CNA Correspondent - China's Greater Bay Area: Thriving or Trying?
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CNA
20 minutes ago
- CNA
McDonald's to sell 8 Hong Kong retail spaces valued at $153 million, JLL says
HONG KONG :McDonald's Corp is planning to sell eight prime retail properties in Hong Kong with a total market value of around HK$1.2 billion ($152.89 million), JLL, which has been appointed as the sole agent of the sale, said on Monday. The McDonald's outlets in the locations will remain operational, JLL executive director of capital markets Eunice Tang said in a statement. Hong Kong Economic Times reported earlier on Monday McDonald's planned to sell all of its 23 retail spaces - valued at nearly HK$3 billion in total - in batches, but it would continue operating in existing locations as tenants, and the sale would not affect its operations in the city. McDonald's has around 256 restaurants in Hong Kong, the report said, many in rented spaces. McDonald's Corp could not be immediately reached for comment. In 2017, Chicago-based McDonald's Corp sold an 80 per cent stake in its mainland Chinese and Hong Kong operations to a group that included CITIC Ltd, its investment arm CITIC Capital, and Carlyle Group for up to $2.1 billion. But the assets remain under McDonald's Corp. The sale of the eight retail properties is offered through a public tender that ends on September 16. JLL said it had already received significant interest from a wide pool of potential investors. All the properties are secured with long-term McDonald's leases, and they are available for purchase either individually or as a portfolio, it added. Overall prime street rents in the first quarter have fallen back to 2003 levels, as Hong Kong's retailers battle shifting consumer habits that have led to a wave of store closures.
Business Times
2 hours ago
- Business Times
Asia: Most markets rise, euro boosted after EU strikes US trade deal
[HONG KONG] Most stock markets rose with the euro on Monday after the European Union and United States hammered out the 'biggest-ever' deal to avert a potentially damaging trade war. News of the deal, announced by Donald Trump and European Commission head Ursula von der Leyen on Sunday, followed US agreements last week, including with Japan, and comes ahead of a new round of China-US talks. Investors were also gearing up for a busy week of data, central bank decisions and earnings from some of the world's biggest companies. Trump and von der Leyen announced at his golf resort in Scotland that a baseline tariff of 15 per cent would be levied on EU exports to the United States. 'We've reached a deal. It's a good deal for everybody. This is probably the biggest deal ever reached in any capacity,' Trump said, adding that the levies would apply across the board, including for Europe's crucial automobile sector, pharmaceuticals and semiconductors. Brussels also agreed to purchase 'US$750 billion worth of energy' from the United States, as well as make US$600 billion in additional investments. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'It's a good deal,' von der Leyen said. 'It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic.' The news boosted the euro, which jumped to US$1.1779 from Friday's close of US$1.1749. And equities built on their recent rally, fanned by relief that countries were reaching deals with Washington. Hong Kong led winners, jumping around one per cent, with Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta also up, along with European and US futures. Tokyo fell for a second day, having soared about five per cent on Wednesday and Thursday in reaction to Japan's US deal. Singapore and Seoul were also lower. The broad gains came after another record day for the S&P 500 and Nasdaq on Wall Street. 'The news flow from both the extension with China and the agreement with the EU is clearly market-friendly, and should put further upside potential into the euro... and should also put renewed upside into EU equities,' said Chris Weston at Pepperstone. Traders are gearing up for a packed week, with a delegation including US Treasury Secretary Scott Bessent holding fresh trade talks with a Chinese team headed by Vice Premier He Lifeng in Stockholm. While both countries in April imposed tariffs on each other's products that reached triple-digit levels, US duties this year have temporarily been lowered to 30 per cent and China's countermeasures slashed to 10 per cent. The 90-day truce, instituted after talks in Geneva in May, is set to expire on Aug 12. Also on the agenda are earnings from tech titans Amazon, Apple, Meta Microsoft, as well as data on US economic growth and jobs. The Federal Reserve's latest policy meeting is expected to conclude with officials standing pat on interest rates, though investors are keen to see what their views are on the outlook for the rest of the year in light of Trump's tariffs and recent trade deals. The Bank of Japan is also forecast to hold off on any big moves on borrowing costs. AFP
CNA
2 hours ago
- CNA
China proposes global AI body, urges chip supply and talent flow boost
Chinese Premier Li Qiang has proposed establishing a world artificial intelligence cooperation organisation to coordinate governance of the fast-developing technology. Speaking at the opening of the World AI Conference on Saturday (Jul 26), he also called for removing barriers to clip supply and talent exchange. CNA's Tan Yew Guan has more from Shanghai.
