HSBC, the biggest commercial bank in Hong Kong, lowered its prime lending rate for a second time this year, trimming borrowing costs for consumers and businesses. Bank of China’s local unit matched the move, and other lenders are expected to follow suit. The UK banking group will trim its prime rate by 25 basis points…
Hong Kong police have issued a warning over an increasing number of scammers posing as officers and technical support staff, as the force launches a second round of a raffle to raise public awareness about fraud. Commissioner of Police Raymond Siu Chak-yee said on Thursday residents risked losing their life savings to scams in some…
Meetings between Beijing’s top official in charge of Hong Kong affairs and two major British companies reflect the nation’s commitment to reinforcing the city’s status as an international finance centre and also serve as a warning to the US, business and political experts have said. They voiced their opinion on the significance of the meetings…
In its push to further internationalize the yuan, the Chinese government has enlisted HSBC’s Hong Kong unit to join its worldwide interbank payment system as a direct offshore participant. It’s the next step in China’s promotion of its Cross-Border Interbank Payment System (CIPS), which it has touted as an alternative to the globally dominant Swift…
Three luxury Hong Kong homes changed hands this week for between HK$49.4 million (US$6.36 million) and HK$114 million, an indication that well-heeled buyers have returned to the market for exclusive addresses as interest rates come down. Sebastian Paredes, the CEO of DBS Bank (Hong Kong), paid HK$49.4 million for a 1,249 sq ft, three-bedroom flat…
China is set to allow foreign companies to independently run data centres and offer various telecommunications services in the country, with US electric car maker Tesla and British bank HSBC among the first set of applicants. The Ministry of Industry and Information Technology (MIIT) initiated a pilot programme in Beijing, Shanghai, Hainan and Shenzhen on…
A group of smaller listed companies are joining together to highlight the challenges they face and help other firms to use the Hong Kong stock market to raise funds and capture new business opportunities. The Hong Kong Small and Medium Listed Companies Association is a non-profit industry body formed by a group of businesspeople who…
HSBC, the city’s biggest lender, expects six more rate cuts in the US, which will considerably bring down the cost of funding and benefit the local economy and markets, according to its Hong Kong head. The Federal Reserve, which cut its key rate by half a percentage point on September 18, will undertake another six…
HSBC intends to concentrate on growing its wealth clientele in Hong Kong by utilising its distinct location in the area to cater to foreign customers. Tony Leung Chiu-wai, a well-known actor, has been chosen as the Hong Kong ambassador for its new wealth programme, “Wealth. Growing at every stage.” With an estimated 80 million more…
The Hong Kong Monetary Authority (HKMA) is monitoring an increase in bad debts in the city’s commercial real estate sector, but the authority’s top boss believes the banking system is robust enough to handle the situation without distress. “It is a concern, but not alarming as the situation is still manageable,” HKMA CEO Eddie Yue…