Raising interest rates in Hong Kong for the first time in 12 years, as well as the ongoing trade dispute between the United States and China, led to signs of a downturn in the Hong Kong real estate market, Bloomberg writes. In the five weeks that have passed since the increase in interest rates, home prices in Hong Kong have fallen by 3%. During the correction period from 2015 to 2016, the price reduction was 13%. In September, the number of applications for mortgage loans fell by 56% to 7,977, which was the most significant drop in 20 years. The expensive real estate sector is also experiencing a significant decline in sales. Many real estate agencies are forced to lay off employees or send them on unpaid leave. In October, the number of deals decreased by 43% compared to September.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
Apple, Google, Amazon, and Facebook’s chief executive officers faced Republican and Democratic U.S. lawmakers on Wednesday for the much-anticipated congressional hearing. The CEOs were questioned for alleged abuse of their market power ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
The euro steadied at four-month highs on the dollar after investors pinned hopes on the EU economic rescue fund as European leaders are expected to break a deadlock and agree on a deal. EU leaders had differing stands on the proposed 750 billion ...
Asian markets are poised to start with a firmer tone on Friday, disregarding an overnight decline in U.S. stocks. The decline was mainly from the United States’ move of debating new economic stimulus in a bid to salvage the virus-beaten ...