News
Jinmao Property Services shares slump in Hong Kong trading debut
- 2022-03-10
- Business
- The Young Reporter
- By: REN Ziyi DavidEdited by: Peggy Ye Pei Shin
- 2022-03-10
Shares of Jinmao Property Services Co.(00816), a Chinese property management company, plunged as much as 36% to HK$5.21 on its first trading day, as China's real estate markets remained under pressure. The company’s shares closed at HK$5.8 today, dropping 29% from its initial public price of HK$ 8.14. Jinmao Service was offering 101 million shares at a price ranging from HK$7.52 to HK$ 8.14, with a goal to raise up to HK$ 759.6 million. The share price was down as much as 6.1% to HK$7.6 in Gray Market trading on Wednesday, data compiled by Bloomberg Terminal shows. "The property services industry follows the trend of the housing market," said Steven Wong, the Portfolio Manager of Harris Fraser, "property services could be overvalued if property sales are weak." China's property market faces a great setback under Beijing's regulation as real estate companies have difficulties in paying debt, such as the default of property tycoon China Evergrande. Jinmao’s business scale is relatively small compared to other leading companies. Its managed area exceeds 23 million square metres in mainland China, including 20 provinces and 35 cities by September 2021, while Country Garden Services (06098) provides ten times more services, covering 644 million square metres by June 2021. Jinmao Property Services’ net profit increased from RMB 23 million yuan in 2019 to RMB 77 million yuan in 2020, while the net profit ratio was 8.2%, below that of Country Garden Services (06098), which is 17.2%. Meanwhile, the company's average management fee was RMB5.4 per square metres per month, higher than the average listing peer RMB3.8 yuan, according to a research report finished in 2022. Country Garden Services slipped 4.3% to HK$38.6 per share today. China Jinmao Holdings Group(00817), the parent company of Jinmao Property Services, which relies on real estate and hotel operations, recorded …
TYR investigation: mainland housing agency u-turn on student evictions; failed payments to landlords
- 2022-03-10
- Society
- The Young Reporter
- By: Nicholas Shu、Leona Liu、Kylie Wong、Nick YangEdited by: Malick Gai
- 2022-03-10
At least 113 mainland students from seven Hong Kong universities were threatened with eviction notices on March 2, The Young Reporter has found. The students rent accommodation from Gang Piao Jia Management Limited, a Shenzhen-based housing agency that provides services to mainland students studying in Hong Kong. Its mode of operation is renting apartments from landlords and then re-renting them to students. The Estate Agency Authority of Hong Kong said in its reply to students that Gang Piao Jia and companies related to it are not on the licence list. The students received the eviction notices via text messages on WeChat from staff members of Gang Piao Jia. One staff member, under the name Xiao Cute Cute, messaged students that “there is a shortage of medical facilities in Hong Kong and many people who have tested positive [for Covid-19] cannot be quarantined at home. Gang Piao Jia has decided to change the use of some of their flats so that people who have tested positive or their close contacts can quarantine there. The students therefore need to move to other low risk accommodation.” Most of the students paid for an entire year’s rent in August last year and have housing contracts until August this year. “I am nervous and mentally tired because I am in the midterm of my semester,” said Nana, a Hong Kong University of Science and Technology student, who only wants to be known as this name. Nana moved into her flat in Residence Oasis Club House in Sai Kung in August last year, signing a 12-month rental contract. She also received the March 2 notice telling her to move, despite having five months left in her lease. “It’s really hard to connect with the staff at Gang Piao Jia. They usually just give meaningless answers in the …
Special needs students fall behind with online learning
- 2022-03-08
- Society
- The Young Reporter
- By: Kelly PangEdited by: Gigi Chong
- 2022-03-08
On a sunny day before Omicron hit Hong Kong, people went about their business as usual, heading outside to meet with friends and family. However, Lilian Wong Ling-yi, a 48-year-old housewife, stayed home to help her son Nolan with his homework. Wong would often repeat the homework content over and over, patiently and gently. Nolan, 13, a student with special needs, diagnosed with autism spectrum disorder, is studying in a mainstream school. Wong said she was sad when the clinical psychologist told her that Nolan had ASD but she understood that first and foremost, she must locate an organisation that could assist her. “A private sector had done training to assist him with the development of his sensory integration and coordination, and interpretation of his feelings but I think it’s not really effective as the training time is too short and it costs too much,” she said. “During the pandemic, Nolan cannot concentrate on online lessons since he, as an ASD student, can hardly focus on electronic devices for lengthy periods as he feels bored. He explores other websites instead of listening to teachers, which makes his learning hard to make progress,” she added. Children have been taking online classes on and off for the last two years during the pandemic, which has brought social and learning difficulties, especially affecting pupils with special education needs. Peer contact and social relationships have been severely restricted because of pandemic. Given the importance of peer contact for well-being and self-esteem, this can have a negative impact on children's social activity as less social contact is especially critical for SEN students, who often struggle to be accepted or integrated into society, according to a British Journal of Educational Psychology. The term "special education needs” reflects the broad and diversified group of children and teenagers …
How NFTs are transforming the art market in Hong Kong and mainland China
- 2022-03-03
- People
- The Young Reporter
- By: Nicholas ShuEdited by: Nicholas Shu
- 2022-03-03
In a Sotheby's auction exhibition in Hong Kong last October, 32 film props used by Hong Kong's legendary film director Wong Kar-wai were displayed in a dimly lighted gallery. Items soon to be auctioned off included a mustard-yellow leather jacket worn by actor Leslie Cheung in the movie Happy Together and a poster with Wong’s autograph. But the surprise, and the star, of the exhibition was clip of Wong’s first NFT video. The complete 91-second video has never been seen except for Wong. It is a behind-the-scenes footage taken from the first day of shooting In the Mood for Love. It features both lead actors warming up before they fully immersed in their characters. “This is the most significant NFT artwork in this auction season,” Kwok Tung-kit, Head of Modern Art at Sotheby's Asia, said. “The highest bidder will become the exclusive owner.” Non-fungible tokens, called NFTs, are digital tokens that can be attached to digital files, such as art, that allow sale and ownership. The technology is based on blockchain, similar to cryptocurrencies such as Bitcoin. Though mainland Chinese authorities are skeptical of digital assets and have treated them as a threat to financial stability, Hong Kong and mainland China are both becoming regional hubs for this new type of investment. In July this year, Tsang Yit-zee, a 23-year-old Hong Kong student, purchased a non-fungible token for an artwork called Bored Ape Yacht Club. She didn’t know at the time that this portrait of a cartoon ape would become one of the world’s most sought-after digital artifacts. Four months later, the price climbed to more than US$260,000 (HK$2 million), more than 30 times what Tsang paid for it. “It is like gold-rush,” Tsang said. Bored Ape Yacht Club was founded by four anonymous developers under the name Yuga Labs. …
Café de Coral shares slightly rebound from post-2008 financial crisis record low as the group stopping dine-in services due to pandemic
- 2022-03-01
- Business
- The Young Reporter
- By: YANG ZhenfeiEdited by: WANG Jingyan 王婧言
- 2022-03-01
The share price of Café de Coral(00341), a Hong Kong fast-food chain, rebounded 2.17% compared to HK$ 11.98 yesterday as the company announced to stop dine-in services in most outlets. However, its shares still decreased nearly six percent in the past five trading days. Café de Coral and its congee restaurant Super Super Congee and Noodles suspended dine-in services and focused on takeaway from March 1, announced the Café de Coral Group on Feb 27. The Group would also adjust the business hours and modes of some casual dining branches. Leung Ke-ting, CEO of Café de Coral Group (Hong Kong), has publicly stated that the suspension on dine-in can reduce crowds in the store, protect the health of customers and employees, and reduce the pressure on employees to go to work. The group’s share fell as much as to HK$ 11.86 today, the lowest since the financial crisis in 2008. Restaurants in Hong Kong struggled to survive as the fifth wave of epidemic hit the city. It is estimated that there may be 5,000 restaurants that suspend business if the regulations are further tightened, said the Hong Kong Federation of Restaurant and Related Trades, reported by local media. LH Group Limited (01978) has suspended the operation of all its restaurants including Gyu-Kaku, Gyu-Kaku Jinan-Bou, On-Yasai, Mou Mou Club, etc. since yesterday. Its shares continued to drop today to HK$0.85, 1.16% lower than the previous close, after it plunged more than 11% to HK$0.82 yesterday morning. Tao Heung Holdings Limited (00573), a chain of Chinese restaurants, announced yesterday that it will be temporarily closed from today until the epidemic eases on Facebook. Its share price decreased 1.19% to a one-year low of HK$ 0.83 today. The government has expanded tightening social distancing rules to at least April 20. It ordered hair …
Government distributes COVID-19 rapid test kits
- 2022-02-28
- Society
- The Young Reporter
- By: Tiffany MaEdited by: Gigi Chong
- 2022-02-28
Starting from today, the Home Affairs Department will distribute COVID-19 rapid test kits to people who live or work in districts where the sewage has tested positive for the coronavirus. Residents, cleansing workers and property management employees working in Kwai Tong, Sha Tin, Sham Shui Po, Eastern District, Kwai Chung and Wong Tai Sin can get the test kits in the relevant designated estates. The government encourages people in those areas who are at risk of infection to get tested, in order to achieve the government’s goal of "early identification, early isolation and early treatment". Wong Ka-lok, 58, a resident who lives in Sau Mau Ping Estate received the test kits after waiting for only five minutes. “I am happy with the arrangement because there is enough staff to help us,” Wong said. Lee Yu-mei, a 66-year-old cleaning worker who works in Chai Wan, Siu Sai Wan Estate. His company demands employees to undergo regular COVID-19 testing. “I hate doing the COVID-19 rapid tests because it makes me feel so anxious waiting for the test result,” Lee said. “I understand that being a cleaning worker is a high-risk job and I may be easily exposed to the virus. That’s why I will do the test.” People who test positive with the rapid test kits can dial the government's 24-hour hotline for "persons tested positive with rapid antigen tests in areas with positive sewage testing results" for assistance, the government stated in a press release today. Also, officials advise infected people with severe symptoms, such as prolonged fever of 38 degree Celsius or shortness of breath, to dial 999 for an ambulance so that they can go to hospital.
BRISBANE -- Southeast Queensland flood causes six deaths, traps over 1,400 homes in Brisbane
- 2022-02-28
- Society
- The Young Reporter
- By: Jayde CheungEdited by: Tracy Leung
- 2022-02-28
Residents from southeast Queensland are trapped by the flood as the city has been engulfed in heavy rainfall since last Friday. The flood is estimated to last until Monday. Six deaths were recorded in Queensland since the flood caused by intense rainfall, one person is missing, reported by local press. The occasional showers on Friday have evolved to rainstorms, precipitation today has peaked to 228.4 mm in Brisbane, totaling up to 518 mm, according to the Daily Weather Observation by the Bureau of Meteorology. The bureau also predicted the rain in south-east Queensland will temporarily stop this Tuesday, but a new wave of rain and storm will begin within two days after the peace. The Brisbane River hit a major flood level of 3.5 metres and will further rise to four metres at 8 a.m. next morning, estimated by the Bureau of Meteorology, Queensland. This would be the second highest flood level since 2011 of 4.46 metres. In view of the flood warnings for surging water level of Brisbane River, the Brisbane City Council activated two northside evacuations centres in the south-east of the city. People from other cities in Queensland including low-lying areas of Ipswich, Grantham and Gympie are evacuated. Public transportation service is hampered in Brisbane, according to the Brisbane City Council. The flood also declined the electricity supply of several regions, according to the outage finder, an interactive online tool that shows the power supply in different regions. Wu Cheuk-hei, a university student, has experienced an outage since afternoon. Her apartment has run out of electricity since this morning. The outage posed challenges to Wu’s living, as she relies on electricity for hot water. “I am wondering if I should take a cold bath if we still do not have electricity tomorrow,” she said. The government of …
Implementation of vaccine pass is in use
- 2022-02-25
- Society
- The Young Reporter
- By: Phoebe Law、Lokman YuenEdited by: Jenny Lam、Jayde Cheung
- 2022-02-25
From Thursday, visitors to a variety of public spaces must produce a vaccine pass this include shopping malls, wet markets and restaurants. Hong Kongers hold different views towards the new implementation.
Vaccine pass kicks in at public venues
- 2022-02-25
- Society
- The Young Reporter
- By: Kate ZhangEdited by: Nola Yip
- 2022-02-25
From today, visitors to government revenues and 23 categories of premises, including restaurants, malls, supermarkets, and wet markets must scan the Leave Home Safe app. The policy applies to everyone aged 12 years and above. The app sounds an alarm if the phone does not show proof of vaccination. Staff at these premises are then required to inform the visitors or ask for proof of exemption. Chan Chui-san, 58, thought it was cumbersome to use the vaccine pass. "The restaurant needs to scan my QR code again after I have scanned the "Leave Home Safe" app, but the scanning equipment in some restaurants are not sensitive, and they wasted my time," Chan said. The scheme will be phased in so that people have ample time to receive a second or third dose of the vaccine. But from 30 April, people aged 18 or above must show at least two doses of the COVID-19 vaccine on their vaccination passes. Premises are divided into two categories for implementation of the scheme, namely “active checking” and “passive checking” premises. At “passive checking” premises, such as shopping malls and department stores, patrons do not need to show their vaccine passes upon entry, but law enforcement officers will conduct spot checks. There are exceptions, for example, people who visit restaurants just to pick up takeaways or retrieve items, or are being tested or vaccinated, and receiving essential government services. People who cannot take the Covid-19 vaccine because of health reasons may be exempted for 3 to 6 months but they need to present a certificate issued by a doctor. Jessie Wong is not vaccinated because she believed her allergies make her unsuitable, but her doctor would not give her an exemption certificate. "I can only plan for getting injections now," she said. The president of …
Budget 2022: Hong Kong budget aims to tighten financial and economic ties with mainland China
- 2022-02-24
- Society
- The Young Reporter
- By: Ziyu Bruce Zhao、Kate ZhangEdited by: Summer Li
- 2022-02-24
Hong Kong’s Financial Secretary Paul Chan Mo-po addressed the HK$170 billion budget for the city in today's speech, with considerable mentions on integrating Hong Kong’s economy into the mainland China market and national-level development. Strengthening Hong Kong as a financial centre to integrate with mainland development Hong Kong will enhance its status as an international financial centre in line with the 14th Five‑Year Plan by strengthening its status as an offshore renminbi hub and asset management centre, the Financial Secretary said in his budget speech today. “In the future, we will explore ways to further expand the channels for the two-way flow of cross- boundary RMB funds, as well as continue to promote the development of offshore RMB products, including introducing more diversified RMB wealth management products and bonds,” Financial Secretary, Paul Chan said . The city launched the Southbound Trading of Bond Connect and the Cross‑boundary Wealth Management Connect Scheme in the Greater Bay Area (GBA) in September last year, which allows individual investors in the mainland to invest in offshore bonds through the Hong Kong bond market according to the Hong Kong Monetary Authority. Chan said the government is exploring more enhancement measures for these investment initiatives, including expanding quotas and scope of eligible investment products, inviting more companies to participate, and improving distribution. The Hong Kong Mortgage Corporation Limited will study and implement a pilot plan for infrastructure financing securitization within the year. According to the plan, the corporation is expected to issue infrastructure financing securitization products worth about HK$ 35.1 trillion (US$450 million) in the institutional market next year. “On the one hand, the local infrastructure financing market will be more vigorous and diversified, and at the same time, market capital will be introduced into high-quality infrastructure projects,” Chan said. Chan also proposed to set up …