Hong Kong’s property sector could face some “short-term challenges” but “the risks are manageable” because the city’s economy was diversified and sat on a solid foundation, the chairman of the Financial Services Development Council (FSDC) said on Wednesday. “As an international financial centre, the global uncertainties would mean some Hong Kong industries would face certain…
The Hong Kong Academy for Wealth Legacy (HKAWL), chaired by Adrian Cheng Chi-kong, launched a web portal on Tuesday to connect wealthy families with philanthropic initiatives, giving them access to high-impact projects. The Impact Link Online Portal (iLink) will serve as a repository for philanthropic projects that wealthy families can participate in, as well as…
New World Development (NWD), controlled by one of Hong Kong’s richest families, warned it would report a loss of up to HK$6.8 billion (US$871 million) in its interim results to be announced next week, as weak property markets in Hong Kong and mainland China continue to present a tough operating environment for the developer. The…
The default of a major Hong Kong property developer could send shock waves through the broader sector and scuttle a potential recovery in the residential market, according to S&P Global Ratings. “Hong Kong’s residential property recovery may be slipping out of view,” the credit-rating agency said in a report on Thursday. “S&P Global Ratings believes…
The “unexpected” appointment of Echo Huang Shaomei as the new CEO of New World Development (NWD) has raised concerns about whether she is the right person to lead one of Hong Kong’s most leveraged developers out of a tight spot. Analysts have serious doubts about the situation NWD currently finds itself in, including Huang’s leadership…
Revellers and vendors gathered at the Central Harbourfront in Hong Kong on Saturday for the local debut of the cultural festival Hypefest, with music fans undeterred by an approaching typhoon. The two-day festival, which is being supported by HK$15 million (US$1.93 million) from the government’s Mega Arts and Cultural Events Fund, is expected to draw…
Hong Kong’s success has always been in its openness to opportunity and willingness to try new things. This “can-do” spirit may now seem a bit canned in expression, but the truth of it remains – Hong Kong cannot afford to lose its appetite for risk. It was what made us a cultural icon in the…