Hong Kong

Hong Kong banks to get less government support over the next 12-18 months

The government is implementing a revised bank resolution regime.

Hong Kong banks to get less government support over the next 12-18 months

The government is implementing a revised bank resolution regime.

Property sales up 12.3% in August

There were 6,130 sale and purchase agreements for all building units.

Hong Kong bankers settle for dorm life as rents reach record highs

There are at least six current and pending co-living developments in Hong Kong.

Retail landlords becoming more flexible in rental terms

They fear having empty shops for extended periods.

Hong Kong, Singapore eye grabbing a bigger share of the $540t derivatives business

Regulators have been in talks with the ASIFMA over the past five months.

Why July retail sales performance may be a one-off

Analysts say it could be due to tourist rebound when summer started.

Mainland investors poured in US$1.6b investments in Hong Kong

This is almost 70% of all cross-border investments in the city.

Exchange Fund assets hit $3.9t in July

The assets reflected a $7.3b increase from the figures reported in June.

RMB deposits in Hong Kong up 1.6% to RMB534.7b in July

Overall foreign-currency deposits rose 0.2%.

Six public housing blocks to be redeveloped from April 2020

The clearance will yield a total of 4,000 housing units. Six public housing blocks in Wong Tai Sin and Sham Shui Po will be cleared for redevelopment, the Housing Authority said. The redevelopment of Mei Tung and Mei Po houses in Mei Tung Estate, Wong Tai Sin, will yield 2,100 public housing units and a primary school, while demolishing the four blocks at Pak Tin Estate, Sham Shui Po, will provide 1,900 units. The clearance will be conducted from April 2020 to January 2021 and affected tenants will receive prior notices of up to 41 months. The authority's Subsidised Housing and Commercial Properties committees have approved the rehousing arrangements for affected domestic and commercial tenants. Mei Tung Estate's 630 households will be accommodated in Tung Tau Phase 8 in mid-2020. They can also choose to leave in mid-2018 for flats in On Tai Estate on Anderson Road. Pak Tin Estate's 2,280 households will be assigned flats in the redeveloped blocks of the same estate from 2019. They can also choose to leave in mid-2018 for flats in So Uk Phase 2. Domestic tenants will receive removal allowances ranging from $5,126 to $19,649. For those who prefer Home Ownership Scheme flats to public housing units, they will be accorded priority in flat selection in the upcoming HOS sales. Commercial tenants will be offered an ex-gratia allowance equivalent to 15 times their monthly rent. They will also get a lump sum payment of $133,000 or the chance to participate in restricted tender exercises for shop stalls in the authority's markets. Successful bidders will be given a three-month rent waiver.

Land Supply Task Force to launch a public engagement exercise

The group will seek the public's views on boosting land supply.

Government deficit hits $2.5b in July

Fiscal reserves stood at $986.6 billion as at July 31.

Approved mortgage loans down 23.5% to $33.7b

The number of mortgage applications decreased 38% to 9,090.

Applications for compulsory sale surge 80% in the first eight months

15% of private residential stock are expected to be the acquisition target of developers.

Retail sales value up 4% to $36b in July

Sales value of jewellery also inched higher by 12.9%.