Chinese has an idiom: 识时务者为俊杰, means servers are clever or whoever understands the times is a great man, or those who suit their actions to the time are wise. The youths in Hong Kong are misguided, who should learn this before continuing their journey. Abducting book publishers/sellers are terrible … but China is the ultimate sovereignty of Hong Kong. HK has always been a middlemen, a great one but that role is diminishing as the world becoming increasingly flat/connected.
On a personal level, I think the snobbery plays a role here. The HKers see the poor and uncouth cousins now have outearned and outspent them, that doesn’t sit well with the proud Hong Kongers. But as the title says, 识时务者为俊杰. Wise up and move on.
Chris Patten to students: Hong Kong is not a nation state, do not deceive yourself
The city’s former governor pulled no punches in rebuking youth at a university seminar also attended by pro-independence lawmaker Nathan Law and activist Edward Leung
PUBLISHED : Monday, 28 November, 2016, 11:31pm
UPDATED : Monday, 28 November, 2016, 11:41pm
In a surprising move, former governor Chris Patten has waded into the debate about what qualities a “good chief executive” should possess, while also pulling no punches in rebuking students who aspire for independence.
Patten said the chief executive should be a representative of Hong Kong’s people. But when asked to assess Leung Chun-ying’s performance and discuss who should be the city’s next leader, he said: “I wouldn’t dream of interfering in the process.”
He went on to say: “I think a good chief executive in any governing system should listen to a wide group of people and be decisive … and mobilise consent.
Democracy doesn’t have to mean independence ->
“He should be able to represent Hong Kong to Beijing and the international community, and not be thought to be Beijing’s representative in Hong Kong.”
Patten was speaking to the press after a seminar with students at the University of Hong Kong on Monday.
During the two-hour talk, he took about 13 questions from students, many of whom challenged his views on Hong Kong’s independence. Among them were localist lawmaker Nathan Law Kwun-chung, and independence activist Edward Leung Tin-kei.
If you think in the next two to five years, you can overthrow the party and Hong Kong can become independent, I just think you are deceiving yourself”
Patten did not mince words, telling students: “I am going to say something which you may not want to hear: Hong Kong is a great society. It is not a nation state.”
On students’ views about independence, he added: “I just happen to think – you are wrong.”
Leung questioned why Hong Kong should not separate from China. Patten replied: “I am a huge admirer of China, Chinese culture, Chinese history, Chinese art … I am not a great fan of Leninism or the Chinese Communist Party.
“But the Communist Party is at present ruling China. If you think in the next two to five years, you can overthrow the party and Hong Kong can become independent, I just think you are deceiving yourself.”
He reinforced his support for democracy, but also reiterated views he had put forth during a speech at the Foreign Correspondents’ Club last week, warning against confusing universal suffrage with independence, adding pro-independence antics served only to erode support for democracy at home and worldwide.
The full-house event was jointly organised by the Project Citizens Foundation and the students’ union of HKU.
Patten, 72, was the last governor of Hong Kong, serving from 1992 until the 1997 handover.
He is now a member of the House of Lords and the chancellor of the University of Oxford.
If it were up to me, I won’t go to see Dr. Strange. Not my type. But, as the self-centered Benedict Cumberbatch realizes, we need to learn to comprise, from time to time, JK -:). I’m very glad to have gone – thanks children – a great movie that I really enjoyed. The audiences agree with me, in two days, we forked over US$325.4 million, doubling its budget of $165 mil. The movie is very much in line with the comic, even the red cape is as memorable as in the comic.
Comic characters have been hot in the recent decade or two. At the center of it all, is Stan Lee and New York City. The 93 years old New York Jew, Lee’s last name was Lieber who began his career in 1939 Timely Comics, with a job that’s making sure the ink for cartoonists were filled.
Although all these superhero characters live in a far away universe but their human flaws make relate-able, that they come from a normal kid who’s NOT the coolest and most popular, actually just the opposite.
The part of Wang and Hong Kong is a nice touch for getting the Chinese market, I suppose? Zhang Yimou is directing a $150 mil budget movie with Matt Damon, coming Feb 2017 (trailer), for Chinese New Year, probably.
Today is also the New York City Marathon (NYT coverage), the largest in the world. Mary Keitany of Kenya won her third consecutive victory in 2 hours 24:26 and 20-year-old Eritrean (Eritrea Africa) – the youngest winner in race history, Ghirmay Ghebreslassie, won in 2:07:51.
They expand from initial 21 generic names, such as .com, .edu and .gov etc. to current 1000+, including non English. Each top name cost about US$180,000 to apply. Google is the second largest applicant with 100+.
The annual fee on hosting site Dream Host varies: .car and.cars are the most expensive so far, costing US$2,500; .theatre is $625, ( .theater is $49.95) .movie is $299.95, the least expensive ones are .xyz, .club, etc., cost less than a dollar a year or for the first year.
Looking at .theatre and .theater example, I’m wondering how to deal with 刘/劉 and 张/張 – paying double?
The reports of Chinese snapping up luxury/trophy properties in major cities, in China and aboard are nothing new, we have been reading them for a few years. But I only get to see it first hand this week when my friend with three friends came to New York on a condo buying spree.
His friends have a New York real estate broker lined up. The group leader asked him at a dinner if he would like to tag along. Initially, my friend has no desire to buy but to visit his kid in US. However, as more home work was done, he began to change his mind, and ultimately, put a deposit down on a condo he found online, before leaving for US – the condo has a sales office in China. The deposit is totally refundable upon the inspection in New York. All without the help of the NY broker the group retained, who gave no information other than a few pictures of two buildings they’d visit. When I heard this and saw the pictures, my thought was, either the broker doesn’t care or the broker deals with too many Chinese buyers (who, in general, require very little since they don’t know what to ask …), taking them for granted.
The broker lined up 10 buildings to visit – the group has no idea/info of the buildings and sequence. At the very first one, the broker said, ” … the condos may be gone by tomorrow …” so two of them bought, one each @ $2.81 million. It’s outrageous. Perhaps this is the reason the broker refuses to provide any info: needn’t to. The buyers buy indiscriminately and decisively.
I thought Carrie Chiang who was recruited by Barbara Corcoran in 1988. She’s still with Corcoran. Her annual property listing is $200-300 million (a little trouble 2009). I doubt that Chiang takes anything for granted.
With my resources and my friends, I’m able to put together a team that will take care of condo buyers’ need with honesty, from buying to renting. Contact me if you need the following services:
Are you being shanghai’ed should add one more meaning now: divorce. They certainly do thing differently: In Shanghai, Couples Rush to Divorce to Buy Property Later.
Splitting up often means selling the house. But Shanghai couples dashed to split up on Monday so they could buy.
Spouses were scrambling to cut ties, at least on paper, amid rumors that the city might soon shut a loophole that families often use to buy more property: divorce. The surge is a response to concerns about rising property prices and government efforts to slow the increase.
Under current rules, a family buying a second home is required to put a down payment of up to 70% while a first-time buyer needs to put up only 30%. Widespread rumors—denied late Monday by housing authorities—say the penalty would be extended to those recently divorced for one year.
Dozens of couples packed into Shanghai’s Xuhui District Divorce Registration Office to register divorces on Monday eager to break up. One woman, who gave her surname as Gu but declined to give her full name, said she was there to help her parents divorce after 35 years of marriage. The idea is to buy an apartment for the older couple that has an elevator, said Ms. Gu, and the divorce can help the “buyer” save on the down payment.
“We don’t have much money, so there’s no other way. The property price is so high that it’s unbearable for us,” Ms. Gu said. The divorce, she said, wouldn’t destroy her family, because her parents have a stable relationship.
A paper divorce has been a way to circumvent the current restrictions, allowing one of the recently divorced partners to qualify for the lower downpayment. Ms. Gu said she had been considering a paper divorce for her parents since April and accelerated the process after hearing the rumor.
By afternoon at the Xuhui divorce office, just one of the Shanghai district offices inundated with sudden demand for divorces on Monday, a sign had gone up asking applicants to return another day. The office, on the third floor of a government office near Shanghai’s South Station, said in the notice that the rush of applicants exceeded the center’s capacity. It asked registrants to return later “to ensure service quality and guarantee the normal of order of marriage registration window”—which is adjacent to the divorce office.
Many wanted immediate service. Photos circulating online showed a line forming on the street outside a Huangpu District registration office early Monday morning; others showed the Pudong District office crowded with people.
Shanghai authorities have already rolled out measures to cool the local real-estate market this year. The government banned peer-to-peer lending as a funding tool for down payments and raised the down-payment rate for certain second homes. The restrictions seemed to have some impact, as home-price gains softened over the summer, though they still surged 27.3% in July from a year earlier, according to the National Bureau of Statistics.
Late last week and over the weekend, rumors circulated anew that Shanghai would again make it harder to buy and sell homes, sparking a rush to close housing deals. Last Friday, Shanghai’s real-estate transaction center said its website crashed for about an hour, apparently due to a connection failure after web traffic surged.
Daily transactions for new homes on Monday topped 1,000 for the third day in a row. Transactions for new homes averaged 600-700 per day in July.
At the Xuhui District divorce office on Monday, a 32-year-old man and his pregnant wife were among those waiting to end their marriage of five-plus years. The couple declined to give their names but said they want to upgrade their two-bedroom apartment by purchasing a bigger one with three bedrooms to make way for the baby—their second—due in October. Divorce, they calculated, is the only way they can afford to fulfill the plan.
As a couple, they face an initial 70% payment for the new 4.3 million yuan (about $643,900) apartment. Divorced, one of them could do a deal with only a 30% initial payment. When a staff member at the registration desk told the wife that she might run into additional barriers for getting divorced because of her big belly, she cried. “We don’t have any other way out,” she said.
Late Monday, Shanghai’s commission of housing and urban-rural development issued a denial via its official Weibo microblog that authorities will shortly impose new limits on home purchases.
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4157 Main St, Flushing, NY 11355 @ Sanford
I go in on a weekday afternoon, at around 4pm. The store isn’t crowded. Two female staff are busy with clients. They don’t see me, don’t acknowledge me and continue as if I’m not exist. All the stores I go to, if no staff is available, someone would always say, “Just a moment, I’ll be right with you.”
But this common courtesy doesn’t seem apply in Chinese stores. I needed to add a pad on a glass and parked near by. So I patiently waited.
For 15 minutes. Until a third female clerk comes around, as if just sees me, asking, “Do you need help?”
I spot a dancing group at the pool after the match. It’s pretty secluded area. Many neighbors and neighborhoods in China complained about them for the noisy and turf. (Dalian and Beijing). Now they bring that to US as well. It’s inexpensive – cost nothing, except the speakers and when they wear uniforms. The monks are all over New York …
… Little more than a century ago there was no such thing as adolescence. You were a child to 13, and then you went to work. …
Child labor was acceptable at that time in US. No one talked about human right and child right as people do now. Perhaps, people who had advanced a lot faster should look at other countries with understanding, that, they too, need time to develop.
Think of the words shadow banking, and you’ll probably conjure up an image of a slick-suited, smooth-talking mafia-esque character who will most likely be found in seedy bars or night clubs.
But in China, sometimes it could be a 60-year-old woman running the show, and that may have serious consequences.
This week, state media reported that a clampdown on shadow banking in China uncovered $30bn (£23bn) worth of illegal banking activity. It may seem a staggering figure, but analysts say this is just the tip of the iceberg.
In its most basic form, it includes pawn-shops, the man on the street offering you ready credit at exorbitant rates, and attractive but risky investment schemes.
It also encompasses unregulated wealth management products offered by legitimate financial institutions.
But a substantial part of the sector also includes individuals or informal networks with no financial licence or regulation.
How did it grow so fast?
Informal lending has always existed in China’s economy, but shadow banking really took off post the global financial crisis in 2008/2009.
These unregulated lenders offered alternative options for small and medium-sized businesses and real estate developers to get access to loans during what could have been a crippling credit crunch.
Chinese authorities turned a blind eye to them at the time, because they were arguably helping the economy to keep growing.
But as with many industries in China – such as the internet, for example – things only start getting regulated when they get very big and start getting noticed. And that’s exactly what’s happened with shadow banking.
How do they work: The ‘gangster granny’ case study
Amongst those arrested in China recently as part of what has become an ongoing crackdown on illegal banking is a woman named only as Sun.
The Shanghai Daily says Mrs Sun is 60 years old, although other media outlets haven’t said how old she is.
She reportedly led a local gang and provided shadow banking services to about 100 customers who wanted to buy real estate abroad or pay for their children’s school fees in foreign countries.
Police reportedly said it was the largest illegal banking operation found in Shanghai in years.
And here’s how it appears to have worked: Mrs Sun’s customers sent her money transfers in Chinese yuan. She and her network of agents then transferred an equivalent amount in foreign currencies to their foreign accounts, or wherever else the money needed to go, through a remittance channel that operated outside the official banking networks.
The authorities suspect there could be many more such financial illusionists.
So who would turn to shadow banking?
Because it is an unregulated industry, it’s hard to say definitively who uses them, but it appears that Chinese companies, corrupt officials looking to move their money overseas, local governments interested in higher returns and the Chinese middle classes have all invested in the shadow banking sector.
Part of the problem is that if you’re looking to grow your investments in China, there’s not much you can do these days.
There aren’t that many financial products the Chinese can invest in. Authorities are trying to develop China’s financial sector, but it’s still a relatively new and young market, and investors don’t have that much financial knowledge yet.
So what options are you left with?
Well, the stock market – but it crashed last year, and although it’s on its way up again, many investors have been burned.
The property sector – it also crashed, so people are understandably nervous. Plus you need a large amount of money to start investing, and it’s an illiquid investment.
Saving your money in banks – interest rates have been cut frequently so you’re not going to get very good returns.
So shadow banking which offers much higher returns is appealing – but it is risky, because it is unregulated.
Another compelling reason is that mainland residents can only change up to $50,000 worth of foreign currency per year, which makes it tricky if you’re looking to fund a big purchase overseas.
And then there’s the greed and envy factor. China’s become a rich country in a pretty short space of time. And everyone wants to keep up with the Joneses.
You know how it goes. Your mate, let’s call her Tina, gets a raise. She starts investing some of her savings. Then she takes you out for a drink and shows off her brand-new watch and tells you all about the holiday home she’s buying – and the fantastic new investments scheme that’s paying her some ridiculous return that’s allowing her to do this.
And you get sucked in. That’s how shadow banking can take off.
Why crack down on the sector now?
Chinese authorities are in the midst of a concerted effort to clamp down on individuals and organisations that are trying to take money out of the country, because of concerns over capital outflows and the weakening of the Chinese yuan.
But in turning a blind eye over the last decade, China has allowed the creation of a financial monster that many warn is out of control.
Moody’s Investors Service says that the shadow banking system continues to expand rapidly, with assets held by these less regulated banks totalling some 78% of China’s GDP.
And in its annual review of the Chinese economy, the International Monetary Fund recently said that almost half of the shadow banking products that have fuelled China’s credit boom carry “an elevated risk of default”.
Notwithstanding that China’s economy is managed differently from that of other countries and that the government can step in and bail the sector out, if it comes to that, this is still very worrying.
This isn’t just a problem for the Chinese authorities. It’s a problem for the “gangster grannies”, the doting grannies, China’s middle classes and all the rest of us.
Because if China’s credit boom can’t be relied on, that means China’s economic growth is at risk – and that’s bad news for us all.
They’re fake, of course. They’re everywhere in New York’s touristy spots (yes, I do think New Yorkers are smarter … not easily fooled …). They even fight within, for a better spot to work/cheat. High Line Park is one of their favorite spots. I caught this monk working in May. This sign is posted at the low end of the park (the Gansevoort Street, next to Whitney Museum). New York Times in 2016 and NY Post in 2015, have reported. They’re in Central Park too. Picture on the right is an ad for monks in China (don’t know if it’s a prank or for real): salary and fringe benefit paid to lure new monks …
A well acted and written movie, on Boston Globe reporting on 6% Roman Catholic priests molesting boys. The influence of the churches in Boston is very strong that they can make court documents disappear; they can tell the well regarded journalist that “… Marty Baron (his boss, the editor) will move away … (and you’ll remain here) … that Boston is a small world …”
In the end, Cardinal Law who knew the abusive priests but chose to ignore the problem, by assigning them to another church “resigned, and was eventually promoted to the Basilica di Santa Maria Maggiore in Rome, one of the biggest churches in the world.”
A few should be burned in hell.
Is there a justice in this world? Yes and NO: 100 shades of grey.
Most wars … are because of different religions. I’m not judging, but stating a fact.