Reporting and analysis on retail, e-commerce, and consumer trends in Hong Kong, updated continuously by our newsroom.
Hong Kong’s newly licensed virtual banks will look to delay their launches due to an ongoing coronavirus pandemic. Since the Hong Kong Monetary Authority issued eight virtual bank licenses last year and earmarked February this year for the final launches, the…
Harbour & Hills has made a strategic acquisition that will allow it to facilitate USD and other major currencies’ payments to China. Harbour & Hills Financial Services (H&H) has acquired a controlling stake in Global Envoi, a payments processor with strong…
Retail real estate investors in Hong Kong are seeking discounts ranging from 30 to 50 percent compared to previous peak prices, according to data from real-estate company Savills. However, for now, even fewer retail landlords are willing to entertain such…
HSBC and Standard Chartered were named by Hong Kong authorities as lenders which are welcome to relocate headquarters to the city where they derive the majority of profits. Last week, HSBC insisted that London would remain its home in the foreseeable future…
Lower-income staff at Citi will receive payouts in line with chief executive Michael Corbat’s call to extend global support during the crisis. Hong Kong-based employees with an annual base salary of HK$470,000 (US$60,622) or less will receive a one-time…
Recession fears drove the Bank of England to call the U.K.’s largest banks, including HSBC and Standard Chartered, to scrap dividends and share buybacks. Alongside Lloyds, Royal Bank of Scotland and Barclays, the two largest British lenders in Asia made…
Lower-income staff at Citi will receive payouts in line with chief executive Michael Corbat’s call to extend global support during the crisis. Hong Kong-based employees with an annual base salary of HK$470,000 (US$60,622) or less will receive a one-time…
British celebrity chef and restaurateur Gordon Ramsay have quit Hong Kong, following the footsteps of compatriot Jamie Oliver last month. Three of his restaurants – Bread Street Kitchen & Bar, London House and Maze Grill – will shut today, April 1. These…
February saw a catastrophic collapse in Hong Kong retail sales, which slumped a massive 44 percent year on year, the greatest fall since records were first taken. The unprecedented collapse followed a 21.5-per-cent decline in January and a 19.4-per-cent fall…
Landlords in premium Hong Kong retail areas are proving flexible on rents as retailers experience an unprecedented drop in sales of between 50–80 percent during the first financial quarter this year. Figures from real estate firm Savills show multiple mall…
Hong Kong cosmetics retailer Bonjour Holdings has delisted slow-moving products and trimmed its store network as it grapples with falling sales and mounting losses. The company has just released its results for last year, when sales fell by 18.7 percent,…
Social unrest was singled out as a key driver of a dented outlook, according to a survey by London-based think tank Z/Yen Group, which led the city’s ranking as a leading global financial center to drop to sixth place. Hong Kong dropped three places to the…
Less than two weeks after being named the permanent chief executive, Noel Quinn’s path to executing the group strategy is already being derailed. The ongoing pandemic that will cause the bank to delay its 35,000 job cuts as part of a broader overhaul to…
ZA Bank – one of the eight recipients of Hong Kong’s virtual banking licenses – kicked off operations yesterday, marking the dawn of digital lending in the city. The virtual banking arm of China’s ZhongAn Online P&C Insurance began operations, according to a…
Hong Kong Reit Link Asset Management has signed an AU$212 million (US$123 million) five-year sustainability-linked loan with DBS Bank. The loan is deliberately structured to incentivize sustainable practices, incorporating a reduced pricing structure with…
The Hong Kong recession has proved a strong incentive for locals to sell off their luxury goods, according to a report by the Nikkei Asian Review. Several local citizens and businesses told the Japanese publication of an uptick in the private trade of luxury…
Weekly Briefing
Tuesday, Thursday and a Saturday Weekly Wrap: the retail stories, numbers and moves that mattered across Asia. Nothing else, and you can unsubscribe in one click.
Read by retail operators, investors and brand teams across Asia.