Hong Kong

A weaker property market inflicts a 33% plunge in net profit on MTR Corporation, Ltd during the first half.

This is after decreasing 4.8% in the previous quarter, the Monetary Authority said.

Hong Kong power supplier's earnings was down from HK$5.8 billion last year.

Monthly rents for a house on Hong Kong Island’s south side go for HK$125,000 a month.

The Hong Kong Tourism Board said 16% more visitors came to the island during the first half compared to the same period in 2011.

Blame it on the worse-than-expected first half results that hit its affiliate, Cathay Pacific Airways Ltd.

Anyone who breathes the air in Central at rush-hour knows that traditional working practices are not good for the environment. It's no secret that Hong Kong's vehicle emissions pollute our air and worsen commuters' health.

Banking and work-life balance (WLB) have traditionally been anathema to each other – after all, this is a sector famous for the 80-hour week. But a shift in attitudes may be slowly taking place in Hong Kong, driven mainly by a desire to motivate employees and reduce attrition.

The bailout showcase in Europe will continue indefinitely, because strong economic growth is a fantasy and austerity is politically untenable. As hopes for viable, sustainable solutions fail, expect the authorities to print money. And print BIG!

The diversity of global organizations has given Hong Kong an edge in human resource development. If you look at Corporate Knight’s Global 100 list1, you will find many organizations with a significant presence in Hong Kong. Every one of these organizations is unique. To prosper, top organizations focus on developing leaders who share common values.

The economic growth forecast has then been reduced to 1% to 2% for the year.

The last flight from London to Hong Kong will be on September 10.

Singapore beat Hong Kong as Asia’s most popular business travel destination during the first half of the year.

Budget airline Jetstar Hong Kong will begin operating next year with some of its rates 50% cheaper than full service options in regular airlines.

Market remained resilient thanks to investor interest, low lending rates and rising rental returns. According to Jones Lang LaSalle's quarterly Global Market Perspective, following a lull in activity during Q1, the global property market has resumed a steady recovery path. Investment volumes recovered to US$108 billion in Q2, 24% up q-o-q, signaling that capital markets are on track to achieving US$400 billion volumes for full-year 2012. Other key highlights on the quarter include: • The global economic outlook has weakened as euro strains re-emerges. Asia Pacific markets will continue to drive global growth this year, however, a deceleration is increasingly apparent. • In a climate of uncertainty, corporate occupiers have adopted a ‘wait and see’ approach to expansion as global take-up volumes have fallen year-on-year. Corporates are trending towards sale and lease back transactions as they look to release capital. • Leasing activities have improved from the Q1 lull, but is still below 2011 levels due to weak jobs growth, slow corporate hiring and the downward reset of global growth projections. Gross leasing volumes for full-year 2012 expected to be 10% lower than in 2011. • On the other hand, vacancy continues to edge downwards, with the global office vacancy rate falling to 13.3% in Q2, the lowest since 2009. Regionally, the Americas and Asia Pacific regions have continued to see vacancy rates fall, while they have remained unchanged in Europe. • With global office supply still falling, the Jones Lang LaSalle Global Office Index, which tracks the rental performance of prime office space across 90 major markets, has continued to grow, up by a further 0.6% during Q2 2012. • In residential, high trading volumes have been recorded for Germany, while momentum has been maintained in the U.S. rental apartment market. In Asia, residential sales have improved in China and Hong Kong and remain resilient in Jakarta, driven by investor interest, low lending rates and rising rental returns. • Retail exhibited a mixed picture. While Greater China recorded strong demand and healthy rental growth, market conditions were relatively flat in the US. In Europe, demand is expected to drive rents in the top retail locations in London, Moscow and Paris in the second half of 2012, while most other European markets will remain broadly stable.

Hong Kong Exchanges & Clearing Ltd reported a 14% year-on-year drop in in net income to HK$2.22 billion in the first half.