Word: honge
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Home prices in overcrowded Hong Kong have traditionally been high, but when it comes to having the most expensive residential properties in the world, the Chinese metropolis has never seriously challenged cities like New York, London and Tokyo...
...things to do in Hong Kong...
...Asia's economy starts to pick up steam, Macau looks to be on another roll. Gambling revenues surged an estimated 17% in August from a year earlier to $1.4 billion, a record monthly total. Aaron Fischer, gaming analyst at brokerage CLSA in Hong Kong, expects the revival to continue. September's revenues could surge 25% or more, he says, and he sees at least "low teens" growth rates annually from 2010 to 2012. "You can put me on record saying Macau is back," Fischer says. (Watch a video about the rise of Poker in China...
...this renewed optimism is the buzz surrounding upcoming initial public offerings by two Macau casino operators. Las Vegas casino titan Steve Wynn, who opened the Wynn Macau luxury hotel and casino in the city in 2006, plans to offer 25% of his Macau operations in an IPO on the Hong Kong stock exchange. The IPO could raise as much as $1.6 billion; the shares are expected to start trading on Oct. 9. "With this IPO, we're a Chinese company with Chinese ownership," Wynn said, adding that the move would help management "assimilate ourselves with China more efficiently...
...China continues to open up, this kind of phenomenon will become ever more prevalent," says David Zweig, a professor of humanities and social sciences at the Hong Kong University of Science and Technology. "This is part of the process of internationalization, but we can only hope that Chinese people, including netizens and the people whose views tend towards extremism, can come to accept that there are many mixed-race people, both in China and worldwide...