Hong Kong

Businesses are taking a beating amid the worsening economic crisis with bankruptcy petitions rising 12.3% in August compared to July.

Construction of residential homes accounted for more than half of the total value of construction in Hong Kong during the second quarter.

Hong Kong’s banks are in for more pain as the new and unduly strict rules to curb property speculation choke decelerating market growth even further.

Hong Kong could become Asia's leading information technology center because of its many competitive advantages, said international commercial real estate services firm Cushman & Wakefield.

Hong Kong stands to see no growth in its total exports for this year as businessmen remain pessimistic about the economy.

The Monetary Authority has issued tougher guidelines that order banks to tighten underwriting criteria for loans and to set a maximum loan tenor for all new mortgage loans.

The Philippines' airline regulator will hear on September 26 a petition by Hong Kong airline firms, Cathay Pacific Airways Ltd and Dragon Airlines Ltd, to increase passenger fares.

Seven agreements that include the further liberalization of Guangdong's trade services sector were signed between Hong Kong and that south China province.

Hong Kong Exchanges and Clearing Ltd has launched the city's first deliverable renminbi or yuan currency futures contract based on the renminbi and the US dollar exchange rate.

The massive new stimulus announced by the US Federal Reserve Sept. 13 has forced Hong Kong to take immediate action to prevent its tumble into recession and a return of the property bubble.

Hong Kong's efforts to contain rising property prices have slowed the growth of Sun Hung Kai Properties Ltd, the largest property developer in the city.

Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) at 'A-' with a Stable Outlook, and its Short-Term IDR at 'F2' of Hutchison Whampoa Ltd.

Financial Secretary John Tsang is again warning about the risk of asset bubbles since the global economy remains in turmoil.

“Happiness resides not in possessions, and not in gold, happiness dwells in the soul” Democritus (460-370BC)

 

Li Ka-shing and Lee Kun-hee, Co-Chairman of Samsung Electronics met in Hong Kong to discuss ways to expand cooperation, especially in handset and network businesses.