HONG KONG: Hong Kong leader John Lee said on Tuesday (Apr 8) the city would sign more free trade pacts to diversify its risk amid a global trade war triggered by what he called “ruthless” US tariffs that he said were disrupting the world economic and trade order.

“The US no longer adheres to free trade, arbitrarily undermining the internationally established rules of world trade, and its ruthless behaviour damages global and multilateral trade,” Lee, who was sanctioned by the US in 2020 for his role in the rights crackdown in Hong Kong, told reporters.

Hong Kong, as an international trade hub, will be affected by US tariffs in the short term but Lee said it would continue to remain a free port, with the city not planning to impose any retaliatory tariffs on the US right now.

The latest additional US tariffs of 34 per cent that were imposed on China also apply to Hong Kong – which is no longer considered a separate trading entity by Washington amid a years-long crackdown under a sweeping national security law.

This coupled with an earlier 20 per cent tariff, means combined US tariffs on Hong Kong goods are now 54 per cent, Lee said.

In terms of mitigation, Lee said Hong Kong would seek to bolster trade and business linkages elsewhere including more free trade agreements in areas such as South East Asia and the Middle East. New Hong Kong trade offices would also be set up in Egypt, Türkiye and Cambodia, he added.

He said Hong Kong is in negotiations for investment agreements with Saudi Arabia, Bangladesh and Peru.

“We will seize the world’s major trend of geographical diversification proactively attracting foreign companies and capital to establish Hong Kong because Hong Kong can provide security and stability to investors,” Lee said.

Hong Kong earlier pledged support for small and medium enterprises amid the current difficulties.

Hong Kong’s Hang Seng Index was up 2.5 per cent in mid morning trade on Tuesday, after suffering its biggest drop since 1997 on Monday when shares slumped 13.2 per cent on fears the global trade war could trigger a recession.

Source: Reuters

In a time of geopolitical tensions, cross-border tourism in Southeast Asia remains a testament to the strength of regional cooperation and the commitment of neighbouring countries to bolster their tourism sectors.

Despite recent security concerns between Cambodia and Thailand, tourism officials in both countries remain focused on strengthening the people-to-people connections that have long been a cornerstone of their collaboration.

Dee Suvimol Thanasarakij, executive director of the Mekong Tourism Coordinating Office (MTCO), responded to questions regarding the impact of military confrontations at the Ta Moan Temple on tourism, noting that cooperation continues largely unaffected by broader political tensions.

“The governments do not have any issues when it comes to tourism collaboration,” she said, underscoring that tourism professionals are solely focused on facilitating cross-border travel.
“Tourism is about bringing people together, and that’s what we’re doing—connecting tourists from Thailand to Cambodia and vice versa,” she added.

Thanasarakij addressed a regional workshop in Siem Reap province, hosted by the International Organisation of La Francophonie (OIF), Cambodia, to launch a flagship initiative aimed at promoting sustainable tourism, Destination Eco-Talents, from March 26to 28.

According to the workshop attendees, tourism professionals remain focused on the mutual benefits that tourism brings to local communities in both countries, providing jobs and creating revenue streams that improve the livelihoods of countless families.

A major part of the regional tourism strategy is the creation of innovative travel routes that span multiple countries in the Mekong region.

One of the most notable initiatives is the GMS Tourism Plan 2030, a collaborative effort between Cambodia, Laos, Thailand and Vietnam.
Under the plan, new tourism trails have been developed to promote seamless travel across borders, with a focus on sustainable and community-based tourism.

“Through the Mekong Discovery Trail, travellers can explore the natural beauty and cultural richness of the region, from Cambodia’s Rattanakiri province to the serene landscapes of Laos and Thailand,” said Chuob Ratana, director of tourism development and planning.

“We are working on connecting tourists to local communities through immersive experiences like kayaking, trekking and eco-tourism activities, ensuring that tourism development is both sustainable and beneficial to rural communities,” he added.

Source: The Nation

Despite the gathering clouds from escalating geopolitical trade tensions, Singapore’s private new sale market continues to thrive. The Ministry of Trade and Industry has projected gross domestic product growth of 1 to 3 per cent in 2025, following a 4.4 per cent expansion in 2024, and may further downgrade forecasts after US President Donald Trump’s sweeping tariffs landed on Apr 3.

While the outlook for economic growth has moderated, demand for new private properties is showing strength, with sales performance exceeding expectations since October 2024.

Several high-profile condominium launches over the last several months demonstrated the resilience of the market. Chuan Park sold 76 per cent of its units at an average price of S$2,579 per square foot (psf), only to be surpassed by Emerald of Katong, which sold nearly 99 per cent at S$2,621 psf. The momentum carried into 2025, with Parktown Residence recording sales of more than 1,000 units during its launch weekend, a feat last achieved by High Park Residences in 2015.

These numbers reflect renewed buyer confidence, driven by shifts in affordability, evolving buyer demographics and project-specific appeal. What is driving this renewed interest, and what will it mean for the market’s trajectory ahead?

With the latest cooling measures in place, demand from investors purchasing second homes or foreign buyers without permanent residence has been muted, due to the high Additional Buyers’ Stamp Duties (ABSD) payable. As a result, most home purchases are for owner occupation.

While the initial strong sales could be attributed to the balancing of demand and supply in 2024, sustained sales momentum suggests that more buyers are triggered to seek new properties.

Source: The Business Times

According to him, the President is now prioritizing other initiatives, such as free nutritious meals (MBG), industrial downstreaming, and the Danantara project, along with the recent establishment of the Merah Putih Village Cooperative. Therefore, there are fears that developers’ contributions to the 3 million housing program may be in vain.

However, Joko believed that the housing sector could provide job opportunities for up to 9 million people and foster at least 400,000 new industry players across Indonesia. “We observe and are concerned, which is why we are here today,” he explained.

In addition to the perceived decline in presidential enthusiasm, Joko also raised several other issues affecting the housing developer association. He asserted that the government is not providing adequate protection and guidance, leading to concerns about business certainty among developers.

Moreover, subsidized housing developers are reportedly uneasy due to perceived accusations of misconduct from the Ministry of Housing and Settlement (PKP).

Furthermore, Joko pointed to a series of controversial statements by PKP Minister Maruarar Sirait, also known as Ara, which have caused unease among housing developers.

These include discussions regarding increasing the quota of housing financing liquidity facilities (FLPP) to 800,000 housing units, proposals to reduce house prices amid rising land costs, the use of confiscated corrupt land, and plans for audits of subsidized housing developers by the Supreme Audit Agency.

Previously, the housing developer association had also criticized Minister Ara’s performance, citing the absence of a clear roadmap for the 3 million housing program.

Source: Tempo