Developers Country Garden, Sunac China warn construction, sales may be disrupted as Covid-19 subdues business activity

https://ift.tt/eA8V8J Two of China’s biggest property developers have warned that their sales and construction schedules are likely to be disrupted by a downturn in demand caused by the Covid-19 outbreak.Country Garden Holdings, the largest seller of homes in China, said its building and sales progress may be exposed to short-term volatility as business activities remain […]

World’s costliest offices are poised to enter tenants’ market as Hong Kong businesses reel from coronavirus, protest movement

https://ift.tt/eA8V8J Hong Kong’s notoriously pricey office rental sector is fast becoming a tenants’ market as last year’s protest movement and the current coronavirus pandemic have prompted struggling companies to bail on their leases.A huge increase in firms, from co-working space providers to finance companies and retailers, abandoning their offices before the contracts expire has helped […]

Oil titan PetroChina’s production plan and budget hang in the balance as coronavirus, oil price war cloud economic outlook

https://ift.tt/eA8V8J PetroChina, the nation’s largest oil and gas producer, has deviated from its long-standing practice of unveiling clear production targets when it announces its annual results, as the coronavirus pandemic and an oil price war clouds the global economic outlook.“The oil price’s free-fall since last month has dealt the heaviest blow to our upstream production […]

Mainland developers including Poly Property, China Resources accelerate sales to shore up cash flow to minimise impact of Covid-19

https://ift.tt/eA8V8J Some of China’s biggest developers are set to accelerate sales and shorten their construction cycles to shore up cash flow in response to the economic fallout from the Covid-19 outbreak.Four mainland Chinese builders reported higher profit growth for 2019 on Thursday, but said they are braced for hard times ahead as the deadly epidemic […]

Race for safety in Chinese utilities stocks may bode ill for wider market, history suggests

https://ift.tt/eA8V8J Chinese traders are turning more defensive in the world’s only major stock market that has not slipped into bear territory: snapping up domestic utilities companies.But if history is any guide, this rush for shelter in power companies – seen as a safe bet with their high dividends and stable cash flows – may bode […]

Hong Kong stocks are at their cheapest relative to mainland Chinese equities in two years as Citic Securities predicts 20 per cent gain

https://ift.tt/eA8V8J The global coronavirus pandemic has sent Hong Kong stocks to their cheapest level relative to Chinese equities in two years, a price gap that Citic Securities says may spur a 20 per cent gain in the city’s shares.A gauge tracking the price discrepancy between the two markets showed that Chinese companies trading in Hong […]

Hongkongers relish picking up overseas properties on the cheap as currencies slump amid market stampede

https://ift.tt/eA8V8J Hongkongers are relishing the prospect of picking up global properties on the cheap, as a global market stampede crushed major currencies and emergency rate cuts flattened borrowing costs.The Hong Kong currency is trading at the stronger end of its band through the market carnage, courtesy of its decades-old peg to the US dollar. It […]

US plant-based meat start-up Nature’s Fynd, backed by Jack Ma, Bill Gates, gets new funding from Al Gore as it targets Chinese market

https://ift.tt/eA8V8J Plant-based meat maker Nature’s Fynd said it has recently secured US$80 million of funding from investors including former US vice-president Al Gore, as the four-year old food tech start-up begins production in Chicago and prepares to expand into Asia.The latest equity funding round comes after African swine fever and the more recent coronavirus have […]

Henderson Land, Hong Kong’s third biggest developer, sees challenging year ahead as 2019 profit slumps 26 per cent

https://ift.tt/eA8V8J Henderson Land Development, the third largest developer in Hong Kong, sees a “challenging” year ahead after posting a 26 per cent drop in core profit for 2019.Chairmen Peter Lee Ka Kit and Martin Lee Ka-shing on Monday reported the company’s first set of annual results since taking over last year from their father, Lee […]

Mainland Chinese macro fund that has made 31 per cent this year is hoarding cash

https://ift.tt/eA8V8J The slump in Chinese equities is no buying opportunity for one of the country’s top performing fund managers.“If you buy risk assets now amid this huge market volatility, you’ll easily end up getting buried,” said Lu Jun, founder of private fund Shanghai Congrong Investment Management, which manages US$1.1 billion in assets.Lu, a macro fund […]

Asia markets plunge on growing fears of global recession amid explosive spread of Covid-19

https://ift.tt/eA8V8J Asia-Pacific markets plunged in early trading Monday, with US futures falling on concerns that a deep global recession is building as the worldwide coronavirus death toll rises and the US Congress is at odds over a proposed US$1.5 trillion stimulus package.Oil prices continued falling on expectations the virus will lead to a huge drop […]

Asia markets plunge on growing fears of global recession amid explosive spread of Covid-19

https://ift.tt/eA8V8J Asia-Pacific markets plunged in early trading on Monday, with US futures falling on concerns that a deep global recession is building as the worldwide coronavirus death toll rises and the US Congress is at odds over a proposed US$1.5 trillion stimulus package.Oil prices continued falling on expectations the virus will lead to a huge […]

No respite for Asia-Pacific markets as investors recoil in horror at the explosive spread of Covid-19

https://ift.tt/eA8V8J Asia-Pacific markets plunged in early trading on Monday, with US futures falling on concerns a deep global recession is building as the worldwide coronavirus death toll rises and the US Congress is at odds over a proposed US$1.5 trillion stimulus package.Oil prices continued falling on expectations the virus will lead to a huge drop […]

Secretary for Justice to visit democracy, promote HK as “dispute resolution” hub

Secretary for Justice to visit democracy, promote HK as “dispute resolution” hub https://ift.tt/eA8V8J Yes, really. We’re so good at resolving our own problems that we want to solve other people’s. Teresa Cheng will speak on “The Search for Order within Chaos in the Evolution of ISDS” – which presumably stands for “I’m Such a Disastrous […]

SFC fines UBS HK$400m for overcharging 5,000 wealth management clients HK$200m over 10 years

SFC fines UBS HK$400m for overcharging 5,000 wealth management clients HK$200m over 10 years https://ift.tt/eA8V8J Shocking dishonest behaviour in which they pocketed the difference between a limit order price and a better price obtained in the market for bonds and structured notes. UBS was also fined HK$375m in March for its duff IPO sponsorships. Source: […]

SFC fines UBS HK$400m for overcharging 5,000 wealth management clients HK$200m over 10 years

SFC fines UBS HK$400m for overcharging 5,000 wealth management clients HK$200m over 10 years https://ift.tt/eA8V8J Shocking dishonest behaviour in which they pocketed the difference between a limit order price and a better price obtained in the market for bonds and structured notes. UBS was also fined HK$375m in March for its duff IPO sponsorships. Source: […]

Court makes orders against ex-Chairman and Eds of Minth (0425)

Court makes orders against ex-Chairman and Eds of Minth (0425) https://ift.tt/eA8V8J For an undisclosed connected transaction in 2008 involving a BVI company and his nephew and niece, once again demonstrating how the Stock Exchange allows related parties to hide behind offshore companies whose ownership cannot be traced. Source: SFC | Source date: 7-Nov-2019 18:36 Sourcing […]

MSCI puts bubble stock Artgo (3313) into China index

MSCI puts bubble stock Artgo (3313) into China index https://ift.tt/eA8V8J Despite Webb-site’s bubble warning on 15-Sep-2019, the SFC hasn’t followed suit. The stock jumped 40% on Friday. Congratulations MSCI, you’ve just made it easier for active stock-pickers to outperform your mindless index by excluding ArtGo from their holdings – unless the SFC intervenes before the […]

SFC fines China Rise Securities Asset Management HK$6.3m for regulatory breaches and internal control failures

SFC fines China Rise Securities Asset Management HK$6.3m for regulatory breaches and internal control failures https://ift.tt/eA8V8J Source: SFC | Source date: 31-Oct-2019 17:00 Sourcing from David Webb. Further reading: https://ift.tt/34CI83O * * * * * https://ift.tt/2OsIfMt

SFC takes China Medical & Healthcare (0383) and 6 directors to MMT, alleges late disclosure of inside information

SFC takes China Medical & Healthcare (0383) and 6 directors to MMT, alleges late disclosure of inside information https://ift.tt/eA8V8J It took them nearly 6 months to reveal windfall gains on shares of a company which became Alibaba Pictures Group Ltd (1060). The SFC is pursuing the entire board at that time (2014), including 3 INEDs […]

SFC issues restriction notice to Hong Kong Wan Kiu Investment Co Ltd

SFC issues restriction notice to Hong Kong Wan Kiu Investment Co Ltd https://ift.tt/eA8V8J OK now let’s not make any childish jokes about the name. We’ll have to wait for the SFC’s investigation to come to a climax and hope that there is no manipulation involved. Source: SFC | Source date: 5-Nov-2019 16:20 Sourcing from David […]

Central govt plans to ‘improve’ CE election system

Central govt plans to ‘improve’ CE election system https://ift.tt/eA8V8J Good. Start by replacing corporate voting with one vote per job, then reallocate the Election Committee sub-sector seats proportionate to registered voters. Voila – a democratic committee! All doable in HK law, no need for NPCSC approval. Do the same for LegCo Functional Constituencies. Or by […]