Former Hong Kong leader Leung Chun-ying has urged landlords to lower rents as the city’s commercial property vacancy rate hit a 40-year high and retailers cried foul over being forced to close businesses to stem losses. In his social media post on Thursday, Leung pointed to the rate of vacant commercial buildings in the city,…
Hong Kong’s economy expanded by 3.1 per cent year on year in the first quarter of 2025, according to advance government estimates. Figures released by the Census and Statistics Department on Friday showed gross domestic product (GDP) increased by an estimated 3.1 per cent in real terms in the first three months. A government spokesman…
Thai dessert chain After You Dessert Cafe will exit the Hong Kong market, closing its two shops after three years amid the city’s continuous slump in retail sales. “Farewell! Thank you for your support since January 2022,” the company said in a social media post on Tuesday. “Our last day in Hong Kong will be…
A company linked to Philippines tycoon Carlos Chan and the producer of Oishi snacks bought two ground floor shops in Hong Kong’s Wan Chai district for HK$128 million (US$16.5 million), according to official documents, adding to the group’s real estate holdings in the city. Miyazaki Development bought the properties in York Place at 22 Johnston…
Continuous 2 to 3 per cent growth in the economy makes Hong Kong the envy of many in the world. It looks even more remarkable considering the city was among the hardest hit by the coronavirus pandemic just a few years ago. Yet there is no shortage of indicators reflecting the challenges facing some local…
The action includes a further 34 per cent tariffs on imports from China, raising American tariffs on China to 54 per cent. In a statement on Thursday morning, the ministry accused the US of “typical unilateral bullying” and vowed to take resolute countermeasures. It also said Beijing would urge Washington to remove the tariffs and…
Consumption, investment and industrial output topped estimates to start the year in China, pointing to signs of resilience for an economy still in need of more stimulus as Donald Trump‘s tariffs threaten growth. The upswing suggested Beijing’s pro-growth pivot since late September continued to feed momentum. At the same time, the property market stayed under…
The stock market has sunk near a six-month low as concerns over slowing economic growth and fear of how tariffs could impact the outlook have shaken investor confidence. Last week, the S&P 500 (^GSPC) fell nearly 2.3% while the Dow Jones dropped 3%, or more than 1,300 points. The tech-heavy Nasdaq Composite (^IXIC) fell about…
Hong Kong’s weakening retail sales and slumping property market have sharply reduced the capital values of commercial real estate owned by celebrities like Nicholas Tse Ting-fung and the family of the late “King of Gambling” Stanley Ho Hung-sun. The Macau tycoon’s property at 20 Kimberley Street, Tsim Sha Tsui, has been put up for sale…
Hong Kong’s weakening retail sales and slumping property market have sharply reduced the capital values of commercial real estate owned by celebrities like Nicholas Tse Ting-fung and the family of the late “King of Gambling” Stanley Ho Hung-sun. The Macau tycoon’s property at 20 Kimberley Street, Tsim Sha Tsui, has been put up for sale…