Tag: Hong

Exodus of US firms from Hong Kong to avoid sanctions imposed in wake of security law would hit office market already hurt by unrest, coronavirus

A potential exodus of American companies from Hong Kong to avoid sanctions from US legislation that seeks to punish those who undermine the city’s freedom is likely to put pressure on landlords to reduce rents of prime office space, analysts said.

The fallout could be as much as a 30 per cent cut in rents, given that American companies are now the single largest occupier of prime office space in the city, according to one estimate. If the scenario plays out, it will further damage an office market that has been battered by a year of social unrest, and the

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China’s Great Firewall Looms Over Hong Kong As Surveillance Grows

(Bloomberg) — Hong Kong, already grappling with tightened policing to rein in widespread protests that followed last year’s proposed extradition bill, is now bracing for the prospect of stricter digital controls — ones that would curtail free speech, communications and the ability to organize and turn the city of 7 million into a surveillance state that more closely resembles China.

In recent years, law enforcement has deployed tens of thousands of closed-circuit television cameras in Hong Kong’s streets and shopping malls, used broad warrants to crack into the mobile phones of protesters, and deployed facial recognition software that can identify

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Sun Hung Kai, Kwok family sell 30 per cent stake in office space at Hong Kong’s most expensive commercial site to Ping An Life for US$1.45 billion

Sun Hung Kai Properties (SHKP) and its controlling shareholder, the Kwok family, are to sell 30 per cent of the office portion of Hong Kong’s most expensive commercial project.

Ping An Life Insurance will buy the space on top of the West Kowloon high-speed rail station for HK$11.27 billion (US$1.45 billion), SHKP said in a statement on Wednesday evening.

SHKP won the biggest parcel of commercial land ever sold in the city for a record HK$42.23 billion (US$5.4 billion) in November last year.

“Local property firms are unlikely to increase their [borrowing for expansion] in these market conditions, but mainland

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