Hong Kong

Home prices to rise by 15% amidst shortages

Home prices to rise by 15% amidst shortages

City’s growing job market and increasing wealth help drive real estate demand while supply rises slowly.

Chu Kong Shipping to acquire 75% equity interest in Civet Logistics

Optimises the Pearl River transport system to become a diverse transport service provider.

HKEx announces forfeiture of unclaimed interim dividend

Unclaimed interim dividend for 2004 of $0.43 per share will be forfeited and will revert to the company pursuant to Hong Kong Exchanges and Clearing Limited's Articles of Association.

Wynn Macau posts $714.4 million net revenues in the second quarter

Compared to only $410.4 million in the second quarter of 2009, Wynn Macau's net revenues jumped with the opening of Encore driving growth in the VIP segment.

Commissioner Woo urges Octopus to improve privacy protection

The company should not collect and disclose excessive personal data, said Privacy Commissioner for Personal Data Roderick Woo.

Tolls at Western Harbour Crossing rise

Western Harbour Tunnel Company Limited is adjusting the level of its tolls as it faces increased operating costs and needs to raise sufficient cash flow to repay debts.

ASM Pacific to snap Siemens AG's assembly systems business

ASM, a semiconductor assembly and packaging equipment supplier, aims to explore opportunities in the SMT equipment business.

Trade and Industry Department to hold free customer service training

Learn to upgrade your customer service with a free seminar in Cantonese on 18 August 2010.

HK advertising agencies snatch trophies at the Cannes Lions festival

Leo Burnett Hong Kong and Grey Hong Kong should inspire other ad agencies and aspiring students after winning 10 awards in the international competition.

Swire Pacific appoints Shiu Ian Sai Cheung as Executive Director

The 55-year-old Executive Director of Cathay Pacific will take over Swire Pacific commencing on 1 August 2010.

Exports and imports soar to 26.7% and 31% in June

But government said the level of uncertainty in the external trading environment remains high due to the measures implemented by some European economies.

Lot at The Peak sells for $10.4 billion

Market Prospect Limited buys the site area of about 23, 312 square metres designated for private residential purposes.

Hong Kong to boost tourism ties with Macau

Both cities agree to promote multi-destination itineraries and meetings, incentives, conventions and exhibitions to boost tourism development.

Chu Kong Shipping strikes deal with China Merchant Holdings

CKSD to sell 20% stake in Chu Kong River Trade Terminal Company Limited to CMHI.

Sichuan projects set to deliver on schedule

Over half of the 151 reconstruction projects funded by the Hong Kong Government in Sichuan are underway. Chief Executive Donald Tsang said that half of the 151 projects in Sichuan have already begun, according to a government release.

2010 visitors reach record high

Visitor arrivals in the first half of the year reached 16.86 million, about 23.1% higher than the number of visitors in the same period in 2009.

Doxen Energy finds coal mining as growth driver

Company moves forward with coal mining operations after suffering 53.7% decrease in revenue and HK$12mln loss. Doxen Energy Group Limited (“Doxen Energy” or “the Group”) (HKEx code: 668) has announced its final results for the year ended 31 March 2010. Coal mining in the Fukang region in Xinjiang On 18 May 2010, the Group embarked on its first major step to enter the coal mining business by entering into an agreement to acquire 100% interest in the New Century Coal Mine located near Fukang City in Xinjiang Autonomous Region of the PRC for a total consideration of HK$300million, to be settled by issuance of new shares of the company at HK$1 each, according to a company report. A recap of developments at Xinjiang The New Century Coal Mine is a thermal coal mine and operation was ceased in 2009 to increase its annual production capacity from 90,000 tonnes to 900,000 tonnes. The New Century Coal Mine has an aggregate mining area of approximately 2.5478km2 covered by mining licence. Coal production is anticipated to commence in late 2012. Sales of coal is expected to begin by the end of 2012 or early 2013. Customers It is intended that the coal products will be mainly sold in the Fukang region, Xinjiang and other regions between Fukang and Urumqi. Potential customers are large-scale power generating companies and cement manufactures in the Fukang region. Fuel by the continues development of Xinjiang’s economy, and in light of the policy of local coal utilization and extensive processing, demand for coal in future will be increased significantly. Strategic Cooperation Agreements Moving forward from the acquisition, the Group has also entered into strategic collaboration agreements with Henan Coal Chemical Industry Group Co. Ltd and Jiangsu Huaxi Group Company on 18 May 2010 to establish long-term strategic alliances to cooperate in the exploration and development of coal mining projects within the PRC. Mr. Lo Siu Yu, Chairman of Doxen Energy said, “Coal mining has been identified by the management as one of the future major business focuses of the Group, we see particularly strong development potential in this sector. We believe that commencing the coal mining business marks an important first step to set a course of our future growth, with the long term goal of building businesses synergies within the mining operations.”