Wealth Report
Wealth Report
Your independent, authoritative guide to wealth in Hong Kong and Asia, providing insights on wealth management, investment trends, family offices, holistic wealth and the wider financial landscape across the region.
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South China Morning Post
2 hours ago
- South China Morning Post
‘Vicious circle' for Hong Kong restaurants: how many more on the chopping block?
Hong Kong's restaurant industry faces a bleak second half of the year as both low-cost and high-end operators succumb to the economic slowdown, sector leaders have warned, putting part of the blame on the trend of residents heading across the border to spend. Industry representatives gave their grim assessment on Sunday, just days after King Parrot Group announced it would close nine of its eateries, ending a 33-year run. The move has reportedly left over 100 staff out of pocket to the tune of more than HK$1 million (US$127,430), as concerns mounted that other restaurants would also close due to cash-flow pressures and the poor economic outlook. Chiu Kwun-chung, head of the Eating Establishment Employees General Union's labour rights committee, said the sector was facing rising levels of unemployment. 'From the struggles of affordable eateries such as Ocean Empire Food Shop to the collapse of higher-end, multi-cuisine groups such as King Parrot, Hong Kong's dining scene is caught in a vicious circle,' Chiu said. Two long-standing establishments, the 33-year-old congee chain Ocean Empire Food Shop and 44-year-old Daniel's Restaurant cha chaan teng chain, last month joined a growing list of closures.
South China Morning Post
3 hours ago
- South China Morning Post
Chinese students reconsider UK degrees as fees rise, visa rules tighten
After she graduated last summer, Aroma Wu quickly realised that if she wanted a career in China's tech industry, she would need to go back to school: her bachelor's degree simply was not enough. 'I saw how competitive it was – most people had a master's,' the 24-year-old said. To boost her credentials, Wu decided to apply for a graduate programme in the United Kingdom, and she soon received an offer. But within weeks, she was growing worried by news coming out of Britain – and starting to rethink her decision. In May, the UK government proposed an 'education levy' of about 6 per cent on international students' tuition fees. It also began talking tough on migration, with a new white paper suggesting tighter rules on post-study work visas and permanent residency qualifications. 'It was too much all at once,' Wu said. 'Tuition fees are rising, visas might be cut, and now there's a new tax? I felt overwhelmed.' Wu, who describes herself as financially cautious, ultimately decided to study in Hong Kong instead. The programme will cost more than 300,000 yuan (US$41,000), but that is still about 100,000 yuan less than what she would have paid to study in the UK, she estimated.
South China Morning Post
5 hours ago
- South China Morning Post
Chinese tech hub Shenzhen launches plan to support consumption, exporters amid trade war
China's top export city and tech hub, Shenzhen, is stepping up efforts to boost domestic consumption and support exporters amid a turbulent trade war between Beijing and Washington. Advertisement 'Consumption is the fundamental driving force behind economic growth and development,' according to a 39-point plan released by the Shenzhen Municipal Development and Reform Commission on Friday. Shenzhen will leverage its strategic strengths in four key categories: artificial intelligence (AI) terminals, smart home systems, modern fashion, and outdoor equipment. The city will make good use of trade exhibitions and other resources to 'help enterprises better respond to tariffs', according to the document. China's consumption market has shown gradual improvement but still requires further stimulation, especially as external demand is under pressure due to US President Donald Trump's tariff war. At a meeting of the country's Politburo in late April – a Communist Party conclave that typically sets the tone for economic work in the second quarter – the high-level political body vowed to 'resolutely focus on doing our business, steadfastly expand high-level opening up and focus on stabilising employment, businesses, markets, and expectations'. Advertisement Consumption is a key driver of economic growth, and establishing long-term mechanisms to promote consumption is crucial, according to a commentary published under the pen name Jin Guanping in the state-owned Economic Daily on Sunday.
