Business
Hong Kong August Visitors Plunge 40 Percent Year-on-Year, Hotels Half-Full: Finance Chief
HONG KONG–Hong Kong visitor arrivals plunged nearly 40 percent in August from a year earlier, deepening from July’s 5 percent fall, the finance secretary said as sometimes violent anti-government protests take a rising toll on the city’s tourism, retail and hotel businesses.
Hotels in some locations had seen occupancy rates drop to about half, while room rates plunged 40-70 percent, Paul Chan said, citing industry sources.
“The most worrying thing is that it does not seem that the road ahead is easily going to turn any better,” Chan said in his blog on Sept. 8.
July tourist arrivals fell 4.8 percent on the year, according to the Hong Kong Tourism Board, the first annual decline since January 2018 and the biggest percentage drop since August 2016.
Retail sales in July sank by the most since February 2016 amid the anti-government protests that have gripped the Chinese-ruled city for more than three months.
On Monday, hundreds of uniformed school students formed human chains in districts across Hong Kong in support of anti-government protesters after another weekend of clashes in the Chinese-ruled city. Metro stations that had closed on Sunday amid confrontations reopened.
The students, brandishing posters with the protesters’ five demands for the government, called on authorities to respond to the promises of freedom, human rights and rule of law, promised when Britain returned Hong Kong to Chinese rule in 1997.
One of the five demands—to formally withdraw the extradition bill—was announced last week by embattled leader Carrie Lam, but protesters are angry about her failure to call an independent inquiry into accusations of police brutality against demonstrators.
Total export fell 5.7 percent year on year in July, while re-export value to the United States from China via Hong Kong declined 15.2 percent from a year earlier, he said.
Global credit rating agency Fitch Ratings on Friday downgraded Hong Kong’s long-term foreign currency issuer default rating to “AA” from “AA+,” and said it expects public discontent will likely persist.
By Donny…
Business
China’s Golden Rooster Film Festival Kicks Off in Xiamen – Thailand Business News
The 2024 China Golden Rooster and Hundred Flowers Film Festival began in Xiamen on Nov 13, featuring awards, cultural projects worth 31.63 billion yuan, and fostering international film collaborations.
2024 China Golden Rooster and Hundred Flowers Film Festival Opens
The 2024 China Golden Rooster and Hundred Flowers Film Festival commenced in Xiamen, Fujian province, on November 13. This prestigious event showcases the top film awards in China and spans four days, concluding with the China Golden Rooster Awards ceremony on November 16.
The festival features various film exhibitions, including the Golden Rooster Mainland Film Section and the Golden Rooster International Film Section. These showcases aim to highlight the achievements of Chinese-language films and foster global cultural exchanges within the film industry.
On the festival’s opening day, a significant milestone was reached with the signing of 175 cultural and film projects, valued at 31.63 billion yuan ($4.36 billion). Additionally, the International Film and Television Copyright Service Platform was launched, furthering the globalization of Chinese film and television properties.
Source : China’s Golden Rooster film festival opens in Xiamen – Thailand Business News
Business
China’s New Home Prices Stabilize After 17-Month Decline Following Support Measures
China’s new home prices fell for the 17th month in October, declining 0.5% from September, but slowing, indicating potential market stabilization amid supportive measures. Second-hand home prices showed mixed trends.
Decline in China’s Home Prices Stabilizes
China’s new home prices continued to decline in October for the 17th consecutive month, although the drop showed signs of slowing. Recent support measures from Beijing appear to be inching the market toward stabilization, as evidenced by a lighter decline compared to earlier months.
Monthly and Yearly Comparisons
According to the latest data from the National Bureau of Statistics, new home prices across 70 mainland cities fell by 0.5% from September, marking the smallest decrease in seven months. Year-on-year, prices dropped by 6.2%, slightly worse than the September decline of 6.1%. In tier-1 cities like Beijing and Shanghai, prices decreased by 0.2%, a smaller fall than 0.5% in the previous month.
Second-Hand Home Market Trends
Second-hand home prices in tier-1 cities experienced a 0.4% increase in October, reversing a 13-month downward trend. Conversely, tier-2 cities observed a 0.4% drop in second-hand prices, while tier-3 cities faced a similar 0.5% decline. Overall, recent trends indicate a potential stabilization in China’s property market.
Source : China’s new home prices slow 17-month decline after support measures kick in
Business
Business Update: Southern Sun Reports Earnings Growth; China Stimulates Property Market – News24
Southern Sun reports increased earnings, attributed to growth in the hospitality sector, while China’s property market receives a boost, reflecting economic recovery and renewed investor confidence.
Southern Sun Earnings Surge
Southern Sun has reported a significant increase in its earnings, showcasing solid financial performance amid evolving market conditions. This growth highlights the company’s resilience and adaptability to changing consumer demands, positioning it well for future opportunities in the hospitality industry.
China’s Property Market Recovery
In a bid to rejuvenate its economy, China has introduced measures to boost its property market. These initiatives aim to stabilize real estate prices and encourage investment, which is crucial for maintaining economic momentum. The government’s commitment to supporting the sector reflects its understanding of the industry’s importance in overall economic health.
Broader Economic Implications
The rise in Southern Sun’s earnings and China’s proactive approach to revitalizing its property market indicate broader economic trends. Investors and stakeholders are keenly observing these developments, as they may signal recovery and growth opportunities in both the hospitality and real estate sectors. The collaboration between local businesses and governmental actions will be pivotal in shaping future economic landscapes.
Source : Business brief | Southern Sun sees earnings rise; China boosts its property market – News24
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