Hong Kong Loses the Property Tycoon Lee Shau-Kee
In the latest turn of events, Hong Kong mourns the death of the property tycoon Lee Shau-Kee, who was once considered the richest man in Asia. Moreover, in February 2025, Forbes mentioned his total net worth to be approximately $30 Bn, making him the richest man in the city. According
Hong Kong Slash 10,000 Civil Servant Jobs to Cut Costs
Recently, Reuters reported that Hong Kong aims to bring down its civil services jobs by 10,000 and use AI to combat the rising deficit as the country is currently struggling with weak property markets, geopolitical tensions and economic uncertainty. This has become a common trend in Asian nations to replace
Hong Kong’s Real Estate Titan Will Go Private
A consortium comprising Starwood Capital Group and Warburg Pincus is reportedly nearing an agreement to privatise ESR Group, a Hong Kong-listed real estate fund manager valued at over $7 billion. According to ESR, the consortium also includes the company’s founders and a subsidiary of the Qatar Investment Authority, a sovereign
Hong Kong Court To Sentence 47 Democratic Campaigners
In the latest development, the Hong Kong Court will sentence 45 democratic campaigners to heavy jail terms. In May, 14 of these 47 Democrats were found guilty of committing a conspiracy for subversion; only two were free from these criminal charges. Moreover, according to Reuters, 31 of them have pleaded
Hong Kong Lowers Interest Rates Following Fed Decision
In the latest turn of events, after Donald Trump’s victory in the US presidential election, the global financial market set its eyes on the Federal Reserve’s monetary policy, which was to be announced on 7th November, 2024. According to Reuters, the Fed cut interest by a quarter of a percentage.
Asian Markets Show Volatility Amid Middle East Unrest
Asian markets witnessed a rocky start at the beginning of October as rising tensions in the Middle East region continued influencing investor sentiments, signalling mixed trading sessions. Hong Kong stock markets fell by 1% in its first hour of trade, whereas Australia’s S&P/ASX 200 index lost 0.46%. However, Hong Kong
Hong Kong Loses Its Financial Businesses to Singapore!
Hong Kong continues to bear Beijing’s burden; it is losing financial business to Singapore amid growing financial challenges in China. Moreover, according to a report published by the Economist Intelligence Unit (EIU), ongoing economic turmoil in China will help Japan, India, and Singapore become new financial hubs in Asia. The
Asia Markets Plunge to 6-Month Low Due to China Slowdown
China’s economy is struggling due to slow economic growth, impacting the manufacturing and real estate sectors. Asian market indexes like the Nikkei 225 Index of Tokyo fell to -0.16%, while Hong Kong’s HSI index slid down by -1.77%. The benchmarks of Australia and China slipped, while for South Korea, they
Carlyle Group Inc. Delays Asia Buyout Funds
Carlyle Group Inc. put a hold on closing a new pan-Asian buyout as the demand for Japan-focused vehicles has syphoned off investor interest, as per the individuals aware of this matter The Washington-based firm has asked for an extension on closing its 6th regional buyout fund. Since its launch two
What Is a Three-Tier Banking System In Hong Kong?
“In the hands of the right people, banking can be a force for good, enabling progress and prosperity for all.” – Muhammad Yunus. The banking system of Hong Kong is a testament to these lines of the former MD of the Grameen Bank. Its three-tier banking system has made
