https://www.2p.hk/enIntelligence for substantial livesenFri, 18 Sep 2026 23:40:45 +0000https://www.2p.hk/en/briefing/the-ledger-saturday-19-september-2026-the-ten-year-back-at-5https://www.2p.hk/en/briefing/the-ledger-saturday-19-september-2026-the-ten-year-back-at-5Friday's ten-year came back to 5.00%, a day after this column had it at 4.939%, and Friday's sessions closed with Asia higher, Europe more than a per cent lower and New York a touch firmer. The dollar is stronger everywhere the desk can see it, the yen is at 157.89, and Tokyo's cash market is shut until Thursday. Five minutes from the Hong Kong desk.Sat, 19 Sep 2026 07:34:21 +0800https://www.2p.hk/en/mobility/pensions-enter-inheritance-tax-in-april-2027-what-the-legislation-actually-sayshttps://www.2p.hk/en/mobility/pensions-enter-inheritance-tax-in-april-2027-what-the-legislation-actually-saysThe pension charge takes effect for deaths on or after 6 April 2027, and the statute is unusually specific about it. The relief cut sold alongside it is already in force — at a £2.5 million allowance, not the £1 million the Budget documents described.Fri, 18 Sep 2026 07:28:12 +0800https://www.2p.hk/en/lifestyle/hong-kong-s-berth-queues-fourteen-years-of-waiting-priced-against-the-hullhttps://www.2p.hk/en/lifestyle/hong-kong-s-berth-queues-fourteen-years-of-waiting-priced-against-the-hullTwo of Hong Kong's clubs publish what the water costs by the month; only one publishes how long the queue is. Read the dates on the other's waiting lists, set them against a broker's asking prices, and the berth starts to look like the more durable asset.Fri, 18 Sep 2026 07:28:11 +0800https://www.2p.hk/en/briefing/the-ledger-friday-18-september-2026https://www.2p.hk/en/briefing/the-ledger-friday-18-september-2026The ten-year is back below 5% at 4.939% a day after this column had it at 5.02%; Thursday's US cash session closed its firmest of the week, Europe firmer and wider, Asia mixed; crude is under US$100 for the first time this stretch and gold has recovered. Five minutes from the Hong Kong desk.Fri, 18 Sep 2026 07:26:57 +0800https://www.2p.hk/en/luxury/the-consignor-s-contract-floors-overage-and-the-irrevocable-bidhttps://www.2p.hk/en/luxury/the-consignor-s-contract-floors-overage-and-the-irrevocable-bidThe buyer's side of an auction is mostly fixed. The seller's side is negotiated, consignment by consignment, and it is the only part of the process with no published price list. What a minimum-price guarantee, an irrevocable bid and an enhanced hammer actually commit a consignor to.Thu, 17 Sep 2026 21:30:50 +0800https://www.2p.hk/en/wealth/reserved-protector-powers-where-the-asset-protection-line-sits-in-2026https://www.2p.hk/en/wealth/reserved-protector-powers-where-the-asset-protection-line-sits-in-2026The Privy Council has made a protector's consent a decision on the merits rather than a legality check, and Guernsey has approved making reserved powers fiduciary by default. For a Hong Kong-law trust, the asset-protection question has moved from the deed's label to its drafting.Thu, 17 Sep 2026 07:31:33 +0800https://www.2p.hk/en/markets/southbound-flows-hk-1-trillion-traded-hk-33-billion-net-boughthttps://www.2p.hk/en/markets/southbound-flows-hk-1-trillion-traded-hk-33-billion-net-boughtMainland investors moved HK$1.03 trillion of Hong Kong stock through Stock Connect in the first twelve sessions of this month and finished the stretch net buyers by HK$32.8 billion. HKEX's own daily files describe a market where the gross is vast, the net is thin, and the pace has come off August's.Thu, 17 Sep 2026 07:27:58 +0800https://www.2p.hk/en/property/tokyo-prime-land-minato-leads-marunouchi-lags-in-the-benchmark-surveyhttps://www.2p.hk/en/property/tokyo-prime-land-minato-leads-marunouchi-lags-in-the-benchmark-surveyThe benchmark land survey is the second of Japan's two official readings each year, published on 16 September with a 1 July valuation date. Tokyo's prime still rises in double digits — but the survey's own half-year data says the fastest six months are already behind it, and the money has moved to the redevelopment frontier.Thu, 17 Sep 2026 07:26:25 +0800https://www.2p.hk/en/briefing/the-ledger-thursday-17-september-2026https://www.2p.hk/en/briefing/the-ledger-thursday-17-september-2026The ten-year is back above 5% at 5.02%, a touch further than the desk's own reading of 5.006%; US equities slipped a fraction while Europe and Asia closed firmer; crude has come off to around US$102 and gold to around US$4,263. Five minutes from the Hong Kong desk.Thu, 17 Sep 2026 07:25:25 +0800https://www.2p.hk/en/briefing/the-ledger-wednesday-16-september-2026https://www.2p.hk/en/briefing/the-ledger-wednesday-16-september-2026The ten-year has crossed 5%, and only just — 5.006% against a line it had been leaning on all week, with Tuesday's US close lower underneath it, crude around US$105 and crypto handing the week back. Five minutes from the Hong Kong desk.Wed, 16 Sep 2026 07:25:44 +0800https://www.2p.hk/en/lifestyle/what-a-hong-kong-club-membership-actually-buys-and-who-owns-ithttps://www.2p.hk/en/lifestyle/what-a-hong-kong-club-membership-actually-buys-and-who-owns-itThe published joining fee is the smallest number in the transaction. Behind the entrance fee and the debenture sits a lease with an expiry date — and fifteen of them run out at the end of this year.Tue, 15 Sep 2026 07:30:44 +0800https://www.2p.hk/en/briefing/the-ledger-tuesday-15-september-2026https://www.2p.hk/en/briefing/the-ledger-tuesday-15-september-2026Monday's US cash session finally traded and closed lower, with the ten-year pressed to 4.998% — the 5% line approached, not crossed — and crude easing to around US$102 while staying above US$100. Five minutes from the Hong Kong desk.Tue, 15 Sep 2026 07:25:56 +0800https://www.2p.hk/en/mobility/the-uk-non-dom-regime-is-gone-four-welcome-years-then-the-arithmetichttps://www.2p.hk/en/mobility/the-uk-non-dom-regime-is-gone-four-welcome-years-then-the-arithmeticThe remittance basis has been replaced by a framework that counts years of residence rather than a domicile, and it is now in its second tax year. What it asks of a family weighing a move: ten clean years before arrival, four years of relief after it, and a tail that follows you out.Mon, 14 Sep 2026 07:28:59 +0800https://www.2p.hk/en/briefing/the-ledger-monday-14-september-2026https://www.2p.hk/en/briefing/the-ledger-monday-14-september-2026The week opens on the same two numbers it closed on — a long bond camped near 5% and crude above US$100 — and crude is the one of the two actually trading this morning. The Hong Kong desk's Monday edition.Mon, 14 Sep 2026 07:25:28 +0800https://www.2p.hk/en/markets/oil-near-us-100-a-ten-year-near-5-one-problem-for-portfolioshttps://www.2p.hk/en/markets/oil-near-us-100-a-ten-year-near-5-one-problem-for-portfoliosThe barrel and the benchmark are not two stories but one chain of arithmetic, running from the price of diesel to the discount rate on every earnings stream. Where it lands on producers, hauliers, chemicals and utilities — and why gold around US$4,300 sits at the end of it.Sun, 13 Sep 2026 15:42:11 +0800https://www.2p.hk/en/property/the-peak-does-not-do-distresshttps://www.2p.hk/en/property/the-peak-does-not-do-distressHong Kong's most expensive addresses are a supply story wearing a demand story's clothes. To know what the Peak is worth, count completed sales and watch who is forced to sell — which is almost no one.Sat, 12 Sep 2026 18:30:00 +0800https://www.2p.hk/en/wealth/family-offices-stop-being-a-hobbyhttps://www.2p.hk/en/wealth/family-offices-stop-being-a-hobbyThe first real chief investment officer hire is the moment a family office stops being a spreadsheet and starts being an institution. What professionalisation looks like, and what it quietly costs.Sat, 12 Sep 2026 17:30:00 +0800https://www.2p.hk/en/markets/the-60-40-question-repriced-at-5-per-centhttps://www.2p.hk/en/markets/the-60-40-question-repriced-at-5-per-centThe balanced portfolio is back in every investment committee because bonds finally pay again, with the ten-year near 5 per cent. What actually failed, what has changed since, and what would genuinely kill it next time.Sat, 12 Sep 2026 16:00:00 +0800https://www.2p.hk/en/briefing/the-ledger-saturday-12-september-2026https://www.2p.hk/en/briefing/the-ledger-saturday-12-september-2026Wall Street ended its week on the front foot, crypto went the other way, and the weekend now has two days to think about September's reputation. The Hong Kong desk's Saturday edition.Sat, 12 Sep 2026 14:30:00 +0800https://www.2p.hk/en/mobility/golden-visas-grew-up-the-2026-maphttps://www.2p.hk/en/mobility/golden-visas-grew-up-the-2026-mapThe golden visa did not die; it put on a suit. Property routes are closing, fund and jobs routes are opening, and the sensible applicant chooses the life first and the paperwork second. The 2026 map, honestly drawn.Fri, 11 Sep 2026 21:00:00 +0800https://www.2p.hk/en/property/london-prime-after-the-non-dom-erahttps://www.2p.hk/en/property/london-prime-after-the-non-dom-eraEighteen months after Britain abolished the non-dom regime, prime central London has learned who lived there for the tax and who lived there for the life. The two groups sell at different speeds and different discounts.Fri, 11 Sep 2026 20:00:00 +0800https://www.2p.hk/en/luxury/the-watch-market-s-long-sortinghttps://www.2p.hk/en/luxury/the-watch-market-s-long-sortingFour years into the sorting, the secondary watch market has stopped falling and started telling the truth — about hype references, enduring ones, and why the queue at your authorised dealer still matters.Fri, 11 Sep 2026 19:00:00 +0800https://www.2p.hk/en/wealth/the-hk-30-million-question-hong-kong-s-new-cies-mathshttps://www.2p.hk/en/wealth/the-hk-30-million-question-hong-kong-s-new-cies-mathsHong Kong will trade residency for HK$30 million in permissible assets, but the arithmetic — what counts, what is capped and who the scheme is really built for — rewards close reading before commitment.Fri, 11 Sep 2026 18:00:00 +0800https://www.2p.hk/en/markets/the-yen-carry-trade-is-crowded-again-and-the-exit-is-still-narrowhttps://www.2p.hk/en/markets/the-yen-carry-trade-is-crowded-again-and-the-exit-is-still-narrowWith the yen around 154 and the Nikkei near 64,000, borrowing cheap yen to own almost anything else is the trade of the moment again. The lessons of its last unwind have not gone stale — the exit is no wider than it was.Fri, 11 Sep 2026 16:30:00 +0800https://www.2p.hk/en/briefing/the-ledger-friday-11-september-2026https://www.2p.hk/en/briefing/the-ledger-friday-11-september-2026New York closed mixed, Asia opens with the baton and no instructions, and bitcoin is quietly testing a level. Five minutes from the Hong Kong desk before the week's final sessions.Fri, 11 Sep 2026 14:30:00 +0800https://www.2p.hk/en/lifestyle/aman-s-lesson-in-pricing-silencehttps://www.2p.hk/en/lifestyle/aman-s-lesson-in-pricing-silenceWith markets near records and its clientele flush this autumn, Aman is still charging palace-hotel rates for the absence of everything other hotels sell — lobby theatre, ceremony, company. The economics of pricing silence, and why almost nobody else can afford to copy it.Thu, 10 Sep 2026 20:00:00 +0800https://www.2p.hk/en/luxury/how-to-buy-at-auction-without-becoming-the-storyhttps://www.2p.hk/en/luxury/how-to-buy-at-auction-without-becoming-the-storyThe hammer price is the beginning of the bill, not the end of it. A field guide to premiums, reserves, condition reports, telephone bids and the paperwork that follows the applause.Thu, 10 Sep 2026 19:00:00 +0800https://www.2p.hk/en/wealth/the-quiet-fee-conversation-private-banks-expect-you-to-havehttps://www.2p.hk/en/wealth/the-quiet-fee-conversation-private-banks-expect-you-to-havePrivate bank pricing is a stack of small numbers that compound quietly. Clients who read the statement line by line, and ask the right five questions, pay meaningfully less for the same service.Thu, 10 Sep 2026 18:00:00 +0800https://www.2p.hk/en/markets/gold-s-second-act-at-us-4-350-why-central-banks-keep-buyinghttps://www.2p.hk/en/markets/gold-s-second-act-at-us-4-350-why-central-banks-keep-buyingGold is holding record ground around US$4,350 an ounce this September, carried there by the one buyer that never takes profits. What the official bid means for private portfolios now — and what it cannot do.Thu, 10 Sep 2026 17:00:00 +0800https://www.2p.hk/en/briefing/the-ledger-thursday-10-september-2026https://www.2p.hk/en/briefing/the-ledger-thursday-10-september-2026The yen sits around 154 and the carry trade is back in business. What the last unwind taught about crowded exits — and the three tells the desk is watching. The Hong Kong desk's Thursday edition.Thu, 10 Sep 2026 14:30:00 +0800