Please click on each headline for the latest news on Hong Kong and China:
- Hong Kong, New Zealand sign wine deal
- Asia's largest wine auction held in Hong Kong
- Hong Kong 3rd in global broadband quality
- Hong Kong provides quick access to China's green market
- Hong Kong approves wind farm
Hong Kong, New Zealand sign wine deal
In a bid to bolster Hong Kong's development as regional wine trading and distribution hub, Hong Kong and New Zealand recently signed an agreement to cooperate on wine-related business. Under the agreement, the two sides will strengthen cooperation in the promotion of wine-related trading, investment, tourism and education, and in the fight against counterfeit wine.
New Zealand was Hong Kong's 10th largest source of wine imports and the signing of the cooperation arrangement would benefit the economies of both Hong Kong and New Zealand. Hong Kong became the first free wine port among major economies when it eliminated wine duties in last year's budget. In the year ending March 2009, the value of wine imports into Hong Kong has increased 80 per cent.
Asia's largest wine auction held in Hong Kong
Acker Merrall & Condit, one of America's top wine sellers, will host Asia's largest ever auction of fine wines in Hong Kong in early November, as Hong Kong aspires to become a global wine hub.
The estimated CAD$6 million sale will feature top vintages including a case of 1990 Domaine de la Romanee-Conti, often considered the world's most expensive wine, which could fetch up to CAD$240,000. Most of the over 200 registered buyers at the sale hail from Hong Kong, Macau and mainland China.
Meanwhile, more than 520 exhibitors from 34 countries and regions are taking part in the Hong Kong Trade Development Council's Hong Kong International Wine & Spirits Fair at the Hong Kong Convention and Exhibition Centre in early November.
Hong Kong 3rd in global broadband quality
Hong Kong is in the 3rd place of global Broadband Leadership rankings, after South Korea and Japan, according to the 2nd joint study by the University of Oxford and the University of Oviedo.
The study focuses on each place's ability to benefit from next-generation web applications and services. This year's report covers 66 countries, and includes new analysis on broadband quality in more than 240 cities.
The ranking is based on the index of "Broadband Leadership 2009", which hinges on both penetration and quality of the broadband services. Hong Kong is the world No. 1 in penetration, with the broadband penetration of 99%.
Hong Kong provides quick access to China's green market
Thermal Energy International Inc. finds that its connections in Hong Kong are indispensable when the Ottawa-based company is pushing into the China's green market, according to a report in the Ottawa Business Journal.
One of their most recent projects in the region was outfitting a second Coca-Cola production plant with their "steam trap" technology. Former Thermal Energy CEO and now special consultant for strategic projects Tim Angus told the newspaper that the connections the company had in Hong Kong were indispensable in landing that deal.
The Chinese government has committed $17 billion in its most recent Five-Year Plan to meet environmental targets.
Hong Kong has given green light to CLP Holdings Limited to develop what might be the largest offshore wind farm in Asia by capacity. According to the National Post, permission in principle has been given by the Environmental Protection Department to CLP, the biggest power supplier in the territory. The proposed project, costing more than $903 million, could produce about 1% of Hong Kong's electricity.
