This article was first published on April 8, 1986. Billion dollar brilliance by Staff Reporters The new $5.2 billion headquarters of the Hongkong and Shanghai Banking Corpn was formally opened last night (April 7, 1986) when the Governor, Sir Edward Youde, snipped a simple ribbon. The building, every light ablaze, was a symbol of the…
About 28 per cent of Hong Kong’s population – or over 2 million Hongkongers – left the city in the first four days of the Easter break, according to official statistics, with one industry leader saying the outflow had greatly affected business in the local food and beverage sector. The number of outgoing Hong Kong…
Heavy rain failed to put a dampener on the hopes of punters trying their luck on Hong Kong’s Mark Six lottery on Saturday, with the estimated first prize of HK$80 million in an Easter snowball draw. According to the Hong Kong Jockey Club, as Saturday night’s draw will carry a snowball of HK$63 million (US$8…
Hong Kong begins a five-day long weekend break for the Easter and Ching Ming Festival holidays from Friday to Tuesday, with authorities expecting busy inbound and outbound travel during the period. Mainland China marks the festival, also known as tomb-sweeping day, between Friday and Sunday. For Hongkongers remaining in the city and visitors from the…
Hong Kong’s New World Development (NWD) has shelved plans to acquire the remaining stakes in three commercial sites in Causeway Bay, signalling continued caution among developers despite signs of improving demand in the core office market. The company, which has been selling assets to reduce debt, said it would “exercise prudence as appropriate, having regard…
Turkey’s largest private bank plans to set up a Hong Kong office, according to sources familiar with the matter, in a move that underscores the city’s role as a gateway for lenders seeking to connect China and Asian markets with the Middle East. Turkiye Is Bankasi’s board approved the Hong Kong expansion plan two months…
The earnings underscored how the city’s developers are shifting focus towards projects that can still generate cash flow, mainly high-end housing in Hong Kong and top-tier mainland cities, while waiting for offices and retail to recover. Recent geopolitical tensions, including the Iran war, had created “significant economic uncertainties”, prompting Henderson to adopt a more prudent…
A hamster was caught hitching a ride on a bus from Central to Sha Tin on Sunday morning, ending up in the custody of a Hong Kong animal welfare group. The golden brown Syrian hamster was spotted by a passenger and is now being looked after by the Hong Kong Society for the Prevention of…
Hong Kong police have arrested five people and recovered nearly HK$100 million (US$12.7 million) worth of gold stolen in a suspected deception case, in which a “buyer” allegedly worked for a group that seized the haul before fleeing. The incident took place at about 2.45pm on Friday at an office in Peninsula Square, a commercial…
Prime office vacancy rates in Hong Kong’s main business district dropped to single digits for the first time in 26 months, lifting overall rents in the city’s struggling office property market, according to JLL. The vacancy rate in Central for premium offices fell to 9.9 per cent in February from 10.1 per cent the previous…