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Hong Kong’s markets watchdog has stepped up scrutiny of initial public offerings in one of the broadest enforcement actions in the city’s history, signaling a new level of concern about some practices in the booming market.
Hong Kong’s economy continued to expand in the third quarter of this year, driven by strong exports and tourism, the city’s finance chief has said, while warning of risks including the war in the Middle East and inflation. Financial Secretary Paul Chan Mo-po also reiterated his confidence that the economy would grow by between 3.5 per cent and 4.5 per cent this year. He was speaking during a Legislative Council debate on the city’s first five-year plan and annual policy address. He noted that...
Amid concerns over rising interest rates and a weak retail property market, a long-time investor has sold a portfolio of prime street shops in Tsim Sha Tsui – held for more than four decades – and locked in a profit of nearly HK$237 million (US$30.2 million) despite accepting a deal more than 40 per cent below his original asking price. The portfolio of retail shops in Cheung Lee Commercial Building and the podium of Wing Lee Building, both on Kimberley Road, changed hands for HK$256.8 million,...
Hong Kong’s inaugural five-year plan highlighted its DNA as an international city while emphasising the market economy, the chief executive has said. Speaking at a National Day reception on Thursday, Chief Executive John Lee Ka-chiu said the city needed a blueprint with strategic vision amid the rapidly changing geopolitical landscape and accelerated growth of AI, as he highlighted three features of the plan that was unveiled last month. “[It] adheres to the ‘one country, two systems’ principle....
Hong Kong’s first five-year plan will give businesses greater certainty to make long-term investment decisions amid a volatile external environment, the city’s finance chief has said. Financial Secretary Paul Chan Mo-po said the plan’s targets and timelines would allow companies to see the city’s direction over the next five years and better align their plans with the government’s. “The significance of planning lies not only in the document itself, but also in looking at today from the...
Hong Kong will strive to raise its expenditure on innovation activities to a level equivalent to 3 per cent of gross domestic product (GDP) by around 2030, nearly double the current rate, according to the city’s first five-year plan. Chief Executive John Lee Ka-chiu unveiled the ambitious goal, together with measures to boost frontier technologies, including aerospace research, on Wednesday. Among the 22 indicators laid out in the plan, the government aims to raise the ratio of total domestic...
Hong Kong’s leader has unveiled the city’s first five-year blueprint, aligned with China’s national development strategy, setting targets to nearly double innovation spending and raise the share of manufacturing and new industries to 5.5 per cent of the economy. In a historically significant new approach, Chief Executive John Lee Ka-chiu prefaced his annual policy address on Wednesday with a comprehensive set of binding and anticipatory or aspirational longer-term targets for Hong Kong up to the...