Showing posts with label Hong. Show all posts
Showing posts with label Hong. Show all posts

Tuesday, February 22, 2011

Typhoon Megi forces cancellation of Hong Kong-Vietnam yacht race

Flooding, typhoon hit tour operators

HCMC – The organizer of an international yacht race from Hong Kong to Vietnam has shelved the competition scheduled to take place on Wednesday.

The Royal Hong Kong Yacht Club said the VinaCapital Hong Kong to Vietnam Race had been canceled due to the approaching super typhoon Megi, which has battered the Philippines on its course to the East Sea.

The organizer said it regarded safety as the first priority for all its events, particularly for its international Category 1 Offshore events. It would be unthinkable to send the boats to stormy high seas, it said in a statement.

However, the organizer said that competitors and the club are fully supportive of running the race in the middle of next October. The date is expected to be set soon to allow international competitors to plan their racing calendars.

Vu Duy Vu, deputy director of the race’s local partner Saigontourist Travel Service Co., has confirmed the cancellation.

“We completed all preparatory activities for the race but we had to cancel it for safety reasons,” he told the Daily on Tuesday.

Earlier, the central Government had allowed Saigontourist Holding Company, the parent company of Saigontourist Travel Service Co., to combine with the foreign partner to organize the 656km race from Wednesday to next Wednesday.

The event has been taking place every two years since 2004.

* In related news, local travel firms said they have stopped selling tours to Quang Binh Province known for the World Heritage-listed Phong Nha-Ke Bang National Park which is home to the longest underground rivers and the largest caverns, as the severe flooding in the central region is still unpredictable.

“We have stopped selling tours to Quang Binh since last week. Tours to other destinations in the central region like Danang and Hue are still selling as normal but fewer tourists are purchasing such tours,” Tran Quoc Bao, head of the domestic department of Saigontourist Travel Company, told the Daily on Tuesday.

Tour operators said that the hardest hit provinces, including Quang Binh, Ha Tinh and Nghe An, are not favorite tourist destinations like others nearby such as Danang, Hue, and Hoi An, so flooding has left little impact.

However, tour operators are concerned about the bad impact of the new super typhoon Megi, which might prompt tourists to cancel all tours to the region.

Fiditourist already feels the impact, as the company on Tuesday received a request from a big group of tourists for cancellation of a tour of the coastal city of Nha Trang.

“The tourists’ final decision has yet to come but we will lose more if the tour is cancelled because Vietnam Airlines is asking for full charges of the cancellation,” said Nguyen Ngoc An, head of the domestic department of Fiditourist.

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Tuesday, February 1, 2011

HK chief moves to curb Chinese property investors

HONG KONG - Hong Kong's leader outlined new steps Wednesday to cool the world's hottest real estate market, including a halt to automatic residency for wealthy Chinese buyers, depressing property shares.

Chief Executive Donald Tsang said he was responding to "public concern" about a residential housing shortage and sky-rocketing prices, at a rowdy legislative assembly session in which one legislator was escorted from the chamber.

Residential property prices have risen 20 percent in the last year, he noted.

"Housing is currently the greatest concern of our people," said Tsang. "Over the past few years, private housing supply has been relatively low. We should address the fundamentals by increasing land supply in response to market demand."

Among measures he unveiled was a temporary amendment to the territory's Capital Investment Scheme, which is intended to encourage investment in the territory.

The amendment will prevent investors from gaining residency in Hong Kong through property purchases from October 14, Tsang said.

Investors from the mainland have long been lured by the prospect of residency in Hong Kong, a financial centre and gateway to China that is run under a different legal system and boasts higher living standards.

The announcement sent share prices in property developers plunging: SHK Properties was down 3.6 percent, New World Development lost 3.5 percent and Sino Land was down 2.6 percent.

To help ease the housing shortage, Tsang also announced plans to build residential property on the city's old airport, Kai Tak, which was closed down in favor of a new more spacious sight away from residential areas in 1998.

On Tuesday angry protesters interrupted an auction of an upmarket residential site in the Kowloon area that fetched 1.63 billion Hong Kong dollars (US$210 million).

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Saturday, November 27, 2010

AIG wins approval for Asian unit IPO: report

HONG KONG - Troubled US insurer AIG has won approval for a Hong Kong share sale of its Asian unit, AIA, worth up to US$15 billion, in what could be the world's second-biggest stock offering this year.

Hong Kong's stock exchange gave the offering a green light on Tuesday with AIA expected to list on October 29, Dow Jones Newswires reported citing an unnamed source.

AIG, which owes billions of dollars in US government bailouts, was forced to look again at the option of publicly floating AIA in Hong Kong after the collapse in June of Prudential's $35.5 billion takeover bid.

The US insurer may sell off as much as half of its Asian unit with an investor roadshow to start on October 6 and the shares to be priced on October 21, Dow Jones said.

A spokesman for Hong Kong's bourse declined to confirm the reports.

AIA is also hoping to sign an agreement next week with so-called cornerstone investors -- generally institutional buyers -- who could pick up as much as one-fifth of the offering, the Financial Times reported on Tuesday.

Chinese insurance companies and some of China's largest banks are said to be looking at both taking stakes and financing others, according to the Financial Times.

In July, Hong Kong's South China Morning Post newspaper reported that at least four consortia made up of private Chinese investors had approached AIG about buying its Asian business.

Sovereign wealth funds had also expressed an interest in AIA, including Singapore's GIC and Temasek, as well as funds in Abu Dhabi, Kuwait and Qatar, the Financial Times said.

Agricultural Bank of China claimed the world's biggest IPO in August when it confirmed it had raised $22.1 billion, after its shares debuted in Hong Kong in July.

The monster sale beat the previous world record set by the Industrial and Commercial Bank of China, which raised $21.9 billion in 2006.

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Friday, September 3, 2010

Hong Kong fund supports VN healthcare projects

Hong Kong’s Sun Wah Fund (SWF) has pledged to donate one million USD for healthcare, education and art projects in Vietnam.


A signing ceremony for the projects was held in Hanoi on August 23.
Signatories were the SWF, the Ministry of Health and Hanoi University.


Of the sum, 700,000 USD will be allocated for
healthcare projects, especially community healthcare, and the remaining
300,000 USD will be used for education and art projects which aim to
improve foreign language skills for teachers in remote areas, grant
scholarships to Vietnamese students in China, build primary schools in
mountainous areas and hold training courses for disabled children.


Dr Jonathan Choi, General Director of the SWF said this was the second
time that the fund has supported social projects in Vietnam, expressing
his pleasure that the funding brings effective outcomes for society.


Established in 1957, SWF has over 100 member companies
in Hong Kong, Macao, Southeast Asia, Canada, Europe, the US and
Australia, focusing on food, real estate, financial services,
infrastructure, technology and media./.

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