A former police officer was beaten to death with a wooden board by his neighbor while he was taking part in an alms-giving ceremony. His son took to social media to seek justice for his deceased father.
2022 Citi Residential Property Ownership Survey
The proportion of respondents who considered now a good time to buy a property hit a 10-year high with a lower proportion expecting property prices to rise
HONG KONG SAR – Media OutReach – 22 November 2022 – Citi Hong Kong conducted a survey in September 2022 on residential property ownership in 2022. According to the survey results:
- The proportion of respondents who expressed optimism about property prices in the coming 12 months plunged to 12% in Q3 this year, compared with 38% in the same period last year. More than half of the respondents expected property prices to fall in the coming 12 months.
- The proportion of respondents who considered now a good time to buy a home soared nearly fourfold compared with the same period last year, hitting a 10-year high.
- While a higher percentage of respondents considered now a good time to buy a property, the proportion of respondents wanting to purchase a property at the moment only slightly increased by 2%, reflecting a wait-and-see attitude towards home ownership.
- The proportion of respondents who toured properties over the past month was little changed from last year, with over 70% of this group of respondents expressing interest in buying a property.
- Among the respondents with home buying needs, more than 60% put the market price of a property best suited to their needs at around $6 million or below.
- More than 30% of the parent respondents surveyed expressed a willingness to help finance their children’s property purchase. Of these respondents, more than 40% are willing to provide their children with financial support ranging from $1.01 million to $2 million.
- Respondents interested in home ownership expressed a preference for mortgages with a long repayment term most, followed by mortgages with a high loan-to-value (LTV) ratio.
- More than 90% of the respondents expressed a willingness to pay a higher price for first-hand properties. Of this group of respondents, 40% expressed a willingness to pay a premium of 10% to 20%.
51% of respondents bearish about property market; percentage of respondents who consider now a good time to buy a home up fourfold to 16%
Q3 2022 saw a sharp decline in the proportion of respondents who expressed optimism about home prices. Only 12% of the respondents expected property prices to rise in the coming year, compared with 51% who expected otherwise. 16% of the respondents considered now a good time to buy a home, a percentage four times higher compared with the same period last year and the highest level in recent 10 years. Compared with their more bullish counterparts, respondents expecting property prices to remain stable or decline in the coming year were more inclined to see now as a good time to buy a property.
While a higher proportion of respondents considered now a good time to buy a property, this seemed to have little impact on the desire for home purchase among the respondents. The ratio of respondents interested in buying a property increased slightly by two percentage points to 15% from 13% in the same period last year, reflecting a wait-and-see attitude towards home ownership. Of the respondents interested in buying a property, more than 60% said they would hold back on home purchase until prices have eased further, preferably by an average of 17%, to an optimal level. 7% of the respondents toured properties during the month before they were interviewed, a figure little changed from the same period last year. Of this group of respondents, 72% expressed interest in buying a property.
588,000 Hong Kong people estimated to have home buying needs; more than 30% of parent respondents willing to help fund their children’s home purchase
Based on the survey results, showing that 14% of respondents have home buying needs, an estimated 588,000 people are conscious of the need to buy a home. Of the respondents who want to buy a home, 63% considered a property priced at below $6 million as being most suitable to meet their actual needs, with the majority of them putting the desirable price range at between $4 million and $6 million.
Regarding the reasons behind their intent to own a home, the willingness among local parents to give their children financial support to buy a home has come out as the third most important factor after “property price” and “actual housing needs”. Of the parent respondents, 32% expressed a willingness to give financial assistance to their children to buy a home. Of this group, 41% are willing to contribute between $1.01 million and $2 million.
Preference for long-term mortgages and first-hand properties
Home buyers tend to favor a “long mortgage repayment term,” a “high LTV ratio,” and a “high loan amount.” Across all age groups, respondents interested in home ownership prefer mortgage loans with a long repayment term, followed by a mortgage loan with a high LTV ratio. Regarding the choice of residential properties, 91% of the respondents would go for new properties, for which 41% of this group are willing to pay a premium of 10% to 20%, compared with 18% who are willing to pay 20% to 30% more.
The Residential Property Ownership Survey was conducted in September this year. Economic pressure amid the pandemic, coupled with the increasingly heavy burden of loan repayment due to rising mortgage interest rates, as well as stringent stress tests, has directly impacted the demand for property among end-users and investors alike, inevitably dampening property prices and understandably contributing to a widely-held bearish view on the property market. Looking ahead, despite the continued downside potential of local home prices, hopes for relaxation of the current cooling measures may stimulate new demand and avoid excessive correction of Hong Kong’s property market.
How do you think home prices will trend in the next 12 months? | |||
Percentage of Respondents | |||
Q3 2020 | Q3 2021 | Q3 2022 | |
Upward | 23% | 38% | 12% |
Flat | 34% | 37% | 37% |
Downward | 43% | 25% | 51% |
If you do not own any property now, taking your current standard of living and family finances into consideration, do you think it is a good time to purchase a home now? | |||
Percentage of Respondents | |||
Q3 2020 | Q3 2021 | Q3 2022 | |
A good/an excellent
time to purchase |
10% | 4% | 16% |
Neutral | 36% | 41% | 51% |
A bad/terrible
time to purchase |
54% | 55% | 34% |
How interested are you in purchasing a property now? | |||
Percentage of Respondents | |||
Q3 2020 | Q3 2021 | Q3 2022 | |
Very/rather interested |
17% | 13% | 15% |
Neutral | 28% | 33% | 41% |
Very/rather uninterested |
55% | 54% | 44% |
“The survey results reflect a wait-and-see attitude among the public towards the property market in 2022,” said Josephine Lee, Head of Retail Bank at Citi Hong Kong. “We can expect to see continued impact on future property prices from the economic situation and rising mortgage interest rates, among other factors. Those who are looking to buy a home should assess their personal financial condition comprehensively and the potential risks of higher interest rates. They should also seek an appropriate mortgage plan or consider a mortgage insurance program, while adjusting their investment portfolio in different market situations to accumulate wealth. This can help to empower them to realize their aspirations for home ownership sooner.”
Citi Hong Kong commissioned the Chinese University of Hong Kong and Acorn Organization Limited to conduct the survey, interviewing a random sample of more than 1,000 Hong Kong citizens in September 2022 via telephone and street interviews. Since 2010, Citi Hong Kong has been conducting surveys of the Hong Kong housing market to assess the current state of home ownership in the SAR, gauge public intentions toward home ownership, and track public expectations of future housing price trends.
Source: 2022 Citibank Residential Property Ownership Survey
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Josephine Lee, Head of Retail Bank at Citi Hong Kong (Left) and Mr Kit Chow, Head of Research and Insight at Citi Hong Kong (Right) shared insight of the 2022 Citi Residential Property Ownership Survey with media.
“The survey results reflect a wait-and-see attitude among the public towards the property market in 2022,” said Josephine Lee, Head of Retail Bank at Citi Hong Kong
Josephine Lee, Head of Retail Bank at Citi Hong Kong, is answering questions from the media.
Hashtag: #Citibank
The issuer is solely responsible for the content of this announcement.
About Citi
Citi is a pre-eminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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Tia Lee Yu Fen (李毓芬) Drops Trailer for Her 6-Episode Animation Series

In the 17-second animation teaser released, fans got a first glimpse of Tia Lee’s first animation project, an upcoming six-episode series illustrating her full emotional journey before turning a new chapter in her life with her new song release later this year. As Tia remains secretive about the ins and outs of the new project, fans continue to wait eagerly and search for new traces and hints on her social media accounts.
First animation episode titled “Falling in the Deep” is already released on Tia’s social channels on 11 Nov 2022. Check it out on Tia Lee’s YouTube channel.
Animation teaser is also available on Tia Lee YouTube Official Channel: https://youtu.be/32aLDaBUPl4
Tia Lee Official Channels:
Instagram @leeyufen: https://www.instagram.com/leeyufen/
YouTube: https://www.youtube.com/@tialeeofficial/
Facebook: https://www.facebook.com/leeyufentialee/
Weibo: https://weibo.com/u/1396928042/
Hashtag: #TiaLee
About Tia Lee Yu Fen:
Tia Lee Yu Fen (李毓芬), born in Taipei, is an Asian pop singer, film and television actress, model, and former member of the girl band Dream Girls. In addition to her acting roles and musical career, Tia appears frequently at major fashion shows. As a fashion icon and trend-setter, Tia has graced the covers of fashion, beauty and lifestyle magazines such as Vogue, Elle, Marie Claire, and shares her beauty and fashion tips through a number of Vogue’s social media channels.
MRC Public Forum to Discuss Development Challenges, Seek Joint Solutions
The Mekong River Commission will soon host its 13th Regional Stakeholder Forum, in which the MRC will not only provide updates on hydropower projects along Southeast Asia’s largest river but will feature the deepening cooperation with activists who speak for the interests of millions of fishing and farming families in the Mekong.
Hantec Financial set on further global expansion into African markets

Global regulated and offering diversified financial service
Hantec with over 30 years of experience and authorized with 12 regulatory licenses, is constantly exploring opportunities to expand its business to new markets. The group is now present in 19 cities across 14 countries worldwide, covering Greater China, Thailand, Vietnam, Japan, Australia, the UK, Europe, South America, the Middle East, Africa etc. Also offers a variety of financial assets including forex, CFDs, commodities, indices and US stocks with competitive spread and leverage.
A credible brand to ensure fund safety and secure trading
Hantec Financial as a trusted financial service provider believes in the power of technology to protect customer assets and improve service levels, it continuously optimizes its platform by keeping up with changes in the market and adapting to investor preferences.
The team has obtained the ISO 27001 and ISO 20000 international certifications. It ensures that Hantec Financial meets the international security level in the power of protecting customer assets and offers a smooth, stable, and safe trading experience for investors.
Hantec Financial strive to deliver professional localized financial services for all
In 2022, Fxdailyinfo.com awarded Hantec Financial as “Best Forex Broker APAC” at the Broker Awards 2022 to recognise its professional and excellent financial services in the APAC region. Hantec Financial has the expertise and experience to make high-quality investment services for all people.
“Expanding the footprint into Rwanda and the rest of Africa enables us to offer more international trading opportunities for our valued clients,” said Freddy, CEO of Hantec Group. Hantec Financial also draws up a highly localized approach by cultivating local teams, and integrating local culture into its operations, to serve investors and clients from all over the globe.
About Hantec Financial: https://hantecfinancial.com/
Hashtag: #HantecFinancial
The issuer is solely responsible for the content of this announcement.
FWD and JAHK’s JA SparktheDream programme reached around 1,400 primary school students since its launch in May 2022
The programme aims to develop students’ financial literacy at early ages, inspire them to be agents of change socially and empower them to make informed decisions at different life stages
HONG KONG SAR – Media OutReach – 22 November 2022 – JA SparktheDream, a financial literacy education programme focused on educating minds as well as helping children build and realise life goals through financial literacy and social innovation was launched by Junior Achievement Hong Kong (JA Hong Kong) and FWD Hong Kong (“FWD”) in May 2022, which has since reached around 1,400 primary school students in Hong Kong.

Supported by FWD, JA SparktheDream aims to develop children’s financial literacy at an early age through close collaboration with primary schools, parents and corporate volunteers. The programme aims to nurture the next generation to become financially literate, innovative and socially minded who are able to take charge of their future.

Paul Tse, Chief Marketing and Digital Officer of FWD Hong Kong and Macau said, “Financial knowledge is becoming ever more essential nowadays, particularly at a young age. We’re delighted to partner with JA Hong Kong to launch the JA SparktheDream programme which aims to develop children’s financial literacy at an early age, inspire children to be agents of change socially and empower them to make informed financial decisions at different life stages. This partnership also strengthens the engagement between our employees and insurance agents, and the community as our volunteers teach students the basics of financial planning which in turn, encourages them to give back to society. We look forward to expanding this programme with JA Hong Kong to reach even more students in Hong Kong.”
Dr. William Lo, Chairman of JA Hong Kong said, “JA SparktheDream is a hands-on learning journey for students to develop essential financial capability, social awareness and life skills that are not covered in the regular school curriculum. We are glad that the students are motivated to come up with their creative social innovation ideas to promote financial wellness and bring about positive changes in our society. Our sincere gratitude to FWD for working with us in launching this impactful education initiative in Hong Kong and expanding to seven markets in the Asia Pacific region next year.”
Close to 1,400 primary school students have learnt financial management and contribute to society
Since its launch in May 2022, the programme has served close to 1,400 primary four to six students in Hong Kong and provided over 9,700 experiential learning hours on financial literacy. The programme was supported by around 60 FWD volunteers to equip students with the skills and mindsets they need to become financially capable over the long-term.
JA SparktheDream organised:
- engaging volunteer-led workshops;
- extended learning through an interactive online platform;
- family games;
- community sharing; and
- a regional student exchange event organised to further encourage students to enhance their financial management skills in a gamified environment
JA SparktheDream Social Challenge 2022 helping to unleash creativity
As part of the programme, the students were encouraged to work in teams to participate in the JA SparktheDream Social Challenge 2022 taking place in early November. The challenge aims to unleash creativity in students and develop their empathy towards society. Entries include a robot for talent matching, neighbourhood support for working parents, and a mobile app for wet market stores to facilitate shopping. The five outstanding teams will be selected to represent Hong Kong at the regional challenge on 23 November 2022 (Wednesday) to exchange their financial management learnings and creative social innovations with students from Singapore.
Key education initiative to benefit over 25,000 students across Asia Pacific
JA SparktheDream was launched in Hong Kong and Singapore this year and will be expanded to Japan, Thailand, Indonesia, the Philippines and Vietnam in 2023. The programme aims to reach over 25,000 students across Asia Pacific, as well as their families and communities by 2024.
Programme details and school application: https://hk.jasparkthedream.org/
Download photos at this link: https://bit.ly/JA_SparktheDream
Hashtag: #FWD
About FWD Hong Kong & Macau
FWD Hong Kong & Macau are part of the FWD Group, a Pan-Asian life insurance business with approximately 10 million customers across ten markets, including some of the fastest-growing insurance markets in the world.
It offers life and medical insurance, employee benefits, and financial planning. FWD Macau provides a suite of life and medical insurance.
FWD is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.
For more information about FWD Hong Kong & Macau, please visit WWW.FWD.COM.HK and WWW.FWD.COM.MO.
About JAHK
JA is a charitable organisation dedicated to inspiring and preparing young people to succeed in the global economy. In partnership with the business and education communities, JA encourages young people to participate in a range of activity-based education programs to understand the world of work and develop their entrepreneurship, career readiness and financial health. Since 2001, JA has engaged over 28,000 business volunteers to serve over 420,000 students. The JA worldwide network now serves over 10 million students a year in over 100 countries. Please visit www.jahk.org for more details.
Authorities Clean Up Untidy Luang Prabang Night Market
Luang Prabang night market was reorganized to avoid congestion and crowding by visitors in the high season.
Key trends driving marine insurance claims activity – from fire to inflation
- Fire, collision and sinking, and damaged cargo are the top causes of marine insurance losses by value, according to Allianz Global Corporate & Specialty’s analysis of more than 240,000 claims worth €9.2bn in value.
- Inflation is compounding existing trends driving higher claims severity. Soaring prices for steel and spare parts and rising labor costs are impacting hull repair and machinery breakdown claims.
- Supply chain issues continue to impact claims, as does climate change through extreme weather events and new exposures linked to the net-zero transition.
MUNICH, GERMANY – Media OutReach – 22 November 2022 – Fire and explosion incidents cause the most expensive insurance claims in the marine industry, while at a time of rising exposures and inflation, cargo damage is the most frequent cause of loss, according to Allianz Global Corporate & Specialty (AGCS). The marine and cargo insurer analyzed more than 240,000 marine insurance industry claims worldwide between January 2017 and December 2021, worth approximately €9.2bn in value, and has identified a number of claims and risk trends that are driving major loss activity in the sector. Inflation is another key concern for marine insurers and their policyholders as recent increases in the values of ships and cargos mean losses and repairs are becoming more expensive when things go wrong.
“The number of fires on board large vessels has increased significantly in recent years, with a string of incidents involving cargo, which can easily lead to the total loss of a vessel or environmental damage,” says Régis Broudin, Global Head of Marine Claims at AGCS. “At the same time, the shipping sector is also having to deal with many other challenges including a growing number of disruptive scenarios, supply chain issues, inflation, time-pressured crew members and employees, increasing losses and damages from extreme weather events, implementing new low-carbon technology and fuels, as well as Russia’s invasion of Ukraine.”
Fires accounted for 18% of the value of marine claims analyzed (equivalent to around €1.65bn) compared with 13% for a five-year period ending July 2018. A contributing factor to this increase of fire risk on board vessels is often mis-declared/non-declaration (of) dangerous cargos, while a recent increase in engine room fires may reveal some underlying risk around crew competencies. The potential dangers that the transportation of lithium-ion batteries on vessels pose only add to these concerns, with AGCS having already seen a number of incidents. A report from AGCS highlights a full list of loss prevention measures to consider here[1].
Inflation driving up the values of vessels, cargo and repairs in a time of growing exposures
With many countries seeing rates at or around 10%, inflation is compounding existing trends driving higher claims severity. The rising prices of steel, spare parts and labor are all factors in the increasing cost of hull repair and machinery breakdown claims.
In addition, the value of both vessels and cargo has been increasing at a time of growing exposures associated with bigger ships, the largest of which can carry 20,000 containers at one time. The combined value of the global merchant fleet increased 26% to $1.2trn in 2021[2] while the average value of container shipments has also been rising with more high-value goods such as electronics and pharmaceuticals. It is not unusual to see one container valued at $50mn or more for high-value pharmaceuticals.
Damaged goods, including cargo, is the top cause of marine insurance claims by frequency, and the third largest by value, the AGCS analysis shows. The most common claims are physical damage, typically from poor handling, storage and packing. However, recent years have also seen a number of high-value theft and temperature variation claims – the latter can particularly impact pharmaceuticals. Theft is the third most frequent cause of claims with criminals targeting consumer electronics and high-value commodities such as copper. Cargo is typically stolen from ports, warehouses or during transits. The recent boom in container shipping has also affected cargo claims with a global shortage having resulted in substandard and damaged containers being brought back into use resulting in losses.
“The risk of theft and damage to high-value cargos needs to be addressed with additional risk mitigation measures, such as GPS trackers and sensors that provide real-time monitoring on position, temperature, moisture shock, and light and door openings, for example,” says Captain Rahul Khanna, Global Head of Marine Risk Consulting at AGCS. “At the same time cargo interests need to keep a close eye on insured values. Clients may need to adjust their insurance and policy limits, or risk being underinsured – we have already seen claims for high value container cargos where the cargo interest was underinsured by as much as $20mn.”
AGCS also identifies a number of risk trends in the analysis that are likely to impact loss activity in the marine sector – both today and in the future:
- Sources of disruption continue to increase: Recent years have seen a number of maritime incidents, natural catastrophes, cyber-attacks and the Covid-19 pandemic cause major delays to shipping and ports. Further disruption has also been caused by congestion, labor shortages and constrained container capacity. There are also greater concentrations of cargo risk on board large container vessels and in major ports, so any incident has the potential to simultaneously affect large volumes of cargo and companies.
- Commercial pressures are already a contributing factor in many losses that have resulted from poor decision-making. With the pressure on vessels and crew currently high, the reality is that some may be tempted to ignore issues or take shortcuts, which could result in losses.
- Climate change is increasingly affecting marine claims: Natural catastrophes is already the fifth biggest cause of marine insurance claims, by frequency and severity according to AGCS analysis. Extreme weather was a contributing factor in at least 25% of the 54 total vessel losses reported in 2021 alone, while drought in Europe during 2022 again caused major disruption to shipping on the Rhine. In the US, it dropped inland waterways around the Mississippi River to levels not seen for decades, impacting global transportation of crops such as grain.
- A more sustainable, greener approach in shipping sector is needed, but comes with risks: Efforts to decarbonize the shipping industry, which is a major contributor to global greenhouse gas emissions (GHGs) will also impact claims going forward. Reducing GHGs requires the shipping industry to develop more sustainable forms of propulsion and vessel design and use alternative fuels. As much as the introduction of new technology and working practices is needed to move to a low-carbon world, it can result in unexpected consequences – insurers have already seen a number of machinery breakdown and contaminated fuel claims related to the introduction of low sulfur fuel oil in recent years as part of the move to cut sulfur oxide emissions. Machinery breakdown is already the fourth largest cause of claims by frequency and value.
- Impact of Russia’s invasion of Ukraine: The shipping industry has been affected with the loss of life and vessels in the Black Sea, trapped vessels in blocked Ukrainian harbors and the growing burden of sanctions. Although the signing of the ‘Black Sea Grain’ Initiative in July 2022 enabled some vessels trapped in ports to move out of the conflict zone others remain. The full value of these trapped vessels is unclear, but industry reports have estimated it could be as much as $1bn. Under some marine hull and cargo insurance policies an insured party may be able to claim for a total loss after a specific time has passed since the vessel/cargo became blocked or trapped.
Download the full article: Global claims trends to watch in marine insurance
Hashtag: #Allianz
About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide
risk consultancy,
Property-Casualty insurance solutions and
alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across nine
dedicated lines of business and
six regional hubs.
Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses. Among them are not only the world’s largest consumer brands, financial institutions, tech companies and the global aviation and shipping industry, but also floating wind farms or Hollywood film productions. They all look to AGCS for smart solutions and global programs to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding
claims experience.
Worldwide, AGCS operates with its own teams in more than 30 countries and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,250 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable
financial ratings. In 2021, AGCS generated a total of €9.5 billion gross premium globally.
For more information please visit our website www.agcs.allianz.com
This document includes forward-looking statements, such as prospects or expectations, that are based on management’s current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
No duty to update
Allianz assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.