Asia

Real Estate: Hong Kong explores cavern to fix shortage problem

Space-strapped cities like New York and San Francisco may think they have it rough, but the booming Hong Kong may have an even more immediate problem.

More than 7 million people live in the 427 square mile autonomous region of the People’s Republic of China. Country parks take up 41 percent of the land mass, all of which is dotted by steep hills, making it difficult to build anywhere. Many high rises have maxed out on height restrictions. Meanwhile, housing prices hit record highs this spring: Hong Kongers are paying nearly $1,500 per square foot. The average home costs $1.8 million.

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US stopped Alibaba’s project to buy MoneyGram

The proposed acquisition of global payment service MoneyGram by Alibaba’s Ant Financial is off after the U.S. Government blocked the $1.2 billion deal.

Ant Financial, the Alibaba affiliate which controls Alipay – China’s top mobile wallet – and other financial services, announced a deal to buy Nasdaq-listed MoneyGram in April 2017 after it beat off a rival bid from Euronet. Ant initially bid for MoneyGram in January 2017 as a means to develop its cross-border payment network into the U.S., and major corridors including India and the Philippines, but instead it will “explore and develop initiatives” to collaborate with MoneyGram’s business.

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China wants to emerge in Artificial Intelligence

Beijing is planning to build a 13.8 billion yuan ($2.12 billion) artificial intelligence development park in the city’s west, the official Xinhua news agency reported, as China pushes ahead to fulfil its ambition to become a world leader in AI by 2025. The AI park will house up to 400 enterprises and have an estimated annual output of 50 billion yuan, Xinhua said, citing a report from authorities in Beijing’s Mentougou district.

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The most expensive bag in the world sold at auction

Fans of the iconic Hermès Birkin bags are beating the long waiting list by scoring the bags at auctions. The much sought-after Birkins have been continuously breaking auction records.
A rare Hermès Birkin bag sold at auction early Wednesday morning at Christie’s in Hong Kong for a whopping $382,000. It’s set a record as the priciest handbag ever sold at auction. The collector, who won the bid by phone, is not from Asia.

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Hong Kong: former UBS banker jailed for bribes

A former associate director UBS Hong Kong was today sentenced to three-and-a-half years’ imprisonment at the District Court for accepting bribes of about HK$1.46 million for managing the investment portfolio of a client with the bank. Tu Bing, 40, was earlier found guilty of bribery.

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Trump’s tour in China adds $250 billion trade agreements

U.S. companies, from chip giant Qualcomm to aircraft maker Boeing, announced a slew of deals on Thursday during U.S. President Donald Trump’s visit to Beijing. The deals could be valued as much as $250 billion, though some have been long in the pipeline and many are non-binding.

The signing ceremony was carried out in the presence of US President Donald Trump and his Chinese counterpart Xi Jinping. Being the world’s biggest developing economy and developed economy, China and the United States are highly complementary rather than competitive, Xi said when meeting with business delegates from both countries.

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Hong Kong skyscraper sold for $5.2 bn record

Li Ka-shing’s CK Asset Holdings confirmed Wednesday that it had sold his interest in The Center, the fifth-tallest building in Hong Kong, for $5.2 billion, setting a record for a Hong Kong office tower and showing that the city’s commercial property market remains red hot. CK Asset Holdings said it expects to make a profit of $1.9 billion.
The buyer is C.H.M.T. Peaceful Development Asia Property Limited, an investment vehicle registered in the British Virgin Islands that was created for the purchase.

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