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Business

Hang Seng Index slightly sinks as China protest fear

Hong Kong stocks closed at a slight drop on Friday, ending the three-day increasing trend since Nov. 29 as the prolonged zero-COVID policy triggered protests across China. The Hang Seng Index closed at 18,675 today with a drop of 0.3% and the Hang Seng Tech Index declined 0.3%. The index soared by 26.6% in November, which recorded the highest monthly gain since October 1998 as China eased some COVID measures and introduced policies helping developers with financial difficulties. The best-performing stock for today was AliHealth, a blue chip stock with an increase of 9.7%, followed by 7.1% by Haidilao, and 3.1% by Meituan. AliHealth announced the interim results from April to September on Monday, stating the total revenue of Q2 and Q3 has bounced by 22.9% compared to the end of Q1. The worst performing stocks were the semiconductor manufacturer SMIC with a decrease of 5.4% and followed by 4.5% in CG Services.  Real estate stocks generally contracted, with Longfor Group and Country Garden recording a 4% slip respectively. Moody said in a report released on Thursday that after China softened the limit of excessive borrowing to developers, the future for the property sector “remains negative on sluggish demand and weak contracted sales.”  Other major Asian markets all slumped as investors await the release of a fresh batch of US jobs numbers due on Friday. Shanghai Composite Index closed at 3,156 points, dipping 0.3%. RMB rose to a new closing high in two weeks, with the closing of an increase of 411 basis points. “China may accelerate its exit from the zero-COVID policy, which will benefit their market currencies and the rebound of assets,” said Barclays Bank.

Culture & Leisure

See the world in patterns: Yayoi Kusama’s exhibition at M+

M+ celebrates its first anniversary with Japanese artist Yayoi Kusama’s exhibition, Yayoi Kusama: 1945 to Now. The exhibition follows a number of themes such as Infinity, Accumulation, Radical Connectivity, Biocosmic, Death, and Force of Life.

Society

Hong Kong losing power to retain mainland students after graduation

Yang Yuhe will graduate with a bachelor’s degree in advertising from Hong Kong Baptist University in 2024, but she has no plans to stay. From Hubei Province in mainland China, she moved to Hong Kong to attend university in 2020. Yang said she plans to go to the United States for graduate school as soon as possible. “The housing here is oppressive, and I would not need to withstand it in the mainland or the US,” she said. “Besides, universities in the US can give me more and better internship opportunities with a higher salary.” Like Yang, more mainland students are coming to Hong Kong to study but fewer are staying after graduation. Students and experts say the reason for mainland graduates leaving Hong Kong is a weakened labour market and unaffordable housing prices. In 2020, the government issued 31,123 student visas to mainland students, an increase of 68% from 2015. But in the same year, 6,125, fewer than 20%, applied for an IANG visa, the work visa available to non-local students who graduate from accredited programmes in Hong Kong. This is down from a peak of close to 10,000 IANG applicants in 2019. Even fewer are applying for permanent residency, available after seven years of continuous employment in the territory. In 2019, immigration data showed that 3,117 were granted permanent residency under the IANG program, meaning around 10% of mainland students educated in Hong Kong end up making the city their home. “Mainland students are the bridge between the mainland and Hong Kong in business and many other fields. Their increasing leave means loss of connections,” said Kaxton Siu, a professor of social sciences at HKBU who has mentored students from the mainland for nearly eight years. “The number of mainland students leaving Hong Kong has increased because of …

Society

“Brekkie, Arvo, Thong”: the challenges of Aussie English for Hong Kongers

When Chan Pak-yu immigrated from Hong Kong to Sydney in 2021, she thought her fluency in English meant she could fit right in. But not so. She was 32, a professional in e-commerce and has been working in English. “Text me as ping me, Mcdonald's as meccas. I really didn’t understand when I first heard of these,” Chan said. Since the emigration started in 2021, Hongkongers have been facing all kinds of challenges in their new home. The language barrier is often the first obstacle. “When I heard my colleagues use slang like this, I had to ask them what they meant. It made me feel embarrassed,” said Chan. She believed it all boils down to cultural differences. “I don't know how to imitate their accents. But you can imagine when they are speaking too fast, I can only understand half of the conversation and then I need to guess what they are talking about,” she added. According to the 2021 Australian Census, 29.1% of the population were immigrants and 17.4% were Asian Australians. Sylvia Tam, 27, is a psychiatric nurse who moved to Melbourne from Hong Kong a year ago. Working in a hospital in Melbourne city centre, Tam meets patients from diverse backgrounds. She feels it’s important to improve her conversational English. “For my speciality, we mostly assess patients and provide tailor-made therapies for them through casual conversations,” said Tam. “The patients I'm taking care of struggle with mental health concerns, it is more difficult for them to express themselves compared to others.” Although Tam is comfortable with her English ability in her professional setting, she still feels the need to communicate with local people and understand their “talking styles”. Tam is not alone. Li Yan-yan, 30, is a theatre nurse who moved to Tasmania last year. She …

Politics

Policy Address 2022: Hong Kong’s new leader announces no new measures to boost international tourism; support for local tourism instead

  • The Young Reporter
  • By: Aruzhan ZEINULLA、Le Ha NGUYEN、Angela HuangEdited by: Malick Gai
  • 2022-10-19

Hong Kong’s leader John Lee Ka-chiu announced support for existing measures to boost local tourism in his maiden policy address, with no timeline as to when the city will fully reopen to international tourists.    The government will allocate HK$600 million (US$76 million) towards the three-year “Cultural and Heritage Sites Local Tour Incentive Scheme” to boost local tourism with an emphasis on cultural and heritage elements, a policy that was also mentioned in this year’s Budget Address.   “To re-establish Hong Kong's position as the region's premier travel destination, the Hong Kong Tourism Board will enhance its support for tourism in light of the epidemic development so as to attract more high value-added overnight visitors to Hong Kong,” said Lee.   A new round of “Spend-to-Redeem Local Tours” and “Staycation Delights,” campaigns providing the public with guided local tours and hotel staycation discounts, will be launched with an increased quota to enhance local consumption, the chief executive said in his policy address.    “I would prefer tourists over government subsidies. There's very little opportunity for sustainable business with just local tourism,” said Amy Overy, the owner of Hong Kong Greeters, a travel agency that provides private tours for tourists.    The city is still longing for further relaxation on quarantine requirements to attract mainland and overseas tourists.    “HKTB is yet to find any unique elements to promote the city,” said Dave Chan, an instructor from the School of Hotel and Tourism Management at The Hong Kong Polytechnic University.    Chan said the government has been promoting cultural and historical elements but it failed to draw foreign tourists’ interest.    Chan added that around half of the travellers arriving in Hong Kong every year come from mainland China but because the border is yet to open, the recovery of the …

Society

Largest outdoor cinema in Hong Kong reopens after one-year closure

Hong Kong’s biggest outdoor cinema, The Grounds, welcomed guests again on Thursday after Covid-19 rules forced its suspension a year ago. The cinema is at Central AIA Vitality Park. “It’s very challenging to build this event and put it together in Hong Kong. We just try to reopen this cinema as soon as we can,” said Simon Wilson, managing director and co-founder of The Grounds. The government announced a relaxation of social distance measures starting from Oct. 20, including allowing live performances and outdoor eating at some premises such as theme parks. This cinema can accommodate up to 380 people in 100 upgraded private garden pods. The audience can remove face masks in their booths. But only up to four people are allowed in each booth in order to comply with social distancing rules. Guests can order food from a web-based app. The menu offers Vietnamese food, tacos and wines. Three different types of tickets are available, depending on the location and the types of seats, with prices ranging from HK$200 to HK$900. Only classic and nostalgic movies are playing this season, including Forrest Gump and the Harry Potter series.  Wilson said that movies in different Languages would be shown this season. The Grounds collaborated with Golden Scene Cinema to start the outdoor shows in 2021, and has shown  local movies, including Suk Suk. The cinema is opened for three months each year and the current season will end on Dec. 30. “Actually I have seen today’s movie before. It is a good romantic comedy,”  said Angela Shih, who invited four of her friends along. “ We just planned to spend our girls’ night here. I am really excited and looking forward to it.” Wilson said they had a great response in ticket sales, especially for musicals and blockbuster films. …

Society

Hong Kong aims to ease COVID-19 border restrictions for tourism

A week has passed since the “0+3” scheme ending hotel quarantine kicked in, but many are looking forward to further relaxations of COVID-19 restrictions. “The ‘0+0’ entry requirement is imperative,” Legislative Councillor Michael Tien Puk-su said on an RTHK radio programme on Monday. Tien said he expected the government to drop the three days of medical surveillance for arrivals as early as this week and no later than the third week of October. Hong Kong started “0+3” on Monday with inbound travellers subject to three days of medical surveillance, including not being allowed to enter restaurants, bars and gyms. Arrivals have to wait for their vaccine pass, held in the government app LeaveHome Safe, to turn blue. Nucleic acid PCR tests are required on airport arrival as well as the second, fourth and sixth day along with daily rapid antigen tests, according to the Centre of Health Protection website. “Although Hong Kong has shortened the quarantine period, it is still troublesome for me as I have to scan the LeaveHomeSafe app when visiting designated venues such as restaurants and tourist spots,” Kwack Ho-wook, a student from South Korea, who arrived in Hong Kong last Friday to visit a friend, said. Kwack added he had to buy a more expensive plane ticket due to limited flights. The number of inbound travellers has not significantly increased since the new scheme. Hong Kong Airport recorded 39,283 arrivals last week, about 6,000 visitors more than the previous week. Less than a tenth of the arrivals were not Hong Kong or mainland residents, according to the Immigration Department statistics. Since the pandemic, there has been a decline in travellers with a record 97.4 % drop in the number of visitors in 2021 while the number of arrivals fell from 3.57 million in 2020 to 91,398 …

Society

Hoover Cake Shop closes tonight, bids farewell to Kowloon City after 45 years

  At the corner of Nga Tsin Wai Road in Kowloon City, dozens of people are lining up under the eye-catching red and white plaque which bears the history of a traditional Hong Kong-style cake shop, Hoover Cake Shop, looking forward to their last nostalgic taste of the bakery’s products. “People do not know how to cherish our products,” said Kau-Je, 73, who has worked at the bakery for 20 years. “No one lined up in front of our shop before, but when we announced the closure of the shop, many people said they did not want the shop to close.” Hoover Cake Shop, a family business owned by Chau, is one of the few remaining traditional cake shops that opened in 1977 in Hong Kong. On September 17, it posted a closure notice on its front doors, marking the beginning of the end of this half-century-long traditional cake shop. At 7 p.m. tonight, accompanied by countless supportive citizens, the stories belonging to this place come to an end in Kowloon City. Due to his old age, Chau decided to close the shop as he is no longer able to manage the business. His children have no plans to take it over. Hoover Cake Shop is the third cake shop reported to close this year after the closure of two other historic traditional cake shops, Happy Cake Shop in Wan Chai, and Jenny Bakery in Tsz Wan Shan. Throughout the decades, Hoover Cake Shop has insisted on making fresh bread and pastries every day. It sells 86 products, including tarts, bread, cookies, and cakes. Kau-Je said egg tarts sell the best, and the store’s homepage declares ‘Egg Tarts, Number One,’ according to the shop’s official website. Kau-Je said the reason for the popularity of egg tarts is due to “traditional …

Society

Goodbye to the last sawmill in Hong Kong

Chi Kee Timber and Sawmill was bulldozed on Sept 27 to make way for the Northern Metropolis project. The Wong family who owns the mill was asked to leave. They were offered HK$14 in 2019 to relocate, but the family said that’s not enough. They started the mill in 1947 in North Point. It moved to Ma Tso Long in 1982. It was the last sawmill in Hong Kong.

Culture & Leisure

Hong Kong comics started a new page with uncertainty

http://youtu.be/o0DEGvl82GQ Hong Kong comics had its glory days in the 1970s to 90s, its popularity has declined since then. But some local comic writers are still drawing new pages, Jerry Cho Chi-ho is one of them. HK Comics Support Programme, a first-year government subsidised programme aimed at helping artists to publish new long comics encouraged Cho to draw again.