Hong Kong's third-richest man owns 89.5 percent of Chow Tai Fook Jewellery Group, the largest jeweler in China and Hong Kong. Through Chow Tai Fook Enterprises, his closely held investment company, Cheng also controls New World Development Co., a land developer with holdings in hotels, retail, infrastructure and public transportation.
Gold shipments to China from Hong Kong rose in October to the second-highest on record as jewelers and retailers bought the metal to build up inventories ahead of a peak-demand season at the end of the year.
Chow Tai Fook Jewellery Group Ltd., the world’s largest listed jewelry chain, forecast “steady” growth for the rest of the fiscal year after first-half profit almost doubled on a surge in Chinese demand for gold.
Mountain Province Diamonds Inc., a partner with De Beers in the Gahcho Kue project in northern Canada, plans to raise C$125 million ($119 million) in a rights offering backed by Irish billionaire Dermot Desmond.
Hong Kong businessman Raymond Chiu says he has perfect credit and is prepared to spend about HK$16 million ($2 million) on a 1,000-square-foot apartment in the city’s Mid-Levels residential area. There’s just one catch. The government requires a 50 percent down payment.
Faced with curbs on luxury residences and fundraising at home, China’s biggest mainland-listed property developer is building apartments for wealthy Chinese in Singapore and raising debt in the city’s currency.
The following companies may have unusual price changes in Asian trading tomorrow. Stock symbols are in parentheses, and share prices are as of the latest close. The information in each item was released after markets shut unless stated otherwise.
Hong Kong stocks rose, with the city’s benchmark index climbing by most in almost two months, amid earnings optimism and as investors await the outcome of the Federal Reserve’s policy meeting concluding today.
Huishang Bank Corp., a lender in China’s eastern province of Anhui, secured as much as $102 million of investments from billionaire Cheng Yu-tung and other wealthy individuals in its Hong Kong initial public offering.