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Henderson Land Buys Car Park Site in Hong Kong's Central for $3B

Henderson Land Buys Car Park Site in Hong Kong's Central for $3B

Hong Kong and mainland China are launching a long-awaited cross-border bond trading platform that further widens access to China's financial markets for global investors.

"It will provide a new channel for Hong Kong and worldwide investors to invest in mainland China's bond market, which is the third-largest in the world and much undersold to global investors at the moment", said Benjamin Hung, chief executive for Greater China & North Asia at Standard Chartered.

"Bond connect will facilitate investors' participation in the bond markets, improve the connectivity between market infrastructures and promote the healthy development of the bond markets, thereby enhancing Hong Kong's status as an worldwide financial centre and the global offshore renminbi business hub", Paul Chan, Hong Kong's financial secretary said in another statement.

Benjamin Hung, CEO for Greater China & North Asia at Standard Chartered, said the "Bond Connect" would boost Hong Kong's role as a gateway between foreign investors and the Chinese market.

No formal launch date was given.

On Wednesday, a person closely involved in the discussions said authorities now wanted the first trade in July.

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"Bond Connect will facilitate investors' participation in the bond markets, improve the connectivity between market infrastructures and promote the healthy development of the bond markets, thereby enhancing Hong Kong's status as an worldwide financial centre and the global offshore Renminbi business hub".

Overseas investors have been reluctant to enter the market amid fears over the stability of the Chinese yuan, which fell nearly 7 percent previous year. This is because investors would be able to buy Chinese bonds through their existing dealers in Hong Kong without having to go through the hassle of setting up dealing accounts on the mainland, he said.

Mainland Chinese firms have doubled their presence in Central in less than a decade, taking up 21 per cent of all floor space leased in the Central Grade A office market in early 2016, compared to 10 per cent in 2009, according to real estate services firm JLL.

A spokesperson of the HKMA said, "As Asia's premier asset management and risk management centre, Hong Kong has always been the gateway for worldwide asset managers and owners to invest in the Mainland and manage the attendant risks". I am grateful to the Central People's Government and relevant authorities for their support of the launch of Bond Connect.

The program "is conducive to the consolidation and enhancement of Hong Kong's status as an global financial center, to the steady and progressive opening-up of the mainland financial markets, to the diversification of investment channels for overseas investors and to the long-term prosperity and stability of Hong Kong", the HKMA and PBOC statement said.

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