Latest news with #JohnLeeKaChiu
South China Morning Post
12 hours ago
- Business
- South China Morning Post
Hong Kong weighs relaxing building rules for university student hostels
Hong Kong authorities are considering relaxing rules for the construction of university student hostels in commercial and non-residential areas to ease a supply shortage. The proposal has attracted support from private operators, who said they currently needed to fulfil certain requirements when transforming hotels into hostels. The Development Bureau told the Post it was considering scrapping or simplifying building procedures required for student hostels on commercial and non-residential sites. 'We are considering allowing student hostels in commercial and more non-residential zonings [to proceed] without the need for planning approval or, even if planning approval is required, only a simple planning procedure will be required,' the spokesman said. The bureau said it aimed to encourage the conversion of hotels and other commercial buildings into student hostels on a self-financing and privately funded basis. In his annual policy address last October, Chief Executive John Lee Ka-chiu said the government aimed to develop a 'studying in Hong Kong' brand to help turn the city into an international hub for post-secondary education.
South China Morning Post
5 days ago
- Business
- South China Morning Post
How a ‘Harvard International' could boost Hong Kong as an education hub
Chief Executive John Lee Ka-chiu has invited international students worried about finishing their courses at Harvard University in the US to continue their studies at one of Hong Kong's universities. Other universities in Malaysia and Japan have put forward similar suggestions. This comes as Hong Kong is considering how to make best use of the part of the Northern Metropolis reserved for universities to bolster its role as an education hub . That site is at the heart of our future technology research and development area, and within shouting distance of Shenzhen, China's engineering and manufacturing powerhouse. Lee's invitation is a bold step in the right direction, but I suggest we take the opportunity to go even further and advance the city's higher education profile. Hong Kong should reach out to Harvard and offer to make a site available for an additional campus in the city. The new facility could be called Harvard International and admit all the university's international students and a significant number of American students at any one time, perhaps on a revolving basis. The trigger for these suggestions is the Trump administration's extraordinary attack on the American institution, widely regarded as one of the best in the world. The university has had its research grants cancelled and was told its tax status would be reconsidered while its ability to admit international students remains uncertain. We don't need to consider the merits of these assaults, and we should note that many are still subject to legal challenges in the US. But the uncertainty they have created gives Hong Kong an opening.
South China Morning Post
09-06-2025
- Business
- South China Morning Post
Hong Kong's US-dollar peg a key success factor and will stay: John Lee
Hong Kong will maintain its currency's peg to the US dollar, the city's leader has said, identifying it as a key success factor and rejecting calls to abandon the link amid escalating geopolitical tensions. But this did not mean the city was solely reliant on the peg for its financial system, and Chief Executive John Lee Ka-chiu pledged to strengthen Hong Kong's dominant role as a global offshore renminbi business centre, promising more product diversification. Lee's reassurance came after multiple interventions by the city's de facto central bank recently to defend the peg as the Hong Kong dollar hit the higher end of its trading band, triggered by equity investment activities and the appreciation of regional currencies against the US dollar. 'Hong Kong's link with the US dollar has proven to be one of the fundamental success factors,' he told the Post in an interview, noting the peg had always come under pressure, especially in uncertain times. In a series of interventions last month, the Hong Kong Monetary Authority (HKMA) spent HK$129.4 billion to buy US$16.7 billion worth of US dollars to weaken the local currency, which had hit the strong end of its trading band. 22:27 Why Hong Kong will remain a free port regardless of Donald Trump's tariffs Why Hong Kong will remain a free port regardless of Donald Trump's tariffs The move came amid a wave of capital inflows, driven by increased investor interest in Hong Kong stocks and steady southbound buying from mainland Chinese investors via the Stock Connect mechanism.
South China Morning Post
04-06-2025
- Business
- South China Morning Post
Hong Kong has role to play in better global health
Healthcare is a major concern around the world, yet the prognosis for improving the sector has worsened amid rising geopolitical tensions and trade protectionism that erode trust and international collaboration. So, it was encouraging to see the city take a leading role in efforts to safeguard health worldwide by hosting last week's Asia Summit on Global Health. The two-day summit was held alongside a major industry trade fair and healthcare week. More than 2,800 delegates from around the world attended the summit organised by the Hong Kong Trade Development Council. Top officials from the city and the mainland outlined how the city could foster global exchange and cooperation, showcasing its potential in healthcare investment, trade and position as a medical technology hub. In his opening speech at the conference, Chief Executive John Lee Ka-chiu said responding to global healthcare challenges must not be like 'fighting a virus' with quarantines. Lee said collaboration rather than isolation was the best solution to tackling healthcare, trade and other societal issues.
