The real estate market in Hong Kong alongside New York, London and Sydney one of the most expensive in the world. Nevertheless, crypto-Startups and in some of the most valuable clouds of scratches to the city of their camp.
BitMEX, a popular P2P trading platform for crypto-products, which facilitates the Bitcoin and Ethereum Margin Trading, moved its headquarters in the 45. Floor of the Cheung Kong center and leases a total of 20,000 square meters at the price of 28,66 $ per square meter. The stock exchange moved from the Victoria Harbor in the exclusive high-rise at 2 Queen’s Road, Central, Region, the is for expensive residential property in Hong Kong known. BitMEX paid approximately 3,18 dollars rent per square meter for your property in Victoria Harbor, now you pay 28,66 dollars per square meter for the Cheung Kong Center, a total of 573.200 dollars per month.
The Cheung Kong Center, which is the most valuable skyscrapers in Hong Kong, has an impressive list of large financial institutions that are active in it, such as Bank of America Corp, Barclays Plc, Bloomberg LP, Goldman Sachs Group Inc and the Securities and Futures Commission of Hong Kong.
The banks are out of the way
SCMP, a Mainstream media company in Hong Kong, recently published a report, in which it was said that the rising rental prices have forced big banks such as Goldman Sachs and BNP Paribas to find cheaper locations for its offices in Hong Kong. Hong Kong Central has annual office rental cost, the the London’s West End, Beijing’s Finance Street exceed approximately 307 US dollars per square meter and year. BitMEX and Diginex Global, two crypto-Startups, based in Hong Kong, to pay $ 1.3 million per month to rent a total of 72,000 square meters.
Philip Pang, Associate Director of Office Services at Colliers, said SCMP:
Blockchain-companies show no signs that they will slow down their Expansion in Hong Kong. These companies rent space in first-class office buildings in order to attract talent and keep it.
The report from SCMP also revealed that Goldman Sachs wants to save by the move from Hong Kong Central to Causeway Bay in the next few months, 30 percent of the rent. BNP Paribas has also moved its office in Taikoo Place by Swire Properties. Although the Wharf was rented in Kwun Tong with Victoria Harbor from JPMorgan, which rates by far in the vicinity of what is pay BitMEX for the Cheung Kong Center.
Crypto-currency-related transactions have been developed in the last nine months, although the evaluation of the crypto market has fallen by 80 percent. The stock markets in particular have continued to generate high revenues.
Local publications reported, however, that the Cheung Kong centre of BitMEX a advance payment, demanded the annual rent of an estimated 6.8 million dollars, which shows the lack of confidence of the main landlords in Hong Kong in crypto-related transactions.
Denis Ma, head of research at Jones Lang LaSalle, said:
It is common that landlords thickness to larger deposits from tenants with a weaker bond issues. The landlords are always open for the admission of new tenants, it is not only about the rent against the risk.
SFC Chairman says Hong Kong’s regulatory authority, you should go ahead with the crypto-regulation progress
According to the English newspaper, the South China Morning Post (SCMP) plans, the Hong Kong Securities and Futures Commission (SFC), the introduction of a crypto-regulation for the protection of investors. The Chairman of the SFC, Carlson Tong Ka-shing, said in an Interview with the Publicatian that a ban on crypto-currency platforms into consideration, and added that they are of the opinion that a complete ban “is necessarily the right approach”. “In today’s Internet world, a ban may not work, if the trade can exceed national borders. Even if we should prohibit, transactions can be still done easily across platforms in overseas markets.“
The Chairman added that in the regulatory authority the legal framework for the control of industry be considered, but the organization will be careful, as these platforms to “new technologies” and they can not be used as securities to be treated. Even if crypto-currencies are not covered under the current requirements of the SFC, and proposes to Tong, you equate the dealers: “We will have to see if and how these platforms can be regulated with a Standard, which is a licensed venue for the trading comparable, while at the same time, the interests of investors are protected”. The exchanges, which operate on the market of Hong Kong, seem to welcome the groundbreaking step. Angelina Kwan, Chief Operating Officer of BitMEX, explained that the regulatory authority may help in the development of a new industry.
These developments in Hong Kong in a whole range of other positive signals, such as, for example, the Start of a Blockchain trading platform Bank controlled by Honkongs Central.
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This article was from English into German:
Senior IT Consultant and Crypto Enthusiast always in search of interesting news.