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Using its mouthpiece to quote another official state media as “foreign The Communist Party has long had a love-hate relationship with Western media. Nine jailed in China over Hong Kong businessman's death in custody. 4 Erdogan: Khashoggi's killing 'a political murder' planned days in advance. Hong Kong's relationship with China is more sustainable than many gets lost in the political noise about Hong Kong's future, never more so. 23 quotes have been tagged as hong-kong: David Mitchell: 'How about this? addicted to opium, a drug which the Chinese government had outlawed. . and every source of happiness - marriage, children and retirement - depends on it.”.
Retail has taken the biggest hit in the current downturn.
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Sales had been buoyed when wealthy Chinese consumers flocked to the territory to buy luxury goods and cosmetics, but takings slipped 11 per cent year on year during the first five months of and the number of mainland tourists dropped 12 per cent in the same period to 17m. Its sales in Hong Kong and Macau fell on an annualised basis by 22 per cent in the three months to the end of June.
Other companies, such as handbag retailer Coach and watchmaker Jaeger-LeCoultre, which viewed Hong Kong as a cash cow, have been closing stores.
Other key parts of the economy such as banking, property and trading services are also suffering. Declining interest from mainland buyers has contributed to falling house prices, although Hong Kong still has the most expensive housing in the world as a proportion of median income. Rallies calling for Hong Kong's independence on Handover Day on July 1, Yu Kam-hung, managing director of investment properties at CBRE, an estate agent, predicts that prices could fall up to 10 per cent over the next year, and they are already 10 to 15 per cent off their peak of 18 months ago.
Some developers are taking aggressive measures to close deals, such as offering buyers top-up financing to cover the initial deposit and other costs excluding a bank mortgage.
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He says the situation is likely to get worse before it gets better, with a glut of new supply still coming on to the market. Banks with exposure to the mainland are starting to feel the fallout as Beijing allows some defaults from state-owned companies, as well as private enterprises, in an attempt to manage the huge debt overhang that threatens to undermine growth and stability.
It recently laid off staff. Unemployment is running at 3.
These misgivings intensified after the five booksellers vanished between last October and December, before appearing in mainland police custody accused of distributing politically sensitive works. One of the five — British citizen Lee Bo — disappeared from Hong Kong, leading many to believe he had been abducted by Chinese agents in violation of local law.
With Xiaomi’s deflated IPO, can Hong Kong live up to the hype of a market for new economy listings?
He later claimed, under apparent duress, that he had gone to the mainland of his own volition. Executives are reluctant to speak on the record about their concerns for fear of upsetting Beijing but, in private, they are anxious. People care about how it works in practice. Economically, the government has always taken a laissez-faire approach and the currency peg means Hong Kong is unable to implement its own monetary stimulus.
The government has offered some tax breaks to boost consumption and investment, while property developers are calling for it to reduce stamp duty on non-residents to boost the sector. Economists, however, say the effect of such measures is likely to be limited. He was heavily criticised for his main policy speech at the start of the year. The short ends with a black screen, across which a news bulletin scrolls. What made Extras so powerful was its shock value in imagining the sinister means Beijing might use to regain total control of Hong Kong.
Barely a year later, though, suspicions like these have become widespread.
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But it is also, increasingly, a tale of the inflexibility and heavy-handed tactics that arise when a stodgy and fundamentally insecure political system finds itself confronted with stark generational change and demands for true democracy. They are then replaced by younger, more radical successors, whose own failure to achieve any breakthrough breeds impatience toward them in turn, leading to greater radicalisation still. The cause of this impatience is, above all, a yearning for the true autonomy that seemed to be promised during the handover.What's the difference between Hong Kong and mainland China?
This frustration has led some to argue for outright independence — an idea never even implied in the bargain struck between Beijing and London. In Hong Kong's book industry, 'everybody is scared' Read more The first and longest cycle in this story involved the slow rise, from the s onwards, of a group of liberal activists who combined pro-democracy activism, Chinese patriotism and anti-corruption crusading.
In the early years after the handover, many among this loose coalition, which became known as the Pan-Democrats, began to profess the additional belief that through their example, and through the good works of Hong Kong residents who invest in mainland companies, the city might gradually encourage China to accept more liberal ways. For the true believers among the Pan-Democrats, this became an article of faith connected to their very identity as Chinese.
Slowly catalysing progressive change on the mainland was their duty as members of Greater China. This was the opposite of the separatism that Beijing so fears. But over time, the Pan-Democrats began to be seen as too accommodating towards Beijing. Inwith little prior consultation, Hong Kong authorities announced a scheme to link the city to the high-speed rail network that was being built on the mainland.
The Pan-Democrats opposed the project, but lacked the votes to stop it in the Legislative Council.