Hong Kong
Retail sales fall 6.7% to $35.2b in June
Retail sales fall 6.7% to $35.2b in June
Sales will likely be subdued due to the weak economic outlook and ongoing demonstrations.
The Great Room debuts at One Taikoo Place
The 24,000-sqft premium co-working space targets established corporates.
Monthly gender pay gap widens to $6,500
On average, women are earning less despite making up half of the workforce.
GDP growth holds firm at 0.6% in Q2
This is due to weak performance of investments and low external demand.
Citi Hong Kong launches payment settlement feature Citi PayAll
Credit cardholders can settle one-off or recurring payments on the app whilst earning points.
Small firms tap deep pockets for big disputes
Companies that run into a dispute can gain access to funding partners - such as publicly listed firms and high-net-worth individuals in China.
Luxury retailers halt expansion plans as sales weaken
As a result, non-luxury retailers are moving on in core areas outside Central.
Grade-A office rents in Hong Kong Island up 1.2% in June
Tenants snapped up office spaces sized over 15,000 sqft.
Kai Tak site sold for $12.74b in cheapest land sale in three years
A joint venture led by Wheelock Properties and COLI bought the site.
Look out, Starbucks: WeWork to launch charge-by-minute service
WeWork Go users need only scan a QR code upon arrival to start working.
How can local brands tug at Hong Kong consumers' heartstrings?
Only 7% of locals will choose homegrown brands over global ones, a study found. More people across the world have been putting their money to their homecourt with 56% saying that they trust local brands more than global brands in 2018, according to a study by advertising giant McCann. In APAC alone, local brand believers are a bit higher than the global average at 59%.
4,800 private flats completed in Q2
About 93,000 flats will be available in the next three to four years.
Hang Seng Bank adds forex functionality to AI-powered chatbot
Users can request data on current rates and detect nearby FX ATMs.
The most significant tax reform in China
The new Individual Income Tax Law, which came into force in China on 1st January 2019 (“New Tax Law”), is a strong response to the strong criticism and social discontent under the previous legislation.
Skyrocketing rents hit Hong Kong retailers hard
Retailers are burdened by leasing costs as high as $20,864 annually.
Home sales crashed 44% to 4,627 in May amidst launch drought
A property at Mount Nicholson on the Peak changed hands for $916m.
Grade A office net absorption slumps to 139,500 sqft in June
Rents also fell 0.3% MoM to accelerate space backfilling.