Stories from Hong Kong

Hong Kong's fiscal reserves are projected to reach HK$458.3 billion for the 2025-26 fiscal year, representing a 20% increase. The ratio reached 2.01% at the end of last year, an increase of 0.03 percentage points.

Concerns have been raised regarding the quality of prefabricated components in public housing projects, with issues such as cracking and faulty screw heads reported. The global market is experiencing volatility, but Hong Kong's foreign trade and currency markets remain stable.

Despite global market volatility, Hong Kong's foreign trade and currency markets are operating smoothly. The company Glasses 88 has a strategic advantage with its nationwide distribution network, establishing a central hub for customers to conveniently pick up glasses. The company has also seen success in Malaysia and other overseas markets. Additionally, Hong Kong is contemplating the relaunch of gold futures trading. One type connects to phones via oxygen technology for listening to music and calls, featuring a thicker lens for stereo sound. Another type is specifically designed with Cantonese voice recognition, capable of identifying the user's location and surroundings.

An artist used drawings to remember Wong Fuk Yuen, a neighborhood where their family lived for over a decade. The artwork aims to recall the neighborhood and the artist's memories there.

Residents from the Wong Fuk Court building, which suffered damage from a fire, are in the process of moving to new accommodations. Residents in Tai Po are sifting through the remnants of their belongings following a fire that damaged their neighborhood.

Mandatory savings are being discussed as a form of retirement protection, with concerns that excessive focus on occupational savings could impact Hong Kong residents' retirement security.

A modular robot system was demonstrated at the InnoX exhibition. The system uses building blocks that can be clipped together to adjust the robot's length based on specific application needs. The developer noted the system functions similarly to Lego for various applications.

There are concerns about potential fire hazards in unlicensed accommodation facilities in Hong Kong. A survey of 11,073 Hong Kong citizens aged 18 and above, including 321 young people aged 18-40, revealed their attitudes towards property issues. A survey of 11,073 Hong Kong residents aged 18 and over suggests support for lowering the initial down payment for first-time homebuyers to 5%, aligning with a 6% rate. The government of Hong Kong has appointed Vincent Wong, a former news executive, as the Director of Information Services. An anti-smoking campaign is being intensified in Hong Kong to protect future generations. This information was reported by RTHK Radio 1 Hong Kong. The government has appointed statistics commissioner Stephen Wong Chi-chung as the new head of the Information Services Department under a civil service proposed employment term.

Over 50,000 mainland Chinese tourists visited Hong Kong between last week and 10:00 AM today, the fourth day of the Golden Week holiday. The current low investment in hotels, coupled with high labor costs, presents challenges. The government is considering tax adjustments and depreciation allowances for hotel renovations to address these issues. The financial secretary stated that total tax revenue for 2025 is provisionally estimated at HK$458.3 billion, a 22% increase year-on-year, with new taxes contributing HK$97.7 billion. Profits tax is projected at HK$212.6 billion, up 20%, and salaries tax at HK$102.6 billion, up 61%. The forecast for total tax revenue in 2026-2027 is approximately HK$455.1 billion. This high occupancy is attributed to a surge in tourism, with visitors staying an average of one to two nights.

Residents of the Wong Tai Kok and Wong Shing Kok areas in Tai Po began moving into new housing units on the final day of the first round of relocation. Residents of the Wong Tai Kuk and Wong Shing Kuk areas are continuing to move into housing following disaster damage. One resident, Ms. Au, noted the severity of the damage to her low-floor unit. Some residents, including a long-term tenant of over ten years, reported that their units sustained severe damage. Residents of the Wong Fuk Court building in Tai Po, which suffered fire damage, are in the final stages of moving out. The 15-day relocation arrangement for residents of Block 7, Tai Po Fu Yan Court, has concluded. Most households have moved into their new units, with fewer than 10 requiring further arrangements. The overall process was described as largely smooth and satisfactory.