Wealth Report
Wealth Report
Your independent, authoritative guide to wealth in Hong Kong and Asia, providing insights on wealth management, investment trends, family offices, holistic wealth and the wider financial landscape across the region.
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South China Morning Post
2 hours ago
- South China Morning Post
2,000 jobs at risk as leading Hong Kong security firm confirms impending closure
A leading security firm in Hong Kong chaired by a retired senior police officer will cease operations before next April, with more than 2,000 employees expected to be laid off. CNT Security Company attributed the decision to a recent board resolution. The news emerged after the company informed the landlords of Allway Gardens, a residential estate in Tsuen Wan, that their request to extend its contract until December this year could not be fulfilled. The letter, dated June 20, was signed by the company's general manager, Mario Wu. Chiu Yan-loy, a former Tsuen Wan district council member and now secretary of the Allway Gardens owners' corporation, said residents were surprised. 'Residents were rather shocked when learning the news. We have been using the company's service for more than 10 years, and most residents are very happy with its service,' he said. Chiu added that CNT Security had proposed increasing management fees following the recent rise in the minimum wage to HK$42.10 (US$5) per hour, an issue the owners' corporation planned to discuss at a later meeting. 'There has not been any sign of financial or manpower difficulty,' he added. 'But then came such news without warning.
South China Morning Post
2 hours ago
- South China Morning Post
Head of Malaysian Chamber of Commerce in Hong Kong expected to move into new role
The founding chairman of the Malaysian Chamber of Commerce in Hong Kong is expected to move into a new role in the coming weeks, a change he says will revitalise the organisation. Gan Khai Choon, the head of the Malaysian Chamber of Commerce in Hong Kong and Macau since its inception in 2014, told the Post on Monday he might switch to a senior but less hands-on role. He said he remained confident in Hong Kong's future and that the city would continue to prosper amid economic and geopolitical challenges. 'We are very confident, and that's why we continue to stay,' said Gan, who is also managing director of the Hong Leong International (HK) investment firm. 'Hong Kong will continue to prosper, although we have hiccups now and then, which is natural in any situation because the world is moving very fast, technology is going very fast, and geopolitical problems arise from time to time,' he said. Gan lauded the city's 'well-built foundation', pointing to its legal system, schools, abundance of professional talent and wealth of international companies. 'All our Malaysian businesses that are in Hong Kong are ... in very good shape, although the general economy is facing a slowdown,' he said.
South China Morning Post
4 hours ago
- South China Morning Post
Hong Kong housing authorities cancel contracts with firm linked to 5 site deaths
Hong Kong housing authorities have terminated three public estate contracts with a construction company linked to five workplace deaths in three accidents, despite the court suspending a ban on its operating licence. The move means all six projects managed by Aggressive Construction Company have been taken over despite the suspension order. The Housing Authority said on Monday that the contractor's performance on three public housing estates was 'far below' contract requirements. A spokesman said it had served a 'notice of re-entry' to the company on the same day, indicating the sites would be taken over. The three affected projects are the underground link of the Pak Tin Estate redevelopment phase 10, the development of about 1,000 public housing flats at Tuen Mun Area 29 West, and about 5,200 homes at Tung Chung Area 100. In May, authorities said Aggressive would be delisted from the government's registered list of contractors starting June 20 due to safety concerns following five fatalities across three accidents – including a 2022 crane tower collapse that killed three workers. The decision was expected to impact construction on thousands of public housing flats. Aggressive later filed an appeal and secured a temporary suspension of the decision from the court last Wednesday. A two-day hearing on its application for a stay of execution and the appeal is scheduled for next month.
