As Hong Kong’s workers return to their desks on Monday after a long holiday break, many large banks and financial firms are offering them millions of dollars in lai see, hampers, Asia Miles, lucky draws and other gifts to ring in the Year of the Snake. Companies have traditionally given staffers lai see packets on…
(Bloomberg) — Distressed property sales in Hong Kong are beginning to bite banks that used to be well protected against loan losses. Most Read from Bloomberg The city’s commercial real estate sector is going through one of its worst slumps in history, with no end in sight. Average prices of office buildings, shopping malls and…
Hong Kong’s six biggest lenders lowered their prime lending rates for a third time this year, trimming borrowing costs to the lowest level in more than two years. HSBC and subsidiary Hang Seng Bank said they would trim their prime rate by 12.5 basis points to 5.25 per cent from Friday, the lowest since August…
Hong Kong banks’ unexpected prime rate cut on Friday will lower funding costs and bring more buyers into the market, with analysts expecting home prices in the city to bottom out “in the short term”. The Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, lowered its base interest rate for the second…
Hong Kong’s main technology park operator and Saudi Arabia’s start-up incubator have agreed to collaborate, giving fintech companies in the city access to financing from a Middle East fund to pursue their growth ambitions. Hong Kong Science and Technology Parks (HKSTP) and Beta Lab signed an agreement in Riyadh on Tuesday as the annual Future…