But at least we’re arresting seditious harmonica-players

Hong Kong’s Hang Seng Index dips below 18,000. Interest-rate rises threaten the property market. The city loses a number-three financial hub ranking to Singapore (as its share of Asian IPOs slumps to 7%). Consumers flock to outlets selling cheap lunch boxes. And the Financial Secretary expects the city to end the year in recession.

In the past, cool heads would be buying stocks now on the assumption that everything would be back to booming business as usual in a couple of years. But that was when China’s growth potential looked boundless. CSIS on the big financial picture

One asset class after another has become unsafe for investment, starting with peer-to-peer lending networks in 2018 and continuing with corporate bonds, local state-owned companies, trust companies, smaller commercial banks, and property developers.

Andy Xie in the SCMP on the end of China’s property bubble…

With about 7 billion square metres in residential property under construction and unsold, if every marriage leads to a property purchase and the number of marriages doesn’t fall further, it would still take about 10 years to digest the inventory. Given that both assumptions are wildly optimistic, and that land banks, meanwhile, will only add to the inventory, it will be a long slog before the market returns to stability.

With Mainland ‘integration’ a political imperative, there’s no chance of Hong Kong carving out a new role of its own. 

Title of Paul Chan’s next Budget speech: ‘Seizing Limpest-Ever Bounce-Back Opportunities’.

We have NatSec-driven emigration. We have Covid restrictions-driven emigration. Now add plain economy-driven flight.

Just in: Chief Executive John Lee calls on ‘patriotic’ journalists to tell more good Hong Kong stories.

Not Bitcoin – Link REIT.

Also just in: a clip of CX’s fleet these days.

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6 Responses to But at least we’re arresting seditious harmonica-players

  1. Mary Melville says:

    But who would have the balls to correlate the plunge in the economy with the intro of rule by patriots?

  2. Low Profile says:

    Re the CX video, it seems it’s not only motorists who can’t afford Hong Kong’s exorbitant parking fees.

  3. justsayin says:

    @mary melville good point… 2019 seems to be the absolute chart top…

  4. Sam Clemens says:

    Hong Kong’s loss to Singapore of the status as the No. 3 financial centre in the world and the No. 1 financial centre in Asia is a big deal and potentially disastrous.

    It is more than just another rigged Heritage Foundation ranking.

    When the presence of financial market participants and the weight of their money shift decidedly in a new direction it is a very difficult process to reverse, and human capital and investment capital will surely follow.

  5. Kwun Tong Bypass says:

    No worries, let all mahfahn people abandon the seemingly sinking. And once they are all gone there are plenty well-conditioned patriot ROBOTS running on XJP software waiting in the GBA to take their place.
    And by 2027, the year of the coronation of the new Emperor, the “Peral of The Orient” will shine again, with a patriotic halo.
    That’s the plan, I think.

  6. asiaseen says:

    O/T but the BBC shows its abysmal lack of meteorological knowledge:

    Category 3 Typhoon Noru is travelling at speeds of 195 km/h (120 mph) as it heads towards Luzon, the country’s main island, after what forecasters called an “explosive intensification”.

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