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1 month ago | 
bloomberg.com | Dave Sebastian |Kiuyan Wong
It’s enough money to buy Alibaba Group Holding Ltd., or pay every resident of Hong Kong nearly $50,000. The figure — more than $353 billion — represents the amount of margin loans sought by the city’s retail investors to bet on red-hot initial public offerings this year.
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1 month ago | 
news.bloomberglaw.com | Alan Wong |Katia Dmitrieva |Kiuyan Wong |Shirley Zhao
The Hong Kong government will shrink its workforce and accelerate a plan for economic integration with China, as the city seeks new growth drivers to combat geopolitical uncertainty and a property downturn. Financial Secretary Paul Chan on Wednesday laid out a blueprint to trim regular spending, including by cutting 10,000 civil servant jobs and freezing government workers’ pay.
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1 month ago | 
news.bloomberglaw.com | Alan Wong |Katia Dmitrieva |Kiuyan Wong |Shirley Zhao
Hong Kong Financial Secretary Paul Chan said the economy will grow modestly this year, as he looks to shrink the city’s deficit while countering headwinds from a slowing Chinese economy and rising trade tensions with the US. The government forecasts gross domestic product to expand 2% to 3% in 2025, compared with a 2.5% pace last year, Chan said in his annual budget speech Wednesday.
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1 month ago | 
news.bloomberglaw.com | Alan Wong |Katia Dmitrieva |Kiuyan Wong |Shirley Zhao
Hong Kong Financial Secretary Paul Chan is set to unveil his blueprint for shrinking the city’s deficit while countering headwinds from a slowing Chinese economy and rising trade tensions with the US. When Chan delivers his annual budget report at 11 a.m. Wednesday at the Legislative Council, he’s expected to focus on reining in government spending that’s helped push the city’s budget deficit into the red for the third year in a row, while maintaining key public services.
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1 month ago | 
bloomberg.com | Alan Wong |Katia Dmitrieva |Kiuyan Wong |Shirley Zhao
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Jan 16, 2025 | 
financialpost.com | Diana Li |Lulu Yilun Chen |Rebecca Choong Wilkins |Kiuyan Wong
The chairman of CLP Holdings Ltd., the city’s top electricity provider, has in recent months pitched several high-profile business leaders on a project that aims to lift the city’s tourism sector, said the people, asking not to be identified discussing private conversations. Kadoorie has said he would commit $5 million, one person added. He has tapped tycoons including Peter Lee of Henderson Land Development Co. and Raymond Kwok of Sun Hung Kai Properties Ltd., one of the people said.
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Jan 16, 2025 | 
bloomberg.com | Diana Li |Lulu Yilun Chen |Rebecca Choong Wilkins |Kiuyan Wong
Bloomberg Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world For Customers Bloomberg Anywhere Remote Login Software Updates Manage Products and Account Information Support Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Company About Careers Diversity and Inclusion Tech At Bloomberg Philanthropy Sustainability Bloomberg London...
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Jan 16, 2025 | 
msn.com | Kiuyan Wong
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Jan 15, 2025 | 
news.bloombergtax.com | Kiuyan Wong
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Jan 15, 2025 | 
bloomberg.com | Kiuyan Wong
Hong Kong’s government is exploring options to raise taxes on the city’s highest earners for a second straight year to plug shortfalls in its budget, according to people familiar with the matter. During consultation with members of the public in recent weeks, Hong Kong’s officials floated the idea of raising the 16% tax rate on the top income band of HK$5 million ($642,000) or more, said the people, who asked not to be identified discussing private information.
