Israeli military says commandos raided missile factory in Syria in September
By Agencies
Israel’s military said its special forces had raided an underground missile production site in Syria in September that it said was primed to produce hundreds of precision missiles for use against Israel by the Iranian-backed Hezbollah.
The complex near Masyaf, close to the Mediterranean coast, was “the flagship of Iranian manufacturing efforts in our region”, Lieutenant Colonel Nadav Shoshani told a briefing with reporters on Thursday.
“This facility was designed to manufacture hundreds of strategic missiles per year from start to finish, for Hezbollah to use in their aerial attacks on Israel.”
He said the plant, dug into a mountainside, had been under observation by Israel since construction began in 2017 and was on the point of being able to manufacture precision-guided missiles, some with a range of up to 300km (190 miles).
“This ability was becoming active, so we’re talking about an immediate threat,” he said.
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By Agencies
Israel’s military said its special forces had raided an underground missile production site in Syria in September that it said was primed to produce hundreds of precision missiles for use against Israel by the Iranian-backed Hezbollah.
The complex near Masyaf, close to the Mediterranean coast, was “the flagship of Iranian manufacturing efforts in our region”, Lieutenant Colonel Nadav Shoshani told a briefing with reporters on Thursday.
“This facility was designed to manufacture hundreds of strategic missiles per year from start to finish, for Hezbollah to use in their aerial attacks on Israel.”
He said the plant, dug into a mountainside, had been under observation by Israel since construction began in 2017 and was on the point of being able to manufacture precision-guided missiles, some with a range of up to 300km (190 miles).
“This ability was becoming active, so we’re talking about an immediate threat,” he said.
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Hong Kong police on the hunt after man slashed on back dies
By Fiona Chow
Hong Kong police have launched a manhunt after a man who was found slashed on his back outside a public housing estate died.
The force said on Friday that it received a report from a security guard at Po Tin Estate in Tuen Mun last night that a man was found lying on the ground outside the entrance of block seven.
The victim, whose back was allegedly slashed by sharp objects, was taken to Tuen Mun Hospital where he was pronounced dead.
Photos taken at the scene showed a pair of flip-flops next to a pool of blood.
As of 11am, police were still looking for the attacker, believed to have fled the scene.
In November last year, a 35-year-old man died after he was allegedly beaten up by a group of four in Tuen Mun’s Yau Oi Estate. The victim was buying takeaway, but got into a conflict and later a fight with the suspects over issues with eye contact.
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By Fiona Chow
Hong Kong police have launched a manhunt after a man who was found slashed on his back outside a public housing estate died.
The force said on Friday that it received a report from a security guard at Po Tin Estate in Tuen Mun last night that a man was found lying on the ground outside the entrance of block seven.
The victim, whose back was allegedly slashed by sharp objects, was taken to Tuen Mun Hospital where he was pronounced dead.
Photos taken at the scene showed a pair of flip-flops next to a pool of blood.
As of 11am, police were still looking for the attacker, believed to have fled the scene.
In November last year, a 35-year-old man died after he was allegedly beaten up by a group of four in Tuen Mun’s Yau Oi Estate. The victim was buying takeaway, but got into a conflict and later a fight with the suspects over issues with eye contact.
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Chinese war games system sees surprise US attack on PLA carrier group in South China Sea
By Stephen Chen
Chinese scientists claim to have obtained key parameters of the US military’s latest stealth anti-ship missile and applied them to a warfare simulation.
Boasting unparalleled realism, the enhanced warfare simulation platform reproduces the US military’s most powerful offensive weapons in unprecedented detail, helping the People’s Liberation Army (PLA) formulate more effective countermeasures and tactics to deal with potential military conflicts.
Better understanding the strengths of the enemy will only make China stronger, according to the project team led by researcher Wang Tianxiao with the North China Institute of Computing Technology, a supplier of the PLA’s war gaming system in Beijing.
Wang and his colleagues simulated a large-scale naval battle between China and the United States and revealed some key details in a paper published last month.
The battlefield was set in the northeastern part of the South China Sea, with the Chinese aircraft carrier battle group stationed on the mainland near the Pratas Islands, known as the Dongsha Islands in Chinese. Meanwhile the US aircraft carrier battle group was outside the nine-dash line between Taiwan and the Philippines.
The nine-dash line is the boundary declared by Beijing to assert its sovereignty over the South China Sea. The US military suddenly began a large-scale attack on the Chinese fleet, with one wave of 10 AGM-158C Long Range Anti-Ship Missiles (LRASMs) launched simultaneously from different platforms, targeting one of the large destroyers escorting the Chinese aircraft carrier.
It is not unusual for the PLA to simulate US military attacks, but the devil is in the detail.
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By Stephen Chen
Chinese scientists claim to have obtained key parameters of the US military’s latest stealth anti-ship missile and applied them to a warfare simulation.
Boasting unparalleled realism, the enhanced warfare simulation platform reproduces the US military’s most powerful offensive weapons in unprecedented detail, helping the People’s Liberation Army (PLA) formulate more effective countermeasures and tactics to deal with potential military conflicts.
Better understanding the strengths of the enemy will only make China stronger, according to the project team led by researcher Wang Tianxiao with the North China Institute of Computing Technology, a supplier of the PLA’s war gaming system in Beijing.
Wang and his colleagues simulated a large-scale naval battle between China and the United States and revealed some key details in a paper published last month.
The battlefield was set in the northeastern part of the South China Sea, with the Chinese aircraft carrier battle group stationed on the mainland near the Pratas Islands, known as the Dongsha Islands in Chinese. Meanwhile the US aircraft carrier battle group was outside the nine-dash line between Taiwan and the Philippines.
The nine-dash line is the boundary declared by Beijing to assert its sovereignty over the South China Sea. The US military suddenly began a large-scale attack on the Chinese fleet, with one wave of 10 AGM-158C Long Range Anti-Ship Missiles (LRASMs) launched simultaneously from different platforms, targeting one of the large destroyers escorting the Chinese aircraft carrier.
It is not unusual for the PLA to simulate US military attacks, but the devil is in the detail.
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Vietnam bans vapes, will fine tourists up to US$78 and jail e-cigarette traders, producers
By dpa
Tourists arriving in Vietnam with vapes now face painful fines following new rules that came into force at the start of the year banning the possession, sale and use of vapes and liquids.
Australia, Turkey, Singapore, Mexico, India, Brazil, the Maldives and Thailand are among other countries that do not allow travellers to bring vapes with them, largely due to health concerns over irreversible lung damage. Hong Kong has banned them too.
Anyone using e-cigarettes in Vietnam faces fines of up to 2 million dong (US$78.50), while those caught importing, trading, transporting and producing vapes and materials for cigarette alternatives face fines of up 3 billion dong or up to 15 years in prison, depending on the quantity.
People who vape are generally advised to double check whether they are allowed to bring their device with them on holiday before getting on a flight.
In Thailand, which has some of the world’s strictest anti-vaping rules, anyone caught breaking the e-cigarette laws can be punished with a steep fine or even imprisonment for up to five years.
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By dpa
Tourists arriving in Vietnam with vapes now face painful fines following new rules that came into force at the start of the year banning the possession, sale and use of vapes and liquids.
Australia, Turkey, Singapore, Mexico, India, Brazil, the Maldives and Thailand are among other countries that do not allow travellers to bring vapes with them, largely due to health concerns over irreversible lung damage. Hong Kong has banned them too.
Anyone using e-cigarettes in Vietnam faces fines of up to 2 million dong (US$78.50), while those caught importing, trading, transporting and producing vapes and materials for cigarette alternatives face fines of up 3 billion dong or up to 15 years in prison, depending on the quantity.
People who vape are generally advised to double check whether they are allowed to bring their device with them on holiday before getting on a flight.
In Thailand, which has some of the world’s strictest anti-vaping rules, anyone caught breaking the e-cigarette laws can be punished with a steep fine or even imprisonment for up to five years.
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Pilot at airport of South Korea’s Jeju Air crash says he ‘assumed’ concrete mound was dirt
By The Korea Times
A pilot with seven years of experience at South Korea’s Muan International Airport testified that he had never been informed about the existence of a concrete mound housing a localiser on the airport’s runway, nor had he been able to distinguish it from a dirt pile.
The concrete structure is believed to have significantly exacerbated the severity of the accident, as the aircraft’s collision with the solid mound during its belly landing is thought to have triggered the catastrophic explosion.
Pilot and flight instructor A, who has used Muan airport for seven years, told Yonhap News on Thursday, “I’ve seen the mound from the air during countless take-offs and landings and assumed it was a dirt pile. It never occurred to me that it was made of concrete.”
He said, “There was no indication in the airport charts or separate guidance mentioning that the mound was a 2-metre-high, 4-metre-thick concrete structure. Other pilots were also unaware of its true nature.”
He also addressed the bird strike issue, which has been suggested as a possible cause of the accident.
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By The Korea Times
A pilot with seven years of experience at South Korea’s Muan International Airport testified that he had never been informed about the existence of a concrete mound housing a localiser on the airport’s runway, nor had he been able to distinguish it from a dirt pile.
The concrete structure is believed to have significantly exacerbated the severity of the accident, as the aircraft’s collision with the solid mound during its belly landing is thought to have triggered the catastrophic explosion.
Pilot and flight instructor A, who has used Muan airport for seven years, told Yonhap News on Thursday, “I’ve seen the mound from the air during countless take-offs and landings and assumed it was a dirt pile. It never occurred to me that it was made of concrete.”
He said, “There was no indication in the airport charts or separate guidance mentioning that the mound was a 2-metre-high, 4-metre-thick concrete structure. Other pilots were also unaware of its true nature.”
He also addressed the bird strike issue, which has been suggested as a possible cause of the accident.
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Panda Watch: Hong Kong’s Ying Ying cares for twin cubs together for first time
By Fiona Sun
Panda Watch is a blog by the Post that tracks the latest on the baby panda twins – the first to be born in Hong Kong – until they are ready to meet the public. To read our previous blog entries, click here.
Hong Kong panda mum Ying Ying has cared for her newborn cubs together for the first time ahead of their public debut, which is expected to be after Lunar New Year.
A video released by Ocean Park showed Ying Ying playing with her cubs, licking and cuddling “Elder Sister” and “Younger Brother”.
“She is observed [to be] very calm and peaceful! With such adorable siblings, Ying Ying shows no favouritism – she loves them both equally,” the park said in a social media post.
Bear caretakers marked the back of “Younger Brother” with animal-safe purple food colouring to distinguish him from “Elder Sister”.
The keepers have been taking turns caring for the twins since they were born in August last year, as Ying Ying was too old to handle them. Also, given the nature of giant pandas, she would have only taken care of the stronger one –“Younger Brother” – as “Elder Sister” was more fragile upon birth.
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By Fiona Sun
Panda Watch is a blog by the Post that tracks the latest on the baby panda twins – the first to be born in Hong Kong – until they are ready to meet the public. To read our previous blog entries, click here.
Hong Kong panda mum Ying Ying has cared for her newborn cubs together for the first time ahead of their public debut, which is expected to be after Lunar New Year.
A video released by Ocean Park showed Ying Ying playing with her cubs, licking and cuddling “Elder Sister” and “Younger Brother”.
“She is observed [to be] very calm and peaceful! With such adorable siblings, Ying Ying shows no favouritism – she loves them both equally,” the park said in a social media post.
Bear caretakers marked the back of “Younger Brother” with animal-safe purple food colouring to distinguish him from “Elder Sister”.
The keepers have been taking turns caring for the twins since they were born in August last year, as Ying Ying was too old to handle them. Also, given the nature of giant pandas, she would have only taken care of the stronger one –“Younger Brother” – as “Elder Sister” was more fragile upon birth.
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China preps for inbound Lunar New Year travel surge after visa-free expansion
By Alice LiRalph Jennings
Inbound travel to China is expected to increase significantly over the coming Lunar New Year holiday, driven by the country’s expansion of its visa-free entry list and other efforts to attract international visitors and revitalise its tourism sector.
According to Trip.com, a major online platform for tourism bookings in the country, total inbound travel purchases for the period – which runs from January 28 to February 4 this year – have increased by over 200 per cent year on year.
Bookings from South Korea surged by 452 per cent year on year, with Singapore, Japan and the United States also well-represented on the list of inbound travellers’ countries of origin.
“The newly implemented visa-free policy for South Korean travellers has been particularly significant, drawing large numbers of Korean tourists to destinations like Harbin, Chengdu and Shanghai,” the platform said in a statement.
Meanwhile, during the recent break for New Year’s Day – a public holiday in China, but not as busy as the annual Lunar New Year travel rush – about 185,000 inbound and outbound trips were made by foreign tourists.
This was a 33.6 per cent year-on-year increase according to the National Immigration Administration, and outpaced the 11.1 per cent growth in total trips made by mainland Chinese travellers and 12.8 per cent growth in trips made by residents of Hong Kong, Taiwan and Macau.
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By Alice LiRalph Jennings
Inbound travel to China is expected to increase significantly over the coming Lunar New Year holiday, driven by the country’s expansion of its visa-free entry list and other efforts to attract international visitors and revitalise its tourism sector.
According to Trip.com, a major online platform for tourism bookings in the country, total inbound travel purchases for the period – which runs from January 28 to February 4 this year – have increased by over 200 per cent year on year.
Bookings from South Korea surged by 452 per cent year on year, with Singapore, Japan and the United States also well-represented on the list of inbound travellers’ countries of origin.
“The newly implemented visa-free policy for South Korean travellers has been particularly significant, drawing large numbers of Korean tourists to destinations like Harbin, Chengdu and Shanghai,” the platform said in a statement.
Meanwhile, during the recent break for New Year’s Day – a public holiday in China, but not as busy as the annual Lunar New Year travel rush – about 185,000 inbound and outbound trips were made by foreign tourists.
This was a 33.6 per cent year-on-year increase according to the National Immigration Administration, and outpaced the 11.1 per cent growth in total trips made by mainland Chinese travellers and 12.8 per cent growth in trips made by residents of Hong Kong, Taiwan and Macau.
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Hong Kong retailers, hoteliers gloomy over Lunar New Year business prospects
By Edith Lin
Hong Kong’s retail and hotel sectors have sounded a cautious note about business prospects for the coming Lunar New Year break, noting residents are hesitant to spend money and mainland Chinese visitors may opt for shorter stays.
The pessimistic outlook from business coincided with the release of the latest retail figures on Thursday, with sales falling by 7.3 per cent to HK$31.7 billion (US$4 billion) in November, marking the ninth straight month of decline.
The Hong Kong Retail Management Association said nearly 60 per cent of the companies it surveyed expected a decline in business during the period around Lunar New Year, compared with last year.
The period spans the two weeks leading up to the Lunar New Year break, which will run from January 29 to February 2.
“Hongkongers travelling abroad during long holidays remains a concern to the retail sector in January. We are also worried about reduced spending as people have been cautious about their spending,” association chairwoman Annie Tse Yau On-yee said.
“But the multi-entry permits have brought hope to some retailers as these customers can bring in more people and business growth.”
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By Edith Lin
Hong Kong’s retail and hotel sectors have sounded a cautious note about business prospects for the coming Lunar New Year break, noting residents are hesitant to spend money and mainland Chinese visitors may opt for shorter stays.
The pessimistic outlook from business coincided with the release of the latest retail figures on Thursday, with sales falling by 7.3 per cent to HK$31.7 billion (US$4 billion) in November, marking the ninth straight month of decline.
The Hong Kong Retail Management Association said nearly 60 per cent of the companies it surveyed expected a decline in business during the period around Lunar New Year, compared with last year.
The period spans the two weeks leading up to the Lunar New Year break, which will run from January 29 to February 2.
“Hongkongers travelling abroad during long holidays remains a concern to the retail sector in January. We are also worried about reduced spending as people have been cautious about their spending,” association chairwoman Annie Tse Yau On-yee said.
“But the multi-entry permits have brought hope to some retailers as these customers can bring in more people and business growth.”
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North Korea strengthens ties with Russia over China in New Year’s diplomatic shift
By Maria Siow
North Korea’s decision to spotlight ties with Russia over China in its New Year’s diplomacy appears to signal the reclusive nation’s evolving strategy: leveraging Moscow’s desperation for support while testing Beijing tolerance for being sidelined.
In a letter to President Vladimir Putin, North Korean leader Kim Jong-un pledged to solidify the country’s comprehensive strategic partnership with Russia, state media outlet KCNA reported on Tuesday.
In the message, Kim extended New Year greetings to Putin and all Russians, including their troops and expressed his willingness to further strengthen bilateral ties, which he said the two leaders elevated to new levels this year, KCNA added.
While the agency reported that Kim had received New Year greetings from many heads of state, including the “Chinese President”, which was put in quote marks, but did not mention Xi Jinping by name nor disclose further details. It also did not indicate if Kim sent greetings to Xi.
Last year, reporting on New Year’s greetings from foreign leaders, North Korea listed Xi ahead of Putin. However, the 75th anniversary of diplomatic ties between North Korea and China concluded last year without a closing ceremony, a break from past practices, according to South Korea’s Chosun Daily.
When asked why the event had not taken place, Chinese Foreign Ministry spokeswoman Mao Ning declined to comment during a briefing on December 30.
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By Maria Siow
North Korea’s decision to spotlight ties with Russia over China in its New Year’s diplomacy appears to signal the reclusive nation’s evolving strategy: leveraging Moscow’s desperation for support while testing Beijing tolerance for being sidelined.
In a letter to President Vladimir Putin, North Korean leader Kim Jong-un pledged to solidify the country’s comprehensive strategic partnership with Russia, state media outlet KCNA reported on Tuesday.
In the message, Kim extended New Year greetings to Putin and all Russians, including their troops and expressed his willingness to further strengthen bilateral ties, which he said the two leaders elevated to new levels this year, KCNA added.
While the agency reported that Kim had received New Year greetings from many heads of state, including the “Chinese President”, which was put in quote marks, but did not mention Xi Jinping by name nor disclose further details. It also did not indicate if Kim sent greetings to Xi.
Last year, reporting on New Year’s greetings from foreign leaders, North Korea listed Xi ahead of Putin. However, the 75th anniversary of diplomatic ties between North Korea and China concluded last year without a closing ceremony, a break from past practices, according to South Korea’s Chosun Daily.
When asked why the event had not taken place, Chinese Foreign Ministry spokeswoman Mao Ning declined to comment during a briefing on December 30.
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Hong Kong can boost tourism by repositioning itself as gateway to Asia
By Christopher Tang
Given the stability and security associated with government jobs in Hong Kong, often referred to as “iron rice bowls”, Chief Executive John Lee Ka-chiu’s decision to replace tourism minister Kevin Yeung Yun-hung in December was a surprising and unexpected move. But with the city’s tourism industry facing many challenges, the change was necessary to signal a fresh start.
To address the multifaceted issues that have hindered Hong Kong’s tourism growth since 2018, new minister Rosanna Law Shuk-pui should develop fresh strategies. Considering the limited success of mega-events, the government should instead foster collaboration with the private sector in Hong Kong and other Asian countries to boost tourism for the region, not just the city.
Hong Kong welcomed more than 65 million tourists in 2018, but less than 34 million in 2023 and barely 40 million in the first 11 months of last year. Many factors, including the 2019 political demonstrations, the Covid-19 pandemic quarantine measures, and the exodus of expatriates and foreign residents, have led to this decline.
In contrast to Hong Kong’s slow post-pandemic recovery, tourism numbers in other major Asian cities have rebounded strongly. Singapore, for example, attracted more than 15 million visitors in the first 11 months of 2024, over 80 per cent of its 2018 total.
Tourism is a critical sector in Hong Kong, driving economic growth and creating jobs across several industries including retail, hospitality and food services. It is worrisome therefore to observe that many bustling neighbourhoods in Hong Kong, which once thronged with tourists, have quietened down.
Several challenges are changing the landscape of Hong Kong tourism.
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By Christopher Tang
Given the stability and security associated with government jobs in Hong Kong, often referred to as “iron rice bowls”, Chief Executive John Lee Ka-chiu’s decision to replace tourism minister Kevin Yeung Yun-hung in December was a surprising and unexpected move. But with the city’s tourism industry facing many challenges, the change was necessary to signal a fresh start.
To address the multifaceted issues that have hindered Hong Kong’s tourism growth since 2018, new minister Rosanna Law Shuk-pui should develop fresh strategies. Considering the limited success of mega-events, the government should instead foster collaboration with the private sector in Hong Kong and other Asian countries to boost tourism for the region, not just the city.
Hong Kong welcomed more than 65 million tourists in 2018, but less than 34 million in 2023 and barely 40 million in the first 11 months of last year. Many factors, including the 2019 political demonstrations, the Covid-19 pandemic quarantine measures, and the exodus of expatriates and foreign residents, have led to this decline.
In contrast to Hong Kong’s slow post-pandemic recovery, tourism numbers in other major Asian cities have rebounded strongly. Singapore, for example, attracted more than 15 million visitors in the first 11 months of 2024, over 80 per cent of its 2018 total.
Tourism is a critical sector in Hong Kong, driving economic growth and creating jobs across several industries including retail, hospitality and food services. It is worrisome therefore to observe that many bustling neighbourhoods in Hong Kong, which once thronged with tourists, have quietened down.
Several challenges are changing the landscape of Hong Kong tourism.
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FDA approves Chinese eye cancer treatment for development support in the US
By Dannie Peng
A breakthrough treatment developed by a group of Chinese researchers to treat a rare but deadly eye cancer has been granted a special status in the US that will “greatly facilitate” its transition from laboratory to clinic.
Known as an aptamer drug conjugate (ApDC), the next generation gene-based treatment is the first of its kind in the world to be granted orphan drug designation by the US Food and Drug Administration (FDA).
The medication was jointly developed by researchers at the Hangzhou Institute of Medicine (HIM), an affiliate of the Chinese Academy of Sciences, and Wenzhou Medical University.
The FDA grants orphan status to medicines and biologics for rare diseases that meet certain criteria, opening the way for incentives such as accelerated approval and tax breaks to support their development.
Announcing the FDA’s decision on Saturday, the HIM said the treatment has the potential to bring new hope to patients around the world with uveal melanoma, which affects around 2,500 people in the US each year.
Because the early symptoms of the disease are often not obvious, many patients are not diagnosed until it has reached an advanced stage.
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By Dannie Peng
A breakthrough treatment developed by a group of Chinese researchers to treat a rare but deadly eye cancer has been granted a special status in the US that will “greatly facilitate” its transition from laboratory to clinic.
Known as an aptamer drug conjugate (ApDC), the next generation gene-based treatment is the first of its kind in the world to be granted orphan drug designation by the US Food and Drug Administration (FDA).
The medication was jointly developed by researchers at the Hangzhou Institute of Medicine (HIM), an affiliate of the Chinese Academy of Sciences, and Wenzhou Medical University.
The FDA grants orphan status to medicines and biologics for rare diseases that meet certain criteria, opening the way for incentives such as accelerated approval and tax breaks to support their development.
Announcing the FDA’s decision on Saturday, the HIM said the treatment has the potential to bring new hope to patients around the world with uveal melanoma, which affects around 2,500 people in the US each year.
Because the early symptoms of the disease are often not obvious, many patients are not diagnosed until it has reached an advanced stage.
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Hong Kong’s MTR Corp ‘reinventing’ business model amid property market woes
By Denise Tsang
Hong Kong’s MTR Corporation is urgently “reinventing” its business model to fulfil a HK$165 billion (US$21.2 billion) financial commitment to improve and expand rail services amid a struggling property market, the Post has learned.
A source said on Thursday that the company was revising its proven “rail-plus-property” business model by finding new sources of revenue, while cutting costs, to boost its financial health and prepare for development works in the coming years.
The company pledged in June 2023 to set aside HK$65 billion between that year and 2027 to upgrade ageing rail assets, on top of HK$100 billion earlier promised to extend lines, create new stations and develop properties over a 10-year period.
The total of HK$165 billion is equivalent to its market capitalisation when the stock market closed on Thursday at HK$26.55 a share.
The source said the company could generate cash by selling minority stakes in its shopping malls or commercial properties, in addition to cutting costs by automating trains and repair works, among other technology-based strategies.
“The business model needs to be reinvented, i.e., to find new sources of income and ways of lowering costs,” the source said. “The financial commitment in the coming decade is massive.”
The MTR Corp was founded 45 years ago and at one point was considered the most profitable rail company in the world, charging relatively affordable fares for reliable services thanks to its business model.
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By Denise Tsang
Hong Kong’s MTR Corporation is urgently “reinventing” its business model to fulfil a HK$165 billion (US$21.2 billion) financial commitment to improve and expand rail services amid a struggling property market, the Post has learned.
A source said on Thursday that the company was revising its proven “rail-plus-property” business model by finding new sources of revenue, while cutting costs, to boost its financial health and prepare for development works in the coming years.
The company pledged in June 2023 to set aside HK$65 billion between that year and 2027 to upgrade ageing rail assets, on top of HK$100 billion earlier promised to extend lines, create new stations and develop properties over a 10-year period.
The total of HK$165 billion is equivalent to its market capitalisation when the stock market closed on Thursday at HK$26.55 a share.
The source said the company could generate cash by selling minority stakes in its shopping malls or commercial properties, in addition to cutting costs by automating trains and repair works, among other technology-based strategies.
“The business model needs to be reinvented, i.e., to find new sources of income and ways of lowering costs,” the source said. “The financial commitment in the coming decade is massive.”
The MTR Corp was founded 45 years ago and at one point was considered the most profitable rail company in the world, charging relatively affordable fares for reliable services thanks to its business model.
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Hong Kong developer cuts prices in Shau Kei Wan project as oversupply plagues market
By Salina Li
A developer is relaunching several residential units at a high-rise project on Hong Kong Island at prices below the levels set about two years ago, suggesting the city’s property market will need at least six more months to overcome excess supply and halt a three-year slump.
Hip Shing Hong (Holdings) is taking orders for 50 units at Oria in Shau Kei Wan after an attempted sale in June 2023. The mid-sized private developer is cutting the prices on 30 of the units by more than 30 per cent, according to its revised list published on Thursday.
The cheapest unit, an open studio, is priced at HK$3.35 million, representing a 38 per cent drop from HK$5.38 million the developer set in 2023.
The flats in the 23-storey development are priced at HK$19,544 per square foot on average, near a nine-year low for primary launches in the district, according to Centaline Property. Nam Fung Group priced its Island Garden project at HK$19,409 per square foot on average in September 2016.
“Developers do not have the ability to increase prices,” Jeff Yau, Hong Kong property sector analyst at DBS Bank (Hong Kong) said during a media briefing on Thursday. “There will not be much room for price increases in 2025” because some highly geared home builders are under pressure to clear inventories for cash, he added.
Home prices fell 6.6 per cent in the first 11 months of last year, taking the cumulative slide to 27 per cent from the market’s peak in September 2021, according to government data. Prices could stabilise by midyear following marginal rebounds in October and November, analysts said.
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By Salina Li
A developer is relaunching several residential units at a high-rise project on Hong Kong Island at prices below the levels set about two years ago, suggesting the city’s property market will need at least six more months to overcome excess supply and halt a three-year slump.
Hip Shing Hong (Holdings) is taking orders for 50 units at Oria in Shau Kei Wan after an attempted sale in June 2023. The mid-sized private developer is cutting the prices on 30 of the units by more than 30 per cent, according to its revised list published on Thursday.
The cheapest unit, an open studio, is priced at HK$3.35 million, representing a 38 per cent drop from HK$5.38 million the developer set in 2023.
The flats in the 23-storey development are priced at HK$19,544 per square foot on average, near a nine-year low for primary launches in the district, according to Centaline Property. Nam Fung Group priced its Island Garden project at HK$19,409 per square foot on average in September 2016.
“Developers do not have the ability to increase prices,” Jeff Yau, Hong Kong property sector analyst at DBS Bank (Hong Kong) said during a media briefing on Thursday. “There will not be much room for price increases in 2025” because some highly geared home builders are under pressure to clear inventories for cash, he added.
Home prices fell 6.6 per cent in the first 11 months of last year, taking the cumulative slide to 27 per cent from the market’s peak in September 2021, according to government data. Prices could stabilise by midyear following marginal rebounds in October and November, analysts said.
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