. Currently, it...

Politics

1 hour ago Hong Kong leaders say city is good place for investors to seek stability

Hong Kong is an ideal place for investors to seek stability and move resources away from riskier parts of the world, according to Alpha Lau Hai-suen, the director general of InvestHK. Speaking at the South China Morning Post’s China Conference on Tuesday, Lau said that since the Covid-19 pandemic, Hong Kong’s investment flows have not returned to previous levels due to global trade and tariff challenges. InvestHK is a government agency tasked with promoting the city overseas. “Despite all that,...

Politics

1 hour 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

2 h. ago Hong Kong scam losses down 25% in first 5 months of year, but cases up

Scam-related losses in Hong Kong have declined 25 per cent to HK$2.8 billion (US$357 million) in the first five months of this year, but the number of cases has increased amid an overall drop in crime. Commissioner of Police Joe Chow Yat-ming revealed the latest figures at a North District Council meeting on Tuesday, saying the city had recorded 35,888 cases from January to May this year, a 2.8 per cent dip from the same period last year. But the number relating specifically to scams during the...

Politics

2 h. ago Tuition and music: how Hong Kong’s pupils got into their first choice schools

Attending private tuition and relaxing by playing chess and listening to music were among the strategies used by Hong Kong’s Primary Six students to achieve good grades and be part of the record 74 per cent of pupils who got into their most preferred secondary schools through the central allocation system. A primary school principal also said on Tuesday that students had benefited from less competition for entering their first choice institution, helped by the “zero-quota” policy that bans...

Culture

2 h. ago Bomb found in Hong Kong’s Tsim Sha Tsui, prompting police to seal off busy road

A bomb has been found in Hong Kong’s Tsim Sha Tsui, prompting police to cordon off busy Granville Road and call in explosive disposal experts. The force said on Tuesday that the bomb was discovered at a construction site on Mody Road near the west area of the Urban Council Centenary Garden in East Tsim Sha Tsui at 12.10pm. Witnesses said that about 40 workers were evacuated after the bomb was discovered as Explosive Ordnance Disposal officers arrived at the scene. According to Google Maps, the...

Events

2 h. ago Suspected bomb found in Hong Kong, busy road temporarily sealed off

A suspected bomb has been found in Hong Kong’s Tsim Sha Tsui, prompting police to temporarily cordon off busy Granville Road and call in explosive disposal experts. The force said on Tuesday that it was discovered at a construction site on Mody Road near the west area of Urban Council Centenary Garden in East Tsim Sha Tsui at 12.10pm. Witnesses said that about 40 workers were evacuated after the alleged bomb was discovered as Explosive Ordnance Disposal officers arrived at the scene. According...

Events

3 h. ago Eric Trump to headline Bitcoin Asia 2025 conference in Hong Kong

Eric Trump, the second-born son of US President Donald Trump, will attend next month’s Bitcoin Asia 2025 conference in Hong Kong as a headline speaker, as the city strives to position itself as a leading hub for digital assets, competing with the US. Trump would discuss bitcoin’s “long-term potential” and its impact on global finance, as well as “how Asia is shaping the future of bitcoin adoption,” said BTC Inc, the conference organiser, on Tuesday. Bitcoin Asia, the regional edition of the...

Politics

4 h. ago Hong Kong’s Metropol Restaurant, with dim sum trolleys, will close in September

A Chinese restaurant in Hong Kong known for serving dim sum from traditional trolleys will close down at the end of September after being in business for 35 years, joining a slew of eateries that have folded in the city in recent months. A staff member of Metropol Restaurant, located at United Centre in Admiralty, told the Post that the establishment would operate until September 27, but did not offer a reason for the decision to shut down. The restaurant opened in 1990 and is one of three...

Politics

5 h. ago Hong Kong is vital link to world, where China anchors its trust, John Lee says

Hong Kong is a vital link that the world can rely on for security and development under the shifting geopolitical landscape as it connects the globe with China’s growth certainty and investible stability, the city leader has said. “Hong Kong is the ‘superconnector’ and ‘super value-adder’ that links the world with opportunities from China’s growth certainties. A link you can always bank on,” Chief Executive John Lee Ka-chiu said in a keynote speech at the South China Morning Post’s China...

Politics

5 h. ago Hong Kong vital link to world, where China anchors its trust, John Lee says

Hong Kong is a vital link that the world can rely on for security and development under the shifting geopolitical landscape as it connects the globe with China’s growth certainty and investible stability, the city leader has said. “Hong Kong is the ‘superconnector’ and ‘super value-adder’ that links the world with opportunities from China’s growth certainties. A link you can always bank on,” Chief Executive John Lee Ka-chiu said in a keynote speech at the South China Morning Post’s China...

Politics

7 h. ago Does Hong Kong’s loan shark law proposal lack bite needed to tame debt collectors?

A proposal to tighten regulations over Hong Kong’s notorious loan sharks is too narrowly focused and will not tackle the root problem of unruly debt collectors, according to lawmakers and legal experts. The legislators and specialists criticised the Financial Services and the Treasury Bureau’s plan to set a cap on borrowing activity for low-income earners and impose stricter rules for loan “referees”, saying it failed to tackle the shadowy network of intermediaries who enabled predatory...

Politics

8 h. ago Death threats and harassment: Hong Kong couple’s ordeal with loan sharks

When his health supplement business struggled with cash-flow problems, Bobby Tan* turned to a so-called professional networking group in Hong Kong for help, borrowing HK$300,000 (US$38,220) from a licensed small lender in April last year. Over the next 10 months, the Hong Kong permanent resident from Southeast Asia continued to take on more debt, borrowing from 30 different licensed moneylenders for a total of HK$5.05 million. Each lender charged him an illicit upfront “commission” of 15 to 30...

Events

8 h. ago HSBC, Manulife, BOC Life expand offerings for Hong Kong retirees

HSBC, Manulife and BOC Life are among the financial firms courting retirees with new investment products that offer regular income streams amid a broader government-led initiative to capture opportunities in the so-called silver economy. The city’s biggest lender, HSBC, last week launched five retirement-solution funds, which offer a non-guaranteed target dividend payout rate of 6 per cent a year. More retirement-focused funds would be added to the suite in the second half of 2025, the bank...

Politics

9 h. ago Hong Kong economy’s ‘mixed signals’ portend retail ‘turbulence’, analysts say

Hong Kong’s retail industry will experience mixed fortunes in coming months, as rising unemployment threatens to dent consumer spending even as the economy and household incomes improve and tourist numbers surge, according to CBRE. “Right now, there is positive news and negative news in the market,” said Lawrence Wan, senior director and head of advisory and transaction services for retail at property consultancy CBRE Hong Kong. “Shops keep on closing down, but at the same time we see there is a...

Politics

16 h. ago Surge in Hongkongers visiting Japan expected after manga ‘megaquake’ fears fade

Hongkongers’ enthusiasm for visiting Japan is expected to rebound “explosively” in the coming days and months after fears of a “megaquake” predicted in a manga proved unfounded, an industry leader has said. Steve Huen Kwok-chuen, executive director of EGL Tours, said on Monday that rumours of a July 5 earthquake had earlier caused significant concern among some Hongkongers. Many residents had shelved trips to Japan, leading to a sharp decline in tour group bookings. He said his agency normally...

Politics

17 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

19 h. ago 4,200 transitional flats earmarked for Hong Kong’s displaced subdivided tenants

Hong Kong authorities have said around 4,200 transitional flats can cope with the temporary accommodation needs for tenants displaced under a future regulation that could force 33,000 subpar subdivided homes to undergo significant rectification. Under Secretary for Housing Victor Tai Sheung-shing told the legislature on Monday that the government would set aside up to 20 per cent of its 21,000 transitional homes for tenants affected by a subdivided flat regulation. The regulation will only allow...

Politics

19 h. ago 4,200 temporary homes earmarked for displaced Hong Kong subdivided flat tenants

Around 4,200 transitional homes will be sufficient to meet the temporary housing needs of tenants displaced under new rules that could require 33,000 subpar subdivided flats to undergo major renovations, Hong Kong officials have said. Undersecretary for Housing Victor Tai Sheung-shing told lawmakers on Monday that the government would set aside up to 20 per cent of its 21,000 transitional homes for tenants affected by coming subdivided flat regulations. Under the regulations, only subdivided...

Politics