China and the US worked out a deal on the age-old argument where Chinese firms are not allowed to hand over paperwork to US institutions for audits. But the agreement is not valid for Hong Kong, and so close to a hundred current and former KPMG partners got sued over the case of the bankrupt China Medical, reports Beida accounting professor Paul Gillis last week at his weblog.
Category Archives: Hong Kong
The efforts by the Public Company Accounting Oversight Board (PCAOB) to get access to Chinese data from US-listed Chinese firms went into a new phase as it banned a Hong Kong accounting firm, reports Beida accounting professor Paul Gillis on his weblog. It could be a new item on Trump’s China agenda, he suggests.
The Hong Kong IPO by Tencent’s China Literature, driving on a Chinese e-reader, was a big hit, while e-readers like Amazon Kindle are clearly over their highpoint. Business analyst Shaun Rein explains in CNNMoney why e-readers go like crazy in China.
Hong Kong has been taken over silently by mainland China in financial terms already before the handover by the UK in 1997, says financial analyst Victor Shih to AFP. But what has gone wrong is the lack of tools to control that take-over, especially when Xi Jinping defined corruption as the major evil to be addressed, Shih says.
China’s close to one trillion US dollar investment program One Belt, One Road (OBOR) is facing serious pitfalls that could stop it from succeeding, writes financial analyst Sara Hsu in the Huffington Post. Insufficient due diligence is just one of a range of potential barriers, she writes.
Traditionally Shanghai, Beijing and Guangzhou were benchmark cities when looking at the housing market in China. But when you want to know where global wealth is growing fastest, you might have to look at a few unfamiliar names, including Wuxi, overtaking Hong Kong as the most expensive city, says Rupert Hoogewerf, chief researcher of the latest Hurun Report, according to the South China Morning Post.
The Chinese government tries to curtail irrational investments, but domestic real estate is certainly not at the hackblock, says real estate expert Sam Crispin in Knowledge GKGSB. The government cannot afford to kill the goose laying golden eggs, he says.
Despite the election of Donald Trump, increased immigration barriers to the US and increased animosity between China and the US, the US is still the top destination for rich Chinese leaving their country, says China Rich List researcher Rupert Hoogewerf. Although the number of rich leaving their country is dropping, he tells the South China Morning Post.
China has diminished limits on foreign businesses with its new negative list for 11 free trade zones. That includes accounting, writes Beida accounting professor Paul Gillis at his weblog, although most foreign accounting firms had already workarounds for most legal limitations of the past, he adds.