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Passengers pay for the Star Ferry from Tsim Sha Tsui to Central next to an advertisement for Alipay on December 19, 2024. Photo: Jelly Tse
Fintech

Digital wallets are finally taking hold in Hong Kong, report shows

A survey found that 42 per cent of Hongkongers use Alipay and 22 per cent use Apple Pay, but credit cards are likely to remain relevant.

Hong Kong economy

Exclusive | Yacht haven: Hong Kong aims to be growth hub for leisure-boat industry

Retailing

‘Old money’ look beats nouveau riche glitz in China’s spending slump

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Consumers

Why China consumers are not splurging on LVMH, Burberry, Kering luxury goods

Waning confidence among China’s middle class consumers could further undermine sales of global luxury brands, analysts say.

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Consumers seen outside a Christian Dior store in Beijing in October 2024. Photo: Bloomberg
Consumers seen outside a Christian Dior store in Beijing in October 2024. Photo: Bloomberg
China property

Greater Bay Area home sales surged in June after property market rescue package

Demand for new homes in the Greater Bay Area rebounded last month after Beijing’s historic measures to rescue the property sector took effect. However, a meaningful recovery in prices will take time amid economic headwinds, says Cushman & Wakefield.

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Hong Kong property

Hong Kong property sales plunge again as high interest rates dent demand

There is likely to be little relief for the sagging market in the coming months as interest rates are tipped to remain high, says Ricacorp Properties.

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Electric & new energy vehicles

Quit your price war and focus on safety, CATL boss warns China’s EV makers

Zeng is the latest business leader to criticise the cutthroat competition amid mounting worries that constant price reductions are undermining profitability, reputation and even safety in China’s EV industry.

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Goldman Sachs forecast that if BYD were to slice another 10,300 yuan (US$1,418) off the price of each of its vehicles, the overall profitability of the country’s EV industry would turn negative in 2024. Photo: Bloomberg
Goldman Sachs forecast that if BYD were to slice another 10,300 yuan (US$1,418) off the price of each of its vehicles, the overall profitability of the country’s EV industry would turn negative in 2024. Photo: Bloomberg
Hong Kong property

Mainland retailers struggle to survive Hong Kong’s sky-high rents, competition

A tide of mainland Chinese retail brands expanding in Hong Kong appears to have ebbed, with several food and beverage chains ending their tenancies as their businesses come under pressure

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Hong Kong economy

Beauty chain Sa Sa’s profit soars as mainlanders return to shop in Hong Kong

Hong Kong beauty products retailer Sa Sa International saw its profit jump almost fourfold in the last financial year as the number of mainland Chinese tourists returning to shop in the city continued to rise.

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Electric & new energy vehicles

EU’s tariffs may stall, not stop, China’s EV exports, analysts say

The additional tariffs the EU plans to levy will not be severe enough to shut most Chinese-made electric vehicles (EVs) out, as the cost advantages of companies like BYD will outweigh the curbs, analysts say.

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MG cars for export wait to be loaded onto a cargo vessel at a port in Lianyungang, Jiangsu province. Photo: Reuters
Electric & new energy vehicles

Overseas price wars will sow doubts over quality of Chinese EVs, Bain warns

Bain advises Chinese assemblers, which already enjoy a cost advantage, to focus on premium models when building their global image, rather than selling cheaper cars to lure budget-conscious consumers.

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Geely electric vehicles bound for shipment to Europe at the Port of Taicang in Jiangsu Province, China. Photo: Bloomberg
Geely electric vehicles bound for shipment to Europe at the Port of Taicang in Jiangsu Province, China. Photo: Bloomberg
China property

Shimao is latest developer to see sales rise since China’s property stimulus

Shimao has become the latest Chinese home builder to report higher property sales aided by Beijing’s stimulus package aimed at reviving its crisis-hit real estate sector.

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China property

Poly Property’s sales slump as Beijing’s rescue package brings mixed results

The Chinese state-backed developer saw sales fall by almost a fifth in May, adding to a mixed picture of the impact of Beijing’s historic measures to rescue its crisis-hit real estate segment.

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Electric & new energy vehicles

China’s Nio predicts record EV sales in second quarter as incentives lure buyers

The Shanghai-based carmaker said second-quarter deliveries could reach 54,000 to 56,000 units, up as much as 86.3 per cent from the previous quarter, which would top its previous record.

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Nio plans to begin mass production and delivery of the L60 (pictured) to mainland customers in September. Photo: Daniel Ren
China property

Country Garden’s home sales jump as Beijing’s rescue package boosts developers

Country Garden sold more properties in May, becoming the second major Chinese developer to see turnover improve after Beijing launched a historic rescue package to shore up its battered real estate segment.

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The Foshan-based company that was once China’s top home builder by sales shifted 4.29 billion yuan (US$592 million) worth of properties last month, an 11.4 per cent monthly increase. Photo: Bloomberg
The Foshan-based company that was once China’s top home builder by sales shifted 4.29 billion yuan (US$592 million) worth of properties last month, an 11.4 per cent monthly increase. Photo: Bloomberg
Hong Kong property

Hong Kong property deals plunge as exuberance over scrapping of curbs fades

Hong Kong’s property sales fell by a quarter in May, the latest official data shows, as analysts said the initial exuberance over the lifting of property cooling measures had started to wear off.

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Hong Kong property

Hong Kong is Asia’s busiest ‘super-prime’ housing market: Knight Frank

With 132 transactions in the year to March, Hong Kong beat its main rival, Singapore, which recorded 88 deals in what the property consultancy referred to as the super-prime residential market.

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Electric & new energy vehicles

China’s GAC Aion targets Hong Kong motorists with new EV models on horizon

The Chinese state-owned carmaker said it plans to intensify its push into Hong Kong’s electric vehicle market by setting itself an ambitious target of 4,000 sales in the city by the end of this year.

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GAC Aion has two new models planned for Hong Kong this year. Photo: Reuters
GAC Aion has two new models planned for Hong Kong this year. Photo: Reuters
Electric & new energy vehicles

BYD mounts ‘big challenge’ to petrol-guzzling rivals with its new hybrid tech

The EV maker has unveiled a new version of its plug-in hybrid technology that it hopes will encourage more widespread adoption of electric cars in China, ratcheting up pressure on traditional carmakers like VW and General Motors.

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China property

Shanghai eases restrictions, offers subsidies to revive housing market

Mainland China’s commercial and financial hub will relax home purchase restrictions and grant subsidies to people buying new flats in a move designed to breathe life back into the city’s real estate sector.

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Electric & new energy vehicles

China’s EV price war spreads overseas as carmakers chase higher profit margins

In Southeast Asia, Chinese EV builders from established giants like BYD and Great Wall to start-ups such as Hozon are offering discounts in a bid to take on Japanese rivals whose petrol cars dominate the market.

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Deloitte China said BYD had a 33 per cent share of the EV market in the Asean countries. Photo: Xinhua
Retailing

ParknShop imports mainland goods as Hongkongers hunt for bargains in Shenzhen

The supermarket chain is importing more products from mainland China in a bid to lure Hongkongers who have taken to travelling to Shenzhen and other mainland cities where they can shop and dine for cheaper, says chairman of CK Hutchison.

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In 2023, the geographical segment of AS Watson that includes ParknShop saw revenue plummet 15 per cent. Photo: K. Y. Cheng
In 2023, the geographical segment of AS Watson that includes ParknShop saw revenue plummet 15 per cent. Photo: K. Y. Cheng
China property

Shenzhen, Wuhan latest Chinese cities to ease housing market restrictions

Shenzhen and Wuhan have become the latest Chinese cities to ease home purchase restrictions to boost sales, as a growing number of major metropolises take steps to support the country’s slumping property sector.

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Hong Kong property

Most Hongkongers see home prices rising in curb-free market: Citibank survey

More than half of middle-income households in Hong Kong believe house prices are poised to rally now that all of the restrictions in the market have been scrapped, according to a survey by Citibank.

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Electric & new energy vehicles

China’s car exports set to soar as EV makers shrug off US, European trade curbs

China’s overseas vehicle shipments are set to grow at a clip this year, bolstered by surging sales in markets like Southeast Asia and the Middle East, as the country’s heft in manufacturing electric cars goes from strength to strength.

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China is expected to ship 6 million vehicles abroad in 2024, 22 per cent higher than last year’s 4.91 million units. Photo: AFP
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