The Federal Reserve announced a 0.25% interest rate hike, raising the federal funds rate to between 4.5% and 4.75%.

In response to the government's plan to build "simple public housing" at Sai Wan Road in Kai Tak, K. Wah International's Director of Sales and Marketing Planning, Mr Raymond Wan, said at the group's Chinese New Year event yesterday that this was a temporary arrangement for a period of five years, which would help the grassroots and make use of the unused land, which was a good thing.

On the eve of the launch of major developments, the end of the market is being cleared at a reduced price.

The full customs clearance between Hong Kong and the Mainland will be implemented next week. Vanke Hong Kong Executive Director and Deputy General Manager Mr. Chow Ming Hei said yesterday that the full customs clearance will bring more visitors to Hong Kong, which will boost the local retail, hotel and tourism industries.