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In this week’s Hong Kong Edition, we round up the industry chatter on how Beijing could help boost the property market and speak with the au
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In this week’s Hong Kong Edition, we round up the industry chatter on how Beijing could help boost the property market and speak with the author whose book on OpenAI got under Sam Altman’s skin. For the Review, we finally snagged a table at Chef Voon’s new Kennedy Town celebrity magnet.

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Peking Buck

Is this the moment the property market will finally get a lift?

It’s impossible to tell the story of Hong Kong without the story of real estate and, well, it’s been a bumpy ride lately. Despite a few bright spots — mostly in the luxury segment — and a long run of low interest rates, the city has struggled to nudge housing prices out of a protracted slump.

The chatter, or at least wish, in the industry is that Chief Executive John Lee’s annual policy address on Sept. 17 may provide a glimmer of hope.

Industry heavyweights are urging the government to ease the flow of capital from the mainland and unleash Chinese demand, similar to the scheme for stocks and bonds. The government fueled some of their optimism when it said in July that it was in talks with Beijing over a framework for more flexible transfers without triggering capital flight. 

A market in need of a lift. Photographer: Lam Yik/Bloomberg

There’s no doubt that the residential market is still under pressure and it’s unclear how much such a move would help. Despite several rounds of measures intended to drive demand and the lowest borrowing costs in years, home values remain near the lowest since 2016, plagued by oversupply and a weak economy.

Government efforts such as scrapping extra taxes on foreign buyers and loosening mortgage rules have failed to spur a rebound. There is little left in the administration’s toolkit to stimulate the market domestically. For the industry, the next logical step would be tapping mainland China, where a stock market bull run has inflated fortunes and investment opportunities are constrained by capital controls. 

John Lee and Xi Jinping, side by side. Source: TVB Pool/AP Photo

Mainland Chinese buyers are already a major force in the market. They purchased HK$11 billion ($1.4 billion) worth of residential properties in June alone, according to Midland Realty. In some districts, they accounted for more than half of all first-hand home transactions. Still, these buyers face significant challenges in moving large sums of money offshore.

Whether or not Lee will eventually announce a move, there is a conversation stirring. DAB, the city’s leading pro-Beijing party, suggested a capital pool with a limit of 100 billion yuan ($14 billion) for Hong Kong home purchases for some investments. It also proposed to lower the minimum property spend to HK$30 million from HK$50 million for investor visa applicants.

The idea floated by the lawmaker representing the industry, Louis Loong, would apply to mainland Chinese residents participating in Hong Kong’s talent program. In the proposed mechanism, proceeds from property sales would be transferred back to the mainland, he said in an interview with state-owned newspaper Wen Wi Po.

But for now, the mainland’s strict capital controls remain a major hurdle of capital flow to Hong Kong. And, as with so many other things in the city, the final word will be Beijing’s. —Shawna Kwan

Insider Probe

City authorities are probing allegations of insider dealing that involve at least two individuals at the stock exchange and the city’s financial regulator as well as brokers and social media influencers, according to people familiar with the matter. The investigation is focused on whether regulatory staff at HKEX and the Securities and Futures Commission tipped off traders and others to upcoming announcements involving dozens of listed companies over several years, Bloomberg’s exclusive reporting shows. Read the full story here.

Chart of the Week: Cash Counter

The stabilization of property prices is a key component in the latest estimates of Hong Kong wealth, projected to stay comfortably ahead of regional rival Singapore through the end of the decade. As stocks rebound and high earners keep moving to the city, household wealth will be nearly double that of its Southeast Asian competitor in 2030, according to Bloomberg Intelligence. 

High-income new residents from mainland China and, to a lesser extent, other expats, will be a key source of new wealth, BI analyst Sharnie Wong wrote. That gives the city an edge over Singapore, which has tougher work permit criteria. Under Hong Kong’s talent scheme, aimed at professionals with annual salaries of HK$2.5 million or more and graduates with a bachelor’s degree from the world’s top universities, 95% of the applicants come from mainland China currently. —Filipe Pacheco

Five Minutes With: The AI Expansionism Skeptic

Artificial intelligence is arguably the defining technology of our era, reshaping industries, geopolitics and the nature of human labor. At the center of this transformation is OpenAI, the San Francisco-based company behind ChatGPT, whose meteoric rise has sparked both awe and alarm. Once an idealist nonprofit lab, OpenAI has evolved into a multibillion-dollar juggernaut with deep ties to Microsoft and growing influence over global tech policy. As governments scramble to regulate and competitors race to catch up, questions around power, accountability and ethics loom large.

Karen Hao has spent years investigating this revolution, having covered AI as a journalist at the MIT Technology Review and the Wall Street Journal. Through her reporting and interviews with insiders, the former MIT-trained engineer, who’s currently based in Hong Kong, has published her first book, Empire of AI. It examines OpenAI’s internal tensions, its charismatic CEO Sam Altman and the broader consequences of Silicon Valley’s ambition. We caught up with Hao to discuss the making of the book, fears over China’s rise in the field and what the future of AI may look like. —Yi Luo

One of the unique concepts in your book is “AI colonialism.” What does that mean in practice?

The parallels are stark: resource extraction of land, energy and data; labor exploitation, especially in the Global South, where workers do horrific tasks like content moderation and model cleaning; and monopolized knowledge, with most AI researchers now inside companies instead of academia. Imagine if all oil and gas companies employed most of the world’s climate scientists —  you’d get a distorted picture of the science. That’s what’s happening in AI.

And then there’s the grand narrative of good empire vs. evil empire to justify expansion. The US tech industry is playing on Congress’s fear of China’s AI rise to lobby against regulation. The narrative has been very effective for tech companies.

Karen Hao's Empire of AI. Photographer: Shoko Takayasu; Penguin Press

Why are US firms spending so much on AI while Chinese firms do it for less. Is this a bubble?

Technically speaking, yes, it’s a bubble. The scale-at-all-costs approach is harmful and intellectually lazy. AI doesn’t necessarily need this amount of spending. You don’t need Manhattan-sized supercomputers to build strong models. There are already techniques that reduce computational costs while maintaining performance. DeepSeek is proof. Americans started this scale-first model, and now other countries are following suit. But these tactics, focused on expansion and dominance, are shaped by industry ideology, not inevitability.

What are the alternatives to scaling as the dominant AI strategy?

This is the trillion-dollar question. GPT-5 was a letdown — it wasn’t much better than GPT-4. That’s a strong signal that we need to invest in other approaches. Before GPT dominated, the field was heading in a different direction, toward tiny AI models. Researchers were exploring how to train powerful models using minimal data and computational resources. Some were even training models on mobile phones.

Another promising area is neuro-symbolic AI, which combines rule-based systems with data-driven learning. Rule-based systems are deterministic. You know exactly what they’ll output. Data based systems learn and adapt quickly. The challenge with probabilistic models is that they sometimes produce erroneous results. Neuro-symbolic approaches could be more accurate, efficient alternatives.

How do chip restrictions shape the future of AI development?

Constraints could breed better science. China has the talent and strong academia-industry links, but limited access to top chips is pushing researchers toward more data- and compute-efficient methods. DeepSeek is a good example. China’s chip limitations are forcing innovation beyond what the US is doing. That pressure could accelerate alternatives to the scale-at-all-costs paradigm, potentially healthier for both the field and the planet.

Has Sam Altman or OpenAI responded to you since the book’s release?

No formal response. Before publication, Altman subtweeted advice to read two other books about him — mine was the unmentioned third, which ironically drew more attention to it.

The Review: Big Swing

Edward Voon, the Penang-born Singaporean chef, has found a celebrity-adjacent niche in the Hong Kong dining scene — I once witnessed his Auor restaurant in Wan Chai become an after-hours party venue for actor Louis Koo and his entourage. So it’s unsurprising that it took several weeks to get a reservation for dinner at his new Kennedy Town establishment, Voon. The opening in June was attended by no less of a star than Carina Lau

Voon in Hong Kong. Source: Voon

When I finally did get a table on a recent Saturday night, dinner with three guests came to $3,582.

Unlike Uncle Quek, the last Singaporean restaurant I reviewed, Voon is not about faithfully recreating hawker classics. This is a project that wants to take big swings at reimagining Southeast Asian flavors, from mixing sambal and chorizo in a salad, to pandan and lime in a cheesecake. One gets the feeling that Voon is in an experimental phase, with a menu that offers both lobster laksa and striploin with red wine sauce. New  items pop up constantly too, like the har cheong gai spatchcock and a black pepper crab omelette I’ve seen on its Instagram account — neither of which were on the menu when I visited. Oh and it also sells cookies and caramels (flavors include sichuan pepper) and just launched custard mooncakes.

Everything was mostly delicious but I felt a bit like a character in The Bear putting up with chef Carmy changing the menu every night. Perhaps the throw-everything-at-the-wall style of fusion and pace of innovation speak to what restaurants need to do to survive in the current Hong Kong economy, in which only constant stimulation will prevent people from going to Shenzhen for the weekend. Nonetheless, there’s too much going on to really connect with Voon, or to understand what it reliably stands for as a culinary destination. 

Black pepper crab at Voon. Photographer: Rachel Chang/Bloomberg

The vibe: The intimate, earth-toned interior can host about 22 diners, with a separate private room that can seat eight people. It’s elegant without being intimidating.

Can you conduct a meeting here? Yes, but ask for one of the tables at the back where your conversation is less likely to be overheard.

Who’s next to you: The night I was there, it was an interesting mix of glamorous ladies-who-lunch of Carina’s social and income bracket, and serious diners who were there purely for the wok hei and barely conversed with each other. 

Pandan lime cheesecake. Photographer: Rachel Chang/Bloomberg

What we’d order again: Skip the appetizers: the har cheong gai chicken wings (HK$98) were a letdown without an acidic chili sauce to pair with and the Spanish octopus salad (HK$158) was limp and sad. Instead, go to town on the mains and desserts, which were generally excellent. The satay chicken rice (HK$248) was a standout for its smoky, peanutty flavor, while the lobster laksa (HK$328) hit the spot, though likely a touch restrained for coconut milk fans. I would come back mainly for the pandan lime cheesecake (HK$98), which combines the chiffon lightness of the classic pandan cake with the creamy indulgence of a cheesecake to perfection. We also ordered the black pepper crab (HK$1,288), which was delicious, but I only recommend it if you’re going with people who will lean into the crunching, spitting, sucking, sauce-on-the-face experience that Singaporean-style crab-eating is. 

Need to know: Voon is located at 46 Forbes Street, and is open Monday through Sunday from noon to 2:30 p.m. for lunch, and 6 p.m. to 9:30 p.m. for dinner. —Rachel Chang

Read our reviews of other Southeast Asian restaurants: the buzzy Thai spot Mama Tiger NoodlesSingaporean classics hot spot Uncle Quek; and Whey, which does modern European cuisine with a Southeast Asian twist.

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