John Tsang News
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Chinese regulators expanded a program allowing institutions to raise yuan offshore for investment in the mainland, a step that moves the nation closer to a freely traded currency and may bolster confidence in the stock market.
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Hong Kong banks may increase the interest rates they charge on mortgages as the city’s new risk rule pushes up funding costs, said Benjamin Hung, chief executive officer for the city at Standard Chartered Plc.
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Hong Kong Chief Executive Leung Chun-ying increased spending on the poor and elderly in his government’s first budget, offering a growth boost to an economy burdened with record housing costs.
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Hong Kong’s government plans to sell as much as HK$10 billion ($1.3 billion) of inflation-linked bonds to local residents, its third such issuance of the debt since a debut offering in 2011.
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Hong Kong’s economic growth accelerated to the fastest pace in a year last quarter, signaling that the deepest slowdown since the 2009 global recession is abating.
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Hong Kong’s government may boost spending on the poor and elderly in its first budget under Chief Executive Leung Chun-ying tomorrow, as record home prices and falling ratings add pressure to narrow a widening income gap.
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Residential property sales in Hong Kong fell after the government doubled a sales tax, saying bubble risks are spreading in the world’s most expensive place to buy an apartment.
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Hong Kong doubled the sales tax on property costing more than HK$2 million ($258,000) and targeted commercial real estate for the first time as bubble risks spread from apartments to parking spaces, shops and hotels.
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China’s new home prices rose in most cities the government tracks for a third month, adding pressure on leaders to intensify policy-tightening efforts to prevent asset bubbles and inflation as the economy rebounds.
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Hong Kong’s economy should perform “slightly better” in 2013 than last year, Financial Secretary John Tsang wrote in a blog post dated yesterday.
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