Recent strength in Hong Kong’s economy petered off in the third quarter, with growth at 1.8 per cent year on year, prompting a coming revision of the government’s full-year forecast in the middle of November. The Census and Statistics Department, which released advance estimates on Thursday, said it would revise the gross domestic product (GDP)…
Former Hong Kong leader Leung Chun-ying has raised concerns about the risks of oversupply in the property market after the government pledged to add more housing units from new large-scale development areas. “For now, there is a shortage of land and housing supply in Hong Kong, but in the future, more supply is not always…
The development of Hong Kong’s gold and commodities trade is expected to create “new growth momentum” for the economy, the finance chief has said, vowing authorities will focus on expanding the city’s storage capacity amid intense regional competition. Financial Secretary Paul Chan Mo-po also said on Sunday that gold trading had significant growth potential as…
The Hong Kong government has appointed current accounting regulator head Kelvin Wong Tin-yau as the next chairman of the Securities and Futures Commission (SFC), replacing current chairman Tim Lui Tim-leung. Wong, 63, will serve a three-year term starting on October 20. To prepare for his role as market regulator, he has tendered his resignation as…
The Hong Kong government’s latest offering of HK$50 billion (US$6.4 billion) in so-called Silver Bonds received a positive response as it opened for subscription on Monday, according to bank managers. The bonds, for buyers 60 years of age and above, proved popular as they offer guaranteed returns of 4 per cent per year while allowing…
Political and business sectors in the UK and Spain have shown interest in Hong Kong’s traditional and emerging financial services, a top minister has said after wrapping up his week-long visit to the two countries. Financial Secretary Paul Chan Mo-po said on Sunday that the two countries were eager to learn how to make use…