Hong Kong sits atop a property bubble: study
/ Reuters needed to verify virtual currency transactions. Customers are mostly large mining operators in places with cheap electricity.
While Bitmain gets most of its revenue from mining equipment sales, the company also runs some of the world’s biggest mining collectives, in which members combine their processing capacity and split the rewards.
Wu has said he wants Bitmain to branch out into non-crypto fields such as artificial intelligence, where Asics also play an important role.
In an interview earlier this year, he estimated that as much as 40 percent of Bitmain’s revenue will come from AI chips within five years. But sceptics, including Sanford C Bernstein analyst Mark Li, have said a successful push into AI is far from certain. – Bloomberg HONG KONG has the most overvalued housing market, while Chicago offers bargains, a study by Swiss bank UBS has found, suggesting real estate prices in most big cities remain too high, even though they’ve slipped lately.
Munich, Toronto, Vancouver, Amsterdam and London also face risks of a housing bubble, but Stockholm and Sydney moved out of bubble territory this year and Geneva moved closer to fair value.
Chicago was once again the only undervalued city in the UBS Global Real Estate Bubble Index 2018 report, which analyses residential property prices in 20 developed-market financial centres around the world.
Valuations were stretched in Los Angeles, Zurich, Tokyo, Geneva and New York, it said. Boston, Singapore and Milan seemed fairly valued.
Unlike the property boom of the mid-2000s, UBS found no global evidence of simultaneous excesses in lending and construction. Outstanding mortgage volumes were growing half as fast as before the financial crisis.
“Although many financial centres remain at risk of a housing bubble, we should not compare today’s situation with pre-crisis conditions,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. | Reuters