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Tag: Hong Kong

  • Luxury Hong Kong Apartment Breaks Sale Record

    Luxury Hong Kong Apartment Breaks Sale Record

    Located in Hong Kong’s exclusive Mid-Levels neighborhood, the apartment is Asia’s priciest, according to «Bloomberg.»

    A 3,378 square foot penthouse at the 21 Borrett Road development was sold on Monday for HKD $459,408,000 ($59,258,165) to an unnamed buyer, according to transaction details published by the developer.

    The apartment on the 23rd floor also comes with its own swimming pool and three parking lots, according to its prospectus. The first phase of sales at the development, which was delayed from 2019, includes 15 units measuring between 2,075 and 3,378 square feet.

    Developer CK Asset Holdings, which is run by tycoon Victor Li, delayed sales of the project amid social unrest in the special administrative region, and the luxury property market has been reeling from the fourth wave of Covid-19 infections and economic downturn, according to Hong Kong daily The Standard.

    The sale of the apartment, which broke the record made by another luxury development in Mount Nicholson in 2017, could be a sign that the local property market is looking up.

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  • Citi Hong Kong Bucks Groupwide Profit Trend

    Citi Hong Kong Bucks Groupwide Profit Trend

    Citi’s Hong Kong businesses registered growth across the board, according to an internal memo seen, despite a more than 40 percent drop in profit for the overall group. Citi Hong Kong’s consumer business saw a 44 percent increase in net new money inflows with 9 percent revenue growth in wealth management in 2020, according to an internal memo seen.

    Within its institutional business, banking revenues were up 10 percent, backed by a 61 percent increase in investment banking. The memo highlighted equity deals Xinyi Solar and Kerry Express Thailand, the secondary listing of Yum China, and advisory for the privatization of Li & Fung.

    Its markets business saw 5 percent growth with its treasury unit as the major revenue performer, benefitting from low-interest rates.

    According to Citi’s Hong Kong and Macau CEO Angel Ng, Asia remains key to the success of the bank’s wealth strategy which includes its recent move to merge the whole business from affluent to ultra-high net worth clients. She also highlighted digitalization, Greater Bay Area, and other areas of focus for the business.

    A spokesperson confirmed the contents of the memo.

    The Hong Kong unit contrasts with that of Citi’s global results which posted flat revenues year-on-year at $74.3 billion with profits down 41 percent to $11.4 billion.

  • StanChart Sheds Office Space in Hong Kong

    StanChart Sheds Office Space in Hong Kong

    Standard Chartered will give up several floors in the main offices of the Hong Kong central business district as banks continue to adapt to the post-covid environment.

    Standard Chartered will give up the lease on eight floors of its Standard Chartered Bank Building in the central business district, according to a Hong Kong Economic Times report which cited related marketing materials.

    Landlord Hang Lung Properties is asking for about HK$6 million ($770,000) in rental per month for the 60,000 square feet space. The offices will be available between next month and April 2022.

    The British lender is also renting out three floors it owns from its offices in Kwun Tong, an industrial district in the eastern part of Hong Kong.

    The move falls in line with Standard Chartered’s announced plans to permanently offer flexible work options to around 90 percent of its 85,000 employees around the world. According to the bank, hybrid work arrangements will be made available to around half of its staff in early 2021 and will extend to 75,000 workers in 55 markets by 2023.

    While we have been thinking through the issues around the future workplace for some time, it’s inevitable that recent events provided a catalyst, said Standard Chartered’s human resources head Tanuj Kapilashrami in an internal memo.

    Vacancy rates amongst the district’s Grade A office are reaching the highest levels in December last year since 2004, according to property services firm Jones Lang LaSalle. And foreign firms are a major contributor with multinational companies making up 75 percent of total surrendered Hong Kong office stock in the last quarter, according to Cushman & Wakefield.

    Standard Chartered aside, other global banks that have recently shed office space in the main district include BNP Paribas, Nomura, and Macquarie Group. HSBC also said last year that it was considering ways to digitize more of its operations and is seeking to have more employees work from home in the future.

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  • Covid-19 brings heavy drop in Hong Kong retail profits past December

    Covid-19 brings heavy drop in Hong Kong retail profits past December

    Hong Kong’s retail environment showed further signs of improvement in November, although the recovery may have been short-lived as the city was hit with a fresh wave of virus infections and imposed new restrictions late in the month. The provisional value of total retail sales in November 2020 was HK$28.7 billion ($3.7 billion), down by 4% compared with the same month in 2019.

    The provisional value of total retail sales in November 2020 was HK$28.7 billion ($3.7 billion), down by 4% compared with the same month in 2019. That was better than the median forecast of -7.4% in a Bloomberg survey of economists and an improvement from a revised -8.7% in October. Sales by volume fell 4.7%, according to the government statement.

    The economy showed some signs of improvement in the second half of 2020 alongside recoveries across the region as China’s rebound fueled demand. However, that’s been dampened by fresh waves of infections since November, with the city re-imposing social distancing restrictions including shuttering bars and nightclubs to help curb the outbreaks.

    Restrictions were tightened further in December ahead of the critical year-end shopping season, with restaurants forced to halt in-person dining after 6 p.m. On Monday the government also pushed back the re-opening of classrooms for more than a month as part of measures to stamp out the spread of the virus.

    “As inbound tourism remains at a standstill, and the fourth wave of the local epidemic has weighed on local consumption sentiment since the latter part of November, the business environment of the retail trade will remain challenging in the near term,” the government said in the statement.

    The government allocated additional support to businesses hurt by the shutdowns and Financial Secretary Paul Chan said in a blog post-Sunday that the economy will probably return to growth in 2021 as the recovery strengthens in the second half of the year.

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  • L’Occitane launches first sustainability #MEGA concept store in Hong Kong

    L’Occitane launches first sustainability #MEGA concept store in Hong Kong

    The new Sustainability Concept Store focuses on reducing plastic waste and supporting local sustainability projects.

    Located at Pacific Place in Hong Kong, the new store aims to engage the public in a fun way by undertaking green tasks and earning points through the new #MEGA Sustainability Reward Program. Tasks as simple as recycling their beauty empties in the on-site recycling bins or making a commitment with the Tree of Wishes will earn customers rewards.

    As part of the brand’s ongoing commitment to sustainability and recycling, the new #MEGA Sustainability Concept Store offers customers low waste products, such as soaps and Aromachologie hair care. Alongside this, the new store will host a number of sustainability-focused workshops to encourage customers and the wider public to engage in recycling.

    Nathaëlle Davoust, General Manager of L’Occitane Hong Kong and Macau, commented: “In L’Occitane, our societal and environmental commitment focuses on the protection of biodiversity and reduction of our environmental carbon and plastic footprint. The #MEGA Sustainability Concept Store is like our invitation to the Hong Kong public to explore how we can reduce plastic pollution together.”

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  • Hong Kong’s Green Common expands into Singapore

    Hong Kong’s Green Common expands into Singapore

    OmniFoods creator, Green Monday Group, has launched Southeast Asia’s first Green Common outlet at VivoCity, in Singapore.

    Spanning 3000sqft, the Green Common Singapore venue houses a dedicated area for retail and a wider cafe area with indoor capacity of 112 people, as well as outdoor seating for 36. Green Common cafe serves a curated menu of plant-based dishes helmed by Chef Louie Moong.

    The Singapore branch of the Hong Kong-based company also offers OmniEat’s ready-made vegan meal range, which features Asian dishes such as Truffle Gyoza, Siu Mai and Crystal Dumpling.

    Beside the OmniMeat range, the storehouses a selection of 50 products from international plant-based brands, including Beyond Meat, Daiya, Califia Farms, Bite Society, Moving Mountains, Vegan Robs, and Heura.

    “Over the years we have seen great interest from Singaporeans looking to have access to more plant-based alternatives,” said David Yeung, founder and CEO of Green Monday Group. “Our one-stop shop is designed to make it easy to go green and make thoughtful (and delicious) lifestyle choices.”

    The Green Common store is also the brand’s second international location after Shanghai. Launched in 2015, plant-based concept store Green Common now operates 11 outlets across Hong Kong, Singapore, and China.

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  • VF Corp to relocate business operations out of Hong Kong

    VF Corp to relocate business operations out of Hong Kong

    VF Corp. (VFC), a provider of branded lifestyle apparel, footwear and accessories, announced a transformation plan for its Asia Pacific operations, with relocations over the next 12 to 18 months with the first moves expected in April 2021.

    VF plans to move the center of its brand operations from Hong Kong to Shanghai where the company currently employs approximately 900 office and retail associates.

    In addition, VF also plans to relocate its Asia Product Supply Hub from Hong Kong to Singapore.

    The company also plans to establish an additional shared services center for the region in Kuala Lumpur, Malaysia.

    VF noted that Hong Kong will remain a key retail market for the company and its brands.

    “Today’s announcement reinforces our commitment to investing in our business across the Asia Pacific region, while also supporting VF’s overall transformation plan to become a more consumer-minded, retail-centric, and hyper-digital enterprise,” said Steve Rendle, VF’s Chairman, President and Chief Executive Officer.

  • Retail sales decline slows significant in Hong Kong and Singapore

    Retail sales decline slows significant in Hong Kong and Singapore

    Hong Kong’s retail sales fell 8.8% in October, the first single-digit fall since June last year, showing further signs of a recovery after coronavirus restrictions had slammed the brakes on spending and tourism in the global financial hub.

    The drop compared with a revised 12.8% decline in September and a 6.7% fall in June 2019.

    October’s sales plummeted from a year earlier to HK$27.4 billion ($3.5 billion), government data showed on Tuesday, falling for the 21st consecutive month.

    In volume terms, retail sales slumped 9.3%, compared with a revised 13.3% fall in the previous month. It was also the first single-digit decline since June 2019.

    “With the fourth wave of the local epidemic spreading widely and quickly, the business environment of the retail trade may deteriorate again in the near term,” a government spokesman said.

    For the first 10 months of 2020, the value of total retail sales fell 27%, and 28.3% by volume, from the corresponding 2019 period.

    Hong Kong leader Carrie Lam on Tuesday again urged residents to stay at home and avoid unnecessary family gatherings as the global financial hub scrambles to contain a rise in coronavirus cases.

    Games centres, karaoke lounges and swimming pools will close from Wednesday, while the Ocean Park theme park and DisneyLand will also close.

    The worsening situation in the city also prompted the government to extend the postponement of an air travel bubble with Singapore on Tuesday to beyond 2020.

    Hong Kong’s economy shrank 3.5% in the third quarter compared with a year earlier as the coronavirus pandemic hammered consumer spending, trade and tourism, but at a slower pace as the outbreak had eased.

    The city’s tourist arrivals in October plunged 99.8% from a year earlier to 7,817 visitors, the tourism board said, compared with a drop of 99.7% in September.

    Sales of jewellery, watches, clocks and valuable gifts, which depend heavily on mainland tourists, fell 26.6% in October versus a revised 25.6% plunge in September.

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  • Physical Exchange Results in Bitcoin Robbery in Hong Kong

    Physical Exchange Results in Bitcoin Robbery in Hong Kong

    A 37-year old man in Hong Kong allegedly sought to sell bitcoin for cash but ended up being swindled during an in-person transaction in a vehicle and kicked out.

    The victim had originally scheduled to meet two individuals to trade 15 bitcoin at HK$235,000 each ($30,000), or HK$3 million in total, outside of a hotel in Hong Kong, according to a report citing police sources.

    The vehicle proceeded to move to another location while the bitcoin transfer was being made. Upon completion, another car showed up and three more individuals related to the original two fraudulent buyers robbed the victim’s cash, two mobile phones, and kicked him out.

    Local police claim that the six robbers were non-Chinese men aged around 30 and have yet to be captured.

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  • Third Sephora Hong Kong getting ready to be opened

    Third Sephora Hong Kong getting ready to be opened

    Located at the K11 Art Mall in Tsim Sha Tsui, the 265 square meter store will be Sephora’s first location in Kowloon, marking a new milestone in Sephora’s business expansion in the region.

    Due to open its doors in early January 2021, the new Sephora K11 Store will offer an unparalleled shopping experience with a comprehensive mix of 65 brands with numerous market most loved and exclusives such as Drunk Elephant, SUNDAY RILEY, Supergoop!, Mario Badescu, Pixi, First Aid Beauty, Cha Ling L’esprit du Thé, FRESH, and HERBIVORE BOTANICALS in Skincare; Fenty Beauty, tarte, Huda Beauty, IT Cosmetics, Benefit Cosmetics, and Urban Decay in Makeup; Olaplex, Briogeo, Ouai, Christophe Robin, KRISTIN ESS, IGK, and GHD in Haircare; as well as Maison Margiela and LOEWE in Fragrance. Last but not least, Sephora’s own brand Sephora Collection that covers the key categories.

    The new store will also offer testers and product display for some Online Exclusives including The Ordinary, Dr. Dennis Gross, Dear Dahlia and Natasha Moor.

    With an additional store in the market, Sephora will continue to expand its local beauty community through its exclusive Beauty Pass membership programme designed to offer the latest beauty news and special perks and offers to its members.

    Sephora is thrilled to the opening of its first store in Kowloon by indulging the local community with a unique and interesting beauty experience through a customized virtual game titled “SEPHORA SHAKE OFF” at their store front in K11 Art Mall. Kicking off on December 24th, “SEPHORA SHAKE OFF” presents numerous beauty perks and delights with a series of amazing prizes guaranteed to perk up everyone’s holiday spirit!

    To launch “SEPHORA SHAKE OFF” game, players simply need to scan a QR code with their smartphones and need to work their arm muscle by shaking their phones throughout it. Starting with a choice between a Day or Night look, the player(s) will be taken on a virtual shopping spree featuring some of Sephora’s best-selling items from its skincare, make-up and hair-care range with an objective to collect as many items as possible by shaking as fast as one can.

    Upon completion of the shopping spree, players will proceed to beautify a virtual avatar with their look of choice, again through shaking their phones in order to complete the look as fast as possible. The final beauty look will be revealed along with the resulting beauty ranking achieved, determining the player(s)’ prize ranging from Beauty Bae, Beauty Enthusiast, Beauty Expert, and to the top rank of Beauty Master. The various prizes consist of star products from top brands including Drunk Elephant, FRESH, Estée Lauder, Sephora Collection and many more.

    As an extension to the two existing Sephora stores in Hong Kong, the design of the new K11 store echoes the same sense of modernity and vibrant energy through its interior elements. An exclusive feature to the K11 store is the Beauty Shout-Out kiosk which is outfitted with a screen featuring key bestsellers and video submissions from the local Sephora Community which offers user-generated content and genuine recommendations of products and services available at Sephora. Also on showcase at the Beauty Shout-Out is a selection of the latest must-haves and testers for trials, as well as a magnetic wall for customers to create their own Sephora photo opportunity.

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  • More Account Suspensions for Exiled Hong Kong Dissident

    More Account Suspensions for Exiled Hong Kong Dissident

    Self-exiled Hong Kong dissident Ted Hui, who was recently spotlighted over frozen accounts at HSBC, has faced even more pressure from the British lender which allegedly canceled credit cards and «unlawfully embezzled» his funds without explanation.

    Ted Hui Chi-fung claimed that HSBC had not only canceled credit card accounts belonging to him and his family but frozen funds within it that resulted from refunded purchases.

    On the credit cards of both my family and myself, as a result of consumption refunds, the credit is more than the debit,» he said on his social media account. «The balances (around a few tens of thousands of Hong Kong dollars) are all private property protected by Hong Kong’s Basic Law. They are now unlawfully embezzled by HSBC without any explanation.

    While Hui’s claims about frozen funds could potentially be contentious, banks routinely assess and close accounts based on legal and compliance risk, especially with regards to politically exposed persons (PEPs).

    This is not the first time Hui has had his accounts frozen after similar moves were made against him and his family’s HSBC Premier accounts in December. At the time, local police issued an official statement confirming it had directed the account suspension over a money laundering and national security law probe.

    Although Hui’s claims that the latest credit card account cancellations were not requested by the police, an HSBC statement indicated otherwise.

    «We have to abide by the laws of the jurisdiction in which we operate and this case is no different,» according to an HSBC spokesperson who said further inquiries should be directed to law enforcement.

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  • 6ixty8ight opens first franchised store in China

    6ixty8ight opens first franchised store in China

    Hong Kong-based lingerie and fashion label 6ixty8ight has opened its first franchise store in Mainland China.  The 6ixty8ight franchised store is located at Daruncheng Shopping Centre in Henan, its first brick-and-mortar outlet in the province, and spans about 153sqm. It features6 a full range of lingerie, nightwear, loungewear, apparel and accessories.  According to the company, the franchising model is part of 6ixty8ight’s expansion strategy to reach more customers in Asia.

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  • Deliveroo’s Six Month Partnership with Feeding Hong Kong Raises HK$650,000, delivering 130,000 Meals to Hong Kong’s Food Insecure

    Deliveroo’s Six Month Partnership with Feeding Hong Kong Raises HK$650,000, delivering 130,000 Meals to Hong Kong’s Food Insecure

    Deliveroo today announces that, together with Feeding HK, over HK$650,000 has been raised by Deliveroo customers through the delivery app’s donation feature. A first of its kind in Hong Kong, the Deliveroo in-app donation and tipping feature allowed customers to round up their totals or make an additional contribution. Since the campaign’s kick-off earlier this June, the funds raised have resulted in over 130,000 meals being delivered to Hong Kongers experiencing food insecurity.

    With unemployment at a record 16 year high of 6.4 percent, in 2021 Deliveroo is extending the partnership with Feeding HK to reach low-income-families who have been badly impacted by COVID-19 via their network of frontline charities across Hong Kong, including Action Care in Shau Kei Wan, J Life Foundation in Sham Shui Po, and People Service Centre in Tuen Mun and across four locations in Kowloon.

    Alongside the in-app donations, Deliveroo will partner with Feeding Hong Kong to officially launch its Chinese New Year Food Drive at two of its Editions locations in Quarry Bay and Sai Ying Pun. Hong Kongers can join the Food Drive by dropping off donations of staple foods such as cooking oil, rice and noodles and canned goods which will then be given to disadvantaged families throughout the celebratory period leading up to the Year of the Ox.

    Brian Lo, General Manager of Deliveroo Hong Kong, said, “We have always had high expectations for our partnership with Feeding HK. With families struggling, we want to do our best to make sure people across the city don’t go home to an empty dining table. Today, myself and everyone at Deliveroo are extremely proud to report that the initiative has achieved so much in just a short six months, resulting in over 130,000 meals delivered to beneficiaries all across Hong Kong.”

    “I’d like to personally thank all of the Deliveroo customers who donated – HK$650,000 is certainly not a small amount – and used the tip feature throughout our campaign. Your donations have made an enormous impact on the lives of thousands of people. We’re excited to continue to work alongside Feeding HK into the holiday season and new year, to help empower more across the city to extend the power of giving at our Editions locations.”

    Gabrielle Kirstein, Chief Executive Officer of Feeding Hong Kong, said “We’re immensely grateful for the past six months’ support from Deliveroo and are excited to continue to develop our partnership with them. Thanks to the assistance and generosity from Deliveroo and its customers, over 130,000 meals have been delivered to those in Hong Kong at risk of hunger. As the city continues to experience rising unemployment rates, loss of income, and higher food prices throughout the city during the pandemic, campaigns and drives such as this are all the more important.”

    “Our reach to more community members and the additional support we’ve received this year has been so touching. From the bottom of our hearts, we’d like to thank Deliveroo and all those who have donated. We are passionate to keep the momentum going and help to feed more at-risk individuals alongside Deliveroo over the Chinese New Year period.”

    The partnership with Feeding HK comes as Deliveroo pledged last year to make imperative sustainable development goals, following the United Nations Sustainable Development Agenda’s goal of ‘Zero Hunger.’ The CSR effort is among one of the many unique initiatives launched last year to support the community, following a collaboration with The Nesbitt Centre to bring cakes and biscuits to more than 150 frontline hospital staff and a partnership with The Hong Kong Jockey Club’s Charity Trust for its COVID-19 Food Assistance Programme to provide meals for hundreds of thousands of beneficiaries.

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  • Bauhaus leaves all markets except Hong Kong, Macau

    Bauhaus leaves all markets except Hong Kong, Macau

    Local apparel retailer Bauhaus International (0483) has revealed an intention to close all its retail stores outside Hong Kong and Macau by the end of March.

    The group’s loss outside Hong Kong and Macau expanded more than 13 times to HK$78.4 million in 2019 over 2018 before it narrowed to HK$68.6 million this year.

    Most of the Bauhau offline retailing operations beyond Hong Kong and Macau are in the mainland and Taiwan.

    It suffered an annual loss of HK$142.8 million this year compared with a profit of HK$2.76 million in 2019.

    The company will negotiate with landlords of the 14 stores its intends to shut down, and the precise timing of each closure will depend on how the talks go.

    About 50 employees will be laid off as a result of the closing program.

    The retailer is still looking at the possibilities of accessing the non-Hong Kong and Macau markets through centrally-managed online operations run from its Hong Kong headquarters.

    Bauhaus says more realistic economies of scope will result from the closures, which are also seen to be in the best interests of the company and its shareholders.

  • Esprit loses CEO, CFO as board moves head office function back to Hong Kong

    Esprit loses CEO, CFO as board moves head office function back to Hong Kong

    Esprit Group has announced that its CEO Anders Kristiansen and chief financial officer (CFO) Johannes Schmidt-Schultes are both exiting the company next year.

    Kristiansen, who was formerly managing director of New Look, has been at the helm of Esprit since June 2018 and has led the group’s restructuring process during what the company describes as an “extremely difficult” period. He has resigned with immediate effect as an executive director and will remain group CEO until 28 February.

    Similarly, Schmidt-Schultes, who joined in October 2019, has stepped down with immediate effect as an executive director and will also stay on as CFO until 28 February.

    It comes after Esprit’s major shareholder, North Point Talent Limited, in July called for Kristiansen and Johannes Schmidt-Schultes to step down.

    Esprit said Friday that both Kristiansen and Schmidt-Schultes were exiting the company to pursue other business commitments and that they left having “no disagreement with the board”.

    Additionally, Christin Su Yi Chiu has been appointed as a member of the Risk Management Committee of the board, with immediate effect.

    “The board would like to take this opportunity to express its sincere gratitude to Mr. Kristiansen and Dr. Schmidt-Schultes for their valuable contribution to the company during their tenure of office,” Esprit said.

    Esprit Group, which is listed on the Hong Kong stock exchange, said it now plans to relocate its management to Hong Kong.

    Esprit applied for Protective Shield Proceedings for its German subsidiaries back in March after taking a hit from Covid-19 and temporary store closures in Europe and Asia.

    Fast forward to July, and the company announced it would cut 1,100 jobs in Germany as it looked to close around half of its stores in the country.

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