Wednesday, January 19, 2022
Martin Hennecke

Developers' debt defaults pose no risk to HK says SFC
<p>Debt defaults by mainland developers will not pose a systemic risk to the Hong Kong market, Securities and Futures Commission deputy chief executive Julia Leung Fung-yee said yesterday.</p><p>The financial watchdog has kept a close eye on the exposure of Hong Kong&#39;s financial institutions to China&#39;s property sector and has conducted frequent stress tests to assess the risk, said chairman Tim Lui Tim-leung, adding that the risk was considered manageable after the review.</p><p>Meanwhile, SFC chief executive Ashley Alder said market misconduct has been significantly reduced after the SFC strengthens the investigation joint with other law enforcement. He also said that the industry&#39;s concerns over the quarantine policy have been passed to the government, however, he understands the intention of the policy is to pave ways to lifting the cross-border restrictions with the mainland.</p><p>On the listing of Chinese concept stocks, Alder said he feared Sino-US tensions could prevent a solution.</p><p>&quot;Sometimes politics can interrupt technical solutions that are sensible and achievable, and I pick up a degree of political attitude within the US establishment that is not necessarily conducive to a better outcome.&quot;</p><p>In other news, a Chinese state-owned newspaper warned against speculative behavior in non-fungible tokens and the metaverse.</p><p>The People&#39;s Daily said such speculative behavior has spread to listed firms and secondary markets and warned investors should remain cautious.</p>

Previous news : Property market 'bottoming out'


Register  Forget Password
Advanced Search
© 2022 The Standard, The Standard Newspapers Publishing Ltd.
Home | Business | Metro | Focus | Opinion | Markets | World | Sports | Entertainment | Monday Money | Property | Macau | Weekend