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Hong Kong Monetary Authority (HKMA) 55th Floor Two International Finance Centre 8 Finance Street Central, Hong Kong Tel: (852) 2878 8196 www.info.gov.hk/hkma/index.htm |
Financial Services Branch (Financial Services & Treasury Bureau) Tower 1, Admiralty Centre 18th Floor 18 Harcourt Road Central, Hong Kong Tel: N/A www.fstb.gov.hk/fsb/ |
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Hong Kong Exchanges and Clearing, Ltd. (HKEx) 12th Floor One International Finance Centre 1 Harbour View Street Central, Hong Kong Tel: 852-2522-1122 www.hkex.com.hk/index.htm |
Securities and Futures Commission 8th Floor Chater House 8 Connaught Road Central Central, Hong Kong Tel: 852-2840-9222 www.sfc.hk/sfc/html/EN/ |
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Financial Reporting Council (FRC) 29th Floor, High Block Queensway Government Offices 66 Queensway Central, Hong Kong Tel: 852-2810 6321 www.frc.org.hk/ |
Treasury of the Government of Hong Kong 27th to 31st Floor Immigration Tower 7 Gloucester Road Wan Chai, Hong Kong Tel: 852-2845-8866 www.try.gov.hk/ |
Hong Kong consists of Hong Kong Island, dozens of small islands (including Lantau Island), Kowloon Peninsula on the mainland and then the Northern Territories that extend to the border of The People's Republic of China (approximately 1,104 sq. km. in area). The terrain ranges from hills to mountainous, with steep slopes north toward the border. Victoria Harbour is one of the largest natural, deepwater harbors in the world.
Hong Kong is one of the world's most open and dynamic economies and the per capita GDP is comparable to other developed countries. Real GDP expanded by 6.8% in 2006 year-on-year, driven by exports, tourism and strong consumer spending. Hong Kong is a duty-free port, with few barriers to trade in goods or services and few restrictions on foreign capital flows and investment. Hong Kong is the 15th largest banking center in the world in terms of external transactions, 7th largest stock market in the world and the 3rd largest in Asia in terms of market capitalization, 6th largest financial center in terms of foreign exchange turnover and 7th largest if over-the-counter derivatives transactions are included. In the banking sector, at the end of September 2007, there were 142 licensed banks, 29 restricted licence banks and 30 deposit-taking companies in Hong Kong, together with 82 local representative offices of overseas banking institutions. These institutions come from 38 countries and include 68 out of the world’s largest 100 banks.
Hong Kong is divided into 18 administrative districts: Central and Western, Eastern, Islands, Kowloon City, Kwai Tsing, Kwun Tong, North, Sai Kung, Sha Tin, Sham Shui Po, Southern, Tai Po, Tsuen Wan, Tuen Mun, Wan Chai, Wong Tai Sin, Yau Tsim Mong, Yuen Long.
Hong Kong is well served by several transportation options. Taxi stands at Hong Kong International Airport are located on the north side of the Ground Transportation Centre (the left-hand ramp if you are leaving from the Arrivals Hall). Separate aisles are designated for different taxis (fares are regulated by the government):
MTR also operates the Airport Express between Hong Kong International Airport and central Hong Kong (approximately 22.1 miles / 35.3km, trip time approximately 24 minutes). There are stations for the Airport Express in Hong Kong, Kowloon and Tsing Yi. There is free shuttle bus service from the Hong Kong and Kowloon Stations to major hotels and key transport interchanges. The Airport Express also connects to the AsiaWorld-Expo complex. Visitors can purchase the Tourist MTR 1-Day Pass card or the Airport Express Tourist Octopus 3-Day Hong Kong Transport Pass (widely accepted by all major transportation services in Hong Kong). The use of this card is restricted to tourists who are non-Hong Kong residents and have stayed in Hong Kong not more than 14 days. A valid passport or similar valid proof of tourist status must be shown at the time of purchase.
The Citybus' Cityflyer service also connects Hong Kong International Airport with central Hong Kong. The Citiflyer Service consists of 5 separate bus routes that operate from the Airport Terminal One and/or the Ground Transportation Centre: A10, A11 operates to the North Point Ferry Piers (Ferries to Hung Hom, Kowloon City & Kwun Tong), A12, A21, A22. (MTR Octopus card is accepted on Citybus).
There are several ferry lines operating in Victoria Harbour between Kowloon and Hong Kong Island and many of the outlying islands, and in Aberdeen Harbour on the south coast of Hong Kong Island. Ferry operators include Star Ferry, New World First Ferry, Hong Kong & Kowloon Ferry, HKR International Limited, Park Island Transport Company, Ltd. Central Ferry Piers 1 to 7 are located on the northwest coast of Hong Kong Island.
Hong Kong Commercial Real Estate
In May 2010, CB Richard Ellis (CBRE) indicated that out of the top 50 international office markets, Hong Kong (Central Business District) office space occupancy cost per square foot of $153.20 per sq. ft. was listed as the 2nd most expensive office rent location in the 1st Quarter 2010. Hong Kong (Citywide) office space occupancy cost per square foot of $80.27 per sq. ft. was listed as the 14th most expensive office rent location in the 1st Quarter 2010. At the time of the report Central Hong Kong's Grade A office space vacancy rate had declined to 3.9% and rents and rents had increased by 9%. The vacancy rate in the Kowloon area was still high at 15.9% but had declined from 19.3% www.cbre.com/EN/Research/Documents/gormay10.pdf
Hong Kong Residential Real Estate
The Global Property Guide’s latest survey of house prices in Hong Kong during the past year to the end of June 30, 2010, indicates a 21.4% increase property values. www.globalpropertyguide.com/press-relations/Global-house-prices-booming-in-Asia-a-mixed-bag-in-Europe-and-the-US
The Centaline Property Agency (one of the largest property agencies in Hong Kong) Centa-City Leading Index CCL indicates that property values have been increasing since the beginning of 2009. www.centadata.com/cci/cci_e.htm
The steady increase in Hong Kong residential property values is the result of the demand from persons residing in mainland China, and have been active in both the luxury and mass residential market.
| Location: | Airport Distance (to Hong Kong / HKG): Boston (BOS) 8,143 miles; Chicago (ORD) 7,793 miles; Dallas (DFW) 8,120 miles; Detroit (DTW) 7,856 miles; Los Angeles (LAX) 7,260 miles; New York (JFK) 8,070 miles; San Francisco (SFO) 6,927 miles; Seattle (SEA) 6,500 miles; Washington, DC (IAD) 8,151 miles. Non-U.S.: Dubai (DXB) 3,685 miles; Frankfurt (FRA) 5,699 miles; London (LHR) 5,994 miles; Mumbai (BOM) 2,659 miles; Paris (ORY) 5,987 miles; Tokyo (NAT) 1,842 miles. |
| Municipal: | Special Administrative Region (HKSAR) of the People's Republic of China, with its own constitution (the Basic Law) and autonomy in all matters except foreign and defense affairs. The Chief Executive is the head of the party that wins a majority of seats in the Election committee of the Legislative Council (Legco). The Basic Law is scheduled to remain in effect for 50 years from the 1997 handover date under the "one country, two systems" framework. The population of metropolitan Hong Kong is estimated at approximately 7.0 million persons. http://www.gov.hk/ |
| Language: | The Cantonese dialect (of the Chinese language) and English are the 2 official languages. |
| Time Zone: | Standard Time (ST) (Hong Kong does not observes Daylight Savings Time) |
| Airports: | Hong Kong International Airport (HKG) (www.hongkongairport.com/) Hong Kong International Airport is located approximately 22.1 miles/35.3 km west from the city center at Chek Lap Kok Island (connected to larger Lantau Island by Airport Road). NOAA: Current Weather Conditions at Hong Kong International Airport (HKG) |
| Click Here For A Larger Map of Hong Kong Airport
The October 2002 U.S.-Hong Kong Civil Aviation Agreement significantly expanded opportunities for U.S. carriers. The agreement allows cooperative marketing arrangements between U.S., Hong Kong and third-country carriers (code sharing) and also increases the ability of U.S. carriers to operate cargo and passenger services between Hong Kong and third countries. However, restrictions on frequencies and routes for these services remain. In 2005, the U.S. and Hong Kong governments convened a round of negotiations to expand the Air Services Agreement. The talks were inconclusive and no further negotiations have been scheduled. |
| Transportation: | Transportation Department: traffic.td.gov.hk/ (Provides live webcast and camera images of Hong Kong road traffic conditions). |
| Kowloon-Canton Railway Corp. (KCR) System Maps: www.kcrc.com.hk/ | |
| KCR Network Map: www.kcrc.com.hk/html/eng/services/services/kcrc_route_map/images/E2007_Map.pdf (.pdf format) | |
| KCR Bus System Schedules: www.kcrc.com.hk/html/eng/services/services/bus/route_information/index.asp (schedules in .pdf format) | |
| KCR Intercity Passenger Services: www.kcrc.com.hk/html/eng/services/services/intercity_passenger_services/index.asp | |
| MTR Corp. Railway: www.mtr.com.hk/ | |
| MTR Network System Map: www.mtr.com.hk/jplanner/jplanner/mapgifael.html | |
| MTR Airport Express Train Timetable: www.mtr.com.hk/eng/train/ae_timetable_e.htm | |
| CityBus: www.citybus.com.hk/ | |
| Currency: | Hong Kong Dollar; Fixed exchange rate of HK$7.8 to USD. Interbank payments are settled through the Honk Kong dollar Real Time Gross Settlement (RTGS) system (similar RTGS systems are maintained for the USD and the Euro, all systems are inter-linked; The systems are also linked to Continuous Linked Settlement / CLS systems and with payment linkages with mainland China in Shenzen and Guangdong Province). Most banks are affiliated with several international ATM networks (Cirrus, Plus, Star and Maestro). Under the terms of the Joint Declaration and the Basic Law, the Hong Kong dollar is to remain in circulation as the legal tender for at least the next 50 years. The Hong Kong dollar will continue to be regarded as foreign currency in mainland China. |
| Telephone: | Hong Kong Dialing Code: 852. To call Hong Kong from the United States dial 011 + 49 + (area code & local number). Mobile phones are based on GSM 900 Mhz frequency standards, PCS 1800, CDMA and WCDMA. |
| Electric: | Electric wall sockets are 220 volts AC, 50 Hz; (U.S. visitors require a transformer and an adaptor for a three-pronged plug). |
| Newspapers: | South China Morning Post www.scmp.com/portal/site/SCMP/ |
| The Standard www.thestandard.com.hk/ | |
| China Daily www.chinadaily.com.cn/ |
| Sales / Hotel Tax: | 3.0%; There is no sales tax in Hong Kong. |
| Legal System: | Basic Law; Court of Final Appeal is highest court, other lower courts. Subdivisions: Hong Kong, Kowloon, New Territories. |
| Immigration: | A passport is required and must be valid for at least six months after the planned departure date from Hong Kong. U.S., Canadian and E.U. citizens do not require a visa to enter Hong Kong. |
| U.S. Consulate: | Consulate General of the United States Hong Kong & Macau, 26 Garden Road, Hong Kong; Tel: (852) 2523-9011 hongkong.usconsulate.gov/index.html. |
| Health & Safety: | Overall, the security risk to travelers in Hong Kong is low. Relations
with mainland China can best be described as "strained" due to U.S. arms sales to Taiwan and public and private
support for the Dalai Lama of Tibet. In 2003, the Severe Acute Respiratory Syndrome (SARS) epidemic struck Hong Kong and other parts of Asia, causing nearly 300 deaths in Hong Kong. |
| Weather: | Hong Kong Observatory www.hko.gov.hk/wxinfo/currwx/current.htm |
Banking
As of November 2004, U.S. banks licensed in Hong Kong have been able to provide renminbi (RMB) services. In November 2005, banks in Hong Kong were permitted modest increases in the scope of RMB business they can offer to clients, including providing services related to deposit taking, exchange, remittances, and credit cards. Making loans in Hong Kong in RMB, however, is still not permitted for any bank.
IRS-Approved KYC (Know-Your-Customer) for Hong Kong: www.irs.gov/pub/irs-trty/qiattachhongkong.pdf (.pdf format)
Bank Addresses
ABN AMRO Bank NV, 38/F Cheung Kong Center, 2 Queen's Road, Central, Hong Kong
AIG Private Bank, 16/F AIG Tower, 1 Connaught Road, Central, Hong Kong
Allied Banking Corp. (Hong Kong), Ltd., 1402 Worldwide House, 19 Des Voeux Road, Central, Hong Kong
ANZ Bank, Suites 3101-05, One Exchange Square, 8 Connaught Place, Central, Hong Kong
Arab Bank, Suite 2711, Citibank Tower, 3 Garden Road, Central, Hong Kong
Axis Bank, 805-809, Alexandra House, 18 Charter Road, Central, Hong Kong
Bangkok Bank, Bangkok Bank Building, 28 Des Voeux Road, Central, Hong Kong
Bank of India, 2nd Floor, Dina House, Ruttonjee Centre, 11 Duddell Street, Central, Hong Kong
408-9, Hong Kong Pacific Centre, 28 Hankow Road, Tsim Sha Tsui, Kowloon, Hong Kong
Bank of Tokyo-Mitsubishi UFJ Trust Company, 8F, AIG Tower, 1 Connaught Road, Central, Hong Kong
Kowloon Branch, 15F Peninsula Office Tower, 18 Middle Road, Tsim Sha Tsui, Kowloon, Hong Kong
Bayerische Hypo- und Vereinsbank AG, Hong Kong Branch, 26/F Man Yee Building; 68 Des Voeux Road, Central, Hong Kong
China construction Bank (Asia), 16/F York House, The Landmark, 15 Queen's Road Central, Central, Hong Kong
CITIC Ka Wah Bank, 232 Des Voeux Road, Central, Hong Kong
Coutts Bank von Ernst Ltd, Hong Kong Branch, 26th Floor, AIG Tower, 1 Connaught Road Central, Hong Kong
Deutsche Bank - Private Banking, 52/F Cheung Kong Center, 2 Queen's Road, Central, Hong Kong
Equitable Bank PCI, 7th Floor, Silver Fortune Plaza, 1 Wellington Street, Central, Hongkong
Fubon Bank, Fubon Bank Building, 38 Des Voeux Road Central, Hong Kong
Indian Overseas Bank, Hong Kong, 31F, Rutonjee House, 11, Duddell Strett, Hong Kong
Investec Hong Kong, 2106 - 2108 Jardine House, 1 Connaught Place, Central, Hong Kong
KBC Bank Hong Kong Branch, 39th floor, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong
KBC Financial Products Hong Kong Ltd., Suite 802-814, 8/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong
Lombard Odier Darier Hentsch (Asia) Ltd., 1501, Two Exchange Square, 8 Connaught Place, Central, Hong Kong
Mashreqbank, Two Pacific Place, 12th Floor, 88 Queensway, Hong Kong
Maybank Hong Kong, 21st Floor, Man Yee Building, Central, Hong Kong
Oversea-Chinese Banking Corporation (OCBC Bank), 9th Floor Nine Queen's Road, Central, Hong Kong
N.M. Rothschild Bank, Hong Kong Representative Office, 16th Floor Alexandra House, 16-20 Chater Road, Central, Hong Kong
RBS Coutts Bank Ltd., Hong Kong Branch, 26th Floor, AIA Central, 1 Connaught Road Central, Hong Kong
Royal Bank of Scotland, 26th - 30th Floors, AIG Tower, 1 Connaught Road, Central, Hong Kong
Shin Han Bank, Room 3401, Gloucester Tower, The Landmark, 11 Pedder St., Central, Hong Kong
State Street Bank and Trust Co., Hong Kong Branch, 68th Floor, Two International Finance Centre, 8 Finance Street, Central, Hong Kong
