Southeast Asia's budget airlines bet on travel demand, despite competition woes
An airplane of VietJet Airline is seen at Noi Bai International Airport, in Hanoi, Vietnam, May 28, 2025. REUTERS/Chalinee Thirasupa/File Photo
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South China Morning Post
30 minutes ago
- South China Morning Post
Beijing's point man on Hong Kong affairs meets local university heads
Beijing's point man on Hong Kong affairs held discussions with the heads of several universities in the city on Thursday, in the first publicly known meeting with leaders of local tertiary institutions. Xia Baolong, director of the Hong Kong and Macau Affairs Office, also visited Kai Tak Sports Park and met politicians on the third day of his fact-finding visit. His discussions with the heads of the institutions came on the heels of six publicly funded universities climbing the ranks of an influential league table produced by education information firm Quacquarelli Symonds (QS). The University of Hong Kong (HKU) rose to 11th place, surpassing two prestigious tertiary education institutions in mainland China. The meeting, held at government headquarters, ran for nearly three hours, with attendees including Xiang Zhang from HKU, Nancy Ip Yuk-yu from the Hong Kong University of Science and Technology (HKUST) and Dennis Lo Yuk-ming from the Chinese University of Hong Kong (CUHK). Xiang Zhang from the University of Hong Kong attends the meeting with Xia Baolong. Photo: Sam Tsang Polytechnic University's (PolyU) Teng Jin-guang, City University's Freddy Boey Yin-chiang and Education University's John Lee Chi-kin also attended.
South China Morning Post
30 minutes ago
- South China Morning Post
Hong Kong buyers forfeit deposits on Grand Mayfair project after 25% market slump
Several buyers of flats at Grand Mayfair II – a high-rise residential project in Yuen Long, New Territories – have cancelled their contracts after a market slump eroded home prices in the area by about a quarter since they acquired the units three years ago. They forfeited HK$15.6 million (US$2 million) in deposits on 19 flats on Tuesday to terminate their sale and purchase agreements from May 2022, according to the latest data published by developers. They added to the lone cancellation in 2022 since the project commenced in the aftermath of the Covid-19 pandemic. The units were from Tower Seven, with sizes ranging from 353 sq ft to 469 sq ft, sold between May and June 2022 for HK$7.12 million to HK$9.02 million each. The 805-unit Grand Mayfair II project on 29 Kam Tin Road was co-developed by Sino Land K Wah International and China Overseas Land and Investment . Sales were robust as buyers snapped up almost all of the units in two rounds of launches in May 2022 at an average price of HK$17,898 per square foot, according to Centaline Property. Buyers flock to buy flats on offer at Grand Mayfair in Yuen Long in May 2022. Photo: Handout 'The buyers chose a stage-payment plan and bought the flats at a peak price compared to now,' said Sammy Po Siu-ming, CEO of Midland Realty's residential division. 'They might think of repurchasing another flat in neighbouring new projects, as prices have dropped considerably over the past few years.'
South China Morning Post
31 minutes ago
- South China Morning Post
Hong Kong landlords urged to register subdivided flats ahead of 2027 deadline
Hong Kong landlords of subdivided flats will be able to register their properties for rectification to official standards as early as March next year, with authorities planning to enforce a new law in 2027, the city's first legal regime to govern the notorious shoebox housing issue. The Housing Bureau submitted its regulatory proposals to the Legislative Council on Thursday. This paves the way to eradicate substandard housing, allowing properties that achieve official accreditation to remain on the rental market. Authorities have also introduced measures to prevent landlords from rectifying their properties at the last minute. The law was expected to help improve Hong Kong's image, a bureau spokesman said. 'The government is determined to press ahead with the regulation in a practical manner; the new law is not just cosmetic works,' he said. To make it work, the authorities had lengthened the grace period and allowed some proper windows facing a light well, he said.
