Misplaced Pages

#855144

106-611: The Banque Belge pour l'Étranger (BBE, lit.   ' Belgian Bank for Lands Abroad ' ) was a Belgian bank that channeled many international banking operations of its controlling shareholder the Société Générale de Belgique (SGB) in the first half of the 20th century. It was originally established by the SGB in 1902 in Brussels as the Banque Sino-Belge ("Sino-Belgian Bank"), at

212-458: A proposed extradition amendment bill permitting the extradition of fugitives to mainland China. The protests are the largest in Hong Kong's history, with organisers claiming to have attracted more than three million Hong Kong residents. The Hong Kong regional government and Chinese central government responded to the protests with a number of administrative measures to quell dissent. In June 2020,

318-402: A 2021 thematic report by the Hong Kong government, after excluding foreign domestic helpers, the real number of non-Chinese ethnic minorities in the city was 301,344, or 4% of Hong Kong's population. About half the population have some form of British nationality , a legacy of colonial rule; 3.4 million residents have British National (Overseas) status, and 260,000 British citizens live in

424-520: A diverse ecosystem; over 3,000 species of vascular plants occur in the region (300 of which are native to Hong Kong), and thousands of insect, avian, and marine species. Hong Kong has a humid subtropical climate ( Köppen Cwa ), characteristic of southern China, despite being located south of the Tropic of Cancer , although closely bordering on a tropical climate . Summers are long, hot and humid, with occasional showers and thunderstorms and warm air from

530-560: A dual activity, as managers of its vast forest lands and as a bank, supplementing De Nederlandsche Bank (est. 1814) which was active in the northern part of the kingdom. Its first banknotes were issued on 3 March 1823. It also acted as fiscal agent of the royal government, for which it developed a network of branches throughout the Southern Netherlands (including Luxembourg and Diekirch ). Its branch in Antwerp , established in 1823,

636-840: A four-year term. Twenty are directly elected from geographical constituencies , thirty-five represent functional constituencies (FC), and forty are chosen by an election committee consisting of representatives appointed by the Chinese central government. Thirty FC councillors are selected from limited electorates representing sectors of the economy or special interest groups, and the remaining five members are nominated from sitting district council members and selected in region-wide double direct elections . All popularly elected members are chosen by proportional representation . The 30 limited electorate functional constituencies fill their seats using first-past-the-post or instant-runoff voting. Twenty-two political parties had representatives elected to

742-719: A full merger with ICBC (Asia), which required approval by the Legislative Council of Hong Kong , and started using the ICBC logo. On October 10, 2005, the merger was completed successfully with all branches of Belgian Bank renamed as ICBC (Asia). Like other foreign banks in China during the late Qing Empire, the Banque Sino-Belge issued paper currency in the concessions where it had established branch offices. Soci%C3%A9t%C3%A9 G%C3%A9n%C3%A9rale de Belgique The Société Générale

848-613: A historical accident of the breakup of the Habsburg Empire . Although William I of the Netherlands refused initially on the grounds of the added expense involved in maintaining his own army, Castlereagh persuaded him by asking him if he preferred to be Prince of Orange or King of the Netherlands, adding that from a practical point of view the Belgian Ducal Estates amounted to a third of the country. William subsequently founded

954-486: A neutral zone to safeguard its status as a free port. The colonial government prepared for a possible attack, evacuating all British women and children in 1940. The Imperial Japanese Army attacked Hong Kong on 8 December 1941 , the same morning as its attack on Pearl Harbor . Hong Kong was occupied by Japan for almost four years before the British resumed control on 30 August 1945. Its population rebounded quickly after

1060-409: A second language. Slightly over half the population (58.7%) speaks English , the other official language; 4.6% are native speakers, and 54.1% speak English as a second language. Code-switching , mixing English and Cantonese in informal conversation, is common among the bilingual population. Post-handover governments have promoted Mandarin , which is currently about as prevalent as English; 54.2% of

1166-516: A series of protests in 2014 which became known as the Umbrella Revolution. Discrepancies in the electoral registry and disqualification of elected legislators after the 2016 Legislative Council elections and enforcement of national law in the West Kowloon high-speed railway station raised further concerns about the region's autonomy. In June 2019, mass protests erupted in response to

SECTION 10

#1732869672856

1272-432: A severe amount of income inequality, which has risen since the handover, as the region's ageing population has gradually added to the number of nonworking people. Although median household income steadily increased during the decade to 2021, the wage gap remained high; the 90th percentile of earners receive 41% of all income. The city has the most billionaires per capita, with one billionaire per 109,657 people, as well as

1378-462: A sparsely populated area of farming and fishing villages, the territory is now one of the world's most significant financial centres and commercial ports. Hong Kong is the world's third-ranked global financial centre (behind New York City and London ), ninth-largest exporter, and eighth-largest importer. Its currency, the Hong Kong dollar , is the ninth most traded currency in the world. Home to

1484-403: A waterfall on the island flowed. The simplified name Hong Kong was frequently used by 1810. The name was also commonly written as the single word Hongkong until 1926, when the government officially adopted the two-word name. Some corporations founded during the early colonial era still keep this name, including Hongkong Land , Hongkong Electric Company , Hongkong and Shanghai Hotels and

1590-479: Is a highly developed territory and has a Human Development Index (HDI) of 0.956, ranking fourth in the world and currently the only place in Asia to be in the top 5. The city has the highest life expectancy in the world , and a public transport usage exceeding 90 per cent. The name of the territory, first romanised as "He-Ong-Kong" in 1780, originally referred to a small inlet located between Aberdeen Island and

1696-592: Is a special administrative region of China . With 7.4 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is the fourth most densely populated region in the world. Hong Kong was established as a colony of the British Empire after the Qing dynasty ceded Hong Kong Island in 1841–1842 as a consequence of losing the First Opium War . The colony expanded to

1802-431: Is a special administrative region of China , with executive, legislative, and judicial powers devolved from the national government . The Sino-British Joint Declaration provided for economic and administrative continuity through the handover, resulting in an executive-led governing system largely inherited from the territory's history as a British colony. Under these terms and the "one country, two systems" principle,

1908-410: Is governed by a hybrid regime that is not fully representative of the population. Legislative Council members elected by functional constituencies composed of professional and special interest groups are accountable to these narrow corporate electorates and not the general public. This electoral arrangement has guaranteed a pro-Beijing camp majority in the legislature since the handover. Similarly,

2014-533: The Algemeene Nederlandsche Maatschappij in 1822 in part to administer these large estates, while proclaiming the goal of increasing the welfare of the country. Upon contributing 28,108 hectares of forst land, the king was the single largest shareholder of the Algemeene Nederlandsche Maatschappij at its founding, the rest being subscribed by public and charitable institutions, other companies, and individuals. During its early years it had

2120-854: The Banco de Cartagena in Spain, Wiener Bankverein in Austria, the latter's prewar affiliates in Czechoslovakia, Poland and Yugoslavia, and the Banque Franco-Belge de Bulgarie established in 1920 in Bulgaria, which became the Banque Franco-Belge et Balkanique in 1929 following merger with the Wiener Bankverein's subsidiary Banque Balkanique . Much of that expansion was reversed from 1929 and 1935, as

2226-510: The Antwerp -based Banque de Reports, de Fonds Publics et de Dépôts . Its first chairman was Victor Stoclet (father of Adolphe Stoclet ), who was succeeded in 1905 by Ferdinand Baeyens  [ fr ] and in 1913 by Jean Jadot who kept the position until his death in 1932. The bank immediately opened a branch in Shanghai , followed by Tianjin in 1906, London in 1909, Beijing in 1911, Cairo in 1912, and Alexandria in 1914. In 1913,

SECTION 20

#1732869672856

2332-564: The Banque d'Outremer and thus became a major participant in the economy of the Belgian Congo . Throughout the 1920s, its affiliated banks took over many formerly independent local banks throughout Belgium. By end-1930, it represented 32.9 percent of the aggregate liabilities and 31.0 percent of the aggregate capital of the entire Belgian banking system, and was a similarly dominant investor in large mining, infrastructure, and industrial companies. In

2438-537: The Basic Law of Hong Kong for 50 years after the handover. It does not specify how Hong Kong will be governed after 2047, and the central government's role in determining the territory's future system of government is the subject of political debate and speculation. Hong Kong's political and judicial systems may be integrated with China's at that time, or the territory may continue to be administered separately. However, in response to large-scale protests in 2019 and 2020 ,

2544-578: The Basic Law of Hong Kong is the regional constitution. The regional government is composed of three branches: The chief executive is the head of government and serves for a maximum of two five-year terms. The State Council (led by the Premier of China ) appoints the chief executive after nomination by the Election Committee , which is composed of 1500 business, community, and government leaders. The Legislative Council has 90 members, each serving

2650-516: The Belgian Congo . The bank pioneered investments in non-listed equity. The Société Générale went through multiple restructurings throughout the 20th century. In 1988, the Paris -based Suez Company took over the Société Générale through a competitive takeover bid. In 2003, Suez brought the Société Générale to an end by merging it with Tractebel, another of its subsidiaries. As part of the terms of

2756-592: The Chinese People's Political Consultative Conference appointed by the central government. Chinese national law does not generally apply in the region, and Hong Kong is treated as a separate jurisdiction. Its judicial system is based on common law , continuing the legal tradition established during British rule. Local courts may refer to precedents set in English law and overseas jurisprudence. However, mainland criminal procedure law applies to cases investigated by

2862-553: The Chinese central government 's adherence to the "one country, two systems" principle. After reversal of the last colonial era Legislative Council democratic reforms following the handover, the regional government unsuccessfully attempted to enact national security legislation pursuant to Article 23 of the Basic Law . The central government decision to implement nominee pre-screening before allowing chief executive elections triggered

2968-643: The Former Marine Police Headquarters was redeveloped into a commercial and retail complex, and Béthanie (built in 1875 as a sanatorium ) houses the Hong Kong Academy for Performing Arts . The Tin Hau Temple , dedicated to the sea goddess Mazu (originally built in 1012 and rebuilt in 1266), is the territory's oldest existing structure. The Ping Shan Heritage Trail has architectural examples of several imperial Chinese dynasties, including

3074-624: The Kowloon Peninsula in 1860 and was further extended when the United Kingdom obtained a 99-year lease of the New Territories in 1898. Hong Kong was occupied by Japan from 1941 to 1945 during World War II . The territory was handed over from the United Kingdom to China in 1997. Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of one country, two systems . Originally

3180-780: The Middle Neolithic period, about 6,000 years ago, the region had been widely occupied by humans. Neolithic to Bronze Age Hong Kong settlers were semi-coastal people. Early inhabitants are believed to be Austronesians in the Middle Neolithic period and later the Yue people. As hinted by the archaeological works in Sha Ha, Sai Kung, rice cultivation had been introduced since Late Neolithic period. Bronze Age Hong Kong featured coarse pottery, hard pottery, quartz and stone jewelry, as well as small bronze implements. The Qin dynasty incorporated

3286-708: The Office for Safeguarding National Security of the CPG in the HKSAR . Interpretative and amending power over the Basic Law and jurisdiction over acts of state lie with the central authority, making regional courts ultimately subordinate to the mainland's socialist civil law system. Decisions made by the Standing Committee of the National People's Congress override any territorial judicial process. Furthermore, in circumstances where

Banque Belge pour l'Étranger - Misplaced Pages Continue

3392-697: The People's Liberation Army is responsible for the region's defence. Although the Chairman of the Central Military Commission is supreme commander of the armed forces, the regional government may request assistance from the garrison. Hong Kong residents are not required to perform military service, and current law has no provision for local enlistment, so its defence is composed entirely of non-Hongkongers. The central government and Ministry of Foreign Affairs handle diplomatic matters, but Hong Kong retains

3498-570: The Safeguarding National Security Ordinance was passed by the Legislative Council to grant officials "even more powers to crack down on opposition to Beijing and the Hong Kong government" and includes penalties such as life imprisonment for political crimes such as treason and insurrection . Critics state that this expansion "will strike a lasting blow to the partial autonomy the city had been promised by China [in

3604-701: The Shanghai Street shophouses in Mong Kok . Mass-produced public-housing estates , built since the 1960s, are mainly constructed in modernist style . The Census and Statistics Department estimated Hong Kong's population at 7,413,070 in 2021. The overwhelming majority (91.6%) is Han Chinese , most of whom are Taishanese , Teochew , Hakka , and other Cantonese peoples . The remaining 8.4% are non-ethnic Chinese minorities, primarily Filipinos , Indonesians , and South Asians . However, most Filipinos and Indonesians in Hong Kong are short-term workers. According to

3710-490: The Sino-British Joint Declaration ]." Hong Kong's administrative divisions are divided into three levels: Areas (區域), Districts (地區), and Sub-districts (分區). Hong Kong is administratively divided into three areas: Hong Kong Island , Kowloon , and the New Territories . They are further divided into 18 districts. The area of Hong Kong Island has four districts, the area of Kowloon has five districts, and

3816-453: The Standing Committee of the National People's Congress passed the controversial Hong Kong national security law . The law criminalises secession, subversion, terrorism and collusion with foreign elements and establishes the Office for Safeguarding National Security of the CPG in the HKSAR, an investigative office under Central People's Government authority immune from HKSAR jurisdiction. Some of

3922-558: The Treaty of Paris in 1814, the countries of Europe agreed to augment their armed forces from militias to standing armies. Although Belgium had been offered independence by the Prussians, Britain's Lord Castlereagh vetoed it on the grounds that the country was too small to be economically viable, and the question then arose of who should govern it, the Austrians having washed their hands of it as

4028-595: The Tsui Sing Lau Pagoda (Hong Kong's only remaining pagoda). Tong lau , mixed-use tenement buildings constructed during the colonial era, blended southern Chinese architectural styles with European influences. These were especially prolific during the immediate post-war period, when many were rapidly built to house large numbers of Chinese migrants. Examples include Lui Seng Chun , the Blue House in Wan Chai , and

4134-600: The central government in Beijing in June 2020 resulted in the suspension of bilateral extradition treaties by the United Kingdom, Canada, Australia, New Zealand, Finland, and Ireland. The United States ended its preferential economic and trade treatment of Hong Kong in July 2020 because it was no longer able to distinguish Hong Kong as a separate entity from the People's Republic of China. In 2024,

4240-409: The seventh-highest number of billionaires of any city in the world, Hong Kong has the largest number of ultra high-net-worth individuals . Although the city has one of the highest per capita incomes in the world, severe income inequality exists among the population. Despite being the city with the most skyscrapers in the world , housing in Hong Kong is consistently in high demand . Hong Kong

4346-708: The tallest buildings in Hong Kong and are among the tallest in the Asia-Pacific region. Other distinctive buildings lining the Hong Kong Island skyline include the HSBC Main Building , the anemometer -topped triangular Central Plaza , the circular Hopewell Centre , and the sharp-edged Bank of China Tower . Demand for new construction has contributed to frequent demolition of older buildings, freeing space for modern high-rises. However, many examples of European and Lingnan architecture are still found throughout

Banque Belge pour l'Étranger - Misplaced Pages Continue

4452-622: The 1279 Battle of Yamen by the Yuan Dynasty. By the end of the Yuan dynasty , seven large families had settled in the region and owned most of the land. Settlers from nearby provinces migrated to Kowloon throughout the Ming dynasty . The earliest European visitor was Portuguese explorer Jorge Álvares , who arrived in 1513. Portuguese merchants established a trading post called Tamão in Hong Kong waters and began regular trade with southern China. Although

4558-499: The 1930s, the Société Générale in turn absorbed all its local Belgian banking affiliates with the only exception of the Banque d'Anvers , then spun off the Générale de Banque as mandated by new Belgian legislation in 1935 while keeping controlling ownership of it. By end-1939, the Société Générale's share of the Belgian banking sector's total assets had further risen to 32.6 percent. By

4664-785: The Belgian American Banking Corporation, which in 1968 would be merged with U.S. affiliates of other European banks to form the European-American Banking Corporation, and in 2001 was eventually acquired by Citibank . The London-based BBE (Overseas) was renamed Banque Belge Ltd. in 1957; in 1970, it absorbed the London branch of the Banque Italo-Belge , another affiliate of the Générale de Belgique , and in 1988 contributed its merchant banking operations to

4770-551: The Générale de Banque's new head office downhill was reconstructed in several phases in brutalist style . The new SGB building displayed a long, symmetrical façade with a main entrance at 20, rue Royale. Following the respective mergers of the SGB into Suez-Lyonnaise and of the Générale de Banque into Fortis Group in 1999, the building was taken over by Fortis and used as its Belgian headquarters, then after 2008 by BNP Paribas Fortis . The following companies were once majority owned by

4876-753: The Hong Kong area into China for the first time in 214 BCE, after conquering the indigenous Baiyue . The region was consolidated under the Nanyue kingdom (a predecessor state of Vietnam ) after the Qin collapse and recaptured by China after the Han conquest . During the Mongol conquest of China in the 13th century, the Southern Song court was briefly located in modern-day Kowloon City (the Sung Wong Toi site) before its final defeat in

4982-581: The Hongkong and Shanghai Banking Corporation (HSBC). Earliest known human traces in what is now Hong Kong are dated by some to 35,000 and 39,000 years ago during the Paleolithic period. The claim is based on an archaeological investigation in Wong Tei Tung , Sai Kung in 2003. The archaeological works revealed knapped stone tools from deposits that were dated using optical luminescence dating . During

5088-418: The Hôtel Wellington following a sojourn by Arthur Wellesley, 1st Duke of Wellington in June 1815, just before the Battle of Waterloo . The SGB subsequently expanded to other adjacent structures. After the Rue Ravenstein / Ravensteinstraat was created in 1911–1913 as part of the construction of Brussels' North–South connection , the SGB's premises were expanded southward with a Beaux-Arts wing bordering

5194-406: The Legislative Council and the requirement that all candidates be vetted and approved by a Beijing-appointed Candidate Eligibility Review Committee . In May 2023, the Legislative Council also introduced legislation to reduce the number of directly elected seats in the district councils, and a District Council Eligibility Review Committee was similarly established to vet candidates. Hong Kong

5300-484: The Legislative Council in the 2016 election . These parties have aligned themselves into three ideological groups: the pro-Beijing camp (the current government), the pro-democracy camp , and localist groups . The Chinese Communist Party does not have an official political presence in Hong Kong, and its members do not run in local elections. Hong Kong is represented in the National People's Congress by 36 deputies chosen through an electoral college and 203 delegates in

5406-432: The Legislative Council passed the National Anthem Ordinance , which criminalised "insults to the national anthem of China". The Chinese central government meanwhile enacted the Hong Kong national security law to help quell protests in the region. Nine months later, in March 2021, the Chinese central government introduced amendments to Hong Kong's electoral system , which included the reduction of directly elected seats in

SECTION 50

#1732869672856

5512-439: The Netherlands . After the Belgian Revolution in 1830, it was the new country's dominant financial institution and remained so even after the creation of the National Bank of Belgium in 1850. Its investments in the national economy contributed to the rapid development of the Industrial Revolution in the country and it soon emerged at the head of a major congolomerate of industrial and financial institutions active in Belgium and

5618-438: The New Territories. Much of this is built on reclaimed land ; 70 km (27 sq mi) (6% of the total land or about 25% of developed space in the territory) is reclaimed from the sea. Undeveloped terrain is hilly to mountainous, with very little flat land, and consists mostly of grassland, woodland, shrubland, or farmland. About 40% of the remaining land area is country parks and nature reserves. The territory has

5724-418: The Philippines and Indonesia, have little protection under regional law. Although they live and work in Hong Kong, these workers are not treated as ordinary residents and do not have the right of abode in the territory. Sex trafficking is also an issue, local, mainland Chinese, and foreign women have been trafficked for sex in brothels , homes, and businesses in the city. The Joint Declaration guarantees

5830-488: The SGB and Société Générale de Banque decided to demolish and rebuild the entire block, including the Petit Béguinage on the corner of the Rue Royale and the Rue Montagne du Parc, also designed by Barnabé Guimard in the late 18th century, which was razed in 1968. The new structures fronting the Rue Royale, designed by Pierre Guillissen  [ fr ] and Hugo Van Kuyck  [ nl ] in neoclassical style reminiscent of Guimard, were completed in 1972, while

5936-451: The SGB's equity as part of its effort to secure majority control of Tractebel , while Fortis Group acquired the Générale de Banque , thus completing the separation of the bank from its parent entity initiated in 1934. By August 1998, Tractebel and Fortis together represented over 90 percent of the value of the SGB's holdings, the rest being mainly a controlling stake in Union Minière and minority stakes in SAGEM and ARBED . The SGB itself

6042-405: The Société Générale: The following individuals were governors of the Société Générale: After the takeover by Suez in 1988, the position of Governor was terminated. The following individuals held the chief executive position ( French : présidence du comité de direction ): [REDACTED] Media related to Société Générale de Belgique at Wikimedia Commons Hong Kong Hong Kong

6148-406: The Standing Committee declares a state of emergency in Hong Kong, the State Council may enforce national law in the region. The territory's jurisdictional independence is most apparent in its immigration and taxation policies. The Immigration Department issues passports for permanent residents which differ from those of the mainland or Macau, and the region maintains a regulated border with

6254-435: The ability to maintain separate economic and cultural relations with foreign nations . The territory actively participates in the World Trade Organization , the Asia-Pacific Economic Cooperation forum, the International Olympic Committee , and many United Nations agencies. The regional government maintains trade offices in Greater China and other nations. The imposition of the Hong Kong national security law by

6360-402: The aforementioned acts were previously considered protected speech under Hong Kong law. The United Kingdom considers the law to be a serious violation of the Joint Declaration. In October 2020, the Hong Kong Police arrested seven pro- democracy politicians over tussles with pro-Beijing politicians in the Legislative Council in May. They were charged with contempt and interfering with members of

6466-505: The agreement. After more than a year of further hostilities, Hong Kong Island was formally ceded to the United Kingdom in the 1842 Treaty of Nanking . Administrative infrastructure was quickly built by early 1842, but piracy, disease, and hostile Qing policies initially prevented the government from attracting commerce. Conditions on the island improved during the Taiping Rebellion in the 1850s, when many Chinese refugees, including wealthy merchants, fled mainland turbulence and settled in

SECTION 60

#1732869672856

6572-399: The area of the New Territories has nine districts. Each district is represented by a district council . The district councils advise the government on local issues such as public facility provisioning, community programme maintenance, cultural promotion, and environmental policy. As of 2024, there are a total of 470 district council seats, 88 of which are directly elected. In May 2023,

6678-477: The bank was managed from its London office. It also opened a branch in the Netherlands, which had remained neutral, in Rotterdam in 1915. It became the principal bank of the Commission for Relief in Belgium . After the war's end, its network expanded considerably to Cologne (1919), New York , Paris and Bucharest (1920), Brăila , Hankou and Manchester (1922), and Constantinople (1924). It also invested in several companies and banks across Europe including

6784-410: The bank's London subsidiary substantially developed its footprint by merging with the Anglo-Foreign Banking Company Ltd (est. 1872). The Banque Sino-Belge subsequently changed its name to Banque Belge pour l'Étranger and marketed itself as a subsidiary of the Générale de Belgique , which the latter had not allowed until then. During World War I while Belgium was under German occupation ,

6890-1041: The chief executive is selected by establishment politicians and corporate members of the Election Committee rather than directly elected. Despite universal suffrage being established as ultimate goals for the election of the chief executive and all members of the Legislative Council in Articles 45 and 68 of the basic law, the legislature is only partially directly elected, and the executive continues to be nominated by an unrepresentative body. The government has been repeatedly petitioned to introduce direct elections for these positions, but has not introduced these direct elections as of 2024. Ethnic minorities (except those of European ancestry) have marginal representation in government and often experience discrimination in housing, education, and employment. Employment vacancies and public service appointments frequently have language requirements which minority job seekers do not meet, and language education resources remain inadequate for Chinese learners. Foreign domestic helpers , mostly women from

6996-511: The colony. Further tensions between the British and Qing over the opium trade escalated into the Second Opium War . The Qing were again defeated and forced to give up Kowloon Peninsula and Stonecutters Island in the Convention of Peking . By the end of this war, Hong Kong had evolved from a transient colonial outpost into a major entrepôt . Rapid economic improvement during the 1850s attracted foreign investment, as potential stakeholders became more confident in Hong Kong's future. The colony

7102-495: The council, while none of the pro-Beijing lawmakers were detained. Annual commemorations of the 1989 Tiananmen Square protests and massacre were also cancelled amidst fears of violating the national security law. In March 2021, the Chinese central government unilaterally changed Hong Kong's electoral system and established the Candidate Eligibility Review Committee , which would be tasked with screening and evaluating political candidates for their "patriotism", effectively crushing

7208-408: The country by creating a monetary issue department within itself. It remained secretly in contact with the National Bank in exile, however, and effectively acted on behalf of the latter; so that when Belgium recovered its sovereignty, the National Bank took over all liabilities and assets of the Société Générale's issue department, which was subsequently closed. In 1928, the Société Générale absorbed

7314-458: The economic context became less favorable. The branches in Romania and Turkey were sold, and the others were transformed into subsidiaries. In 1929, the Egyptian branches became the Banque Belge et Internationale en Egypte (BBIE, also known as Belginter). The Paris branch then became a French bank, the one in London became a British bank in 1934, and the Chinese branches became a Chinese bank in 1935. Following new Belgian banking legislation in 1935,

7420-404: The end of the New Territories lease approached, and Governor Murray MacLehose raised the question of Hong Kong's status with Deng Xiaoping in 1979. Diplomatic negotiations with China resulted in the 1984 Sino-British Joint Declaration , in which the United Kingdom agreed to the handover of the colony in 1997 and China would guarantee Hong Kong's economic and political systems for 50 years after

7526-401: The government proposed reforms to the District Council electoral system which further cut the number of directly elected seats from 452 to 88, and total seats from 479 to 470. A requirement that district council candidates be vetted and approved by the District Council Eligibility Review Committee was also proposed. The Legislative Council approved the reforms in July 2023. Hong Kong

7632-418: The handover. The impending handover triggered a wave of mass emigration as residents feared an erosion of civil rights, the rule of law, and quality of life. Over half a million people left the territory during the peak migration period, from 1987 to 1996. The Legislative Council became a fully elected legislature for the first time in 1995 and extensively expanded its functions and organisations throughout

7738-472: The harbour's freshwater influx from the Pearl River or to the odour from incense factories lining the coast of northern Kowloon . The incense was stored near Aberdeen Harbour for export before Victoria Harbour was developed. Sir John Davis (the second colonial governor) offered an alternative origin; Davis said that the name derived from "Hoong-keang" ("red torrent"), reflecting the colour of soil over which

7844-578: The holding company in Belgium was liquidated and the individual banking subsidiaries, as well as stakes in industrial companies, were taken over directly by the Générale de Belgique . In 1935, the BBE opened another subsidiary in Hong Kong , which became its only operation in China during the 1950s as the operations in Beijing, Tianjin and Shanghai were nationalized by the new Communist government. The BBE further developed its activity in Hong Kong, which at some point

7950-521: The immediate circle of the Board. By 1914, the Société Générale was by far the largest bank in Belgium, operating in conjunction with 18 affiliated banks in the country which it practically controlled. Under the harsh German occupation of Belgium during World War I , as the National Bank of Belgium had moved its operations and reserves to London , the Société Générale became formally the central bank for

8056-401: The last years of the colonial rule. The handover of Hong Kong to China was at midnight on 1 July 1997, after 156 years of British rule. Immediately after the handover, Hong Kong was severely affected by several crises. The Hong Kong government was forced to use substantial foreign exchange reserves to maintain the Hong Kong dollar's currency peg during the 1997 Asian financial crisis , and

8162-528: The maritime area is included) consists of Hong Kong Island , the Kowloon Peninsula , the New Territories , Lantau Island , and over 200 other islands. Of the total area, 1,073 km (414 sq mi) is land and 35 km (14 sq mi) is water. The territory's highest point is Tai Mo Shan , 957 metres (3,140 ft) above sea level. Urban development is concentrated on the Kowloon Peninsula, Hong Kong Island, and in new towns throughout

8268-528: The mid-1960, Time reported that the SGB still had control of "a fourth of Belgium's industry and half of the Congo's". In 1988, Suez secured control of the SGB following a hostile takeover contest with Carlo de Benedetti . The SGB was also from the start the largest shareholder of Fortis AG, the Belgian entity of the Fortis Group , with a 20 percent stake as of end-1991. In June 1998, Suez acquired 100 percent of

8374-526: The new street all the way to what is now the Rue Baron Horta / Baron Hortastraat , designed by Jacques Van Mansfeld  [ fr ] . Meanwhile, in 1904, the SGB had acquired its first building uphill on the same block, facing the more prestigious Rue Royale/Koningsstraat , which it had rebuilt in 1908. In 1914, under the German occupation of Belgium during World War I , one of these buildings' rooms

8480-822: The newly created branch of Generale Bank , while keeping private banking under the Banque Belge Ltd brand. In 1960, the BBIE in Egypt was nationalized and renamed the Banque de Port-Said , and eventually absorbed in 1971 by Banque Misr . The BBE in Hong Kong has been the banker of the Catholic Diocese of Hong Kong and also one of the two banks in the region to provide equipment loans. In September 2003, Fortis announced that it would sell it to ICBC (Asia) . The operations that were to be merged with ICBC (Asia) were again renamed "Belgian Bank" ( Chinese : 華比銀行 ) on May 1, 2004, pending

8586-726: The north and occasionally result in chilly weather. Autumn is the sunniest season, whilst spring is generally cloudy. Snowfall has been extremely rare in Hong Kong; the last reported instance was on Tai Mo Shan in 1975. Hong Kong averages 1,709 hours of sunshine per year. Historic temperature extremes at the Hong Kong Observatory are 36.6 °C (97.9 °F) on 22 August 2017 and 0.0 °C (32.0 °F) on 18 January 1893. The highest and lowest recorded temperatures in all of Hong Kong are 39.0 °C (102 °F) at Wetland Park on 22 August 2017, and −6.0 °C (21.2 °F) at Tai Mo Shan on 24 January 2016 . Hong Kong has

8692-478: The opium trade. The commissioner destroyed opium stockpiles and halted all foreign trade, triggering a British military response and the First Opium War . The Qing surrendered early in the war and ceded Hong Kong Island in the Convention of Chuenpi . British forces began controlling Hong Kong shortly after the signing of the convention, from 26 January 1841. However, both countries were dissatisfied and did not ratify

8798-591: The population speak Mandarin, with 2.3% native speakers and 51.9% as a second language. Traditional Chinese characters are used in writing, rather than the simplified characters used in the mainland . Among the religious population, the traditional " three teachings " of China, Buddhism , Confucianism , and Taoism , have the most adherents (20%), followed by Christianity (12%) and Islam (4%). Followers of other religions, including Sikhism , Hinduism , and Judaism , generally originate from regions where their religion predominates. Life expectancy in Hong Kong

8904-440: The post-war decades to provide safer housing, integrity in the civil service, and more reliable transportation. Nevertheless, widespread public discontent resulted in multiple protests from the 1950s to 1980s, including pro- Republic of China and pro- Chinese Communist Party protests. In the 1967 Hong Kong riots , pro- PRC protestors clashed with the British colonial government. As many as 51 were killed and 802 were injured in

9010-473: The recovery from this was muted by an H5N1 avian-flu outbreak and a housing surplus. This was followed by the 2003 SARS epidemic , during which the territory experienced its most serious economic downturn. Chinese communists portrayed the return of Hong Kong as key moment in the PRC's rise to great power status. Political debates after the handover have centred around the region's democratic development and

9116-531: The region into a wasteland. The Kangxi Emperor lifted the maritime trade prohibition, allowing foreigners to enter Chinese ports in 1684. Qing authorities established the Canton System in 1757 to regulate trade more strictly, restricting non-Russian ships to the port of Canton . Although European demand for Chinese commodities like tea, silk, and porcelain was high, Chinese interest in European manufactured goods

9222-699: The remainder of the Pro-Democracy camp . Hong Kong is on China's southern coast, 60 km (37 mi) east of Macau, on the east side of the mouth of the Pearl River estuary . It is surrounded by the South China Sea on all sides except the north, which neighbours the Guangdong city of Shenzhen along the Sham Chun River . The territory's 1,110.18 km (428.64 sq mi) area (2,754.97 km if

9328-617: The request of King Leopold II of Belgium . The BBE's Hong Kong entity, first established in 1935, became the hub of its Asian operations following in the 1950s. It was renamed the Belgian Bank in 1980, Générale de Banque belge pour l’Étranger in 1985, General Belgian Bank in 1992, and Fortis Bank Asia ( Chinese : 華比富通銀行 ) in 2000, and in 2005 was eventually acquired by the Industrial and Commercial Bank of China through its Hong Kong subsidiary ICBC (Asia) . The Banque Sino-Belge

9434-412: The rest of the country. All travellers between Hong Kong and China and Macau must pass through border controls, regardless of nationality. Mainland Chinese citizens do not have right of abode in Hong Kong and are subject to immigration controls. Public finances are handled separately from the national government; taxes levied in Hong Kong do not fund the central authority. The Hong Kong Garrison of

9540-465: The southern coast of Hong Kong Island. Aberdeen was an initial point of contact between British sailors and local fishermen. Although the source of the romanised name is unknown, it is generally believed to be an early phonetic rendering of the Cantonese (or Tanka Cantonese ) phrase hēung góng . The name translates as "fragrant harbour" or "incense harbour". "Fragrant" may refer to the sweet taste of

9646-481: The southwest. The humid nature of Hong Kong exacerbates the warmth of summer. Typhoons occur most often then, sometimes resulting in floods or landslides. Also rarely occurring are waterspouts and tornadoes , which occurred at Hong Kong International Airport on 26 September 2020 and at Victoria Harbour on 28 September 2024. Winters are short, mild and usually sunny at the beginning, becoming cloudy towards February. Frequent cold fronts bring strong, cooling winds from

9752-460: The territory. The vast majority also hold Chinese nationality , automatically granted to all ethnic Chinese residents at the handover. Headline population density exceeds 7,060 people/km , and is the fourth-highest in the world. The predominant language is Cantonese , a variety of Chinese originating in Guangdong. It is spoken by 93.7% of the population, 88.2% as a first language and 5.5% as

9858-503: The territory. Older government buildings are examples of colonial architecture. The 1846 Flagstaff House , the former residence of the Commander of the British forces in Hong Kong , is the oldest Western-style building in Hong Kong. Some buildings, such as the Court of Final Appeal Building and the Hong Kong Observatory retain their original functions, and others have been adapted and reused ;

9964-514: The traders were expelled after military clashes in the 1520s, Portuguese-Chinese trade relations were re-established by 1549 . Portugal acquired a permanent lease for Macau in 1887. After the Qing conquest , maritime trade was banned under the Haijin policies. From 1661 to 1683, the population of most of the area forming present day Hong Kong was cleared under the Great Clearance , turning

10070-475: The violence, including dozens killed by the Royal Hong Kong Police via beatings and shootings. Although the territory's competitiveness in manufacturing gradually declined because of rising labour and property costs, it transitioned to a service-based economy. By the early 1990s, Hong Kong had established itself as a global financial centre and shipping hub. The colony faced an uncertain future as

10176-730: The war, as skilled Chinese migrants fled from the Chinese Civil War and more refugees crossed the border when the Chinese Communist Party took control of mainland China in 1949. Hong Kong became the first of the Four Asian Tiger economies to industrialise during the 1950s. With a rapidly increasing population, the colonial government attempted reforms to improve infrastructure and public services. The public-housing estate programme , Independent Commission Against Corruption , and Mass Transit Railway were all established during

10282-494: The world's largest number of skyscrapers , with 554 towers taller than 150 metres (490 ft), and the third-largest number of high-rise buildings in the world. The lack of available space restricted development to high-density residential tenements and commercial complexes packed closely together on buildable land. Single-family detached homes are uncommon and generally only found in outlying areas. The International Commerce Centre and Two International Finance Centre are

10388-420: Was 81.3 years for males and 87.2 years for females in 2022, one of the highest in the world. Cancer , pneumonia , heart disease , cerebrovascular disease , and accidents are the territory's five leading causes of death. The universal public healthcare system is funded by general-tax revenue, and treatment is highly subsidised; on average, 95% of healthcare costs are covered by the government. The city has

10494-544: Was converted in 1827 into a fully-fledged subsidiary, the Banque d'Anvers . Because the bank's operations were dominated by the profit-making interests of its private shareholders, it fell short of the aims the king had set for it in terms of fostering economic development. After the Belgian Revolution of 1830, the company took the French name Société Générale de Belgique . It sold off its land holdings at low prices to

10600-677: Was created in 1902, as Belgium, like other foreign powers with presence in China, was entitled to payments from the Qing Dynasty empire under the Boxer Protocol . Alongside the Société Générale de Belgique , its original investors included the Société Générale Africaine (which would merge into the Banque Sino-Belge in 1905), the Compagnie Internationale d'Orient (an affiliate of Albert Thys 's Banque d'Outremer ), and

10706-562: Was fully integrated into the Suez group in subsequent years and its legal existence ended in 2003, in parallel with divestment of the group's stake in Fortis. Immediately after its creation in 1822, the company acquired for its head office the former Brussels branch ( French : refuge ) of Averbode Abbey , at 3, rue Montagne du Parc / Warandeberg , a neoclassical structure designed by Barnabé Guimard and built in 1779–1781, which had become known as

10812-586: Was further expanded in 1898 when the United Kingdom obtained a 99-year lease of the New Territories. The University of Hong Kong was established in 1911 as the territory's first institution of higher education. Kai Tak Airport began operation in 1924, and the colony avoided a prolonged economic downturn after the 1925–26 Canton–Hong Kong strike . At the start of the Second Sino-Japanese War in 1937, Governor Geoffry Northcote declared Hong Kong

10918-519: Was insignificant, so that Chinese goods could only be bought with precious metals. To reduce the trade imbalance, the British sold large amounts of Indian opium to China. Faced with a drug crisis, Qing officials pursued ever more aggressive actions to halt the opium trade. In 1839, the Daoguang Emperor rejected proposals to legalise and tax opium and ordered imperial commissioner Lin Zexu to eradicate

11024-581: Was originally founded as an investment bank called the Société Générale des Pays-Bas pour favoriser l'industrie nationale or Algemeene Nederlandsche Maatschappij ter Begunstiging van de Volksvlijt ( lit.   ' General Netherlands Society for Advantage to the National Industry ' ) by William I of the Netherlands in 1822 when Belgium was under his rule within the United Kingdom of

11130-616: Was the third-largest foreign branch network in the colony behind HSBC and Standard Chartered . In 1948, the Paris-based Banque Belge pour l'Etranger (France) was acquired by the Banque de l'Union Parisienne . In 1950, the New York subsidiary of the London-based Banque Belge pour l'Etranger (Overseas) was converted into a subsidiary, as a precautionary measure against a scenario of Soviet invasion of Europe, and renamed as

11236-555: Was used for the Comité National de Secours et d'Alimentation ("National Relief and Food Committee"). Further properties on the Rue Royale were bought in 1922 and rebuilt in 1928. When the SGB spun off its Belgian bank in 1934, the Banque de la Société Générale de Belgique kept the storied address as 3, rue Montagne du Parc, while the SGB itself relocated to the Rue Royale. In 1966,

#855144