〈Hong Kong Business, Aug,17,2024〉Hong Kong has been named a “pivotal global financial hub” and international asset management centre, joining Shanghai, Singapore, Sydney and Dubai as one of 5 new wealth hubs, reports Knight Frank.
The city stood out for its regulatory frameworks, capital markets, and connectivity to the Chinese mainland, the real estate consultancy firm said in the 2024 edition of its "Rise of the Super Wealth Hub" report series.
The report assessed the habitability and attractiveness of wealth hubs insix core areas: urban prosperity, governance & talent, legal framework, enterprise excellence, lifestyle, and opulence. Knight Frank indicated a score between 0 and 1, with 1 being the highest
Hong Kong scored over 0.8 in three categories: legal framework (0.91), urban prosperity (0.85), and enterprise excellence (0.8). It also got passing marks for governance and talent (0.66).
〈Asian Post, Aug,16,2024〉The total retail sales value hit $29.9b in June 2024, a 9.7% drop from the same month in 2023.
Of the totalsaled valud, 7.8% or $2.3b was from online sales. Compared to June 2023, the online retail sales value fell 11.2% YoY.
Amongst retail outlets, "jewellery, watches and clocks, and valuable gifts" recorded the steepest decline, with sales falling 23.1% YoY.
Other retail outlet types which recorded value decreases include other consumer goods not elsewhere classified (-1.2%); commodities in supermarkets (-0.5%); wearing apparel (-13.2%); food, alcoholic drinks and tobacco (-5.7%); electrical goods and other consumer durable goods not elsewhere classified (-4.7%); commodities in department stores (-18.6%); motor vehicles and parts (-25.1%); fuels (-12.3%); furniture and fixtures (-9.8%); footwear, allied products and other clothing accessories (-9.1%); Chinese drugs and herbs (-2.8%); and optical shops (-13.9%).
〈Hong Kong Business, Aug,15,2024〉Even with declining retail sales, high-street rents remained stable, rising 1.0% QoQ and 7.4% YoY in Q2. Rents in Causeway Bay also increased, rising by 1.8% QoQ.
In 5M 2024,retail sales dropped 6.1% YoY due to increased northbound and outbound travel by residents.
Colliers expects high street rents to outperform non-core retail rents in the upcoming quarters as attractive rents drive retailers to secure shops in prime locations.
High-end retail brands are amongst those taking advantage of lower rents, with plans to expand or relocate to first-tier locations.
〈RTHK News, Aug,14,2024〉Gold hit a record high on Friday as global stock markets diverged, with profit-taking on Wall Street while European and Asian markets gained on reassuring data about the health of the world's biggest economy and likely US interest rate cuts.
Expectations of US interest rate cuts weakened the dollar, while oil prices tumbled as weak Chinese demand expectations offset turmoil in the Middle East, according to traders.
Gold rose to a record high of US$2,500.16 an ounce as investors snapped up the haven investment in the face of an increasingly likely US interest rate cut in September and heightened geopolitical risks.
"The sharp drop in bond yields amid expectations of rate cuts by the Fed" have pushed gold prices higher, said City Index and FOREX.com analyst Fawad Razaqzada.
〈The Standard, Aug,13,2024〉Price increases for new homes in Tokyo and Osaka ranked first among 15 global cities this April as the weakening yen kept up its strong allure for overseas capital.
According to Japan Real Estate Institute's international property price and rental index for the month, the price of primary-market properties in the nation's two biggest cities rose by 1.5 percent compared to October - exceeding Singapore's 1.3 percent and New York's 0.3 percent.
It is the first time since 2010 that Tokyo and Osaka ranked first at the same time, demonstrating the general upward trend of Japanese property market.
