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World U.S. to Sell Hong Kong Consulate Housing Amid Rising Tensions

10:20  01 june  2020
10:20  01 june  2020 Source:   bloomberg.com

Horror in Hong Kong after Beijing's announcement to impose national security law

 Horror in Hong Kong after Beijing's announcement to impose national security law © REUTERS / Tyrone Siu Activists protest new security laws in Hong Kong, China, May 22, 2020. Tired of demanding the adoption of national security laws according to local procedures, Beijing announced its intention to parachute into the Hong Kong Constitution laws on measures destined to quell any protests. Reactions to Hong Kong and explanations of what lies behind this Beijing announcement.

The US government has invited bids for several luxury mansions in the Hong Kong area, one of the world' s most expensive real estate markets, as tensions FILE PHOTO: Hong Kong ' s Deep Water Bay, surrounded by Shouson Hill, Brick Hill, Violet Hill and Middle Island © Getty Images / LightRocket

U . S . to Sell Hong Kong Consulate Housing Amid Rising Tension A wave of emigration could erode Hong Kong ’ s attractiveness to multinational companies, hundreds of which rely on local talent to drive their growth across the Greater China region and the rest of Asia.

(Bloomberg) -- The U.S. government is selling its Hong Kong consulate staff quarters, estimated to be worth more than $400 million, amid rising tension over the city’s future.

A general view of luxury residential blocks at Shouson Hill Road, Wong Chuk Hang. 28MAY13 (Photo by K. Y. Cheng/South China Morning Post via Getty Images) © Photo by K. Y. Cheng/South China Morning Post via Getty Images A general view of luxury residential blocks at Shouson Hill Road, Wong Chuk Hang. 28MAY13 (Photo by K. Y. Cheng/South China Morning Post via Getty Images)

The compound is located in Shouson Hill, on the southern side of Hong Kong Island, where some of the city’s richest tycoons, including Li Ka-Shing, own houses. Comprising several apartment buildings spread over almost 95,000 square feet (8,825 square meters) of land, the property is worth between HK$3.1 billion ($400 million) and HK$3.5 billion, according to Vincorn Consulting and Appraisal Ltd.

China in turn threatens the USA with reprisals on Hong Kong

 China in turn threatens the USA with reprisals on Hong Kong HONG-KONG-CHINA-PROTESTATION: China in turn threatens the USA with reprisals on Hong Kong © Reuters / Carlos Garcia Rawlins CHINA THREATS ON IT USA REPRESSIBLES ON HONG KONG BEIJING (Reuters) - China on Monday threatened the United States with retaliation for threats of US sanctions over a Chinese national security bill in Hong Kong.

U . S . Consulate General Hong Kong & Macau. Group photo of the 2017 Fulbright Awardees and representatives from U . S . Consulate General, Research Grants Council, Hong Kong -American Center and Lee Hysan Foundation.

HONG KONG /BEIJING/WASHINGTON (Reuters) - China’ s parliament on Thursday approved a decision to go forward with national security legislation for Hong Kong that democracy activists and Western countries fear could erode the city’ s freedoms and jeopardise its role as a global financial hub.

The moves comes as protests rock Hong Kong and tensions rise between the U.S. and China over new Beijing-backed national security legislation in the city, that critics say will restrict freedoms in the former British colony. President Donald Trump said Friday the U.S. would begin the process of stripping some of Hong Kong’s privileged trade status without detailing how quickly any changes would take effect.

Read more: Trump’s Options to Hit Hong Kong, From Tariffs to China’s Banks

“The State Department’s Bureau of Overseas Buildings Operations regularly reviews the U.S. government’s overseas real estate holdings as part of its global reinvestment program,” a department representative said in an email Sunday. “As part of that program, the State Department has decided to sell the Shouson Hill property.”

China warns US of countermeasures over Hong Kong trading threats

  China warns US of countermeasures over Hong Kong trading threats Beijing has warned the US that it will take "every necessary measure" to protect its interests after a top White House advisor warned that Washington might revoke Hong Kong's special trading privileges if China enacts a tough new security law. China plans to impose legislation on the semi-autonomous city that bans treason, subversion and sedition, officials said in response to months of massive, often-violent pro-democracy protests in the financial hub last year.

A demonstrator waves a colonial-era Hong Kong flag, right, as others hold signs during a lunchtime protest at the International Finance Center (IFC) The U . S . and China traded accusations in a closed United Nations Security Council meeting on Friday to discuss Beijing’ s increasing pressure and

The US house also passed a bill, earlier this week authorising sanctions against senior Chinese officials for Introduction: Stocks fall on Hong Kong tensions . Good morning and welcome to our rolling Wall Street took a turn into the red last night amid news that US president Donald Trump is

The department will invest in enhancing other U.S. government-owned assets in Hong Kong, including the Consulate General’s office building, the representative said.

Despite the sensitive timing, property agents say the sale is likely to be purely a business decision.

“This has been quite a phenomenon in the past few years in the area,” said Louis Ho, principal sales director at Centaline Property Agency Ltd., whose patch includes Shouson Hill. “Owners may want to sell properties after seeing the valuations rise so much over time.”

The U.S. government purchased the property in 1948, records lodged with the Land Registry show.

While records don’t stretch back that far, Hong Kong property prices have more than quadrupled since 2004, and the city has ranked as the world’s least affordable housing market for the past decade.

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©2020 Bloomberg L.P.

banking circles - Many Hong Kong citizens apply for an account abroad .
Hong Kong, Jun 08 (Reuters) - Large banks in Hong Kong are registering a significantly increasing demand for foreign accounts due to a controversial security law. That said five people familiar with the events Reuters. According to this, a rush to accounts has started at the British financial institutions HSBC and Standard Chartered as well as at the American Citigroup. At HSBC and Standard Chartered alone, applications rose by 25 to 30 percent, two of Reuters said.

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