Is Hong Kong’s economic slowdown putting a price on love over Valentine’s Day?
By Lam Ka-sing
Hong Kong’s slowing economy has put love to the test, with nearly half of men in relationships saying they plan to scale back Valentine’s Day celebrations this year by staying home, according to a survey from a matchmaking service.
The results of the poll released by HK Romance Dating on Wednesday found that 48 per cent of men said they planned to celebrate the occasion at home – the highest level in the survey’s five years and a sharp increase over the 17 per cent recorded last year.
This year’s survey saw researchers interview 461 couples between mid-January and early February.
The poll also showed 36 per cent of female respondents planned to stay in, compared with 19 per cent in 2024.
“This year, the economy worsened so people are not very willing to spend, or are more inclined to stay at home for celebrations,” said Winson Yu Ka-shing, the company’s marketing manager.
Hong Kong’s economic growth slowed to 2.5 per cent last year, down from 3.2 per cent in 2023. Retail sales have also declined for 10 consecutive months as of December, falling 9.7 per cent year on year that month.
Interest in giving gifts on Valentine’s Day has also fallen, with 27 per cent of men having no plans to buy their partners a present, up from 22 per cent last year.
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By Lam Ka-sing
Hong Kong’s slowing economy has put love to the test, with nearly half of men in relationships saying they plan to scale back Valentine’s Day celebrations this year by staying home, according to a survey from a matchmaking service.
The results of the poll released by HK Romance Dating on Wednesday found that 48 per cent of men said they planned to celebrate the occasion at home – the highest level in the survey’s five years and a sharp increase over the 17 per cent recorded last year.
This year’s survey saw researchers interview 461 couples between mid-January and early February.
The poll also showed 36 per cent of female respondents planned to stay in, compared with 19 per cent in 2024.
“This year, the economy worsened so people are not very willing to spend, or are more inclined to stay at home for celebrations,” said Winson Yu Ka-shing, the company’s marketing manager.
Hong Kong’s economic growth slowed to 2.5 per cent last year, down from 3.2 per cent in 2023. Retail sales have also declined for 10 consecutive months as of December, falling 9.7 per cent year on year that month.
Interest in giving gifts on Valentine’s Day has also fallen, with 27 per cent of men having no plans to buy their partners a present, up from 22 per cent last year.
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Renovating new office of former Hong Kong leader Carrie Lam to cost HK$2.8 million
By Jeffie Lam
Authorities are expected to spend about HK$2.8 million (US$359,350) on renovating the new office of former Hong Kong leader Carrie Lam Cheng Yuet-ngor, who will move from a prime commercial building to a government building.
The Office of Former Chief Executives last month confirmed that Lam’s workplace at One Pacific Place in Admiralty, where the annual rent of HK$5.67 million had sparked concerns about how taxpayers’ money was spent, would be relocated to the 23rd floor of Immigration Tower in Wan Chai when the three-year lease expired in May.
In response to an inquiry by lawmaker Michael Tien Puk-sun on Wednesday, No 2 official Eric Chan Kwok-ki said renovation work on Lam’s new office had started and would cost an estimated HK$2.8 million.
He added the government previously spent about HK$6.55 million to renovate her office in Admiralty but stressed it did not have to return the premises to its original state.
“The government liaised with the landlord, who agreed to take over the office in an as-is condition, and no reinstatement works will be required,” the chief secretary said.
Lam’s office came under scrutiny by lawmakers and the public when it was revealed the Admiralty space cost taxpayers an estimated HK$9.17 million in the 2023-24 financial year, including HK$5.67 million in rent.
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By Jeffie Lam
Authorities are expected to spend about HK$2.8 million (US$359,350) on renovating the new office of former Hong Kong leader Carrie Lam Cheng Yuet-ngor, who will move from a prime commercial building to a government building.
The Office of Former Chief Executives last month confirmed that Lam’s workplace at One Pacific Place in Admiralty, where the annual rent of HK$5.67 million had sparked concerns about how taxpayers’ money was spent, would be relocated to the 23rd floor of Immigration Tower in Wan Chai when the three-year lease expired in May.
In response to an inquiry by lawmaker Michael Tien Puk-sun on Wednesday, No 2 official Eric Chan Kwok-ki said renovation work on Lam’s new office had started and would cost an estimated HK$2.8 million.
He added the government previously spent about HK$6.55 million to renovate her office in Admiralty but stressed it did not have to return the premises to its original state.
“The government liaised with the landlord, who agreed to take over the office in an as-is condition, and no reinstatement works will be required,” the chief secretary said.
Lam’s office came under scrutiny by lawmakers and the public when it was revealed the Admiralty space cost taxpayers an estimated HK$9.17 million in the 2023-24 financial year, including HK$5.67 million in rent.
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US climate U-turn offers China both challenges and opportunities
By Hao Tan
On his first day back in office, President Donald Trump, as expected, ordered the withdrawal of the United States from the Paris Agreement. He also ordered the elimination of government support for electric vehicle targets and reinstated policies favouring domestic oil and gas production.
The previous Biden administration made climate change a cornerstone of its domestic agenda and foreign policy, seeking to re-establish the US as a global climate leader. The major shift in US climate and energy policy under Trump will create challenges and opportunities for China’s climate diplomacy, as well as its broader economic and security strategies.
One of the biggest challenges is the loss of climate change as a key platform in US-China diplomacy. Under Biden, climate cooperation was one of the few areas of engagement in an otherwise tense relationship. Maintaining an approach to China that was “competitive when it should be, collaborative when it can be, and adversarial when it must be”, as former secretary of state Antony Blinken put it in a speech in 2021, climate envoy John Kerry made multiple visits to China, even during heightened tensions.
China, however, took the stance that climate cooperation could not be isolated from the broader relationship. In high-level meetings, Chinese officials linked climate negotiations to broader diplomatic concerns, demanding the US ease pressure on China in other areas in exchange.
Under Trump, climate cooperation is no longer likely to serve as China’s bargaining chip. Despite this, the US withdrawal from climate leadership presents significant opportunities for China.
Trump’s rollback of Biden-era climate policies is likely to lead to the stagnation, even dismantling, of several climate initiatives, including US climate and energy bilateral partnerships with Germany, India, Japan and Brazil. Similarly, major US banks are withdrawing from climate finance initiatives such as the Net-Zero Banking Alliance, under pressure from Republican lawmakers to distance themselves from industry groups that support carbon cuts.
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By Hao Tan
On his first day back in office, President Donald Trump, as expected, ordered the withdrawal of the United States from the Paris Agreement. He also ordered the elimination of government support for electric vehicle targets and reinstated policies favouring domestic oil and gas production.
The previous Biden administration made climate change a cornerstone of its domestic agenda and foreign policy, seeking to re-establish the US as a global climate leader. The major shift in US climate and energy policy under Trump will create challenges and opportunities for China’s climate diplomacy, as well as its broader economic and security strategies.
One of the biggest challenges is the loss of climate change as a key platform in US-China diplomacy. Under Biden, climate cooperation was one of the few areas of engagement in an otherwise tense relationship. Maintaining an approach to China that was “competitive when it should be, collaborative when it can be, and adversarial when it must be”, as former secretary of state Antony Blinken put it in a speech in 2021, climate envoy John Kerry made multiple visits to China, even during heightened tensions.
China, however, took the stance that climate cooperation could not be isolated from the broader relationship. In high-level meetings, Chinese officials linked climate negotiations to broader diplomatic concerns, demanding the US ease pressure on China in other areas in exchange.
Under Trump, climate cooperation is no longer likely to serve as China’s bargaining chip. Despite this, the US withdrawal from climate leadership presents significant opportunities for China.
Trump’s rollback of Biden-era climate policies is likely to lead to the stagnation, even dismantling, of several climate initiatives, including US climate and energy bilateral partnerships with Germany, India, Japan and Brazil. Similarly, major US banks are withdrawing from climate finance initiatives such as the Net-Zero Banking Alliance, under pressure from Republican lawmakers to distance themselves from industry groups that support carbon cuts.
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Far more top cited US scientists have papers retracted than peers in China: paper
By Shi Huang
More leading American scientists have had papers retracted than the number of Chinese, British, Japanese and German researchers combined, according to a study published in PLOS Biology on January 30.
Among scientists included in the Stanford Elsevier career-long list of the world’s top 2 per cent of scientists last year, some 2,322 US-affiliated elite researchers have had papers retracted in their career, compared with 877 top scientists affiliated with China.
Rounding out the top five are Britain with 430 researchers having papers retracted, Japan (362) and Germany (336).
The authors make clear that retractions, while increasingly common, “still account for a small minority of published papers” and that a paper can be retracted for a variety of reasons.
“Not every retraction is a sign of misconduct,” John Ioannidis, an epidemiologist at Stanford University who led the study, told Nature News on January 31.
“But it is important to have a bird’s-eye view, across all scientific fields, people who are most influential in science.”
The data comes from the Retraction Watch Database, a site focused on tracking and recording the withdrawal of academic papers around the world. It was launched in August 2010, having been created and maintained by the scientific monitoring organisation Retraction Watch.
Until August 15 last year, the database had more than 55,000 retraction records covering a range of disciplines.
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By Shi Huang
More leading American scientists have had papers retracted than the number of Chinese, British, Japanese and German researchers combined, according to a study published in PLOS Biology on January 30.
Among scientists included in the Stanford Elsevier career-long list of the world’s top 2 per cent of scientists last year, some 2,322 US-affiliated elite researchers have had papers retracted in their career, compared with 877 top scientists affiliated with China.
Rounding out the top five are Britain with 430 researchers having papers retracted, Japan (362) and Germany (336).
The authors make clear that retractions, while increasingly common, “still account for a small minority of published papers” and that a paper can be retracted for a variety of reasons.
“Not every retraction is a sign of misconduct,” John Ioannidis, an epidemiologist at Stanford University who led the study, told Nature News on January 31.
“But it is important to have a bird’s-eye view, across all scientific fields, people who are most influential in science.”
The data comes from the Retraction Watch Database, a site focused on tracking and recording the withdrawal of academic papers around the world. It was launched in August 2010, having been created and maintained by the scientific monitoring organisation Retraction Watch.
Until August 15 last year, the database had more than 55,000 retraction records covering a range of disciplines.
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Hong Kong touts free medical tests in deal with Antony Leung’s New Frontier
By Sammy Heung
Hongkongers will be able to receive free medical tests and access internships under a deal between the government’s investment arm and a major healthcare service provider in the Greater Bay Area.
The Hong Kong Investment Corporation (HKIC) and the New Frontier Group, a company co-founded by former finance minister Antony Leung Kam-chung, announced the partnership on Wednesday.
The tie-up is aimed at accelerating the city’s development into an international healthcare and medical innovation hub.
Clara Chan Ka-chai, CEO of the HKIC, said the investment would help the New Frontier Group provide support for testing services, medical research and the development of clinical applications.
“Based on the need for scientific research, a certain number of free testing services will be provided to Hong Kong residents for specific research projects,” she said.
She added that further details would be released later.
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By Sammy Heung
Hongkongers will be able to receive free medical tests and access internships under a deal between the government’s investment arm and a major healthcare service provider in the Greater Bay Area.
The Hong Kong Investment Corporation (HKIC) and the New Frontier Group, a company co-founded by former finance minister Antony Leung Kam-chung, announced the partnership on Wednesday.
The tie-up is aimed at accelerating the city’s development into an international healthcare and medical innovation hub.
Clara Chan Ka-chai, CEO of the HKIC, said the investment would help the New Frontier Group provide support for testing services, medical research and the development of clinical applications.
“Based on the need for scientific research, a certain number of free testing services will be provided to Hong Kong residents for specific research projects,” she said.
She added that further details would be released later.
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Hong Kong fund invests to usher medical innovations into mainland China hospitals
By Leopold Chen
The Hong Kong government’s HK$62 billion (US$8 billion) investment fund is teaming up with a medical group co-founded by the city’s former finance minister to bring innovations developed by start-ups into clinical use across the Greater Bay Area.
Hong Kong Investment Corporation (HKIC) said on Wednesday that it would fund New Frontier Group as it works to identify biotech start-ups with great potential and help promote the clinical application of their products. The partnership is HKIC’s first this year.
“We have invested in various biotechnological projects in the past year, and we are seeking routes to apply such innovations to reach patients, to cover the last mile,” said Carla Chan Ka-chai, CEO of HKIC. “The facilities and services of [New Frontier Group] have provided scenarios for application of such innovation.”
Co-founded and chaired by former financial secretary Antony Leung Kam-chung, New Frontier has a presence in 59 Chinese cities, including Hong Kong. In 2019, the group acquired United Family Healthcare, one of the largest private hospital chains by revenue in mainland China.
Leung said the firm would promote commercialisation of Hong Kong medical innovations in the bay area, while also helping mainland biomedical breakthroughs enter the international market through Hong Kong. The Greater Bay Area is the Chinese government’s scheme to link Hong Kong, Macau, Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen and Zhaoqing into an integrated economic and business hub.
“What we are hoping to do is create an end-to-end ecosystem from research labs to clinics,” said Carl Wu, co-founder and CEO of New Frontier.
Under the partnership, New Frontier will provide contract research services, including seeking clinical trial scenarios for product verification and assisting with licensing and registration.
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By Leopold Chen
The Hong Kong government’s HK$62 billion (US$8 billion) investment fund is teaming up with a medical group co-founded by the city’s former finance minister to bring innovations developed by start-ups into clinical use across the Greater Bay Area.
Hong Kong Investment Corporation (HKIC) said on Wednesday that it would fund New Frontier Group as it works to identify biotech start-ups with great potential and help promote the clinical application of their products. The partnership is HKIC’s first this year.
“We have invested in various biotechnological projects in the past year, and we are seeking routes to apply such innovations to reach patients, to cover the last mile,” said Carla Chan Ka-chai, CEO of HKIC. “The facilities and services of [New Frontier Group] have provided scenarios for application of such innovation.”
Co-founded and chaired by former financial secretary Antony Leung Kam-chung, New Frontier has a presence in 59 Chinese cities, including Hong Kong. In 2019, the group acquired United Family Healthcare, one of the largest private hospital chains by revenue in mainland China.
Leung said the firm would promote commercialisation of Hong Kong medical innovations in the bay area, while also helping mainland biomedical breakthroughs enter the international market through Hong Kong. The Greater Bay Area is the Chinese government’s scheme to link Hong Kong, Macau, Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen and Zhaoqing into an integrated economic and business hub.
“What we are hoping to do is create an end-to-end ecosystem from research labs to clinics,” said Carl Wu, co-founder and CEO of New Frontier.
Under the partnership, New Frontier will provide contract research services, including seeking clinical trial scenarios for product verification and assisting with licensing and registration.
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Malaysia’s Kuala Lumpur airport targeted by exotic animal traffickers: watchdog
By Hadi Azmi
Malaysia’s main airport in Kuala Lumpur has resurfaced as a major transit hub used by global traffickers of exotic animals in the growing illegal trade, according to a wildlife trade watchdog.
The assessment comes after two smuggling attempts were foiled last week at Mumbai’s Chhatrapati Shivaji Maharaj International Airport, where Indian customs officers intercepted five critically endangered baby siamang gibbons that were flown in via the Kuala Lumpur International Airport (KLIA).
The seizures highlighted the KLIA’s emergence as a key stop for wildlife smuggling, with traffickers using it to move a diverse array of species, from Malaysian primates like the endangered siamang to rare tortoises and iguanas, said Kanitha Krishnasamy, Southeast Asia director of the UK-based wildlife trade watchdog Traffic.
While the trade of exotic animals between Southeast Asia and South Asia was not new, there had been a shift toward selling live species, Krishnasamy said.
“ What’s become more prominent in recent years is the influx of live exotic animals into India where there seems to be a growing fad of acquiring exotic species for the pet trade,” Krishnasamy told This Week in Asia on Wednesday.
“This is a fairly new evolution of the market in the past couple of years, which needs to be scrutinised.”
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By Hadi Azmi
Malaysia’s main airport in Kuala Lumpur has resurfaced as a major transit hub used by global traffickers of exotic animals in the growing illegal trade, according to a wildlife trade watchdog.
The assessment comes after two smuggling attempts were foiled last week at Mumbai’s Chhatrapati Shivaji Maharaj International Airport, where Indian customs officers intercepted five critically endangered baby siamang gibbons that were flown in via the Kuala Lumpur International Airport (KLIA).
The seizures highlighted the KLIA’s emergence as a key stop for wildlife smuggling, with traffickers using it to move a diverse array of species, from Malaysian primates like the endangered siamang to rare tortoises and iguanas, said Kanitha Krishnasamy, Southeast Asia director of the UK-based wildlife trade watchdog Traffic.
While the trade of exotic animals between Southeast Asia and South Asia was not new, there had been a shift toward selling live species, Krishnasamy said.
“ What’s become more prominent in recent years is the influx of live exotic animals into India where there seems to be a growing fad of acquiring exotic species for the pet trade,” Krishnasamy told This Week in Asia on Wednesday.
“This is a fairly new evolution of the market in the past couple of years, which needs to be scrutinised.”
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Hong Kong teen makes fatal leap after reporting death of stabbed relatives
By William Yiu
A 19-year-old Hong Kong man has leapt fatally from a building shortly after reporting the death of his grandfather and father, who were found in their village home with stab wounds inflicted by sharp objects.
Police on Wednesday said they had classified the two cases as murder and suicide and were looking into the causes.
According to Johnathan Kwan Chun-him, assistant district commander (crime) of Yuen Long district, police received a call from a 19-year-old man regarding the death of his grandfather and father in a ground-floor flat in Chun Hing San Tsuen, off Wang Tat Road, at 8.10pm on Tuesday.
Five minutes later, the force received a suspected suicide report, later confirmed to be the teen.
Upon arrival at the village house, officers found multiple wounds and heavy bleeding on the bodies of the 93-year-old grandfather and his 69-year-old son. A forensic examination showed the two elderly men had been stabbed by sharp objects.
“Our initial findings found out there were multiple wounds on the 93-year-old man’s face and neck, and heavy bleeding over his body,” Kwan said.
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By William Yiu
A 19-year-old Hong Kong man has leapt fatally from a building shortly after reporting the death of his grandfather and father, who were found in their village home with stab wounds inflicted by sharp objects.
Police on Wednesday said they had classified the two cases as murder and suicide and were looking into the causes.
According to Johnathan Kwan Chun-him, assistant district commander (crime) of Yuen Long district, police received a call from a 19-year-old man regarding the death of his grandfather and father in a ground-floor flat in Chun Hing San Tsuen, off Wang Tat Road, at 8.10pm on Tuesday.
Five minutes later, the force received a suspected suicide report, later confirmed to be the teen.
Upon arrival at the village house, officers found multiple wounds and heavy bleeding on the bodies of the 93-year-old grandfather and his 69-year-old son. A forensic examination showed the two elderly men had been stabbed by sharp objects.
“Our initial findings found out there were multiple wounds on the 93-year-old man’s face and neck, and heavy bleeding over his body,” Kwan said.
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US Treasury Secretary Bessent to visit Kyiv as Trump seeks Ukraine’s rare earths
By Agencies
US Treasury Secretary Scott Bessent was set to travel to Ukraine this week to meet with President Volodymyr Zelensky as part of US efforts to resolve the war and secure access to critical minerals.
Bessent, who would be the first member of Donald Trump’s cabinet to visit the country was set to make the trip to Kyiv days after the US president said his administration wanted an agreement with Ukraine for access to the resources in return for aiding in its defence against Russia’s invasion.
“I am sending Secretary of the Treasury Scott Bessent to Ukraine to meet President Zelensky,” Trump wrote on Truth Social on Tuesday. “This War MUST and WILL END SOON – Too much Death and Destruction. The US has spent BILLIONS of Dollars Globally, with little to show.”
Zelensky told reporters in Kyiv earlier Monday that he planned to meet with “serious people” from the Trump administration in Ukraine before the Munich Security Conference, which begins on Friday.
Zelensky has suggested willingness to an agreement securing more US backing in exchange for some of Ukraine’s rare earths and other minerals. “If we are talking about a deal, then let’s do a deal, we are only for it,” he told Reuters in an interview published last Friday.
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By Agencies
US Treasury Secretary Scott Bessent was set to travel to Ukraine this week to meet with President Volodymyr Zelensky as part of US efforts to resolve the war and secure access to critical minerals.
Bessent, who would be the first member of Donald Trump’s cabinet to visit the country was set to make the trip to Kyiv days after the US president said his administration wanted an agreement with Ukraine for access to the resources in return for aiding in its defence against Russia’s invasion.
“I am sending Secretary of the Treasury Scott Bessent to Ukraine to meet President Zelensky,” Trump wrote on Truth Social on Tuesday. “This War MUST and WILL END SOON – Too much Death and Destruction. The US has spent BILLIONS of Dollars Globally, with little to show.”
Zelensky told reporters in Kyiv earlier Monday that he planned to meet with “serious people” from the Trump administration in Ukraine before the Munich Security Conference, which begins on Friday.
Zelensky has suggested willingness to an agreement securing more US backing in exchange for some of Ukraine’s rare earths and other minerals. “If we are talking about a deal, then let’s do a deal, we are only for it,” he told Reuters in an interview published last Friday.
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‘Complex situation’ in Myanmar poses biggest hurdle to helping trapped Hongkongers
By Lo Hoi-ying
Myanmar’s “complex situation” around its border poses the biggest challenge to Hong Kong authorities’ efforts to rescue residents tricked into working in scam farms in the country, a security official has said.
Undersecretary for Security Michael Cheuk Hau-yip also said on Wednesday that between 2023 and January this year, law enforcement authorities received 28 calls for help from Hong Kong residents trapped in Southeast Asia.
Among that figure, 19 had returned to Hong Kong, eight remained trapped in Myanmar and another was in Cambodia.
“In our previous cases, since the victims were trapped in Myanmar and Cambodia, we requested assistance from the local enforcement agencies through Interpol as well as the Chinese embassies in those countries,” he told a Legislative Council meeting.
“We did not contact Thailand at that time as the victims were not located there. But as the situation developed, we reached out to Thai authorities and received a positive response from them; therefore, we are currently working with Thailand in this regard.”
In response to a question from lawmaker Eunice Yung Hoi-yan, Cheuk said Myanmar’s “complex situation” posed the biggest challenge to efforts to rescue the remaining Hongkongers.
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By Lo Hoi-ying
Myanmar’s “complex situation” around its border poses the biggest challenge to Hong Kong authorities’ efforts to rescue residents tricked into working in scam farms in the country, a security official has said.
Undersecretary for Security Michael Cheuk Hau-yip also said on Wednesday that between 2023 and January this year, law enforcement authorities received 28 calls for help from Hong Kong residents trapped in Southeast Asia.
Among that figure, 19 had returned to Hong Kong, eight remained trapped in Myanmar and another was in Cambodia.
“In our previous cases, since the victims were trapped in Myanmar and Cambodia, we requested assistance from the local enforcement agencies through Interpol as well as the Chinese embassies in those countries,” he told a Legislative Council meeting.
“We did not contact Thailand at that time as the victims were not located there. But as the situation developed, we reached out to Thai authorities and received a positive response from them; therefore, we are currently working with Thailand in this regard.”
In response to a question from lawmaker Eunice Yung Hoi-yan, Cheuk said Myanmar’s “complex situation” posed the biggest challenge to efforts to rescue the remaining Hongkongers.
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Hong Kong’s Greater Bay Airlines sacks team behind cancellation of over 100 flights
By Wynna Wong
A new team that failed to heed protocol and made poor decisions, as well as external factors, are to blame for the cancellation of over 100 Greater Bay Airlines flights in Hong Kong, according to a report by the carrier, which has also said the staff responsible have been fired.
In its report to the Civil Aviation Department publicised on Wednesday, the airline acknowledged concerns had been raised over its decision last month to cancel 128 flights throughout February and March, affecting 5,500 passengers travelling to and from Thailand, Korea, Japan and Taiwan.
“[The airline] implemented a revised corporate structure in non-operational areas in late 2024, which included investing in employing extra new commercial and planning management personnel,” the report said, adding the staff had experience at other airlines but were unfamiliar with their new role.
But the report said the team failed to heed the airline’s “required protocol for cancellation decision making, took excessive time to make decisions, communicated the decision poorly, and did not consider the [company’s] customer service response capability”.
The report said the team had since been “removed from the company”, and that “stringent, weekly management reviews” would be conducted from now on.
The airline also said high-level authorisation would be required for any future cancellations.
“The effects of these cancellations have been the greatest challenges in [Greater Bay Airline’s] development since the inception of the company,” the report added.
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By Wynna Wong
A new team that failed to heed protocol and made poor decisions, as well as external factors, are to blame for the cancellation of over 100 Greater Bay Airlines flights in Hong Kong, according to a report by the carrier, which has also said the staff responsible have been fired.
In its report to the Civil Aviation Department publicised on Wednesday, the airline acknowledged concerns had been raised over its decision last month to cancel 128 flights throughout February and March, affecting 5,500 passengers travelling to and from Thailand, Korea, Japan and Taiwan.
“[The airline] implemented a revised corporate structure in non-operational areas in late 2024, which included investing in employing extra new commercial and planning management personnel,” the report said, adding the staff had experience at other airlines but were unfamiliar with their new role.
But the report said the team failed to heed the airline’s “required protocol for cancellation decision making, took excessive time to make decisions, communicated the decision poorly, and did not consider the [company’s] customer service response capability”.
The report said the team had since been “removed from the company”, and that “stringent, weekly management reviews” would be conducted from now on.
The airline also said high-level authorisation would be required for any future cancellations.
“The effects of these cancellations have been the greatest challenges in [Greater Bay Airline’s] development since the inception of the company,” the report added.
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China’s property market still needs more support, Goldman Sachs says
By Yuke Xie
China’s policy easing since September has been “more effective” than past interventions to stabilise the struggling property market, but “structural divergences” mean additional support measures are needed for a sustained recovery, according to Goldman Sachs.
“Compared to earlier episodes, the ongoing policy easing appears more effective in boosting home sales and stabilising prices, despite limited impact on property investment and other construction-related property activity,” the US investment bank said in a report on Tuesday.
Price corrections over the three-plus years of the property downturn – during which second-hand home prices have declined by around 25 per cent from their peaks – were a key factor behind the “strengthened effectiveness” of recent policy measures, Goldman analysts said.
The policy blitz since September “enhanced the transmission efficiency” of housing easing measures at the margin, while also unlocking pent-up demand from buyers who had previously adopted a wait-and-see attitude, they added.
The sector’s crisis began in late 2020 when authorities launched a campaign to deleverage developers and deflate a housing bubble. Total new residential sales have declined by around 50 per cent from their peak in 2021. In response, Beijing in September rolled out its most aggressive stimulus package since the Covid-19 pandemic, including lower down payment ratios, reductions in mortgage rates and a plan to let local governments use special bonds to absorb land and housing inventory.
Goldman cited a 75 per cent drop in new project starts amid private developers’ funding challenges, as well as second-hand home sales outperforming new home sales, as factors that reflect structural issues. Sales of lived-in homes currently account for 44 per cent of the national total after recovering from 19 per cent in 2021. Meanwhile, buyers remain wary of new homes out of fear that developers may not be able to deliver pre-sold projects.
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By Yuke Xie
China’s policy easing since September has been “more effective” than past interventions to stabilise the struggling property market, but “structural divergences” mean additional support measures are needed for a sustained recovery, according to Goldman Sachs.
“Compared to earlier episodes, the ongoing policy easing appears more effective in boosting home sales and stabilising prices, despite limited impact on property investment and other construction-related property activity,” the US investment bank said in a report on Tuesday.
Price corrections over the three-plus years of the property downturn – during which second-hand home prices have declined by around 25 per cent from their peaks – were a key factor behind the “strengthened effectiveness” of recent policy measures, Goldman analysts said.
The policy blitz since September “enhanced the transmission efficiency” of housing easing measures at the margin, while also unlocking pent-up demand from buyers who had previously adopted a wait-and-see attitude, they added.
The sector’s crisis began in late 2020 when authorities launched a campaign to deleverage developers and deflate a housing bubble. Total new residential sales have declined by around 50 per cent from their peak in 2021. In response, Beijing in September rolled out its most aggressive stimulus package since the Covid-19 pandemic, including lower down payment ratios, reductions in mortgage rates and a plan to let local governments use special bonds to absorb land and housing inventory.
Goldman cited a 75 per cent drop in new project starts amid private developers’ funding challenges, as well as second-hand home sales outperforming new home sales, as factors that reflect structural issues. Sales of lived-in homes currently account for 44 per cent of the national total after recovering from 19 per cent in 2021. Meanwhile, buyers remain wary of new homes out of fear that developers may not be able to deliver pre-sold projects.
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