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07 Mar Hong Kong launches world’s first wholesale CBDC pilot as city positions itself at cutting edge of blockchain evolution

Posted at 11:03h in Asia

The city’s de facto central bank is testing an ecosystem that includes digital forms of deposits by commercial banks, financial products using distributed ledger technology and central bank money for settlement purposes, said Howard Lee, the HKMA’s deputy chief executive.The aim of the project is...

06 Mar Exclusive | Hong Kong Monetary Authority asks banks to exercise caution when offering property loans for speculative ‘confirmor sales’

Posted at 23:30h in Asia

A confirmor sale occurs when a purchaser or confirmor enters into an agreement for the sale and purchase of a property with the owner or vendor, but before completion sub-sells the property to a sub-purchaser. A few such transactions have been noticed since the removal...

05 Mar Cryptocurrency: game-changing blockchain will need shrewd regulation to protect consumers, says Franklin Templeton boss

Posted at 11:15h in Asia

Blockchain is quickly shaking up the financial sector and, given the popularity of bitcoin exchange-traded funds (ETFs), regulators will need to step up their game when it comes to consumer protection and oversight of the burgeoning industry, according to the president and chief executive of...

01 Mar ‘Worst is over’ for Hong Kong property even though sales dropped to four-month low in February, analysts say

Posted at 12:30h in Asia

The total number of transactions, including those for residential, office, retail and car parking spaces, dropped 27.7 per cent to 3,182 deals from a month earlier, according to Land Registry data. The total value of sales also plummeted 31 per cent to HK$23.25 billion (US$2.98...

01 Mar Seized US$70 million Hong Kong luxury home linked to Evergrande founder Hui Ka-yan put on sale

Posted at 05:03h in Asia

A HK$550 million (US$70.2 million) Hong Kong luxury property linked to China Evergrande Group’s founder Hui Ka-yan has been put up for sale by receivers. Agents expect a short-term boost for the ultra-luxury segment following the end of decade-old property curbs in this week’s budget.The...

29 Feb Hong Kong must embrace green finance as both opportunity and responsibility, monetary authority CEO says

Posted at 12:30h in Asia

Supporting the transition to a more sustainable future based on a low-carbon economy is not only an opportunity for Hong Kong’s financial sector but also an important effort for the good of humanity, according to the chief of the Hong Kong Monetary Authority (HKMA).“The transition...

28 Feb Sun Hung Kai’s interim profit rises on valuation gain, eyes boost from ‘downward trend’ in interest rates

Posted at 13:15h in Asia

Its interim net profit stood at HK$9.145 billion (US$1.17 billion), or HK$3.16 per share, 9 per cent higher than a year earlier. The increase was driven by a rise in the fair value of its investment properties net of deferred taxation and non-controlling interests worth...

28 Feb Green finance: surge of climate-transition emerges from Asia’s governments to promote decarbonisation projects

Posted at 08:30h in Asia

Such guidance is necessary to promote lending for climate-transition plans. But the profusion of guidance from multiple governments is also a possible source of conflicting information.Hong Kong green fintech players must extend ties to sectors beyond finance“As a banker, I can tell you that you...

28 Feb Hong Kong relaxes lending rules, granting more mortgage loans to homes below HK$30 million to bolster property market

Posted at 05:12h in Asia

Hong Kong’s monetary authority relaxed the city’s lending policies, offering more mortgage to homeowners and rental property to bolster the city’s ailing real estate industry.Starting immediately, homes valued at less than HK$30 million (US$3.83 million) will be entitled to 70 per cent mortgage financing, compared...

27 Feb Hong Kong Green Week: banks urged to rethink and review funding criteria for energy transition projects

Posted at 06:58h in Asia

“So when we see a lot of more innovative technology projects with a very short operating history, it’s automatically [considered] high risk,” she said. “A lot of us are now trying to develop newer metrics that will help us to be more forward-looking and also...

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