Why are Hong Kong fast-food giants Cafe de Coral, Fairwood suffering in downturn?

Why are Hong Kong fast-food giants Cafe de Coral, Fairwood suffering in downturn?

Two of Hong Kong’s largest fast-food chains, Cafe de Coral and Fairwood, both suffered a near 30 per cent drop in profits last year, with experts attributing their struggles during the economic downturn to ageing diners and intense competition from delivery platforms. The two companies were considered resilient players during previous downturns caused by global…

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Chinese provincial boss fired over Covid response facing corruption probe

Chinese provincial boss fired over Covid response facing corruption probe

The former Communist Party chief in the province where the Covid-19 outbreak first emerged has been placed under investigation on suspicion of corruption. Jiang, 67, has since been made deputy head of the national legislature’s agricultural and social affairs committees, but on Friday two leading anti-corruption watchdogs announced he had been placed under investigation for…

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My Take | Beijing’s US$3.2 trillion question: how much of China’s forex reserves go to Hong Kong?

My Take | Beijing’s US$3.2 trillion question: how much of China’s forex reserves go to Hong Kong?

China’s central bank chief Pan Gongsheng promised to park more of the country’s US$3.2 trillion foreign exchange reserves in Hong Kong, fanning speculation about how much more Beijing can earmark for the city’s assets. Beijing has always guarded the details of its forex portfolio reserves as classified information, so the exact amount of reserve funds…

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Chen Hongtian saga: Hong Kong university pays US$334 million for tower in distress sale

Chen Hongtian saga: Hong Kong university pays US$334 million for tower in distress sale

One HarbourGate East Tower, a premium office building formerly owned by cash-strapped Chinese tycoon Chen Hongtian, has found a new owner after Hong Kong Metropolitan University (HKMU) struck a deal with the receivers, according to people familiar with the matter. The university agreed to pay HK$2.6 billion (US$334 million) for the 15-storey building in Hung…

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