Paul Chan, the top finance official of Hong Kong, traveled to Paris, London, Frankfurt and Berlin last September to lure foreign investors. Last month he abolished taxes on foreigners’ purchases of Hong Kong real estate. And he is soon set to host an international art show, as well as conferences for big money funds and […]
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What to Know About Hong Kong’s Article 23 Legislation
Hong Kong passed national security legislation on Tuesday, giving officials in the Chinese territory more power to curb dissent, 21 years after mass protests forced the government to backtrack on a plan to introduce such laws. The legislation targets political offenses like treason and insurrection with penalties as harsh as life imprisonment and expands the […]
Read MoreHong Kong Adopts Sweeping Security Laws, Bowing to Beijing
Hong Kong on Tuesday passed national security laws at the behest of Beijing, thwarting decades of public resistance in a move that critics say will strike a lasting blow to the partial autonomy the city had been promised by China. Hong Kong already had a national security law, one that was imposed directly by China’s […]
Read MoreHong Kong Pushes Strict New Security Law With Unusual Speed
Under pressure from Beijing, officials in Hong Kong are scrambling to pass a long-shelved national security law that could impose life imprisonment for treason, insurrection and colluding with external forces, stiff penalties aimed at further curbing dissent in the Asian financial center. The law known as Article 23 has long been a source of public […]
Read MoreChina’s Investors Are Losing Faith in Its Markets and Economy
Like many Chinese people, Jacky hoped that he could make enough money investing in China’s stock markets to help pay for an apartment in a big city. But in 2015 he lost $30,000, and in 2021 he lost $80,000. After that, he shut down his trading account and started investing in Chinese funds that track […]
Read MoreHong Kong Pushes New Security Law to Root Out ‘Seeds of Unrest’
The Hong Kong government will enact a long-shelved security law to curb foreign influence and expand the definition of offenses like stealing state secrets and treason, officials announced on Tuesday, in a move expected to further silence dissent in the once-freewheeling Chinese territory. The proposed law would lay out five major areas of offenses: treason, […]
Read MoreAmazon’s ‘Expats’ Was Filmed in Hong Kong, But People Can’t Watch It There
At the height of Hong Kong’s Covid restrictions, the government gave Nicole Kidman and several others a rare exemption from the weeks of hotel quarantine required for travelers so that they could film a series about the malaise of privileged expatriates. That series from Amazon Prime, “Expats,” which stars Ms. Kidman, aired its first two […]
Read MoreAfter China Evergrande, Real Estate Crisis ‘Has Not Touched Bottom’
The unwavering belief of Chinese home buyers that real estate was a can’t-lose investment propelled the country’s property sector to become the backbone of its economy. But over the last two years, as firms crumbled under the weight of massive debts and sales of new homes plunged, Chinese consumers have demonstrated an equally unshakable belief: […]
Read MoreChina Evergrande Must Be Liquidated, a Judge Said. What Happens Next?
After nearly two years of false starts, last-ditch proposals and pleas for more time, China Evergrande, a massive property company, has been ordered to dismantle itself. It’s a big moment. Evergrande’s collapse in 2021 sent China’s housing market into a tailspin. The worries in real estate, where most households put their savings, helped tip the […]
Read MoreReal Estate Giant China Evergrande Will Be Liquidated
Months after China Evergrande ran out of cash and defaulted in 2021, investors around the world scooped up the property developer’s discounted I.O.U.’s, betting that the Chinese government would eventually step in to bail it out. On Monday it became clear just how misguided that bet was. After two years in limbo, Evergrande was ordered […]
Read MoreChina’s Travel Economy Is Slowly Coming Back. Here’s Where It Stands.
Since China reopened its borders in 2023 after three years of Covid isolation, domestic travel has thrived and high-speed rail has grown increasingly popular. But international trips in and out of the country are lagging, and flight capacity is still just a third of prepandemic levels. The economic stakes are high. Before the pandemic, Chinese […]
Read MoreHong Kong Stocks Sink 4 Percent as China’s Economy Scares Investors
China’s No. 2 leader, Li Qiang, traveled to Switzerland with a message for the titans of the business world gathered for the World Economic Forum. “Choosing the Chinese market is not a risk, but an opportunity,” Mr. Li, China’s premier, told an audience in Davos, Switzerland on Tuesday. But there’s a different sentiment about China […]
Read MoreHong Kong Stocks Plunge to Losses for 4th Straight Year
This summer, when Hong Kong’s stock market rout seemed to have no end in sight, the city’s financial chief, Paul Chan, jumped into action, creating a task force to inject confidence into a market that was being pummeled by global investors wary of China. Hong Kong cut taxes on trading and Mr. Chan went on […]
Read MoreHong Kong Stocks Plunge to Losses for 4th Straight Year
This summer, when Hong Kong’s stock market rout seemed to have no end in sight, the city’s financial chief, Paul Chan, jumped into action, creating a task force to inject confidence into a market that was being pummeled by global investors wary of China. Hong Kong cut taxes on trading and Mr. Chan went on […]
Read MoreHong Kong Democracy Figure Jimmy Lai Stands Trial After Long Delay
Unlike other Hong Kong tycoons who were careful not to provoke China’s leaders, Jimmy Lai had long been a proud rebel. He founded a newspaper with a decidedly anti-Beijing slant. He was a prominent face at massive pro-democracy protests. He lobbied American officials to protest the city’s declining autonomy. Then, in 2020, Mr. Lai was […]
Read MoreAnyone Want To Buy Me This Martini Porsche 935 For Christmas?
Anyone Want To Buy Me This Martini Porsche 935 For Christmas? | Carscoops <!—-><!– –><!– –><!—-><!—-> This 935 has only been driven 51 kilometers (31.7 miles) since it was delivered and is eagerly waiting for a track day https://www.carscoops.com/author/bradcarscoops-com/ <!––> by Brad Anderson 4 hours ago <!––> <!– –> How much do you need to […]
Read MoreWhere Did All the Hong Kong Neon Go?
It was never just about the neon, that Cubist, consumerist razzle-dazzle cantilevered over Hong Kong’s streets announcing pawnbrokers and mooncake bakers, saunas and shark’s fin soup shops. It was never just about the signs, shining on teahouses offering the finest Iron Goddess of Mercy brew and on hotels paid for by the hour, or on […]
Read MoreChina Evergrande Soared on the Property Boom. Here’s Why It Crashed.
In January, more than 100 financial sleuths were dispatched to the Guangzhou headquarters of China Evergrande Group, a real estate giant that had defaulted a year earlier under $300 billion of debt. Its longtime auditor had just resigned, and a nation of home buyers had directed its ire at Evergrande. Police on watch for protesters […]
Read MoreChina Evergrande Gets Reprieve in Talks With Foreign Investors
Once China’s most prolific property developer, China Evergrande has narrowly averted liquidation. A Hong Kong bankruptcy judge on Monday gave Evergrande another two months to work out a deal with foreign investors who lost money when the company defaulted two years ago with hundreds of billions of dollars in debt. The judge set another court […]
Read MoreChina Evergrande May Finally Meet Its End in Hong Kong Court
Once China’s most prolific property developer, China Evergrande may soon be its biggest and messiest corporate breakup. In a Hong Kong courtroom on Monday, a bankruptcy judge could force Evergrande to liquidate and pay back creditors who are owed tens of billions of dollars. It would mark an end to two years of limbo for […]
Read MoreGold Bars and Tokyo Apartments: How Money Is Flowing Out of China.
Affluent Chinese have moved hundreds of billions of dollars out of the country this year, seizing on the end of Covid precautions that had almost completely sealed China’s borders for nearly three years. They are using their savings to buy overseas apartments, stocks and insurance policies. Able to fly again to Tokyo, London and New […]
Read MoreU.S. Politician Arrested at Hong Kong Airport for Gun in Luggage
A Washington state senator was arrested at a Hong Kong airport on charges of possessing a locally unregistered firearm, his office said on Monday. Jeff Wilson, a Republican who represents parts of southwestern Washington State, discovered the weapon on his flight from San Francisco to Hong Kong when he reached into his briefcase for a […]
Read MoreThe Places That Sam Bankman-Fried Left Behind
Before it all collapsed last fall, the cryptocurrency mogul Sam Bankman-Fried was at the center of a global business empire. The 31-year-old mogul started his first company in the San Francisco Bay Area, before moving to Hong Kong and then to the Bahamas, where his FTX cryptocurrency exchange was based until it filed for bankruptcy […]
Read MoreLiu Yiqian, China’s Top Art Collector, Is Selling a Modigliani
Few Chinese art collectors have made a bigger splash at global auctions in the past decade than Liu Yiqian, a former Shanghai taxi driver who amassed a fortune through big bets on Chinese real estate and pharmaceutical stocks. He was a profligate purchaser of Chinese antiquities and other artworks. In 2014, Mr. Liu paid a […]
Read MoreChina Evergrande’s Founder: The Rise and Fall of Hui Ka Yan
Hui Ka Yan founded the real estate behemoth China Evergrande. His promise to transform rural villages to metropolises with middle-class comforts made him one of China’s wealthiest people. He rubbed shoulders with officials in the highest levels of government, celebrating the Communist Party’s 100th anniversary in 2021 at Tiananmen Square. Now, he is being investigated […]
Read MoreChina Evergrande Suspends Trading as New Trouble Roils Property Market
Just a few weeks ago, China Evergrande, the world’s most debt-saddled property developer, was writing its final chapter and working to resolve financial disputes with its creditors. Then a stream of bad news came and the pages were torn up. Staff at the company’s wealth management arm have been detained by the authorities. Two former […]
Read MoreHong Kong Says It Calls the Shots, Not Beijing. Investors Are Wary.
Isolated from the world and pulled closer into Beijing’s orbit over the past three years, Hong Kong is finding that its fortunes are tied more than ever to China. The city’s stock market, which is seen as a proxy for China’s economy, is among the world’s worst performing this year. The rivers of money that […]
Read MoreStorms Deluge Hong Kong and Southern Chinese Cities
Torrential rains have pounded southern China, flooding low-lying homes and roads, choking expressways, and prompting officials to suspend classes while the record-breaking storms lingered over the region. By Friday morning, Shenzhen, a southern Chinese commercial city next to Hong Kong, had endured nearly eight inches of rain overnight, in the most intense downpour since records […]
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