Hong Kong

The economic growth forecast has then been reduced to 1% to 2% for the year.

The last flight from London to Hong Kong will be on September 10.

Singapore beat Hong Kong as Asia’s most popular business travel destination during the first half of the year.

Budget airline Jetstar Hong Kong will begin operating next year with some of its rates 50% cheaper than full service options in regular airlines.

Market remained resilient thanks to investor interest, low lending rates and rising rental returns. According to Jones Lang LaSalle's quarterly Global Market Perspective, following a lull in activity during Q1, the global property market has resumed a steady recovery path. Investment volumes recovered to US$108 billion in Q2, 24% up q-o-q, signaling that capital markets are on track to achieving US$400 billion volumes for full-year 2012. Other key highlights on the quarter include: • The global economic outlook has weakened as euro strains re-emerges. Asia Pacific markets will continue to drive global growth this year, however, a deceleration is increasingly apparent. • In a climate of uncertainty, corporate occupiers have adopted a ‘wait and see’ approach to expansion as global take-up volumes have fallen year-on-year. Corporates are trending towards sale and lease back transactions as they look to release capital. • Leasing activities have improved from the Q1 lull, but is still below 2011 levels due to weak jobs growth, slow corporate hiring and the downward reset of global growth projections. Gross leasing volumes for full-year 2012 expected to be 10% lower than in 2011. • On the other hand, vacancy continues to edge downwards, with the global office vacancy rate falling to 13.3% in Q2, the lowest since 2009. Regionally, the Americas and Asia Pacific regions have continued to see vacancy rates fall, while they have remained unchanged in Europe. • With global office supply still falling, the Jones Lang LaSalle Global Office Index, which tracks the rental performance of prime office space across 90 major markets, has continued to grow, up by a further 0.6% during Q2 2012. • In residential, high trading volumes have been recorded for Germany, while momentum has been maintained in the U.S. rental apartment market. In Asia, residential sales have improved in China and Hong Kong and remain resilient in Jakarta, driven by investor interest, low lending rates and rising rental returns. • Retail exhibited a mixed picture. While Greater China recorded strong demand and healthy rental growth, market conditions were relatively flat in the US. In Europe, demand is expected to drive rents in the top retail locations in London, Moscow and Paris in the second half of 2012, while most other European markets will remain broadly stable.

Hong Kong Exchanges & Clearing Ltd reported a 14% year-on-year drop in in net income to HK$2.22 billion in the first half.

Despite a revenue rise, Hong Kong’s Cathay Pacific Airways registered its biggest loss in nine years during the first half of the year.

The Lands Department has announced the resumption of land for the implementation of a preservation and revitalisation project on Shanghai and Argyle Streets in Mong Kok.

Hutchison Whampoa eported a massive 78% drop in net profit for the first half of the year.

Swedish retail clothing company H & M Hennes & Mauritz AB will shutter its flagship store in Hong Kong due to an increase in rent.

Retail sales in Hong Kong are projected to fall for the rest of the year following an 11% increase in value in June.

Standard Chartered PLC falls a single percent short of its pretax profit target for the first-half of this year.

The total sales value of these transactions dropped 14% to $46.8 billion in July.

Loans inched forward at the tepid pace of 1.5% in the second quarter reflecting the economic slowdown gripping Hong Kong.

People aged 65 and over is projected to rise from 13% in 2011 to 30% in 2041.

The Eurozone’s enduring financial malaise forced an 8.4% drop in the net income of HSBC Holdings Plc.