A nephew of the late Hong Kong shipping tycoon Y.K. Pao has bought a HK$75 million (US$9.6 million) luxury flat in Repulse Bay, continuing a trend among the city’s wealthy buyers who have been snapping up high-end homes in recent months. Crosspark Limited, an entity linked to Raymond Pao Lun-kwok, bought the 2,491 sq ft,…
Hong Kong and mainland China are set to see more corporate restructuring and liquidation in commercial real estate, restaurants and retail shops in 2026 due to the weak economy and changes in consumer behaviour, according to veteran liquidator Derek Lai Kar-yan. The challenging economic environment, however, provides opportunities for experts like Lai, 60, who is…
Manulife (International), one of the biggest life insurers and pension providers in Hong Kong and Macau, has finished moving its domicile to Hong Kong from Bermuda, making it the first insurer to successfully complete the process under a new regime, according to a statement on Friday. The insurer said the redomiciling was a “strategic milestone”…
Three key government departments have been picked to test the use of AI to improve efficiency without incurring additional costs, Hong Kong’s innovation chief has said, urging the public not to equate its usage with job cuts. Secretary for Innovation, Technology and Industry Sun Dong revealed on Saturday that the Companies Registry, the Transport Department…
Hong Kong will step up efforts to lure foreign investment and venture into new markets amid geopolitical challenges and trade tensions, as it teams up with mainland Chinese businesses to seize opportunities abroad, the city leader has said. The vow by John Lee Ka-chiu on Sunday came as Financial Secretary Paul Chan Mo-po revealed that…
Hong Kong will step up efforts to lure foreign investment and venture into new markets amid geopolitical challenges and trade tensions, as it teams up with mainland Chinese businesses to seize opportunities abroad, the city leader has said. The vow by John Lee Ka-chiu on Sunday came as Financial Secretary Paul Chan Mo-po revealed that…
Hong Kong will achieve new economic breakthroughs despite a “complicated and volatile” external environment, the finance chief has told foreign investors while unveiling the government’s first business report in four years. Financial Secretary Paul Chan Mo-po said on Wednesday that the city was in the midst of transformation and upgrading, but warned that some traditional…
A proposal to tighten regulations over Hong Kong’s notorious loan sharks is too narrowly focused and will not tackle the root problem of unruly debt collectors, according to lawmakers and legal experts. The legislators and specialists criticised the Financial Services and the Treasury Bureau’s plan to set a cap on borrowing activity for low-income earners…