World News by Wild Rose

The operator of Hong Kong’s flagship San Tin Technopole has pledged to offer affordable land to attract tenants, while revealing plans to reclaim and redevelop fish ponds near the Shenzhen border to accommodate a client requiring substantial premises. Sunny Chai Ngai-chiu, chairman of San Tin Technopole Company Limited, the government-owned entity overseeing the technology cluster next to the mainland Chinese border, said on Wednesday that he would follow the land-grant approach used for the...

Beijing-based jeweller Laopu Gold has leased an entire mid-floor at One Exchange Square in Central to support its global expansion, according to two sources familiar with the matter. The brand was taking around 13,000 square feet at the flagship Central tower, which houses Hong Kong Exchanges and Clearing (HKEX), one source said. The deal comes as mainland consumer firms and financial institutions increasingly anchor their presence in Hong Kong’s core business district. Recent transactions on...

Hong Kong’s first Chinese-owned department store, Sincere, will close its historic branch in the city’s central business district in December after 126 years of retail history. The company revealed, however, that it would seek a new location in Central or Sheung Wan. Sincere announced on Sunday that the flagship store would shut in early December after lease renewal talks with the landlord broke down ahead of the tenancy expiring on December 31. “As a result, the Central store will cease...

Losses linked to the abrupt closure of Hotstone Yoga have risen to nearly HK$8 million (US$1 million), with close to 700 reports filed by affected customers in Hong Kong, according to authorities. The Customs and Excise Department said that as of 6pm on Sunday, it had received 694 reports relating to the yoga chain, involving service contracts worth about HK$7.8 million. The Consumer Council said it had received 416 complaints by 5pm the same day, with claimed losses totalling HK$5.42...

Hong Kong could dethrone London as the top choice for arbitration within the next decade given the Asian city’s status as a global fundraising capital for businesses in mainland China and beyond, the head of the Bar Association has said. Jose-Antonio Maurellet, chairman of the Hong Kong Bar Association, told the South China Morning Post on Friday that the city had enjoyed rapid growth in arbitration work, with high-stakes cases attracting elite international legal talent. Hong Kong tied with...

The abrupt closure of a Hong Kong yoga chain has dealt losses to hundreds of members, with some customers claiming the company lured them into buying discount packages as recently as the past few days. A resident who identified herself as Chan told the South China Morning Post on Thursday that she received the closure notice from Hotstone Yoga’s WhatsApp number just an hour before her scheduled class at the Kwun Tong studio the night before. According to the notice issued by law firm Cheung &...

Hong Kong businessman Jason Poon Chuk-hung and his wife have been granted bail after facing charges for allegedly defrauding a government financing scheme for businesses out of HK$6 million (US$765,000) during the Covid-19 pandemic. Construction businessman Poon, 56, and his 54-year-old wife, Carrie Chu Shu-fong, were told at Kowloon City Court on Monday that proceedings for their fraud and money laundering charges would be transferred to the District Court, where the maximum sentence for any...

A handful of leading firms from emerging industries are expected to receive preferential policy packages and set up operations in Hong Kong within the “next couple of months”, the city’s finance chief has said, as part of efforts to attract investment. In an exclusive interview with the South China Morning Post, Financial Secretary Paul Chan Mo-po provided an update on the city’s drive to draw international and national brands and strategic enterprises to set up business in Hong Kong through...

Late last month, an open tender for Hotel Cozi Harbour View in Kwun Tong was announced, with interested parties given until October 15 to submit bids. The 598-room hotel, located in Hong Kong’s eastern Kowloon Peninsula, a former industrial area, was taken over by Nanyang Commercial Bank for HK$1.87 billion (US$238.4 million) in 2025, with the bank now looking to dispose of the asset to the highest bidder. Just a week after the announcement of the tender, Nina Hospitality, one of the largest...

Hong Kong is broadening its equity markets, deepening its offshore yuan business and expanding further into gold trading under its first five-year plan for economic and social development, as the city seeks to defend its standing as Asia’s top financial centre and close the gap with London. Unveiled on Wednesday by Chief Executive John Lee Ka-chiu alongside his 2026 policy address, the blueprint outlines a package of financial plans to “consolidate and enhance Hong Kong’s status as an...