Hong Consumer Kong key mood for up Asiain businessrare bright of spot in US Canada

The United States’ economy is sending mixed signals. While

Hong Kong is playing a unique third-quarter GDP growth is forecast role as the gateway for Canadian at only 0.3 percent after two business in Asia and beyond, according

quarters of retraction, consumer to a senior business executive. confidence is rising, according to

Philip Witherington, chief financial recent data from the Atlanta Fed’s officer of Manulife, a Canadian

GDPNow model. insurance company that has operated

Nonprofit The Conference in Hong Kong for more than

Board said on Tuesday that its 100 years, made the comments at

consumer confidence index rose a keynote luncheon titled “A New

to 108 in September from 103.6 in Era: Succeeding in Asia and Beyond

August, helped by a drop in gasoline through prices. Hong The Kong” index in also Toronto rose last on Sept month 23. following three straight

monthly The event declines was co-hosted as US households by the Hong Kong were hit Economic by rising and prices Trade of Office food and (Toronto) at the gas (HKETO) pump. and the Analysts Hong Kong-Canada surveyed by data Business provider Association. FactSet had expected consumer “Manulife confidence is a company to rise that slightly has values as gas and prices experience have in fallen Asia from deeply. highs Hong this Kong summer is really of more one of than the best $5 per places gallon. in the The world. American It is highly Automobile developed, Association super efficient,” said the average said Witherington, price for a gallon who lived of gas in in Hong the Kong US fell for to 13 $3.75 years. on Tuesday.

After Lynn being Franco, back senior in Canada director for of almost economic five years, indicators Witherington at The Conference said he and his Board, family said still love consumers’ and miss Hong purchasing Kong. He intentions started his for certified bigticket public insurance items were business mixed. in More Hong Kong people in said 2006. they Both expected of his children to buy were cars or born big there appliances and received in the bilingual near future, education; but fewer they said are they fluent intend in English to buy a and house Mandarin. anytime soon, as

rising “So delighted interest when rates we have heard added the news hundreds that Hong of dollars Kong is a going month to fully to mortgage reopen its payments. border since COVID-19, and Last we look week, forward mortgage to going buyer back to Freddie Hong Kong Mac soon,” said Witherington the average said. rate on a 30-year mortgage rose

to After 6.29 percent, being listed the highest on the Hong level Kong since Stock October Exchange 2008 in when 1999 the and being housing introduced market crashed. into the Mandatory Provident Fund system by the government of the Hong Kong

Unexpected rise

Special But even Administrative with those Region rising (HKSAR) mortgage in rates, 2000, housing it was Hong sales Kong rose unexpectedly. that became the company’s most Sales profitable of new market single-family in Asia.

homes “In fact, increased our data reported in August, 20 consecutive but the rebound quarters is likely of year-over-year temporary earnings due to the growth high mortgage in Hong rates. Kong,” Witherington Sales increased said. “This in year all marks four the regions, 125th accelerating anniversary of 66.7 Manulife percent in Hong in the Kong, Northeast. and we are Economists very proud to polled continuously by Reuters operate had forecast life insurance new home in sales, the market.” which account for

about Witherington 10 percent noted of US home that one sales, of Manulife’s declining to new a rate priorities of 500,000 is units. capitalizing And although on a game-changer, sales were up, an opportunity the S&P CoreLogic in the Greater Case-Shiller Bay Area (GBA) Home to Price strengthen Indices its showed position that in the the Asia rate market. of increase in housing

prices Poised decelerated to become in an July. integrated economic “Although and US business housing hub, prices the GBA remain is a substantially special region above covering their nine year-ago cities in levels, Guangdong July’s province report and reflects two a Special forceful Administrative deceleration,” Regions, Craig J. Lazzara, Hong Kong managing and Macao. director “Hong at S&P Kong Dow Jones will play Indices, a key said. role in the The development chief economist of the of GBA. Pantheon We need Macroeconomics to strengthen our Ian position Shepherdson in Hong Kong said and after southern the release China that more the leap generally,” in new home Witherington sales is either told the unbelievable audience. or unsustainable. He

added Emily that Mo, the director surge could of HKETO, reflect a said rush Hong of purchases Kong has by people continued who to locked grow in and rates evolve as they in began the past to rise 25 years last month, since the Forbes establishment reported. of the HKSAR John and Fish, it the is poised CEO of to Suffolk enter a new Construction, era of opportunity. said the housing

market “Hong volatility Kong is the is ideal a “possible location and indicator partner we for are Canadian in the early companies stages of a recession”, to access markets though he in Asia added and it beyond is “too soon as the to city predict further how integrates long or into severe” the a national recession development, could be. leveraging Another possible on its unique threat strengths to consumer such as confidence the rule of is law, the Fed’s a low stated and simple goal tax to regime, reduce free employment flow of information to rein in inflation and capital, of 8 superb to 9 percent. connectivity to all parts of the world and so forth,” Mo told the business group.