Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
Hong Kong's businesses and property owners are facing unprecedented pressure, with many distressed sellers offering assets at fire-sale prices as the city's economic challenges deepen. Driven by China's economic slump, high interest rates, and weak consumer demand, Hong Kong's once-booming real estate sector and other industries are seeing significant declines.
Luxury properties are being sold at steep discounts, with some mansions in Hong Kong’s Peak district sold for as much as 50% below their peak value. For example, the family of real estate investor Ho Shung Pun sold four mansions in July for HK$1.1 billion, half of their previous value. The commercial real estate sector is also under strain, with some office buildings, like a floor in the Bank of America Tower, selling at a loss.
According to Derek Lai, Deloitte’s global insolvency leader, the current wave of distressed assets is the largest seen in 30 years, affecting various industries, from real estate to trading. The collapse of long-standing businesses like Physical Fitness, a gym chain with 14 branches, and restaurants, such as Outback Steakhouse, reflect the broader economic stress. Retail sales have plummeted, and empty storefronts are becoming a common sight, with high-street vacancy rates reaching 12%.
The real estate sector is particularly hard hit, as property developers slash prices amid a 20-year backlog of unsold properties. Sun Hung Kai Properties Ltd., the city’s largest real estate company, priced a new development at 20% below neighboring estates.
Despite recent stimulus measures from China and a rare stock market rally, analysts remain cautious about a potential recovery. Many small and medium-sized enterprises (SMEs) have failed to bounce back to pre-pandemic levels, and some business owners believe it could take up to 15 years for Hong Kong’s economy to fully recover.
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