Singapore-based Global Logistic Properties (GLP) has launched a second China-focused logistics infrastructure fund to develop modern logistics facilities in China, according to a company announcement. The new fund, named CLF II, has secured US$3.7 billion in capital commits. With leverage, it will have total investment capacity of US$7 billion, which can be used to develop […]

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Beijing-based home cleaning service booking app 1JiaJie has completed its series C round of financing from CDH Investments, DT Capital Partners, Tencent Industry Win-Win Fund, DFJ, an unnamed Chinese brokerage firm, and other investors, according to Chinese media reports. The company plans to use the proceeds, which reportedly amounts to hundreds of millions RMB, on […]

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Secretary for Justice Rimsky Yuen will not join a signature campaign organised by a group of Hong Kong legal practitioners to support arrested Mainland human rights lawyers.

Mr Yuen said the powers and duties of Hong Kong Special Administrative Region Government officials are confined to matters within the autonomy of the HKSAR.

Officials should not act beyond their authority and intervene in matters beyond the jurisdiction of the HKSAR, including Mainland affairs.

Also, under "one country, two systems" HKSAR and Mainland officials should have mutual respect for each other's systems, and handle their own affairs within their respective purview.

While Hong Kong citizens do not want Mainland officials to intervene in affairs within the autonomy of Hong Kong, HKSAR Government officials likewise should not intervene in matters that are exclusively within the purview of the Mainland authorities.

Mr Yuen said his participation in a signature campaign in May on constitutional development was fully consistent with his official duties and roles, and does not involve any comments or intervention on Mainland affairs.

The Security Bureau today launched a three-month public consultation on setting up a reporting system on the physical cross-boundary transportation of large quantities of currency and bearer negotiable instruments.

The reporting system, also known as the R32 system, will enable law enforcement agencies to detect and stop the physical movement of illicit funds across the boundaries of different jurisdictions.

Passengers arriving in Hong Kong carrying currencies and bearer negotiable instruments over $120,000 should use the red channel and make a declaration. Those leaving Hong Kong will need to disclose the amount of currencies and bearer negotiable instruments carried when asked by a Customs officer.

People responsible for the import or export of cargoes containing currencies and bearer negotiable instruments above the threshold should make an advance declaration through an electronic system, in line with the existing systems for the clearance of cargoes.

This is an effort to move towards compliance with standards established under Recommendation 32 of the Financial Action Task Force. The task force has put in place 40 recommendations on anti-money laundering and counter-financing of terrorism.

Click here to read the consultation documents.

People can send in their views by email by October 20.

Chinese rental car company eHi Car Services Ltd. has reached an agreement to receive loans, investment and other resources worth RMB1.5 billion (US$242 million) from the Export-Import Bank of China during the next five years, according to a company announcement posted on its Weibo account. The New York Stock Exchange-listed eHi says it plans to […]

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