CX Daily: Will Hong Kong’s Tax Tweaks End Its Real Estate Slump?
TOP STORIES
Hong Kong /
Rescue measures intended to coax mainland Chinese to purchase residential property in Hong Kong have failed to woo buyers, as the financial hub’s property market slump deepens.
It comes six weeks after Hong Kong Chief Executive John Lee Ka-chiu tweaked official housing policy, lowering purchase duties and weakening disincentives against quick resales.
“My WeChat has been buzzing with inquiries from (Hong Kong-based mainlanders) about the specific (changes), but not a single one is interested in viewing properties,” said a real estate agent surnamed Pan, who has some two decades’ experience in Hong Kong. ?
Verdicts /
Legal verdicts in civil and commercial cases made on the Chinese mainland will not automatically take effect in Hong Kong even after a reciprocal enforcement regime comes into force next month, said the special administrative region (SAR)’s Justice Secretary Paul Lam, correcting “misinterpretations” of the new law that have emerged.
Before a mainland judgment can be enforced in Hong Kong, the prevailing party in the case must register a copy of the verdict along with other necessary documents with the Court of First Instance of the Hong Kong High Court, Lam said in a Nov. 18 post on his Facebook account. They must also notify the losing side in the case of their right to apply to the court to set aside registration of the verdict on certain grounds, said Lam. ?
FINANCE & ECONOMY
PMI?/
Activity in China’s services sector expanded at the fastest pace in three months in November as demand strengthened, with the gauges for business activity and total new orders showing growth for the 11th straight month, a Caixin-sponsored survey showed Tuesday.
The Caixin China General Services Business Activity Index, which provides an independent snapshot of operating conditions in industries such as retail and tourism, grew to 51.5 from 50.4 in October.?
The Caixin China General Composite PMI, which tracks both manufacturing and services, came in at 51.6, rising from October’s reading of 50, signaling renewed growth in total business activity.? ?
Index?/
The contribution of high value-added industries such as biomedicine to China’s total economic inputs declined in November, due chiefly to a decrease in capital inputs, a Caixin index showed Saturday.
The Caixin BBD New Economy Index (NEI) came in at 30.6 last month, indicating that new economy industries accounted for 30.6% of China’s overall economic input activities. The reading is down from 31 in October and marks a second straight month of decline. ?
领英推荐
Quick hits?/
BUSINESS & TECH
Nio?/
Electric-vehicle (EV) startup Nio Inc. looks set to begin building its cars independently, announcing plans to acquire two manufacturing assets shortly after a subsidiary was added to a government database for companies approved to produce vehicles.
Nio on Tuesday entered into “definitive agreements” to buy equipment and assets from two “advanced manufacturing” bases from state-owned automaker Anhui Jianghuai Automobile Group Corp. Ltd. (JAC) for approximately 3.16 billion yuan ($443 million), excluding tax, according to a Hong Kong Stock Exchange filing accompanying its third quarter results the same day. ?
Hongda?/
A joint venture of Japanese carmaker Honda Motor Co. Ltd. and China’s Guangzhou Automobile Group Co. Ltd. (GAC) has cut 900 jobs in China as the move to electric vehicles increasingly squeezes legacy industry leaders.
GAC Honda Automobile Co. Ltd. has reduced its workforce by more than 7%, mainly affecting dispatched workers hired through employment agencies, the Guangzhou-based company told Caixin Monday. ?
Quick hits?/
Tech Insider?/
GALLERY
The 2023 COP28 climate summit, which kicked off Saturday in Dubai, is the largest United Nations climate change conference in history. The event will take place in the emirate’s Expo City, home to numerous country pavilions and events like panel discussions. The China Pavilion, with its panda theme, attracted large numbers of visitors. The summit will also feature exhibitions on climate innovations and cutting-edge technology.