Word: china
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...driven higher by buyers from the Chinese mainland. Wealthy Chinese have ample cash and easy access to low-interest loans because of the government's loose monetary and fiscal policies, which were implemented last year to fight the recession. Buyers are looking to invest close to home, and despite China's restrictions on moving capital beyond its borders, that often means acquiring assets in Hong Kong. (The former British colony belongs to China but has a separate system of government and a more open economy.) About half of the buyers for luxury apartments in Hong Kong in recent weeks came...
...fully take up a cap-and-trade bill. Both countries will need to do more - much more - if the U.N. climate-change summit in Copenhagen is to be a success, and they'll need to be more straightforward. But as the EDF's Yarnold said in a speech today, "China is no laggard in the race to develop clean energy and reduce global- warming pollution. In fact, it is moving ahead." If the U.S. isn't careful, it might get lapped...
...High-end residential real estate around the world has been hit hard by the recession. Prices for luxury flats in London are still a fifth lower than they were in March 2008. But confidence in Hong Kong's luxury market, driven by surprisingly strong economic growth in China, is recovering quickly. Just last week a penthouse apartment located in a new tower built not far from the Cullinan in Hong Kong's Kowloon district sold for $3.16 million. That may not sound like much for an upscale address, but the apartment has just 590 sq. ft. of useable space - meaning...
...large number of Chinese buyers means growth in Hong Kong's luxury-property market could suddenly cool if Beijing decides to tighten credit. Su Ning, vice governor of the mainland's central bank, said last week that China would continue its "appropriately loose" monetary policy at least into next year, but regulators have already started to clamp down somewhat. In August, total lending by Chinese banks dropped to a third of June's levels...
...promote its interests behind the scenes rather than to lead in proportion to its size and economic clout. With Merkel or without her, nobody expects much change in Germany's worldview. That means a pro-U.S. and pro-Israel stance, a pragmatic approach in dealing with Russia and China, and a faith in negotiations and sanctions to bring recalcitrant countries like Iran back into constructive dialogue. Just don't look to Berlin for big ideas or robust new approaches to international problems. "There has been a passive consensus on foreign policy issues," says Jan Techau, director of the Europe...