The US House of Representatives agreed unanimously to seek tough sanctions on Chinese officials and Hong Kong police after Beijing imposed a security law that clamps down on unrest in the city.
After a day in which Hong Kong authorities arrested hundreds of protesters, the House on Wednesday passed the act, which got the Senate approval last week.
But because of technical changes, the Senate will need to vote again and a senator said it could happen on Thursday.
"The Chinese regime just thinks that they can act with impunity and repressing the spirit of democracy," Speaker Nancy Pelosi said before the House passage.
"If we refuse to speak out on human rights in China because of commercial interests, we lose all moral authority to speak out for human rights anywhere in the world," said Washington's top elected Democrat, long a vocal proponent of human rights in China.
President Donald Trump has not said if he will sign the bill but one of his allies briefly held up the Senate version, seeking changes.
Mr Trump publicly hesitated last year before signing another rights bill on Hong Kong which also lays out sanctions against Chinese officials for infringing on the city's autonomy.
Unlike the previous act, the new legislation would make sanctions mandatory, limiting Mr Trump's ability to waive them. In a crucial pressure point, it would also slap sanctions on banks that conduct transactions with violators.
Under a deal ahead of the 1997 handover from Britain, authoritarian China guaranteed Hong Kong civil liberties as well as judicial and legislative autonomy until 2047 in a formula known as "One Country, Two Systems".
China says the new law doesn't damage the territory's rights but will restore stability after months of pro-democracy unrest.
Beijing said Thursday it "deplores and firmly opposes" the US bill, adding that Hong Kong issues are part of China's internal affairs.
"We urge the US to grasp the reality of the situation, stop interfering in Hong Kong affairs and implementing the negative bill, otherwise we will take strong countermeasures," said foreign ministry spokesman Zhao Lijian.
China has also warned Britain it could retaliate with "corresponding measures" for London's decision to extend a broader path to citizenship for the residents of Hong Kong.
"If the British side makes unilateral changes to the relevant practice, it will breach its own position and pledges as well as international law and basic norms governing international relations," it said in a statement.
"We firmly oppose this and reserve the right to take corresponding measures," it said without elaborating.
The Chinese statement concluded by urging London to reassess its decision and "refrain from interfering in Hong Kong affairs in any way".
China imposed the long-threatened security law in Hong Kong that criminalizes "subversion" and other acts of dissent on Tuesday.
On Wednesday, Hong Kong police cracked down on protesters marking the anniversary of the 1997 handover, arresting about 370 people – including 10 under the new law.
US presidential candidate Joe Biden accused Mr Trump of allowing China to impose its will on Hong Kong through a hesitant response.
"It's no wonder Beijing is acting with impunity. Time and again, President Trump has surrendered our values and reassured China's autocrats they have a like-minded partner in the White House," the Democrat said in a statement.
"Where Trump has been weak, I will be strong, clear and consistent in standing up for our values."
The Trump administration has taken a series of actions in response to China's moves on Hong Kong, including restricting visas to an unspecified number of officials and blocking high-tech exports to the financial hub.
Critics say the actions were not enough and that Mr Trump has prioritised a trade deal with President Xi Jinping.
Secretary of State Mike Pompeo hinted that the Trump administration will do more to punish China – by reducing the special privileges of Hong Kong.
Mr Trump "wants to ensure, with a handful of exceptions, that Hong Kong is treated just like mainland China because that's the way that General Secretary Xi has chosen to treat that place as well," Mr Pompeo said.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.