The Chief Executive of JP Morgan, Jamie Dimon, entered Hong Kong without following the territory’s mandatory 21-day hotel quarantine law. Carrie Lam, the current Chief Executive of Hong Kong, mentioned that the reason for Dimon’s lenient treatment was because he manages “a very huge bank” with “key business in Hong Kong”.
Chinese developer Modern Land became the latest company to miss a bond payment, indicating that the country's property market remains in turmoil. The Beijing-based developer, which is listed in Hong Kong, said in a statement on Tuesday that it had failed to repay a $250 million dollar bond that matured on October 25. Modern Land blamed the missed payment on an unexpected cash crunch arising from a number of factors "including the macroeconomic environment, the real estate industry environment and the COVID-19 pandemic."
