China’s banks are removing some of their long-term fixed-income products and cutting rates offered to depositors in an effort to shore up profitability, as challenges including a slumping property sector, mounting local government debt, and slow consumption recovery weigh on bank earnings.
The owners of the iconic Hong Kong restaurant, previously a huge draw for tourists with its prime location, are now paying less than half the monthly HK$230,000 (US$29,300) they were forking out on a lease signed pre-pandemic.