Can Hong Kong's IPO boom plug the hole in the city's floundering office market?
Advertisement
KGI Financial Holding's expansion in Hong Kong has breathed new life into the city's struggling commercial real estate sector, with the Taiwanese financial firm leasing about 40,000 sq ft of space in the central business district.
Managing nearly US$135 billion of assets, the diversified financial group has expanded its existing securities and venture operations, and more recently opened the first overseas branch of
KGI Bank , burnishing the city's image as a global financial hub.
'As an international financial centre, Hong Kong boasts of highly developed financial infrastructure and professional services,' said Kate Lin, president of KGI Bank. 'Its capital markets and financial industry are well-established, offering abundant funding support to businesses across various sectors.'
The Hong Kong branch 'marks an important milestone for KGI Bank in developing overseas markets', Lin said in a written reply to the Post, as it sought deeper collaboration with other units in the group on cross-border capital management, financing and wealth management solutions for corporate and high-net-worth clients.
A foggy view of Central, Hong Kong's main central business district. Photo: Eugene Lee
The group, through KGI Securities, spent about HK$4 million (US$509,561) a month to rent the 33rd and 34th floors of
One Pacific Place , the former headquarters of Swire Pacific – the parent of Swire Properties – which owns the 36-storey grade A office tower, according to sources.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
4 hours ago
- South China Morning Post
Trump says US-China deal ‘very close', links agreement to Xi Jinping meeting
US President Donald Trump said he was 'getting very close to a deal' with China to extend the trade truce that saw the two countries agree to reduce tit-for-tat tariff hikes and ease export restrictions on rare earth magnets and certain technologies. 'It's not imperative, but I think we're going to make a good deal,' Trump said in an interview with CNBC, adding that the US was 'getting along with China very well'. Still, Trump downplayed the notion that he was eager for a meeting with Chinese President Xi Jinping, saying he would only want to see his Chinese counterpart as part of an effort to conclude trade negotiations. 'I'll end up having a meeting before the end of the year, most likely, if we make a deal,' Trump said. 'If we don't make a deal, I'm not going to have a meeting.' 'It's a 19-hour flight – it's a long flight, but at some point in the not too distant future, I will,' Trump added. A preliminary deal between the US and China is set to expire on August 12. That initial truce eased worries of a tariff war that threatened to choke off bilateral trade between the world's two largest economies and also gave the countries more time to discuss other unresolved issues such as duties tied to fentanyl trafficking. Last week, US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met in Stockholm – the third round of trade talks between the US and Beijing in less than three months.
South China Morning Post
4 hours ago
- South China Morning Post
China's online gender wars won't stop without space for healthy debate on social issues
Chinese social media has a unique ecology. On one hand, it is strictly controlled and censored . On the other hand, it has the world's largest number of users, and many are willing to get feisty about the topics they are allowed to debate online. Making this ecology even more complex are the huge commercial benefits involved. According to Chinese government statistics, there were about 1.1 billion internet users last year, and experts believe most use social media. That also means there is an enormous market for online sales, advertising, online entertainment as well as cash rewards for influencers. Boosting traffic is the primary goal for many platforms and bloggers. Many of them hire online marketing operators to devise strategies to attract traffic to influencers' accounts and social media platforms. The traffic brings big business opportunities, such as live-streaming marketing and advertisements. Because of different forces at play, there are two extremes among Chinese social media posts. For topics that are politically sensitive, posts typically reflect the government line as dissident views are either not allowed or punished. But for areas that the government may deem too trivial for intervention, Chinese internet users may find a window to be expressive, and some also use these windows to vent their emotions and grievances.
South China Morning Post
4 hours ago
- South China Morning Post
Alibaba seeks to reclaim e-commerce dominance in China with cross-service loyalty scheme
Alibaba Group Holding is set to launch a new membership programme spanning a range of services from an online marketplace to food delivery and travel booking, according to Chinese media reports and a person with knowledge of the matter, as the tech giant strives to recapture its leading position in China's competitive e-commerce market. Advertisement Alibaba's e-commerce group, led by Jiang Fan , will provide members of Taobao – China's largest online marketplace – with subsidised access to various other company services, including the on-demand delivery app online travel agency Fliggy and grocery chain Freshippo, according to Chinese media reports. The development was first reported by Chinese financial news portal A source, who declined to be named as the information is not public, confirmed the programme's coming launch. Alibaba, owner of the Post, did not respond to a request for comment on Tuesday. An delivery man in Beijing. Photo: Simon Song The planned move would follow the merger of and Fliggy into the e-commerce group. Initiated in late June, the restructuring 'marks a strategic upgrade from an e-commerce platform to a comprehensive consumer platform', Alibaba CEO Eddie Wu Yongming said in a letter to employees. Advertisement According to Sina's report, Alibaba also planned to enhance its 88VIP membership scheme, which offered benefits like free delivery for returns. Touted as China's largest paid e-commerce loyalty programme, it had more than 50 million subscribers as of March.
