[caption id="attachment_1196" align="aligncenter" width="759"] HSBC headquarter for APAC in Hong Kong. Photo: Sai-pok Mu[/caption] Hong Kong/Beijing -- HSBC holding (NYSE:HSBC, HKSE:0005, LSE:HSBA) surprisingly announced the retirement of its 62-year-old CEO on the same day it released its Q1 results report. The market was caught off guard. The board has not yet decided on a successor, and Quinn will remain in office until his successor starts in the role. He has also agreed to remain available through to the end of his 12-month notice period, HSBC said. The shocking departure When his departure was announced, many expressed shock. At the Q3 financial results conference in October 2022, Quinn expressed his intention to continue working in the group for the long term. And now, his choice is family. According the a statement released by the bank, he wrote “After an intense five years, it is now the right time for me to get a better balance between my personal and business life. I intend to pursue a portfolio career going forward.” According to Financial Times, there were…
FS Paul Chan announced that the government is stopping all the extra stamp duties in his budget speech at LegCo. The extra stamp duties, as known as "spicy" measures, include Special Stamp Duty(SSD), Buyer’s Stamp Duty(BSD) and New Residential Stamp Duty(NRSD). 2010: The first time of extra stamp tax The first time that Hong Kong government introduced "spicy" was in November, 2010. The price on property went took of after recovering from the financial crisis, so the SSD was introduced. It asks the person who resale the property within the first 2 years of purchase to pay up to 15% of the selling price. 2012: Increase of SSD and Introduce of BSD Although the SSD was introduced to reduce short-term speculation on property, it resulted in a reduction in the number of properties on the second-hand market. This led to another rise in property prices. Therefore, two years later, in October 2012, the government increased the rate of SSD to a maximum of 20% and a minimum of 10%. The resale time limit was also…
Hong Kong-- Hong Kong flag carrier Cathay Pacific(0293.HK) released its 2023 Annual Result on Wednesday, marking its first profitable year after three years during the COVID-19 pandemic. The Cathay Group reported an annual profit of 9.8 billion Hong Kong dollars ($1.25 billion), the highest recorded profit since 2010. The profit includes a profit of HK$433 million from HK Express (an LCC acquired by the Cathay Group in 2019) and a non-cash gain of HK$1.9 billion from its dilution of interest in Air China. This arises from Cathay not participating in Air China's additional share issuance in 2023. Patrick Healy, the Chair of Cathay, said in the statement, "In 2023, we finally left the Covid-19 pandemic behind us." And the CEO, Ronald Lam, said, "We are ready to unleash the potential and innovation of our next exciting phase of development – Cathay is back!" Cathay Group pushed back its plan to restore flights to pre-pandemic level, from the end of 2024 to the first quarter in 2025 while it expects to reach 80% of flights within…
Financial Secretary of Hong Kong Paul Chan announced the immediate cancellation of all extra stamp duty measures for residential properties, known as "spicy" measures, included the Special Stamp Duty (SSD), Buyer's Stamp Duty (BSD), and New Residential Stamp Duty (NRSD), concluding 13 years of "spicy" measures history. "We consider that the relevant measures are no longer necessary amidst the current economic and market conditions." [mfn]orginal speech given in Cantonese, quote from English transcript.[/mfn]Chan said. The 'Spicy' measures were reduced four months earlier, on Oct. 25. The applicable period of the SSD was shortened from three years to two years, and the BSD and NRSD were halved. A stamp duty suspension arrangement was also introduced. However, that didn't stop the continuous drop in residential property prices. According to the data from Rating and Valuation Department, the price index has recorded a continuous drop for nine months since May 2023. This includes a 5% drop since October 2023, when the first reduction in the 'Spicy' measures was implemented. The current (last month) price index for private residential…
This is a page of coverage on Hong Kong Budget 2024 Financial Secretary of Hong Kong Paul Chan delivered the budget for 2024 in the Legco this morning, the theme of the budget is "Advance with Confidence. Seize Opportunities. Strive for High-quality Development" He said Hong Kong is returning to normalcy, but faces challenges from geopolitical uncertainties and economic factors. Embracing innovation and digital transformation is vital for economic momentum amidst global changes. Hong Kong expects to draw more talent, capital, and businesses with its stable development and unique institutional advantages. Yet, as the epidemic eases, there's a need to consolidate public finances, aiming to progressively narrow the fiscal deficit and restore balance. https://saipokmu.com/en/hong-kong/hong-kong-budget-2024-hk-budget-2024-govt-halt-all-spicy-measures-on-property/ https://saipokmu.com/en/hong-kong/hk-budget-2024-what-are-the-spicy-measures-a-13-year-history-of-the-extra-stamp-duties-on-property/?customize_changeset_uuid=a2ad1123-ec68-4fd1-ae8e-3884eb70bc8d&customize_autosaved=on&customize_messenger_channel=preview-2 You can watch the full Council meeting here: