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Hong Kong Island’s central business district, photographed from the Hong Kong Monetary Authority headquarters in the International Finance Centre on October 18, 2024. Photo: Jelly Tse

Banking & Finance

Exclusive | China’s ‘long-term growth story’ draws European family offices to Hong Kong

Wealthy European families approve of Hong Kong’s family office-friendly policies, says wealth-management CEO of French bank BNP Paribas.

Asia-Pacific family offices show ‘bullishness’ in equities, bonds: Citigroup

Hong Kong campaign to woo family offices gathers steam, summit attendance shows

Banking & Finance

JPMorgan names new Hong Kong CEO; bank eyes ultra-rich market growth

Kwang, who will remain as the chair of North Asia, will report to Sjoerd Leenart, the Asia-Pacific CEO.

The JPMorgan building in Central. Photo: SCMP/Nora Tam
The JPMorgan building in Central. Photo: SCMP/Nora Tam

Banking & Finance

More ultra-rich Chinese borrow against stocks amid liquidity crunch

With Fed easing imminent, ‘clients are once again comfortable using their stocks as collateral for project funding’, HSBC executive says.

Business

China, Hong Kong pools of ultra-rich shrink, Asia’s wealth engine cools: Altrata

The number of ultra-wealthy individuals in China fell for the second straight year in 2023 as a sluggish economy and a deepening real-estate downturn took their toll.

Banking & Finance

Deutsche Bank looks to Asia-Pacific wealth management to drive core growth

The German lender wants the region to contribute at least 15 per cent of its global revenue in the next two to three years as it hires senior bankers for its investment advisory, wealth management and private bank in the region, says CEO.

Deutsche Bank operates in 15 markets in Asia-Pacific, including Hong Kong and mainland China. Photo: AFP

Markets & Investing

Hongkongers happy to let the interest roll in even as outlook improves: survey

Local investors would only consider reallocating from cash and deposits into investment products when interest rates come down to 2.5 per cent, according to a survey by the Hong Kong Investment Funds Association.

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More than half of the respondents prioritised ‘regular collection of interest’ as their top investment goal. Photo: Shutterstock
More than half of the respondents prioritised ‘regular collection of interest’ as their top investment goal. Photo: Shutterstock

Banking & Finance

Chinese finance firms ask Hong Kong staff to return part of their bonuses

Some of China’s largest state-backed financial firms are asking employees in Hong Kong to return a portion of their pay, extending President Xi Jinping’s ‘common prosperity’ campaign to the offshore business hub.

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Companies

Explainer | What is ETF Connect? How does it help global investors tap China’s stock market?

China is further opening up its US$8.4 trillion stock market by offering 85 new exchange-traded funds (ETFs) tracking mainland equities through the cross-border trading channel for offshore investors next week.

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China Economy

Affordable housing, mortgage relief named as salves for China’s bruised homebuyers

As China’s homebuyers struggle to stay afloat, analysts and observers have suggested a renegotiation of mortgage rates, as well as an expansion of the country’s affordable housing.

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China’s homebuyers are asking for relief as high mortgage rates are hitting them hard and siphoning away income that would otherwise contribute to consumption. Photo: Getty Images

Banking & Finance

Exclusive | Wealth Management Connect revamp sent investment skyrocketing, says ICBC

Improvements to the Wealth Management Connect scheme in February have proven to be a game-changer, with investment via the cross-border trading channel quadrupling between January and April, according to government data and ICBC.

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ICBC Asia has seen a fourfold increase in the number of customers opening accounts under the Wealth Management Connect initiative. Photo: Bloomberg
ICBC Asia has seen a fourfold increase in the number of customers opening accounts under the Wealth Management Connect initiative. Photo: Bloomberg

Markets

‘Signs of life’ in China’s markets as reforms boost confidence, forum told

Global investors’ pessimism about China may no longer be well placed, as policies designed to bolster confidence are likely to spell better times ahead for the market, senior financiers told a conference.

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Banking & Finance

Exclusive | Hong Kong to host summit in September to promote city as hub for family offices

The summit marks The Hong Kong Academy for Wealth Legacy’s latest effort to promote the city as a hub for wealthy families to pursue investments, establish succession planning and support various charities.

China Business

LME eyes Hong Kong for warehouse to tap China’s growing metals trade with world

The bourse owned by HKEX is exploring the idea of adding a warehouse in Hong Kong to its global network to meet rising demand for the physical exchange of metals such as aluminium and zinc between mainland China and the rest of the world, according to its CEO.

An employee checks aluminium for export at Qingdao Port, Shandong province. The LME is exploring the idea of setting up a warehouse in Hong Kong to meet rising demand for the physical exchange of metals such as aluminium and zinc between mainland China and the rest of the world. Photo: Reuters

Business

Rich parents to bequeath US$31 trillion to Gen X, millennials by 2033

Over a quarter of 4.4 million wealthy individuals, each with a net worth of more than US$5 million, could pass their US$88 trillion of assets to their children, Altrata says.

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Some 1.2 million wealthy individuals globally who will pass their fortunes over the next decade. Photo: Shutterstock
Some 1.2 million wealthy individuals globally who will pass their fortunes over the next decade. Photo: Shutterstock

Markets

Investing in China ‘desirable’ despite risks, says hedge fund giant Ray Dalio

The billionaire founder of the world’s largest hedge fund Bridgewater Associates said investing in China is a good idea despite the risks, because Chinese assets are cheap and can help balance portfolios.

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Markets & Investing

Calling it a day in Hong Kong? Not if you want to plug that US$300,000 gap

The average Hongkonger faces a HK$2.4 million (US$300,000) gap between their post-retirement expenses and the money available in their pension funds, according to a survey by fund house Schroders.

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Business

Hong Kong bankers get welcome lift from convertible bond frenzy

Convertible bond issues are seen growing in popularity across the Asia Pacific region as companies seek to lower their interest costs at a time when the primary equity market is sluggish.

Signage at the JD.com Inc. Smart City Park office in Suqian, Jiangsu province, China, on Wednesday, June 7, 2023. Photo: Bloomberg

Banking & Finance

‘Father of emerging markets’ Mark Mobius turns bullish on China stocks

The legendary investor has changed his view on China stocks as he believes the country’s recent property support measures will restore confidence. A recent trip to the south of the country also helped change his mind.

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The 87-year-old fund manager, who last month said China stocks ‘not attractive’, now believes they are ‘beginning to look good’. Photo: SCMP Pictures
The 87-year-old fund manager, who last month said China stocks ‘not attractive’, now believes they are ‘beginning to look good’. Photo: SCMP Pictures

Banking & Finance

Members who changed tack miss out on rally as MPF returns most in 7 years

Hong Kong’s mandatory retirement fund put in its best performance in seven years in the first five months of 2024, though members who shifted their cash from Hong Kong and China equities to US stock funds have missed out.

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Banking & Finance

Global family office foundation chooses Hong Kong as regional base

The Asian Family Legacy Foundation, which held its inauguration ceremony in Hong Kong on Wednesday, considers the city an ideal location for family offices to get together to carry out their missions in charity work and cultural exchanges.

Banking & Finance

Exclusive | Hong Kong has succeeded in attracting family offices: JPMorgan Private Bank

Hong Kong’s tax breaks and immigration policies to attract tycoons to set up family offices have been quite successful, as they have piqued the interest of many billionaires over the past year, banker says.

The Hong Kong government’s measures to entice billionaires to set up family offices is paying off. Photo: Yik Yeung-man
OPINION
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Concrete Analysis | Do stock prices, unemployment presage a housing market crash?

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Concrete Analysis | Navigating evolving risks in the property, hospitality sectors

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