-
1 month ago | 
scmp.com | Yujie Xue |Salina Li
Towngas Smart Energy reported a profit increase last year amid a slowing economy, as the subsidiary of Hong Kong’s sole gas provider reaped the benefits from its investments in renewable energy in mainland China. Net profit rose 2 per cent from a year earlier to HK$1.6 billion (US$206 million), the company said in a Hong Kong stock exchange filing on Friday. Revenue increased 7.4 per cent from 2023 to HK$21.3 billion last year.
-
1 month ago | 
thestar.com.my | Fan Chen |Salina Li |Cheryl Arcibal
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 at HK$88 million (US$11.3 million), CBRE, the sole agent for the sale, said on Tuesday.
-
1 month ago | 
scmp.com | Fan Chen |Salina Li |Cheryl Arcibal
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 at HK$88 million (US$11.3 million), CBRE, the sole agent for the sale, said on Tuesday.
-
1 month ago | 
flipboard.com | Fan Chen |Salina Li |Cheryl Arcibal
10 hours agoOpenAI calls DeepSeek ‘state-controlled,’ calls for bans on ‘PRC-produced’ modelsIn a new policy proposal, OpenAI describes Chinese AI lab DeepSeek as “state-subsidized” and “state-controlled,” and recommends that the U.S. government consider banning models from the outfit and similar People’s Republic of China (PRC)-supported operations.
-
1 month ago | 
scmp.com | Cheryl Arcibal |Salina Li
Some banks in Hong Kong are not extending mortgages for China Vanke’s Le Mont project due to be launched in Tai Po, another setback for the embattled mainland Chinese developer battling a liquidity crisis. Standard Chartered, one of the city’s three currency-issuing banks, and Chong Hing Bank were not accepting mortgage requests from potential homebuyers at Le Mont, according to property agents. Standard Chartered declined to comment.
-
1 month ago | 
scmp.com | Salina Li |Cheryl Arcibal
New World Development (NWD), controlled by Hong Kong’s third-richest family, reported weaker interim results in its underlying property business, suggesting the worst may not be over for the city’s most indebted developer amid its struggle to contain debt and loss of confidence among investors. Earnings from its core business declined 18 per cent from a year earlier to HK$4.42 billion (US$567 million) in the six months to December 31, it said in a Hong Kong stock exchange filing on Friday.
-
Jan 24, 2025 | 
scmp.com | Salina Li
Six Hong Kong developers are vying for the only residential land plot that the government made available last quarter, but surveyors expect cautious bids amid economic uncertainty and high interest rates. CK Asset Holdings, Sun Hung Kai Properties, Sino Land, K&K Property Holdings and China Overseas Land & Investment were among the bidders. The tender for the 3,580-square-metre site on Mei Tin Road in Tai Wai, Sha Tin, closed on Friday at noon.
-
Jan 24, 2025 | 
scmp.com | Salina Li
Hong Kong developer Hang Lung Properties’ 2024 earnings slumped 45.8 per cent from a year earlier due to lower operating leasing profits and higher finance costs. The company’s net profit attributable to shareholders fell to HK$2.1 billion (US$269.7 million) from HK$3.97 billion a year earlier, which included a net revaluation loss on some properties, according to a statement to the Hong Kong stock exchange on Friday. Overall rental revenue fell 6 per cent to HK$9.52 billion.
-
Jan 23, 2025 | 
scmp.com | Salina Li
Mortgage registrations in Hong Kong dropped to the lowest level on record last year, as the city’s property market suffered from high interest rates and a decline in real estate prices, according to Centaline Property.
-
Jan 17, 2025 | 
scmp.com | Salina Li
Echo Huang Shaomei, the recently appointed CEO of heavily indebted builder New World Development (NWD), bought a flat for more than HK$50 million (US$6.4 million) in a residential project from her company in Hong Kong’s North Point district. Huang, appointed in November, bought a 4-bedroom, 1,522 sq ft flat on the 33rd floor of State Pavilia at 283 King’s Road, plus a car-parking space, for HK$54.88 million, according to a filing with the Hong Kong stock exchange on Thursday.
