Policy support sees China’s tax revenue rise for second straight month
By Sylvia Ma
China’s tax revenue rose for the second straight month in November on the back of supportive domestic policies, while local governments continued to struggle with shrinking land sales income amid a prolonged property market slump.
Tax revenue climbed 5.3 per cent year on year to 1.11 trillion yuan (US$152.4 billion) last month, following October’s 1.8 per cent growth, according to calculations by Chinese financial data provider Wind based on official releases from China’s Ministry of Finance.
With non-tax revenue surging 40.4 per cent, overall general public budget revenue jumped 11 per cent in November, marking the first double-digit growth since June last year and the third consecutive monthly increase.
“Among major tax categories, corporate income tax, domestic value-added tax, export rebates, and stamp duty showed notable improvement,” GF Securities said in a research note on Tuesday.
“It offers a clear and direct reflection of the ramped-up countercyclical policies taking effect.”
Beijing has unveiled a slew of supportive policies, starting with monetary easing by the central bank at the end of September, to prop up growth amid weak consumption, rising local government debt and a property downturn.
At last week’s annual central economic work conference, policymakers made the expansion of domestic demand the top economic priority for next year, following the Communist Party Politburo’s earlier promise to adopt “more active” policies and “unconventional” countercyclical adjustments to steer the economy.
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By Sylvia Ma
China’s tax revenue rose for the second straight month in November on the back of supportive domestic policies, while local governments continued to struggle with shrinking land sales income amid a prolonged property market slump.
Tax revenue climbed 5.3 per cent year on year to 1.11 trillion yuan (US$152.4 billion) last month, following October’s 1.8 per cent growth, according to calculations by Chinese financial data provider Wind based on official releases from China’s Ministry of Finance.
With non-tax revenue surging 40.4 per cent, overall general public budget revenue jumped 11 per cent in November, marking the first double-digit growth since June last year and the third consecutive monthly increase.
“Among major tax categories, corporate income tax, domestic value-added tax, export rebates, and stamp duty showed notable improvement,” GF Securities said in a research note on Tuesday.
“It offers a clear and direct reflection of the ramped-up countercyclical policies taking effect.”
Beijing has unveiled a slew of supportive policies, starting with monetary easing by the central bank at the end of September, to prop up growth amid weak consumption, rising local government debt and a property downturn.
At last week’s annual central economic work conference, policymakers made the expansion of domestic demand the top economic priority for next year, following the Communist Party Politburo’s earlier promise to adopt “more active” policies and “unconventional” countercyclical adjustments to steer the economy.
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Chinese IPOs surge in Hong Kong as Minieye, Guming line up listings
By Mia Castagnone
Plans for Hong Kong share listings by Chinese companies are coming at a faster pace, as autonomous driving start-up Minieye Technology prices its shares and bubble tea giant Guming revives its initial public offering (IPO) plans.
Shenzhen-based Minieye will sell 39 million shares in the range of HK$17 to HK$20.20 next week, which would allow it to raise up to HK$783 million (US$100 million), the company said in an exchange filing on Tuesday. Guming, which has roughly 9,000 shops in mainland China, aimed to raise US$300 million to US$500 million when it first made a move to list earlier this year.
The growing momentum from Chinese companies is expected to bolster Hong Kong’s exchange in 2025, according to recent forecasts by EY and KPMG.
Fundraising reached HK$83.4 billion in the year to November, according to data compiled by EY, an increase of 80 per cent from a year earlier. The city’s IPO market slumped for a third straight year in 2023 when volume dropped to US$5.9 billion, according to LSE Group data.
Minieye is backed by Alibaba Group Holding co-founder Eddy Wu, who holds a 2.3 per cent stake in the company, according to its prospectus. The company went through at least 17 rounds of fundraising before submitting its prospectus on May 27. Alibaba owns the Post.
Founded in 2014, the start-up’s corporate backers include investment houses such as Beijing Siwei Management, Shenzhen Zeyi, and China International Capital. The company has supported 29 carmakers in delivering autonomous-driving systems.
The exchange is also seeing a flurry of interest from consumer-focused companies. Guming revived its plan for an IPO in Hong Kong over the weekend, after the China Securities Regulatory Commission approved the listing.
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By Mia Castagnone
Plans for Hong Kong share listings by Chinese companies are coming at a faster pace, as autonomous driving start-up Minieye Technology prices its shares and bubble tea giant Guming revives its initial public offering (IPO) plans.
Shenzhen-based Minieye will sell 39 million shares in the range of HK$17 to HK$20.20 next week, which would allow it to raise up to HK$783 million (US$100 million), the company said in an exchange filing on Tuesday. Guming, which has roughly 9,000 shops in mainland China, aimed to raise US$300 million to US$500 million when it first made a move to list earlier this year.
The growing momentum from Chinese companies is expected to bolster Hong Kong’s exchange in 2025, according to recent forecasts by EY and KPMG.
Fundraising reached HK$83.4 billion in the year to November, according to data compiled by EY, an increase of 80 per cent from a year earlier. The city’s IPO market slumped for a third straight year in 2023 when volume dropped to US$5.9 billion, according to LSE Group data.
Minieye is backed by Alibaba Group Holding co-founder Eddy Wu, who holds a 2.3 per cent stake in the company, according to its prospectus. The company went through at least 17 rounds of fundraising before submitting its prospectus on May 27. Alibaba owns the Post.
Founded in 2014, the start-up’s corporate backers include investment houses such as Beijing Siwei Management, Shenzhen Zeyi, and China International Capital. The company has supported 29 carmakers in delivering autonomous-driving systems.
The exchange is also seeing a flurry of interest from consumer-focused companies. Guming revived its plan for an IPO in Hong Kong over the weekend, after the China Securities Regulatory Commission approved the listing.
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Bali Zoo mourns death of Sumatran elephant swept away by river current
By Associated Press
An elephant that lived at the zoo on Indonesia’s tourist island of Bali was found dead on Tuesday after being swept away by a strong river current.
Molly, a 45-year-old female Sumatran elephant was one of two being guided by a mahout to a holding area outside the zoo grounds through a river on Monday afternoon. The activity was part of their daily routine of mental and physical stimulation.
The first elephant had made it across and Molly was in the river when the current suddenly increased due to heavy rain upstream, the zoo said in a statement.
“In this situation, Molly lost her balance and was swept away by the current,” it said. The mahout was uninjured.
A team from Bali Zoo and Bali Natural Resources Conservation Agency conducted an intensive search. The dead elephant was found on Tuesday morning in Cengceng river in Sukawati subdistrict in Gianyar district, Bali.
“The entire team at Bali Zoo is deeply saddened by the loss of Molly, a female elephant who has been an important part of our extended family. Molly was known to be a kind and friendly elephant,” the zoo said.
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By Associated Press
An elephant that lived at the zoo on Indonesia’s tourist island of Bali was found dead on Tuesday after being swept away by a strong river current.
Molly, a 45-year-old female Sumatran elephant was one of two being guided by a mahout to a holding area outside the zoo grounds through a river on Monday afternoon. The activity was part of their daily routine of mental and physical stimulation.
The first elephant had made it across and Molly was in the river when the current suddenly increased due to heavy rain upstream, the zoo said in a statement.
“In this situation, Molly lost her balance and was swept away by the current,” it said. The mahout was uninjured.
A team from Bali Zoo and Bali Natural Resources Conservation Agency conducted an intensive search. The dead elephant was found on Tuesday morning in Cengceng river in Sukawati subdistrict in Gianyar district, Bali.
“The entire team at Bali Zoo is deeply saddened by the loss of Molly, a female elephant who has been an important part of our extended family. Molly was known to be a kind and friendly elephant,” the zoo said.
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Lawyers group has ‘frank’ talk with Beijing about Hong Kong post-Article 23
By Willa Wu
The Hong Kong Bar Association has held a “frank” discussion with mainland Chinese officials overseeing the city’s affairs about the local situation following the enactment of domestic national security legislation, the organisation’s chairman has said.
Victor Dawes, who is visiting Beijing at the head of a 14-member delegation, met officials from the Hong Kong and Macau Affairs Office (HKMAO) on Tuesday morning, the second day of the association’s three-day trip to the capital.
In April of last year, the organisation visited Beijing for an ice-breaking trip after the annual exchanges of views were paused for five years.
Tuesday’s meeting was also attended by Shen Chunyao, chairman of the Legislative Affairs Committee and Basic Law Committee, which falls under the National People’s Congress Standing Committee – the country’s top legislative body.
Xiang Bin, a party group member at the HKMAO also attended the annual exchange session for the first time.
Speaking to reporters in Beijing, Dawes said: “We have endeavoured to accurately reflect the situation in Hong Kong, matters that the general public is concerned with and matters that the legal profession is concerned with.
“Those dialogues were frank … We have definitely not reported only the good things but have also mentioned worthy concerns.”
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By Willa Wu
The Hong Kong Bar Association has held a “frank” discussion with mainland Chinese officials overseeing the city’s affairs about the local situation following the enactment of domestic national security legislation, the organisation’s chairman has said.
Victor Dawes, who is visiting Beijing at the head of a 14-member delegation, met officials from the Hong Kong and Macau Affairs Office (HKMAO) on Tuesday morning, the second day of the association’s three-day trip to the capital.
In April of last year, the organisation visited Beijing for an ice-breaking trip after the annual exchanges of views were paused for five years.
Tuesday’s meeting was also attended by Shen Chunyao, chairman of the Legislative Affairs Committee and Basic Law Committee, which falls under the National People’s Congress Standing Committee – the country’s top legislative body.
Xiang Bin, a party group member at the HKMAO also attended the annual exchange session for the first time.
Speaking to reporters in Beijing, Dawes said: “We have endeavoured to accurately reflect the situation in Hong Kong, matters that the general public is concerned with and matters that the legal profession is concerned with.
“Those dialogues were frank … We have definitely not reported only the good things but have also mentioned worthy concerns.”
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Sri Lanka’s Dissanayake chooses India for his first overseas trip – is China a factor?
By Biman Mukherji
The visit by Sri Lankan President Aruna Kumara Dissanayake to India on his first overseas trip is seen by analysts as his commitment to deepen New Delhi’s economic support for debt-stricken Colombo and allay any concerns over China’s influence in the South Asian island nation.
Dissanayake, who took office in September, met Indian Prime Minister Narendra Modi on Monday and both leaders agreed to increase economic cooperation. Among their proposed measures, India, Sri Lanka and the United Arab Emirates will build an energy pipeline between the two South Asian countries while India also plans to supply liquefied natural gas to Sri Lanka.
Following Sri Lanka’s economic collapse in 2022, India stepped in with billions of dollars in financial aid, including food, fuel and medicines.
During his meeting with Modi, Dissanayake thanked India for stabilising the country’s economy through financial support of US$4 billion and helping in restructuring the country’s debt.
“I think he [Dissanayake] would primarily be interested in ensuring that commercial support [from India] comes through because the country’s economy remains very fragile,” said Harsh Pant, an international relations professor at King’s College London.
While India’s aid to Sri Lanka would continue, Delhi might bring up concerns of private Indian investors about their projects in Sri Lanka coming under scrutiny by the local authorities, said Aditya Gowdara Shivamurthy, associate fellow, Neighbourhood Studies at Observer Research Foundation.
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By Biman Mukherji
The visit by Sri Lankan President Aruna Kumara Dissanayake to India on his first overseas trip is seen by analysts as his commitment to deepen New Delhi’s economic support for debt-stricken Colombo and allay any concerns over China’s influence in the South Asian island nation.
Dissanayake, who took office in September, met Indian Prime Minister Narendra Modi on Monday and both leaders agreed to increase economic cooperation. Among their proposed measures, India, Sri Lanka and the United Arab Emirates will build an energy pipeline between the two South Asian countries while India also plans to supply liquefied natural gas to Sri Lanka.
Following Sri Lanka’s economic collapse in 2022, India stepped in with billions of dollars in financial aid, including food, fuel and medicines.
During his meeting with Modi, Dissanayake thanked India for stabilising the country’s economy through financial support of US$4 billion and helping in restructuring the country’s debt.
“I think he [Dissanayake] would primarily be interested in ensuring that commercial support [from India] comes through because the country’s economy remains very fragile,” said Harsh Pant, an international relations professor at King’s College London.
While India’s aid to Sri Lanka would continue, Delhi might bring up concerns of private Indian investors about their projects in Sri Lanka coming under scrutiny by the local authorities, said Aditya Gowdara Shivamurthy, associate fellow, Neighbourhood Studies at Observer Research Foundation.
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Worker found dead on roof of Hong Kong building after falling during paint job
By Harvey Kong
A woman has been found dead on the roof of a building in Shek Kong Barracks on Tuesday, with Hong Kong police deeming it an industrial accident.
The Labour Department said it was aware of the case and that it has launched an investigation, with one concern group saying it was “unacceptable” for a worker to have remained at their place of work without being noticed.
The force said that it received a report of the woman lying down at the roof of a building at Shek Kong Barracks along Route Twisk, where she was certified dead at the scene. Police believed that she lost her balance on a ladder and fell while doing paint work on the site.
The 67-year-old woman, surnamed Kung, fell unconscious and later died. The case was later classified as an industrial accident by the force.
Asked about the incident, the Labour Department said it was aware of the case and had launched an investigation.
Fay Siu Sin-man, chief executive of the Association for the Rights of Industrial Accident Victims, called the death “unacceptable”, saying it was not the first time such a situation had occurred.
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By Harvey Kong
A woman has been found dead on the roof of a building in Shek Kong Barracks on Tuesday, with Hong Kong police deeming it an industrial accident.
The Labour Department said it was aware of the case and that it has launched an investigation, with one concern group saying it was “unacceptable” for a worker to have remained at their place of work without being noticed.
The force said that it received a report of the woman lying down at the roof of a building at Shek Kong Barracks along Route Twisk, where she was certified dead at the scene. Police believed that she lost her balance on a ladder and fell while doing paint work on the site.
The 67-year-old woman, surnamed Kung, fell unconscious and later died. The case was later classified as an industrial accident by the force.
Asked about the incident, the Labour Department said it was aware of the case and had launched an investigation.
Fay Siu Sin-man, chief executive of the Association for the Rights of Industrial Accident Victims, called the death “unacceptable”, saying it was not the first time such a situation had occurred.
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Digital nationalism is killing the promise of an open internet
By Jeffrey Wu
The internet was once heralded as a force that transcended borders, connecting people and businesses in a seamless global network. That vision, however, is rapidly unravelling.
Governments are asserting sovereignty over their digital domains, rewriting rules for global tech giants. Driven by national security concerns, economic priorities and geopolitical rivalries, this shift is fracturing the digital economy – with profound consequences.
By 2022, the digital economy accounted for 15.5 per cent of the global economy, projected to grow to 17 per cent by 2028, with over two-thirds of new value creation expected from digitally enabled platforms over the next decade. Yet the dream of a borderless ecosystem is giving way to a reality of increasingly fragmented markets.
Policies mandating local data storage, production and partnerships are raising compliance costs and eroding the interconnectedness that once defined the digital era.
Indonesia has emerged as a leader in this shift. Apple’s US$100 million investment offer fell short of the country’s ambitions. The government then said in early December that the company is planning a US$1 billion investment tied to stringent local component requirements.
Apple must ensure that at least 40 per cent of its smartphone components sold domestically are made locally. This aligns with the country’s Making Indonesia 4.0 road map, which prioritises high-value exports in electronics, chemicals and advanced technologies.
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By Jeffrey Wu
The internet was once heralded as a force that transcended borders, connecting people and businesses in a seamless global network. That vision, however, is rapidly unravelling.
Governments are asserting sovereignty over their digital domains, rewriting rules for global tech giants. Driven by national security concerns, economic priorities and geopolitical rivalries, this shift is fracturing the digital economy – with profound consequences.
By 2022, the digital economy accounted for 15.5 per cent of the global economy, projected to grow to 17 per cent by 2028, with over two-thirds of new value creation expected from digitally enabled platforms over the next decade. Yet the dream of a borderless ecosystem is giving way to a reality of increasingly fragmented markets.
Policies mandating local data storage, production and partnerships are raising compliance costs and eroding the interconnectedness that once defined the digital era.
Indonesia has emerged as a leader in this shift. Apple’s US$100 million investment offer fell short of the country’s ambitions. The government then said in early December that the company is planning a US$1 billion investment tied to stringent local component requirements.
Apple must ensure that at least 40 per cent of its smartphone components sold domestically are made locally. This aligns with the country’s Making Indonesia 4.0 road map, which prioritises high-value exports in electronics, chemicals and advanced technologies.
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China is recruiting embassy staff with a focus on electric vehicles, source says
By SCMP Reporter
Beijing is on the hunt for science and technology counsellors for its overseas embassies, with a focus on diplomatic engagement related to the electric vehicle sector, according to a source with knowledge of the situation.
China has the world’s biggest EV market and the latest diplomatic push comes as it faces allegations of overcapacity, with the US, Canada and Europe all slapping tariffs on its electric cars in a bid to level the playing field for local manufacturers.
Hundreds of candidates sat an exam in Beijing recently as part of the recruitment process for new science and technology counsellors, according to the source, who was speaking on condition of anonymity due to the sensitivity of the matter.
The candidates were put forward by state-owned research institutes or government agencies from across the country, the person said.
Most of the applicants were said to be fluent in English and had been educated overseas. They were assessed on their understanding of Communist Party ideology – a standard test for all government-related positions – as well as knowledge of the electric vehicle sector.
It is not known how many counsellor positions are being filled, but the Ministry of Science and Technology has carried out similar selection processes in recent years in an effort to create a pool of science talent to post in China’s diplomatic missions abroad, the source said.
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By SCMP Reporter
Beijing is on the hunt for science and technology counsellors for its overseas embassies, with a focus on diplomatic engagement related to the electric vehicle sector, according to a source with knowledge of the situation.
China has the world’s biggest EV market and the latest diplomatic push comes as it faces allegations of overcapacity, with the US, Canada and Europe all slapping tariffs on its electric cars in a bid to level the playing field for local manufacturers.
Hundreds of candidates sat an exam in Beijing recently as part of the recruitment process for new science and technology counsellors, according to the source, who was speaking on condition of anonymity due to the sensitivity of the matter.
The candidates were put forward by state-owned research institutes or government agencies from across the country, the person said.
Most of the applicants were said to be fluent in English and had been educated overseas. They were assessed on their understanding of Communist Party ideology – a standard test for all government-related positions – as well as knowledge of the electric vehicle sector.
It is not known how many counsellor positions are being filled, but the Ministry of Science and Technology has carried out similar selection processes in recent years in an effort to create a pool of science talent to post in China’s diplomatic missions abroad, the source said.
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European luxury stocks find gold to end the year on China, US optimism
By Bloomberg
Shares of European luxury goods companies are rebounding after a bad year, as investors hope stimulus measures in China will support the economy and spur consumption.
Optimism seems to be returning following Beijing’s recent efforts to support the economy, which has put shares of luxury companies on course for their best month since February. A Goldman Sachs basket tracking the sector is up more than 8 per cent in December, trimming its year-to-date decline to just 1 per cent.
Chinese consumers account for nearly 15 per cent of the global luxury market and any future stimulus measures could spark a rally in equities. Another potential boon for luxury demand next year could come from the US, where Donald Trump’s plans to deregulate the economy and reduce taxes could help to increase consumer spending.
“For many luxury companies, China and the US remain key catalysts for the short-term,” said Dora Buckulčíková, a portfolio manager at Robeco Switzerland. “We are positive on both” even if the exact timing of the turnaround is “still uncertain,” she said in an interview.
This year has been difficult for LVMH Moët Hennessy Louis Vuitton (LVMH), the world’s biggest luxury stock, which was Europe’s largest listed company before being overtaken by drug maker Novo Nordisk.
LVMH shares are down 14 per cent so far this year, their worst performance since the global financial crisis. The stock now trades at 22 times its 12-month blended forward price-to-earnings, below an average of about 25 times since 2018.
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By Bloomberg
Shares of European luxury goods companies are rebounding after a bad year, as investors hope stimulus measures in China will support the economy and spur consumption.
Optimism seems to be returning following Beijing’s recent efforts to support the economy, which has put shares of luxury companies on course for their best month since February. A Goldman Sachs basket tracking the sector is up more than 8 per cent in December, trimming its year-to-date decline to just 1 per cent.
Chinese consumers account for nearly 15 per cent of the global luxury market and any future stimulus measures could spark a rally in equities. Another potential boon for luxury demand next year could come from the US, where Donald Trump’s plans to deregulate the economy and reduce taxes could help to increase consumer spending.
“For many luxury companies, China and the US remain key catalysts for the short-term,” said Dora Buckulčíková, a portfolio manager at Robeco Switzerland. “We are positive on both” even if the exact timing of the turnaround is “still uncertain,” she said in an interview.
This year has been difficult for LVMH Moët Hennessy Louis Vuitton (LVMH), the world’s biggest luxury stock, which was Europe’s largest listed company before being overtaken by drug maker Novo Nordisk.
LVMH shares are down 14 per cent so far this year, their worst performance since the global financial crisis. The stock now trades at 22 times its 12-month blended forward price-to-earnings, below an average of about 25 times since 2018.
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China’s crop import curbs causing soybean shortage
By Bloomberg
The Chinese government’s efforts to limit agricultural imports this year are causing a soybean shortage in the south of the country by leading to longer-than-usual wait times at customs, according to traders with knowledge of the matter.
Some soybean crushers in the oilseed processing hub of Dongguan in Guangdong province have had to suspend operations for the last three weeks as they cannot get enough supply, said the traders, who asked not to be identified as they are not authorised to speak publicly. Cargoes have been delayed at the border for more than 20 days, compared with about five days under normal circumstances, they said.
China’s General Administration of Customs could not be reached for comment.
Dongguan is one of the major oilseed crushing centres in China, and is home to factories run by companies including agricultural powerhouse Cargill and Yihai Kerry Arawana Holdings. Spot prices for soybean meal, used in animal feed, in Guangdong jumped almost 7 per cent last week, the biggest increase since March, due to the shortage.
Officials are taking longer than usual to perform quality inspections on imported beans, said a spokesperson from Wilmar International, the parent company of Yihai Kerry. Cargill did not respond to an email inquiry on the impact on its operations in Dongguan.
China, the world’s biggest food importer, has asked traders and processors to buy less foreign grain this year in an attempt to buoy prices and support local farmers amid a slowdown in domestic demand. Authorities initially suggested corn purchases be kept subdued and then later requested halts of barley and sorghum imports, but the measures seem to be leading to longer customs wait times for other crops as well.
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By Bloomberg
The Chinese government’s efforts to limit agricultural imports this year are causing a soybean shortage in the south of the country by leading to longer-than-usual wait times at customs, according to traders with knowledge of the matter.
Some soybean crushers in the oilseed processing hub of Dongguan in Guangdong province have had to suspend operations for the last three weeks as they cannot get enough supply, said the traders, who asked not to be identified as they are not authorised to speak publicly. Cargoes have been delayed at the border for more than 20 days, compared with about five days under normal circumstances, they said.
China’s General Administration of Customs could not be reached for comment.
Dongguan is one of the major oilseed crushing centres in China, and is home to factories run by companies including agricultural powerhouse Cargill and Yihai Kerry Arawana Holdings. Spot prices for soybean meal, used in animal feed, in Guangdong jumped almost 7 per cent last week, the biggest increase since March, due to the shortage.
Officials are taking longer than usual to perform quality inspections on imported beans, said a spokesperson from Wilmar International, the parent company of Yihai Kerry. Cargill did not respond to an email inquiry on the impact on its operations in Dongguan.
China, the world’s biggest food importer, has asked traders and processors to buy less foreign grain this year in an attempt to buoy prices and support local farmers amid a slowdown in domestic demand. Authorities initially suggested corn purchases be kept subdued and then later requested halts of barley and sorghum imports, but the measures seem to be leading to longer customs wait times for other crops as well.
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Central Beijing mall put up for sale by Hong Kong developer Parkview
By Bloomberg
A landmark commercial complex in Beijing is being put up for sale by Hong Kong-headquartered property company Parkview Group, as China’s prolonged property slump weighs on its cash flow.
Parkview Green, locally known as Fang Cao Di, located in Beijing’s central business district, is up for sale as the company grapples with high mortgage payments and low occupancy rates in the capital city, according to people familiar with the matter, asking not to be named discussing private matters.
A Chinese state-owned firm is interested in purchasing the asset, which is known for its unique pyramid-shaped structure, the people said. Considerations are ongoing and no final decisions have been made, the people added.
Completed in 2012, the 200,000-square-meter, mixed-use development located in Beijing’s Chaoyang district includes a shopping centre, hotel, office towers and an arts hub, according to its website.
The potential sale of Parkview Green comes amid China’s prolonged real estate slump and sluggish consumer spending. Retail sales rose 3 per cent in November from a year ago, the slowest pace in three months and undershooting even the most bearish of forecasts.
Meanwhile, China’s commercial real estate is suffering a downturn, with Beijing’s citywide vacancies jumping to 20.6 per cent in the second quarter, the highest in at least 15 years, Bloomberg News reported earlier citing Colliers data.
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By Bloomberg
A landmark commercial complex in Beijing is being put up for sale by Hong Kong-headquartered property company Parkview Group, as China’s prolonged property slump weighs on its cash flow.
Parkview Green, locally known as Fang Cao Di, located in Beijing’s central business district, is up for sale as the company grapples with high mortgage payments and low occupancy rates in the capital city, according to people familiar with the matter, asking not to be named discussing private matters.
A Chinese state-owned firm is interested in purchasing the asset, which is known for its unique pyramid-shaped structure, the people said. Considerations are ongoing and no final decisions have been made, the people added.
Completed in 2012, the 200,000-square-meter, mixed-use development located in Beijing’s Chaoyang district includes a shopping centre, hotel, office towers and an arts hub, according to its website.
The potential sale of Parkview Green comes amid China’s prolonged real estate slump and sluggish consumer spending. Retail sales rose 3 per cent in November from a year ago, the slowest pace in three months and undershooting even the most bearish of forecasts.
Meanwhile, China’s commercial real estate is suffering a downturn, with Beijing’s citywide vacancies jumping to 20.6 per cent in the second quarter, the highest in at least 15 years, Bloomberg News reported earlier citing Colliers data.
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Syria’s Golani says rebel factions will be ‘disbanded’, fighters to join army
By Agence France-Presse
Syria’s rebel factions will be “disbanded”, the head of the group that led the ouster of Bashar al-Assad has pledged, as the former president denounced the country’s new rulers as “terrorists”.
Assad fled Syria on December 8, as rebels led by Islamist group Hayat Tahrir al-Sham (HTS) captured the capital Damascus, ending decades of brutal dictatorship and years of civil war.
HTS leader Abu Mohammed al-Golani, now using his real name Ahmed al-Sharaa, has sought to reassure minorities at home and governments abroad that the country’s interim leaders will protect all Syrians, as well as state institutions.
Meeting Monday with members of the Druze community, he said all rebel factions would “be disbanded and the fighters trained to join the ranks of the defence ministry”.
“All will be subject to the law,” he added, according to posts on the group’s Telegram channel.
He also emphasised the need for unity in the multi-ethnic and multi-confessional country.
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By Agence France-Presse
Syria’s rebel factions will be “disbanded”, the head of the group that led the ouster of Bashar al-Assad has pledged, as the former president denounced the country’s new rulers as “terrorists”.
Assad fled Syria on December 8, as rebels led by Islamist group Hayat Tahrir al-Sham (HTS) captured the capital Damascus, ending decades of brutal dictatorship and years of civil war.
HTS leader Abu Mohammed al-Golani, now using his real name Ahmed al-Sharaa, has sought to reassure minorities at home and governments abroad that the country’s interim leaders will protect all Syrians, as well as state institutions.
Meeting Monday with members of the Druze community, he said all rebel factions would “be disbanded and the fighters trained to join the ranks of the defence ministry”.
“All will be subject to the law,” he added, according to posts on the group’s Telegram channel.
He also emphasised the need for unity in the multi-ethnic and multi-confessional country.
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Moscow bomb blast kills chief of Russia’s nuclear protection forces
By Reuters
A bomb hidden in an electric scooter killed a senior Russian general in charge of nuclear protection forces in Moscow on Tuesday, Russia’s investigative committee said.
Lieutenant General Igor Kirillov, who is chief of Russia’s Nuclear, Biological and Chemical Protection Troops, was killed outside a residential building on Ryazansky Prospekt.
“Igor Kirillov, the head of the radiation, chemical and biological protection forces of the armed forces of the Russian Federation, and his assistant were killed,” the investigative committee said.
Photographs posted on Russian Telegram channels showed a shattered entrance to a building littered with rubble and two bodies lying in the blood-stained snow.
A criminal case has been opened.
Russia’s radioactive, chemical and biological defence troops, known as RKhBZ, are special forces who operate under conditions of radioactive, chemical and biological contamination.
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By Reuters
A bomb hidden in an electric scooter killed a senior Russian general in charge of nuclear protection forces in Moscow on Tuesday, Russia’s investigative committee said.
Lieutenant General Igor Kirillov, who is chief of Russia’s Nuclear, Biological and Chemical Protection Troops, was killed outside a residential building on Ryazansky Prospekt.
“Igor Kirillov, the head of the radiation, chemical and biological protection forces of the armed forces of the Russian Federation, and his assistant were killed,” the investigative committee said.
Photographs posted on Russian Telegram channels showed a shattered entrance to a building littered with rubble and two bodies lying in the blood-stained snow.
A criminal case has been opened.
Russia’s radioactive, chemical and biological defence troops, known as RKhBZ, are special forces who operate under conditions of radioactive, chemical and biological contamination.
via SCMP Full Text Feed
China building world’s biggest artificial-island airport in Dalian
By Ralph Jennings
China is building the world’s largest artificial-island airport to solidify a northeastern city’s position as a regional transport hub.
Dalian Jinzhouwan International Airport will cover an island with an area of 20 sq km (7.72 square miles), according to the Liaoning provincial government’s website.
That would make it bigger than the 12.48 sq km Hong Kong International Airport and the 10.5 sq km Kansai airport near Osaka, Japan, both of which occupy artificial islands.
“For Dalian people to say it’s the largest, that’s exactly what it is,” aviation consultancy founder Li Hanming said.
The airport, now under construction, will serve the port city of Dalian, which because of its location does brisk business with nearby Japan and South Korea. With a population of more than 6 million, the city, located on a peninsula at the northern end of the Bohai Strait, has grown into a hub for oil refineries, shipping and logistics services, and coastal tourism.
The first airport in mainland China to be built on an offshore artificial island, Jinzhouwan will eventually have four runways and a 900,000 square metre (9.69 million sq ft) terminal, the provincial government website said.
via SCMP Full Text Feed
By Ralph Jennings
China is building the world’s largest artificial-island airport to solidify a northeastern city’s position as a regional transport hub.
Dalian Jinzhouwan International Airport will cover an island with an area of 20 sq km (7.72 square miles), according to the Liaoning provincial government’s website.
That would make it bigger than the 12.48 sq km Hong Kong International Airport and the 10.5 sq km Kansai airport near Osaka, Japan, both of which occupy artificial islands.
“For Dalian people to say it’s the largest, that’s exactly what it is,” aviation consultancy founder Li Hanming said.
The airport, now under construction, will serve the port city of Dalian, which because of its location does brisk business with nearby Japan and South Korea. With a population of more than 6 million, the city, located on a peninsula at the northern end of the Bohai Strait, has grown into a hub for oil refineries, shipping and logistics services, and coastal tourism.
The first airport in mainland China to be built on an offshore artificial island, Jinzhouwan will eventually have four runways and a 900,000 square metre (9.69 million sq ft) terminal, the provincial government website said.
via SCMP Full Text Feed
Hong Kong bus firms get go-ahead to raise fees by up to 7.5% from January 5
By Natalie Wong
Hong Kong’s franchised bus operators have received a green light from authorities to raise fares by up to 7.5 per cent starting early next month, the Post has learned.
Sources said the Chief Executive-in-Council approved the companies’ proposed fare increases on Tuesday.
The decision means Citybus can raise commuter fees by 7.5 per cent, while New Lantao Bus and KMB can increase their fares by 6.5 per cent and 4.3 per cent, respectively.
The new fares will take effect on January 5 of next year.
via SCMP Full Text Feed
By Natalie Wong
Hong Kong’s franchised bus operators have received a green light from authorities to raise fares by up to 7.5 per cent starting early next month, the Post has learned.
Sources said the Chief Executive-in-Council approved the companies’ proposed fare increases on Tuesday.
The decision means Citybus can raise commuter fees by 7.5 per cent, while New Lantao Bus and KMB can increase their fares by 6.5 per cent and 4.3 per cent, respectively.
The new fares will take effect on January 5 of next year.
via SCMP Full Text Feed
