Economic uncertainties may stall interest rate cuts by the Federal Reserve, hurting consumer spending and business expansion
“The recent trade disputes and escalating restrictions between the US and China have created uncertainties in the global economy,” chairman Adriel Chan said in a statement after reporting weak first-half results on Wednesday. This could stall interest-rate cuts, which could be detrimental to consumer spending and business expansion, he added.
The commercial landlord, residential developer and hotel owner said earnings fell 14 per cent year on year to HK$912 million (US$116.2 million) in the six months to June 30, while revenue declined 19 per cent to HK$4.97 billion. It trimmed total borrowings by 4.5 per cent to HK$54.8 billion from the end of last year.
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