Hong Kong’s CY Leung, Centaline founder clash over housing supply projections
By William Yiu
A war of words between a former leader of Hong Kong and a major real estate agency has escalated over the government’s housing supply projections, with Centaline Property Agency founder Shih Wing-ching saying the criticism involving his firm amounts to “a personal attack”.
Shih on Tuesday pushed back against remarks by former chief executive Leung Chun-ying, who wrote four social media posts criticising the agency in the past four days.
Leung is now vice-chairman of the country’s top political advisory body, the Chinese People’s Political Consultative Conference.
Shih had publicly accused the administration of inflating the supply statistics to create a perception among residents that authorities had been making progress when the actual number should be lower than presented.
Leung earlier defended the inclusion of unsold flats in supply numbers in the next few years and questioned if Shih wanted to boost his company’s commission income by making such remarks.
Appearing on a radio programme, Shih said on Tuesday: “How could I challenge [Leung] as [one of the] state leaders? … If you discuss an issue with me, let’s focus on that. If the discussion involves my business, then it is a personal attack.”
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By William Yiu
A war of words between a former leader of Hong Kong and a major real estate agency has escalated over the government’s housing supply projections, with Centaline Property Agency founder Shih Wing-ching saying the criticism involving his firm amounts to “a personal attack”.
Shih on Tuesday pushed back against remarks by former chief executive Leung Chun-ying, who wrote four social media posts criticising the agency in the past four days.
Leung is now vice-chairman of the country’s top political advisory body, the Chinese People’s Political Consultative Conference.
Shih had publicly accused the administration of inflating the supply statistics to create a perception among residents that authorities had been making progress when the actual number should be lower than presented.
Leung earlier defended the inclusion of unsold flats in supply numbers in the next few years and questioned if Shih wanted to boost his company’s commission income by making such remarks.
Appearing on a radio programme, Shih said on Tuesday: “How could I challenge [Leung] as [one of the] state leaders? … If you discuss an issue with me, let’s focus on that. If the discussion involves my business, then it is a personal attack.”
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Chinese developer Sino-Ocean’s debt plan wins court approval in UK
By Yulu Ao
Indebted Chinese developer Sino-Ocean Group won approval for its restructuring plan from a UK court on Monday despite objections from some creditors, potentially paving the way for it to prevail in a liquidation lawsuit in Hong Kong.
London’s high court approved the builder’s offshore restructuring proposal, which allows the state-backed company to overhaul some US$6 billion in debt. The proposal, first unveiled in July, was opposed by an ad hoc group of creditors.
The developer, which counts state-backed China Life Insurance and Dajia Insurance among its top shareholders, wants to repay creditors by issuing US$2.2 billion in long-term bonds and a combination of new mandatory convertible notes and perpetual securities.
“I have no doubt in this case that the value split is substantially fair as regards the split between all the classes of creditors in the plan,” Justice Nicholas Thompsell wrote in the judgment. The plan may be “unduly generous” towards shareholders, but for good reason, as retaining the firm’s state-owned status “increases the value of the plan to each class of creditors beyond that which they would enjoy in any alternative plan”, he said.
Sino-Ocean’s Hong Kong shares gained 13.6 per cent to HK$0.25 as of 3pm on Tuesday.
The company has received consent for the plan from most of its lenders but has been stuck in a deadlock with a bondholder group and also faces a Hong Kong liquidation lawsuit.
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By Yulu Ao
Indebted Chinese developer Sino-Ocean Group won approval for its restructuring plan from a UK court on Monday despite objections from some creditors, potentially paving the way for it to prevail in a liquidation lawsuit in Hong Kong.
London’s high court approved the builder’s offshore restructuring proposal, which allows the state-backed company to overhaul some US$6 billion in debt. The proposal, first unveiled in July, was opposed by an ad hoc group of creditors.
The developer, which counts state-backed China Life Insurance and Dajia Insurance among its top shareholders, wants to repay creditors by issuing US$2.2 billion in long-term bonds and a combination of new mandatory convertible notes and perpetual securities.
“I have no doubt in this case that the value split is substantially fair as regards the split between all the classes of creditors in the plan,” Justice Nicholas Thompsell wrote in the judgment. The plan may be “unduly generous” towards shareholders, but for good reason, as retaining the firm’s state-owned status “increases the value of the plan to each class of creditors beyond that which they would enjoy in any alternative plan”, he said.
Sino-Ocean’s Hong Kong shares gained 13.6 per cent to HK$0.25 as of 3pm on Tuesday.
The company has received consent for the plan from most of its lenders but has been stuck in a deadlock with a bondholder group and also faces a Hong Kong liquidation lawsuit.
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DeepSeek’s success gives Chinese firms jolt as Beijing seeks sanction-beating breakthroughs
By Frank Chen
The sudden success of Chinese artificial intelligence (AI) start-up DeepSeek comes as a morale booster for the country’s researchers and tech companies, who have been tasked by Beijing to push for breakthroughs in the face of US-led curbs on the trade, industry participants and analysts said.
DeepSeek’s emergence has also changed perceptions among economists and investors towards China’s capacity for innovation, they added, vindicating a long-term push by the country to build up its home-grown talent and technologies.
“We had grown so used to the pervasive narrative that China can only play catch up and the US’ lead is nearly insurmountable, until DeepSeek emerged,” said Ye Kejiang, a doctoral researcher and head of the cloud computing programme at the Shenzhen Institute of Advanced Technology. “Its success has demonstrated that Chinese firms can conjure breakthroughs amid adversity. It’s a feat science and tech workers like me can relate to.”
With DeepSeek’s R1 language model – unveiled in late January and stunning the tech world with performance rivalling industry leaders at a fraction of the development and use cost – redrawing the global AI landscape, the Zhejiang-based company has become synonymous with China’s efforts to overcome tech bottlenecks, largely in the form of import restrictions imposed by the United States.
Ye, whose institute is part of the Chinese Academy of Sciences, said the firm’s achievement has provided a powerful argument for the feasibility of staking out a claim in the complex tech sector, even without access to the most advanced components.
“DeepSeek shows … China is not behind the West in some aspects of the tech race, like software design,” he said. “China has no shortage of smart, capable talent, whose ingenuity can be on a par with those in the West and even outsmart them.”
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By Frank Chen
The sudden success of Chinese artificial intelligence (AI) start-up DeepSeek comes as a morale booster for the country’s researchers and tech companies, who have been tasked by Beijing to push for breakthroughs in the face of US-led curbs on the trade, industry participants and analysts said.
DeepSeek’s emergence has also changed perceptions among economists and investors towards China’s capacity for innovation, they added, vindicating a long-term push by the country to build up its home-grown talent and technologies.
“We had grown so used to the pervasive narrative that China can only play catch up and the US’ lead is nearly insurmountable, until DeepSeek emerged,” said Ye Kejiang, a doctoral researcher and head of the cloud computing programme at the Shenzhen Institute of Advanced Technology. “Its success has demonstrated that Chinese firms can conjure breakthroughs amid adversity. It’s a feat science and tech workers like me can relate to.”
With DeepSeek’s R1 language model – unveiled in late January and stunning the tech world with performance rivalling industry leaders at a fraction of the development and use cost – redrawing the global AI landscape, the Zhejiang-based company has become synonymous with China’s efforts to overcome tech bottlenecks, largely in the form of import restrictions imposed by the United States.
Ye, whose institute is part of the Chinese Academy of Sciences, said the firm’s achievement has provided a powerful argument for the feasibility of staking out a claim in the complex tech sector, even without access to the most advanced components.
“DeepSeek shows … China is not behind the West in some aspects of the tech race, like software design,” he said. “China has no shortage of smart, capable talent, whose ingenuity can be on a par with those in the West and even outsmart them.”
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Hong Kong property sales slip to 4-month low as tariffs, interest-rate path unnerved buyers
By Cheryl Arcibal
Property sales in Hong Kong fell to a four-month low in January, pointing to a more challenging environment for the sector in the coming months as buyers were rattled by rising geopolitical tensions and uncertain interest-rate trajectory.
Deals involving residential and commercial properties and parking spaces dropped 10.4 per cent to 4,938, while the value declined 14.2 per cent HK$36.7 billion (US$4.7 billion) from a month earlier, according to Land Registry data published on Tuesday. Both hit the lowest levels since 3,843 transactions worth HK$27.7 billion in September.
Transactions rose 12.2 per cent from a year earlier, while the value increased 9.1 per cent, according to the data.
Sales are not likely to gain momentum this month, according to Ricacorp Properties, as US President Donald Trump fired what could be the first salvo in a new round of tariff war with trading partners including China, Mexico and Canada. The Federal Reserve last week kept its key interest rate unchanged to reassess inflation and labour market conditions.
“The overall transaction registration volume in February will only remain stagnant, or show a slight increase at best,” said Derek Chan, head of research at Ricacorp. “Property investors have turned cautious” to see how the tariff war plays out, he added.
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By Cheryl Arcibal
Property sales in Hong Kong fell to a four-month low in January, pointing to a more challenging environment for the sector in the coming months as buyers were rattled by rising geopolitical tensions and uncertain interest-rate trajectory.
Deals involving residential and commercial properties and parking spaces dropped 10.4 per cent to 4,938, while the value declined 14.2 per cent HK$36.7 billion (US$4.7 billion) from a month earlier, according to Land Registry data published on Tuesday. Both hit the lowest levels since 3,843 transactions worth HK$27.7 billion in September.
Transactions rose 12.2 per cent from a year earlier, while the value increased 9.1 per cent, according to the data.
Sales are not likely to gain momentum this month, according to Ricacorp Properties, as US President Donald Trump fired what could be the first salvo in a new round of tariff war with trading partners including China, Mexico and Canada. The Federal Reserve last week kept its key interest rate unchanged to reassess inflation and labour market conditions.
“The overall transaction registration volume in February will only remain stagnant, or show a slight increase at best,” said Derek Chan, head of research at Ricacorp. “Property investors have turned cautious” to see how the tariff war plays out, he added.
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China launches antitrust probe into Google in response to Trump tariffs
By Iris Deng
China has launched an antitrust investigation into Google alongside retaliatory tariffs after the US imposed 10 per cent tariffs on products from the country.
China’s State Administration for Market Regulation said it initiated the probe into the US internet search giant on suspicion of violations of the country’s antitrust laws, according to a one-line announcement on the regulator’s website on Tuesday. It appeared to be part of a response to the tariffs imposed by the administration of US President Donald Trump. The regulator did not identify the alleged violations.
More to follow…
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By Iris Deng
China has launched an antitrust investigation into Google alongside retaliatory tariffs after the US imposed 10 per cent tariffs on products from the country.
China’s State Administration for Market Regulation said it initiated the probe into the US internet search giant on suspicion of violations of the country’s antitrust laws, according to a one-line announcement on the regulator’s website on Tuesday. It appeared to be part of a response to the tariffs imposed by the administration of US President Donald Trump. The regulator did not identify the alleged violations.
More to follow…
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First China suona PhD claims practising ancient musical instrument helps achieve 8-pack abs
By Fran Lu
Chinese suona player Liu Wenwen has wowed the audience at the Musikverein Golden Hall in Vienna, Austria with a virtuosic performance on January 8.
Liu is China’s first doctoral degree holder in suona, a traditional Chinese double-reeded woodwind instrument, also called dida, known for its loud and high-pitched sound.
She is also a teacher at the Shanghai Conservatory of Music.
The 34-year-old was born into a family of folk suona players in eastern China’s Shandong province.
Her father is the 7th-generation descendant of small copper suona, and her mother the 12th-generation descendant of suona ka opera, which features using the instrument to mimic human and animal sounds.
A single child, Liu was made to study suona at the age of 4.
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By Fran Lu
Chinese suona player Liu Wenwen has wowed the audience at the Musikverein Golden Hall in Vienna, Austria with a virtuosic performance on January 8.
Liu is China’s first doctoral degree holder in suona, a traditional Chinese double-reeded woodwind instrument, also called dida, known for its loud and high-pitched sound.
She is also a teacher at the Shanghai Conservatory of Music.
The 34-year-old was born into a family of folk suona players in eastern China’s Shandong province.
Her father is the 7th-generation descendant of small copper suona, and her mother the 12th-generation descendant of suona ka opera, which features using the instrument to mimic human and animal sounds.
A single child, Liu was made to study suona at the age of 4.
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Organisers of Hong Kong’s Cristiano Ronaldo museum confirm ticket sale date
By Natalie Wong
Ticket sales for a new Cristiano Ronaldo museum located at Hong Kong’s K11 Musea shopping centre will start from Wednesday, organisers have said, confirming an earlier report from the Post.
They also said on Tuesday that the CR7 Life Museum’s opening day, which will be in July, would include international celebrity guest appearances in recognition of the football legend’s career.
The announcement confirmed an earlier Post report that museum tickets would go on sale on February 5 – the Portuguese superstar’s birthday.
“This state-of-the-art museum celebrates Cristiano Ronaldo’s career and the power of ambition, passion, perseverance and hard work; a beacon of inspiration for fans and visitors,” organisers said.
“Aimed at empowering youth and dreamers, the museum features motivational content and inspiring quotes to encourage visitors to unlock their full potential.”
Tickets will be available on K11 Experience and other platforms, but organisers stopped short of disclosing any prices.
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By Natalie Wong
Ticket sales for a new Cristiano Ronaldo museum located at Hong Kong’s K11 Musea shopping centre will start from Wednesday, organisers have said, confirming an earlier report from the Post.
They also said on Tuesday that the CR7 Life Museum’s opening day, which will be in July, would include international celebrity guest appearances in recognition of the football legend’s career.
The announcement confirmed an earlier Post report that museum tickets would go on sale on February 5 – the Portuguese superstar’s birthday.
“This state-of-the-art museum celebrates Cristiano Ronaldo’s career and the power of ambition, passion, perseverance and hard work; a beacon of inspiration for fans and visitors,” organisers said.
“Aimed at empowering youth and dreamers, the museum features motivational content and inspiring quotes to encourage visitors to unlock their full potential.”
Tickets will be available on K11 Experience and other platforms, but organisers stopped short of disclosing any prices.
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China to impose tariffs of 10% to 15% on some US products
By SCMP Reporter
China has announced it will impose tariffs of 10 to 15 per cent on some US products from February 10 amid growing trade tensions with the United States.
The move was a response to newly announced tariffs of 10 per cent imposed by the US on Chinese products. Washington cited issues over fentanyl controls as the reason for the measure.
Separately, Beijing also announced a slew of export controls on key minerals and launched an anti-monopoly investigation into US tech giant Google.
More to follow...
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By SCMP Reporter
China has announced it will impose tariffs of 10 to 15 per cent on some US products from February 10 amid growing trade tensions with the United States.
The move was a response to newly announced tariffs of 10 per cent imposed by the US on Chinese products. Washington cited issues over fentanyl controls as the reason for the measure.
Separately, Beijing also announced a slew of export controls on key minerals and launched an anti-monopoly investigation into US tech giant Google.
More to follow...
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China-Pakistan ties: presidents to focus on terrorism and economy amid security issues
By Zhao Ziwen
Pakistani President Asif Ali Zardari will start a five-day visit to China on Tuesday, with counterterrorism and economic cooperation expected to top the agenda.
“At the invitation of President Xi Jinping, President Asif Ali Zardari of the Islamic Republic of Pakistan will pay a state visit to China from February 4 to 8,” the Chinese foreign ministry said on Monday, without offering further details.
Zardari’s trip comes as Pakistan grapples with security and economic problems that also challenge China’s projects there.
It has also been nearly eight months since Prime Minister Shehbaz Sharif visited China. During that trip, both sides focused on safeguarding China’s presence in the turbulent region and further cooperation on the Belt and Road Initiative, Beijing’s massive infrastructure programme.
Zhu Yongbiao, a professor at Lanzhou University’s school of politics and international relations, said he believed the two topics would dominate discussion during Zardari’s visit.
“The frequent high-level exchanges between Pakistan and China reflect, on the one hand, the special and close nature of the bilateral relationship, but on the other hand the need for the two countries to further strengthen communication,” Zhu said.
He said Islamabad still faced “volatility of the security situation” which required Beijing to maintain intimate communication with its South Asian neighbour.
China’s heavy investment in Pakistan continually faces threats – especially in the provinces of Balochistan and Khyber Pakhtunkhwa – as attacks by anti-government militants target the Chinese presence there.
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By Zhao Ziwen
Pakistani President Asif Ali Zardari will start a five-day visit to China on Tuesday, with counterterrorism and economic cooperation expected to top the agenda.
“At the invitation of President Xi Jinping, President Asif Ali Zardari of the Islamic Republic of Pakistan will pay a state visit to China from February 4 to 8,” the Chinese foreign ministry said on Monday, without offering further details.
Zardari’s trip comes as Pakistan grapples with security and economic problems that also challenge China’s projects there.
It has also been nearly eight months since Prime Minister Shehbaz Sharif visited China. During that trip, both sides focused on safeguarding China’s presence in the turbulent region and further cooperation on the Belt and Road Initiative, Beijing’s massive infrastructure programme.
Zhu Yongbiao, a professor at Lanzhou University’s school of politics and international relations, said he believed the two topics would dominate discussion during Zardari’s visit.
“The frequent high-level exchanges between Pakistan and China reflect, on the one hand, the special and close nature of the bilateral relationship, but on the other hand the need for the two countries to further strengthen communication,” Zhu said.
He said Islamabad still faced “volatility of the security situation” which required Beijing to maintain intimate communication with its South Asian neighbour.
China’s heavy investment in Pakistan continually faces threats – especially in the provinces of Balochistan and Khyber Pakhtunkhwa – as attacks by anti-government militants target the Chinese presence there.
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By Tribune News Service
South Korean actress Lee Joo-sil, a star in the second season of Squid Game,” has died.
She was 81.
The veteran actress collapsed in cardiac arrest at home in Uijeongbu, South Korea, on February 2, three months after being diagnosed with stomach cancer, The Korea Times reported. She was brought to a hospital but could not be revived.
Lee played Park Mal-soon, the doting mother of undercover detective Hwang Jun Ho (Wi Ha-joon) and stepmother of Hwang In-ho (Lee Byung-hun), in the first two episodes of Season 2.
It was the culmination of a six-decade career that saw her blossom from stage actress to television and movies.South Korean actress Lee Joo-sil, a star in the second season of Squid Game, who has died aged 80. Photo: Facebook/Kendall Writes
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In Malaysia, a mystery cash-filled suitcase finds its owner
By The Star
A mysterious suitcase containing more than 500,000 ringgit (US$111,500) that was left in a car park of a shopping centre in Malaysia has been quietly reunited with its owner – eight months later.
The suitcase and cash were reportedly handed over to a company owner who is in his 50s.
Selangor police chief Hussein Omar Khan said the man had made a police report to claim the suitcase and cash.
“The deputy public prosecutor had instructed that the cash and the suitcase be released to him through a court order,” Hussein said.
“It was handed over sometime in mid-November,” he added. And with that, he said the case was deemed closed.
But like any good mystery, there have been numerous questions surrounding the bag and the substantial amount of cash ever since a security guard at a shopping centre in Selangor stumbled upon it on March 20 last year.
The owner reportedly left the suitcase at the car park on accident.
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By The Star
A mysterious suitcase containing more than 500,000 ringgit (US$111,500) that was left in a car park of a shopping centre in Malaysia has been quietly reunited with its owner – eight months later.
The suitcase and cash were reportedly handed over to a company owner who is in his 50s.
Selangor police chief Hussein Omar Khan said the man had made a police report to claim the suitcase and cash.
“The deputy public prosecutor had instructed that the cash and the suitcase be released to him through a court order,” Hussein said.
“It was handed over sometime in mid-November,” he added. And with that, he said the case was deemed closed.
But like any good mystery, there have been numerous questions surrounding the bag and the substantial amount of cash ever since a security guard at a shopping centre in Selangor stumbled upon it on March 20 last year.
The owner reportedly left the suitcase at the car park on accident.
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