Stories from Hong Kong · Hong Kong

Hong Kong has risen to the position of the world's fifth-largest economy for global commodity trade.

Hong Kong Disneyland announced it has fully repaid all shareholder loans. The announcement was made by the company according to the report. Managing director Tim Sipcoe reported a net profit of $536 million Hong Kong dollars on revenue of $8.69 billion for the 2025 fiscal year. The milestone follows a rapid resumption of outbound travel in Hong Kong despite macroeconomic uncertainty and extreme weather. The achievement reflects the strengthening financial health of the park. This milestone was achieved at the end of its latest fiscal year. The company recorded total revenue of $8.69 billion during the same period. Authorities noted that residents at the Tai Po estate, specifically Wung Chung and Wong Tau Houses, have been returning to salvage belongings from damaged homes. The government reported that those returning spent an average of two and a half hours inside the buildings.

A police superintendent is suspected of accepting 1 million Hong Kong dollars in bribes. His 42-year-old girlfriend, Lau Wai-yin, has also been charged. Leung allegedly accepted 1 million HKD in bribes from a catering businessman between September 2020 and March 2022.

The Hang Seng Index fell 245 points, representing a decline of nearly 1 percent. Total daily turnover exceeded 262.3 billion HKD. The technology index dropped approximately 2.3 percent to close at 4,827 points. CATL saw its shares fall nearly 7 percent, making it the largest decliner among blue-chip stocks. CATL is raising 39.1 billion HKD through a 7.7 percent share placement. The index closed at 25,679 points with a total turnover of 262.33 billion Hong Kong dollars. The S&P 500 index fell 46 points to reach 7,127 points. Apple shares rose over 3% following better-than-expected quarterly results. The Nasdaq rose 1.12% and the S&P 500 rose 0.9%. In Japan, the Nikkei 100 closed at 10,363 points, down 14 points or 0.14%. International oil prices fell by more than 2.3%.

The Dow Jones Industrial Average reached 49,163.4 points. The S&P 500 index was reported at 7,133.40 points. Hong Kong's Hang Seng Index saw its decline expand, hitting a half-month low with a drop of nearly 320 points. In Hong Kong, the Hang Seng Index fell nearly 1 percent to close at 25,679 points, marking a half-month low. The Hang Seng Tech Index dropped approximately 2.3 percent to 4,827 points. CATL shares fell nearly 7 percent to close, following a 7.7 percent reduction in share capital to raise 39.1 billion. Meanwhile, Murata Manufacturing shares rose nearly 14 percent following earnings results.

Land Park reported a net profit of 536 million HKD and revenue of 1.69 billion HKD. Land Park has fully repaid all loans to shareholders before the end of the 2025 fiscal year, achieving zero debt for the first time. The park recorded 7.5 million total annual admissions. Guest spending increased by 2% to a record high. Overall hotel occupancy rose by 6 percentage points to 79%. The resort reported 7.5 million annual visitors and a 2% increase in per-capita spending. The milestone follows a rapid resumption of outbound travel from Hong Kong. Sipcoe noted the financial health reflects resilience against macroeconomic uncertainty and extreme weather conditions. Taxi Paradise announced its fiscal year 2025 results, reporting revenue of nearly 8.7 billion Hong Kong dollars.

A conditional proposal requires at least 75% of homeowners in Wangchi House to sign a letter of acceptance by the end of June. The flats involved were not damaged by the recent fire. Mr. Wang stated the government is not attempting to force homeowners to accept the offer. Deputy Financial Secretary Wong Wai-lun stated that owners show high consensus regarding the government's long-term housing plan. Among those contacted, 77% initially expressed interest in participating in the plan to sell their property rights to the government. Approximately 77% of homeowners in the Wang Qi House residential block have expressed initial support for selling their homes to the government. Residents are seeking a fair buyout as part of an administration plan to potentially expand existing buyout programs at the estate.

Hong Kong Chief Executive John Lee stated the government prioritizes labor rights and will implement protections for digital platform workers. The Hong Kong government plans to legislate and improve social security mechanisms for digital platform workers, including food delivery and courier services. The move aims to provide protections for workers in new employment models. Authorities also plan to continue optimizing existing labor laws and codes. The announcement follows remarks from the Hong Kong Federation of Trade Unions regarding the importance of workers to the economy. The announcement was made by Ni Ka-chiu during a celebration for International Workers' Day at the Hong Kong Federation of Trade Unions. The Hong Kong government is amending employment ordinances to strengthen retirement protections for part-time and unstable workers.

The Competition Commission in Hong Kong is reviewing commitments made by food delivery platform Kita under Section 60 of the Competition Ordinance. Kita has agreed to modify agreements with partner restaurants in two stages. The proposed commitments include amending terms to ensure that restaurants, new platforms, or small platforms do not lose exclusivity when cooperating with Kita. Kita will transition from exclusive partnerships to allowing restaurants to work with multiple platforms and will remove commercial incentives like lower commission rates for exclusive service areas. The commission is reviewing changes to Kita's business model, which would allow restaurants to partner with other online delivery platforms while maintaining commercial incentives like lower commission rates.

Deputy Chief Secretary Warner Chirke stated that residents of Wang Qi House will be permitted to return to their homes to collect belongings in mid-May. The government stated that those returning spent approximately two and a half hours on site. Deputy Secretary for Financial Services Wong Chi-kok stated that 77 percent of owners in Wang Chi Kok have expressed preliminary interest in participating in the government's long-term housing scheme. Residents of Wong Tai Sin district are being permitted to return to their apartments to collect belongings. Following the initial phase, seven floors will be opened on the first day, with subsequent access for the remaining seven buildings to be arranged in batches starting from lower floors.