Tag Archives: China

     The Sales of First-hand Residential Properties Authority (SRPA) today (March 11) successfully prosecuted a first-hand residential development vendor for contraventions of the Residential Properties (First-hand Sales) Ordinance (the Ordinance). The vendor was charged with three counts of offences for (i) failure to contain in the agreement of sale and purchase the provisions as set out in Schedule 7 of the Ordinance; (ii) failure to provide an electronic copy of the Register of Transactions available for inspection on the designated website for the development, and (iii) failure to provide an electronic copy of the Register of Transactions to the SRPA as soon as practicable after an entry had been made into the Register of Transactions, contravening Section 55(2), Section 60(2) and Section 60(4) of the Ordinance respectively. The vendor pleaded guilty to the above offences and was convicted and fined $26,000 at Kwun Tong Magistrates’ Courts today. The development concerned is located at Pok Fu Lam, Hong Kong.

     “The SRPA has long been taking a three-pronged approach to enforce the Ordinance, i.e. to step up compliance checks, inspections, as well as collection of required evidence for prosecutions; to continuously improve the trade’s compliance with the Ordinance; and to foster public awareness of the Ordinance. The SRPA will take action seriously and carry out investigations on any suspected cases of contravention of the Ordinance to further enhance the transparency and fairness of the sales of first-hand residential properties, protect the interests of purchasers, as well as provide a level playing field for vendors,” a spokesman for the SRPA said.
 
     Details of the case have been uploaded onto the SRPA’s website at www.srpa.gov.hk/en/prosecution-cases.html for public inspection. read more

The following is issued on behalf of the Hong Kong Monetary Authority:      Exchange Fund Bills tender results:   Tender date : March 11, 2025 Paper on offer : EF Bills … read more

     The Census and Statistics Department (C&SD) released today (March 11) the results of the Monthly Survey on Business Situation of Small and Medium-sized Enterprises (SMEs) for February 2025.
 
     The current diffusion index (DI) on business receipts amongst SMEs decreased from 43.1 in January 2025 in the contractionary zone to 42.1 in February 2025, whereas the one-month’s ahead (i.e. March 2025) outlook DI on business receipts was 45.8. Analysed by sector, the current DIs on business receipts for many surveyed sectors dropped in February 2025 as compared with previous month, particularly for the logistics (from 38.5 to 36.3) and retail trade (from 41.9 to 39.9).
       
     The current DI on new orders for the import and export trades decreased from 46.1 in January 2025 to 45.9 in February 2025, whereas the outlook DI on new orders in one month’s time (i.e. March 2025) was 47.3.
 
Commentary
 
     A Government spokesman said that overall business sentiment and employment situation among SMEs eased in February.  Yet, their overall expectations on the business situation in one month’s time turned better.
 
     The spokesman added that uncertainties in the external environment would continue to pose negative impacts to the business environment, while the expected loosening of global financial conditions, the Central Government’s roll-out of various measures to boost the Mainland economy, together with the Special Administrative Region Government’s proactive efforts to promote economic development should provide support. The Government will monitor the situation closely.
 
Further information
 
     The Monthly Survey on Business Situation of Small and Medium-sized Enterprises aims to provide a quick reference, with minimum time lag, for assessing the short-term business situation faced by SMEs. SMEs covered in this survey refer to establishments with fewer than 50 persons engaged. Respondents were asked to exclude seasonal fluctuations in reporting their views. Based on the views collected from the survey, a set of diffusion indices (including current and outlook diffusion indices) is compiled. A reading above 50 indicates that the business condition is generally favourable, whereas that below 50 indicates otherwise. As for statistics on the business prospects of prominent establishments in Hong Kong, users may refer to the publication entitled “Report on Quarterly Business Tendency Survey” released by the C&SD.
 
     The results of the survey should be interpreted with care. The survey solicits feedback from a panel sample of about 600 SMEs each month and the survey findings are thus subject to sample size constraint. Views collected from the survey refer only to those of respondents on their own establishments rather than those on the respective sectors they are engaged in. Besides, in this type of opinion survey on expected business situation, the views collected in the survey are affected by the events in the community occurring around the time of enumeration, and it is difficult to establish precisely the extent to which respondents’ perception of the business situation accords with the underlying trends. For this survey, main bulk of the data were collected around the last week of the reference month.
 
     More detailed statistics are given in the “Report on Monthly Survey on the Business Situation of Small and Medium-sized Enterprises”. Users can browse and download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080015&scode=300).
 
     Users who have enquiries about the survey results may contact Industrial Production Statistics Section of the C&SD (Tel: 3903 7246; email: sme-survey@censtatd.gov.hk). read more

     Business receipts in value terms of most of the major service industries showed increases of varying magnitudes in the fourth quarter of 2024 when compared with the fourth quarter of 2023, according to the provisional figures of business receipts indices released today (March 11) by the Census and Statistics Department (C&SD).
 
     Comparing the fourth quarter of 2024 with the fourth quarter of 2023, double-digit increases were recorded in business receipts indices of the financing (except banking) (+36.3%), insurance (+17.9%) and transportation (+10.6%) industries. On the other hand, the wholesale industry recorded a decrease of 8.3% in business receipts index during the same period.
 
     Analysed by service domain, business receipts index of the computer and information technology services domain increased by 21.4% year-on-year during the same period, while that of the tourism, convention and exhibition services domain also increased by 4.3% year-on-year.
 
     On a seasonally adjusted quarter-to-quarter comparison, business receipts in value terms of many major service industries recorded increases of varying magnitudes in the fourth quarter of 2024 when compared with the third quarter of 2024. In particular, double-digit increases were recorded in business receipts indices of the financing (except banking) (+20.9%) and accommodation services (+17.5%) industries. On the other hand, business receipts index of the banking industry decreased by 3.8% during the same period.
 
     Analysed by service domain, comparing the fourth quarter of 2024 with the third quarter of 2024 on a seasonally adjusted basis, business receipts index of the tourism, convention and exhibition services domain increased by 4.5%, whereas that of the computer and information technology services domain decreased by 3.8%.
 
     For 2024 as a whole, most of the major service industries recorded year-on-year increases in business receipts. Double-digit increases were recorded in business receipts indices of the transportation (+13.8%), financing (except banking) (+12.5%) and insurance (+12.2%) industries. On the other hand, business receipts index of the retail industry decreased by 7.3% as compared with 2023.
 
    Analysed by services domain, business receipts index of the computer and information technology services domain increased by 52.2%, while that of the tourism, convention and exhibition services domain also increased by 7.0% during the same period.
 
Commentary
 
    A Government spokesman said that business receipts of most service industries increased in the fourth quarter of 2024 over a year earlier. In particular, business receipts of the financing (except banking), insurance and transportation industries recorded double-digit increases.
 
     Looking ahead, business of the service industries as a whole should continue to expand. Steady global economic growth, in particular sustained stable growth in the Mainland economy thanks to the strong policy support by the Central Government, would provide support to businesses, though some sectors might be more affected by the uncertainties stemming from escalating trade protectionism in the United States. Locally, improved sentiment in the financial market and sustained growth of employment income, together with the Hong Kong Special Administrative Region Government’s initiatives to promote economic growth and development, will continue to bode well for various service industries. 
 
Further information
 
     Table 1 presents the business receipts indices and their corresponding year-on-year rates of change in respect of selected service industries and service domains for the recent five quarters, while Table 2 shows the corresponding quarter-to-quarter rates of change in the business receipts indices for the recent five quarters based on the seasonally adjusted series.
 
     The revised figures of business receipts indices for the fourth quarter of 2024 will be released at the website of the C&SD (www.censtatd.gov.hk/en/web_table.html?id=660-69001) on April 17, 2025.
 
     Data for compiling the business receipts indices are mainly based on the Quarterly Survey of Service Industries conducted by the C&SD, supplemented by relevant data provided by the Hong Kong Monetary Authority and the Hong Kong Tourism Board.
 
     A service domain differs from a service industry in that it comprises those economic activities which straddle different industries but are somehow related to a common theme. It may include all activities carried out by all establishments in a service industry that is closely related to the domain. For a service industry that is less closely related, however, only a portion of the establishments in the industry or even only part of the economic activities of the establishments is related to the domain. Taking the tourism, convention and exhibition services domain as an example, it includes all services of convention and exhibition organisers, short-term accommodation services and services of travel agents, and some of the services (only those involving visitors as customers) of restaurants, retailers and transport operators.
 
     The classification of service industries follows the Hong Kong Standard Industrial Classification Version 2.0, which is used in various economic surveys for classifying economic units into relevant industry classes.
 
     More detailed statistics are given in the report “Quarterly Business Receipts Indices for Service Industries, Fourth Quarter 2024”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080006&scode=520).
 
     For enquiries about the business receipts indices, please contact the Business Services Statistics Section of the C&SD (Tel: 3903 7274 or email: business-receipts@censtatd.gov.hk). read more

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by China Construction Bank (Asia) Corporation Limited relating to fraudulent websites and internet banking login screens, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.

     The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).

     Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the websites or login screens concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012. read more