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Eli Lilly & Co. has received approval from the Hong Kong government to launch its weight-loss drug, tirzepatide injections branded as Mounjaro, in the region. The drug is intended for long-term weight management and type 2 diabetes. The launch of Mounjaro in Hong Kong may lead to increased demand, potentially attracting customers from mainland China where illegal copies of similar drugs are prevalent. Clinical trials have shown that Mounjaro, when combined with diet and exercise, can result in up to a 25% reduction in body weight, with common side effects including nausea, diarrhea, and decreased appetite. [Extracted from the article]

Las Vegas Sands Corp. is planning to expand its Marina Bay Sands casino resort in Singapore at a cost of $8 billion, more than double the original estimate. The new luxury gaming complex, including a 570-suite hotel, is set to open in early 2031 pending government approval. Sands is focusing on Asia for growth after selling its Las Vegas properties, with the new resort also featuring a 15,000-seat arena and conference space. Despite challenges during the Covid-19 pandemic, Sands reported a profit of $991 million for the three months ending in September 2024. [Extracted from the article]

Hong Kong is taking steps to stimulate its economy by easing mortgage rules and cutting liquor taxes. The government hopes these measures will boost transaction volumes and stimulate nightlife, which has been struggling due to a slowdown in domestic spending and fewer tourists post-Covid. While these efforts may not fully reverse the downward trend in the market, they are part of a broader strategy to revitalize the economy. [Extracted from the article]

Hong Kong plans to relax housing rules and reduce liquor taxes to stimulate economic growth amid China's slowdown. Chief Executive John Lee aims to boost the real estate sector by increasing loan amounts for homebuyers and expanding residency-by-investment programs. The city's economy has faced challenges due to fewer tourists and weak sentiment, prompting these measures to support the services sector. The government's efforts to attract wealthy individuals and stimulate luxury property transactions may provide some relief, alongside recent stimulus measures by Beijing and interest rate cuts by the US Federal Reserve. [Extracted from the article]

Hong Kong plans to expand a program to attract wealthy individuals who purchase luxury homes, aiming to support the real estate sector and maintain its status as a global hub. Chief Executive John Lee announced that the migration program will now include property purchases as part of the required investment, with a lower tax on spirits also introduced to boost spending. The city's economy has faced challenges due to falling real estate prices and sluggish consumption, prompting efforts to attract investors and diversify the economy through measures such as revamping an Innovation and Technology Venture Fund. [Extracted from the article]

Hong Kong plans to expand a program to attract wealthy migrants who purchase luxury homes, aiming to support the city's status as a hub and boost the real estate sector. Chief Executive John Lee announced that property purchases valued at HK$50 million or above would fulfill a third of the required HK$30 million investment for migration. The city's economy has shown growth within the forecast range, but challenges such as falling real estate prices and sluggish consumption persist. To address these issues, Hong Kong is considering lowering taxes on spirits to stimulate sales and is looking to diversify the economy by revamping an Innovation and Technology Venture Fund. [Extracted from the article]

Hong Kong's Chief Executive, John Lee, is expected to focus on boosting the city's economy in his upcoming policy speech. This includes the possibility of cutting a liquor tax to support the nightlife and dining industry. The city's economy has grown within the official forecast range, but falling real estate prices and sluggish consumption have affected sentiment. Lee's administration has taken steps to support the real estate market, and there are plans to attract more investors by revamping an Innovation and Technology Venture Fund. Measures to diversify the economy, such as boosting the medical and biotechnology sector, are also being considered. [Extracted from the article]

Macau's gaming revenue in September exceeded analysts' expectations, rising 15.5% compared to the previous year. The gross gaming revenue reached 17.25 billion patacas ($2.2 billion), returning to 78% of the pre-pandemic level seen in 2019. Despite being lower than the previous month, this increase is attributed to the upcoming Golden Week holiday, which typically attracts more visitors to the gambling hub. While affluent players continue to spend, lower-spending players have shown signs of betting less, although this trend is expected to ease with Beijing's recent economic stimulus measures. Macau reported 3.7 million tourist arrivals in August, reaching pre-pandemic levels for the first time since Covid emerged. [Extracted from the article]

Hong Kong gym chain Pure Fitness has resolved a dispute with its landlord over alleged missed rent payments. The gym, frequented by the city's financial elite, had been sued by Champion REIT for HK$12.7 million ($1.6 million) in missed payments. Pure Fitness, founded in 2002, operates 42 facilities globally and faces competition from smaller, specialized studios. Champion REIT is one of many landlords Low office vacancies and sluggish demand for retail space in Hong Kong. [Extracted from the article]

Adrian Cheng, the scion of one of Hong Kong's wealthiest families, has stepped down as the third-generation leader of New World Development Co., a prominent business dynasty. This move is surprising in a city where real estate families rarely hand over control to outsiders. Cheng's father, Henry Cheng, has taken a more active role in the family's business empire, and the company's chief operating officer, who is not a member of the Cheng family, has been appointed as the new leader. The decision comes as New World faces financial difficulties, with sinking deeper into debt and posting its first annual net loss in 20 years. Cheng's resignation highlights the pressure faced by third-generation successors of family empires, especially during economic downturns. [Extracted from the article]

New World Development Co., a Hong Kong property developer owned by the billionaire Cheng family, is considering replacing CEO Adrian Cheng after the company reported its first annual loss in two decades. Cheng is likely to be replaced by current Chief Operating Officer Ma Siu-Cheung. This move is unusual in Hong Kong's property industry, where succession planning is carefully managed by family-controlled companies. Cheng, a Harvard graduate, has transformed the company with artsy apartment blocks and ambitious projects, but the company's heavy debt and underperforming shares have raised concerns among investors. [Extracted from the article]

New World Development Co., a Hong Kong property developer owned by the Cheng family, is considering replacing Adrian Cheng as CEO after the company experienced its first annual loss in two decades. Cheng may be replaced by current Chief Operating Officer Ma Siu-Cheung. This potential move is unusual in Hong Kong's property industry, where succession planning is carefully managed by family-controlled companies. Cheng, a Harvard graduate, has transformed the company into a brand with artistic apartment blocks and ambitious projects, but the company's high debt level and the challenges faced by some of its projects have raised concerns among investors. [Extracted from the article]

Hong Kong is planning to reduce the tax on spirits in an effort to revive its nightlife, dining, and shopping scenes. The tax reduction is expected to be announced in Hong Kong Chief Executive John Lee's policy address in mid-October. The government is considering a tiered system where more expensive spirits would be taxed less, potentially attracting a higher value clientele. The move is part of Hong Kong's broader efforts to boost sales for restaurants, bars, and retailers, which have been struggling due to a decline in tourism and domestic spending. The city also faces competition from mainland China, Singapore, and Japan as travel and shopping hubs. The planned tax cut aligns with Hong Kong's ambition to become a center for spirits trade and capture a larger share of the global industry. In 2008, Hong Kong removed duties on non-spirits-based alcohol drinks, leading to significant growth in the wine trade. The tax on spirits accounts for a small portion of Hong Kong's overall revenue from duties. [Extracted from the article]

Luxury brands such as LVMH's Loewe, Kering SA's Saint Laurent and Balenciaga, and Prada SpA are expanding their presence in the K11 Musea mall in Hong Kong. The mall, owned by billionaire Henry Cheng's New World Development Co., is betting on a rebound in the city's premium retail sector to help alleviate property-market woes. Other brands, including Brunello Cucinelli SpA, Van Cleef & Arpels, and Audemars Piguet Holding SA, are also planning store upgrades in the mall. The expansion is seen as a sign of New World's turnaround plans after the company issued a warning of expected losses due to the decline in property values in Hong Kong. [Extracted from the article]

Sheung Shing Chiu Chow Seafood Restaurant in Hong Kong is a popular dining spot for the city's wealthy and famous individuals. The restaurant recently relocated to Central from Sheung Wan and offers a spartan interior with a lively atmosphere. Despite its wealthy clientele, the restaurant remains affordable, with a meal for three costing HK$1,250 ($160). The decor has improved from its previous location, and the service is attentive, with traditional tea ceremonies and free dessert. The restaurant specializes in Chiu Chow cuisine, with standout dishes including soy sauce marinated raw crab, oyster congee, and fried baby oyster with scrambled egg. The restaurant is not suitable for a romantic candlelit dinner but offers private rooms for more discreet meetings. Overall, Sheung Shing Chiu Chow Seafood Restaurant provides an authentic dining experience and is highly recommended for those looking to try Chiu Chow cuisine. [Extracted from the article]

Chow Tai Fook Jewellery Group, China's largest jewelry retailer, has appointed Gabriela Ferreira, a former executive at LVMH's fashion brand Loewe, to lead its global expansion and attract luxury shoppers. Ferreira will focus on enhancing the brand's desirability and overseeing its product mix and sales channels in Southeast Asia and other markets. Chow Tai Fook is undergoing a transformation from a traditional gold jewelry retailer to a luxury accessories brand, as it faces challenges from surging gold prices and a consumer spending slump in China. The company hopes that a revamped image and expansion into Southeast Asia will attract wealthy shoppers and tap into fast-growing tourism and middle-class consumer markets. [Extracted from the article]

According to a report by data consultancy Re-Hub, China's gray market, where brand new authentic products are sold at discounted prices, is outperforming the official sales channels of luxury brands in the country's e-commerce space. For brands like Moncler, Canada Goose, Cartier, and Van Cleef & Arpels, sales on China's largest gray market platform, Dewu, were significantly higher than on official platforms like Tmall. This trend is impacting the profit margins of luxury giants like LVMH and Kering SA. The growing popularity of the gray market is attributed to consumers buying high-end items at steep discounts from overseas, bypassing domestic channels. Some brands have implemented measures to combat the growth of the gray market. [Extracted from the article]

Macau's gaming revenue increased by 14.8% in August, surpassing expectations due to higher demand for entertainment during China's summer vacation. Gross gaming revenue reached 19.8 billion patacas ($2.5 billion) for the month, which was 6.2% higher than July and about 80% of pre-pandemic levels. The rise in revenue was attributed to increased travel demand from mainland Chinese tourists, who make up the majority of visitors to Macau. However, the city is also facing a new round of crackdowns targeting money exchangers as Beijing aims to curb capital outflows and money laundering. Macau officials are planning to introduce a provision that could result in up to five years imprisonment for those who exchange or lend money to gamblers without authorization. The city's former top judge has also expressed concerns about the economic dominance of the casino industry and called for diversification. [Extracted from the article]

Hong Kong billionaire Henry Cheng's family office has appointed his son, Christopher Cheng, as co-CEO, marking the latest development in the family's succession plan. Christopher Cheng will oversee North Asia investments for Chow Tai Fook Enterprises, while Patrick Tsang, an in-law to the family, will head the Americas, Australia, and Europe. Gilbert Ho, co-CEO of NWS Holdings Ltd., will handle corporate functions and operations. The family has been involved in a succession saga, with Henry Cheng stating that he is still searching for an heir and may consider outside talent. Four of Cheng's children now hold key positions in the family's business empire. [Extracted from the article]

Abercrombie & Fitch, a popular American apparel retailer, is planning to make a comeback in Hong Kong after closing its flagship store in the city eight years ago. The company will rent two large stores in prime locations, one in Hysan Place and the other in New Town Plaza. This move is part of a trend of global fashion companies seeking larger stores in Hong Kong due to falling property prices and the city's stronger spending power. Abercrombie's stock price has soared over the past year, making it one of the retail world's most successful turnaround stories. However, the company's recent earnings report fell short of investor expectations, causing a decline in its stock price. Before its transformation, Abercrombie was involved in scandals related to product designs and discrimination. Other fashion groups, such as Mango and Prada, are also expanding in Hong Kong. [Extracted from the article]

A former judge in Macau, Sam Hou Fai, has expressed concerns about the dominant role of casinos in the local economy. He believes that the industry has expanded in a disorderly manner and has had a negative impact on the city's long-term development. Sam argues that the expansion of casinos has strained society's resources and limited career choices for young people. These comments come as Beijing cracks down on money laundering and capital outflows in Macau. The current chief executive, Ho Iat Seng, will not seek another term, and Sam is expected to become his successor. [Extracted from the article]

Sephora, a cosmetics retailer owned by LVMH, is cutting around 10% of its staff in China as it tries to turn around its loss-making operation in the country. The company has fired office and store staff and convinced others to resign, affecting approximately 10% of its 4,000 employees in China. Sephora has been struggling to expand in China, a market that is considered crucial for LVMH's global sales target. The brand has incurred significant losses in recent years and faces challenges from cheaper local brands and the dominance of online shopping in China. [Extracted from the article]

Sephora, a cosmetics retailer owned by LVMH, is cutting around 10% of its staff in China in an effort to turn around its loss-making operation in the country. The company has fired both office and store staff and some senior executives have also left. Sephora has been struggling to expand in China, a market that is considered crucial for its global sales target. The brand has faced challenges in China due to competition from cheaper local brands and the dominance of online shopping. [Extracted from the article]

Pure Fitness, a gym chain in Hong Kong popular among the city's financial elite, is being sued by a landlord for unpaid rent and management fees. The lawsuit claims that Pure Fitness owes HK$12.7 million ($1.6 million) excluding interest. Pure Group, the parent company of Pure Fitness, stated that they have been in discussions with landlords for rental reviews during the challenging economic cycle, and most landlords have been understanding and supportive. The lawsuit does not affect the normal operations of Pure Fitness. The gym operator faces competition from smaller, specialized studios and is operating in a market with rising office vacancies and sluggish demand for retail space. [Extracted from the article]

CK Hutchison Holdings Ltd., a Hong Kong conglomerate founded by billionaire Li Ka-shing, has reported a 9% drop in net income for the first half of the year. The company plans to pursue more deals with long-term value to navigate increasing geopolitical and financial market risks. CK Hutchison's diversified operations across the world aim to reduce risks, but a global economic slowdown and rising tensions have affected key profit drivers. The company has been active in closing deals, particularly in the infrastructure and telecommunications sectors. Its sister company, CK Asset Holdings Ltd., reported a 17% decline in net income during the same period. Persistently high interest rates and a glut of apartments are expected to continue weighing on property prices in Hong Kong. [Extracted from the article]

CK Hutchison Holdings Ltd., a Hong Kong conglomerate founded by billionaire Li Ka-shing, reported a 9% decline in profit for the first half of the year. The company cited global challenges such as high energy prices and weakening consumer sentiment as factors contributing to the decline. CK Hutchison's diversified operations across the world were meant to reduce risks, but a global economic slowdown has affected key profit drivers in retail, infrastructure, and ports. Weak consumer spending in Europe, the company's largest market, and China's economic slowdown have also impacted the conglomerate's businesses. [Extracted from the article]

Spanish fast-fashion label Mango has rented a 19,000-square-foot store in Hong Kong's Central district, attracted by lower rent prices. The new store, located at Asia Standard Tower on Queen's Road Central, will be Mango's second location in Hong Kong. The rent for the new store is about 20% below pre-Covid levels and 60% lower than the peak rent recorded in 2014. This move by Mango is seen as a sign that global brands are regaining confidence in Hong Kong, which has seen falling prices in its real estate market. The city has relaxed visa rules to attract skilled workers and has seen an influx of middle-class residents from mainland China, which has helped boost local spending. Major landlords in premium shopping districts are hoping that multinational brands will fill empty stores and support rent prices. [Extracted from the article]

Shares of Macau casino operators have declined as the city plans to criminalize illegal money-exchange activities, which are commonly used by Chinese players to bypass capital controls. The move is part of Beijing's efforts to crack down on capital outflow through gambling in Macau. While it is unclear how many gamblers use money exchangers in Macau, over 10,000 individuals conducting such businesses were detained last year, indicating significant demand for these services. The crackdown on illegal money-exchange activities is seen as a way to prevent capital flight as China faces an economic slowdown. [Extracted from the article]

A unit of China Evergrande Group, Guangzhou Kailong Real Estate, is facing a liquidation petition over an unpaid investment of 200 million yuan ($27.9 million) and related interest. The petition was filed by Guangdong Vanward New Electric Co. on August 5th to a court in mainland China. Kailong was ordered by an arbitration court to pay Vanward the investment sum and an annual interest of 10%, as well as an arbitration fee of over 1.4 million yuan. This development comes after liquidators of Evergrande sought to recover $6 billion in dividends and remuneration from several defendants, including the group's founder and his ex-wife. [Extracted from the article]

China Evergrande Group and its liquidators are seeking to recover $6 billion in dividends and remuneration from seven defendants, including the company's founder Hui Ka Yan. The amount is based on allegedly misstated financial statements from 2017 to 2020. Injunctions have been obtained to prevent the defendants from disposing of their assets. The outcome of the proceedings is uncertain, and Evergrande's shares remain suspended from the Hong Kong Stock Exchange. [Extracted from the article]

Hong Kong businesses are adapting to significant changes in the city's economy, including an exodus of foreign and local professionals and an influx of mainland Chinese clients. Many businesses are now targeting social media platforms popular in mainland China, such as Xiaohongshu, and embracing Mandarin as a language of communication. The government has introduced a new visa program to attract skilled workers, with mainland Chinese making up the majority of approved applicants. The changes are also impacting the restaurant and property markets, with closures of expat-favored establishments and a concentration of mainland Chinese buyers in certain districts. [Extracted from the article]

Prada is set to open a new 8,000-square-foot store in Hong Kong's K11 Musea luxury shopping mall. This will be Prada's first major new store in Hong Kong in years, following the closure of its flagship store in Causeway Bay in 2020. The new store is expected to open early next year and will be partly based on store sales. The move reflects a trend of luxury brands returning to Hong Kong's core business districts due to lower property prices. Hong Kong's high-end shopping malls are investing in upgrades to attract wealthy residents and mainland tourists. [Extracted from the article]

Hong Kong-based designer Vivienne Tam is incorporating Chinese elements into her latest collections to appeal to consumers in China. Tam, who was born in mainland China and raised in Hong Kong, has seen a shift in Chinese consumers embracing their cultural identity and seeking traditional styles. This comes as global fashion houses face scrutiny and competition in China, with local brands gaining market share. Tam, who has a unique position bridging the East and West, is focusing on the Chinese market for her comeback after closing several stores during the pandemic. [Extracted from the article]

Hong Kong residents made over 1.1 million trips to the rest of China during a recent three-day holiday, putting additional strain on local businesses already struggling due to the pandemic. This surge in outbound travel highlights Hong Kong's ongoing struggle to regain its status as a regional tourism and retail hub following years of political unrest and Covid restrictions. Meanwhile, tourist arrivals to Hong Kong remain low, with only about 345,000 visitors during the holiday, a 36% decrease compared to 2019. Nearby mainland cities like Shenzhen and Zhuhai are attracting Hong Kong residents with more shopping and entertainment options at lower prices. China has also eased visa restrictions for long-term foreign residents of Hong Kong, allowing them to enter the mainland more easily. [Extracted from the article]

Macau's gaming revenue slowed down in June due to a lack of long holidays and cautious sentiment among Chinese tourists. Gross gaming revenue for the month rose 16.4% from the previous year to 17.7 billion patacas ($2.2 billion), which was lower than analysts' estimates. The decline in spending by Chinese visitors, as well as the absence of the high-roller market, contributed to the slowdown. Macau casinos have been offering freebies to attract more tourists, but regulatory risks and crackdowns on illegal money exchanges and loan sharks continue to pose challenges for the industry. [Extracted from the article]

Chinese visitors to Hong Kong and Macau will soon be allowed up to 15,000 yuan ($2,064) of duty-free shopping, double the current limit, in an effort to support the cities' recovery from the impact of Covid-19. The new measure, effective from July 1, is expected to bring significant spending to Hong Kong and inject billions into its economy. Both Hong Kong and Macau have experienced a slowdown in their retail and tourism industries, and this increase in duty-free shopping is aimed at stimulating economic growth. Macau, in particular, is shifting its focus to the mass-tourist market after a crackdown on high-rollers. [Extracted from the article]

Hong Kong is facing concerns over its ability to maintain its status as a global financial hub due to a significant number of overseas judges resigning from the city's top court. Since the imposition of a national security law in 2020, eight out of 15 overseas judges have either resigned or chosen not to renew their terms. This has raised worries among foreign companies about the future of the rule of law in Hong Kong and the potential impact on business interests. The departure of these judges has led to increased scrutiny on the remaining foreign judges and the distinction between Hong Kong and mainland China. [Extracted from the article]

Chinese tourists will soon be allowed to engage in more duty-free shopping in Hong Kong, as the Chinese government plans to increase the purchasing limit by up to six times its current amount. The duty-free shopping quota, currently set at 5,000 yuan, will be raised to a value "lower than 30,000 yuan." This measure aims to revitalize Hong Kong's struggling retail sector, as the city has been facing competition from nearby destinations such as Hainan and Macau. Additionally, mainland Chinese tourists have shifted their focus from luxury goods to sightseeing and dining in Hong Kong due to economic factors. [Extracted from the article]

Hong Kong's largest cosmetics chain, Sa Sa International Holdings Ltd., is planning to expand in mainland China and Southeast Asia to compensate for the slow recovery of its home market due to the Covid-19 pandemic. The company's Chief Financial Officer, Danny Ho, stated that sales in Hong Kong and Macau may only reach around 70% of pre-pandemic levels even after three years. The decline in Hong Kong's retail sector is attributed to political unrest, the impact of Covid-19, and competition from destinations like Hainan and Macau. Sa Sa reported lower-than-expected earnings for the year, leading to revised profit estimates by Citigroup Inc. [Extracted from the article]

MGM China Holdings Ltd. is considering expanding one of its casino resorts in Macau to attract customers beyond high rollers. The expansion would include a new wellness-themed building with additional hotel rooms, spas, and health treatment services. This project is part of MGM's efforts to enhance its non-gaming offerings and appeal to mass-market tourists. MGM's market share of gaming revenue has increased, and the company is known for its aggressive promotions, such as offering free snacks to players. [Extracted from the article]

Luxury brands are offering unprecedented discounts on their products in China as they struggle with unsold inventory and a decline in consumer spending. Balenciaga, Versace, Givenchy, and Burberry are among the brands slashing prices by more than half on platforms like Tmall. This price war is a departure from the usual strategy of luxury brands, which typically sell discounted items through outlet malls or private sales. The discounts reflect the challenges faced by global fashion houses in China, where an economic slowdown and frugal middle-class consumers are impacting sales. [Extracted from the article]

Richemont's luxury e-commerce platform, Yoox Net-A-Porter (YNAP), is exiting the Chinese market due to weak consumer spending. YNAP plans to focus on its core and more profitable regions instead. The operator of Net-A-Porter in China, a joint venture between YNAP and Alibaba Group Holding Ltd., called Feng Mao, is in liquidation. China's middle class, a significant source of revenue for luxury brands, has become more cautious about spending due to the country's economic downturn. Some luxury brands have been impacted by high returns and cancellation rates on e-commerce platforms, leading to discounts to boost sales. Richemont is still looking to sell a majority stake in YNAP after a previous agreement fell through. [Extracted from the article]