Hong Kong overtook the US and the UK to become the world's most developed financial market for the first time in history, the World Economic Forum said in its new report.

According to the Financial Development Report 2011, Hong Kong jumped from the fourth potion to the top, while each of the US and the UK slipped one position to settle at second and third respectively.

Compared with the previous three months of this year, Hong Kong's economy grew 0.1 per cent during the third quarter to the end of September.

Year-on-year growth was recorded at 4.3 per cent in the third quarter, down from a revised 5.3 per cent growth in April-to-June quarter.

According to reports, after Beijing made the details about a proposed extension of home purchasing restrains to second and third-tier cities.

On Thursday, Chinese share were also reported with a terrible fall, as a result of which, Hong Kong shares were badly dragged into the crimson area and several investors too sold their properties which certainly were linked with their stock investments.

Hong Kong based Noble group reserves a prestigious place for efficiently managing the global supply chains of agricultural and energy products, metals and minerals. The company has reported a 40% hike in operating profit to US$947 million (£580m) for the first half of 2011.

Further, the first half sales were observed to record $40bn (£24.5bn).

Mapeltree, a venture of investment company Temasek Holdings has announced their plan to buy Festival Walk.

Global investors are attracted towards residential property in Singapore and Hong Kong. As per Gail Moss reports investors are taking the opportunities well in place even in Asia also.

Despite turmoil in the goods prices still persisting in China and Hong Kong, the financial institutions and transport sector is beaming with indices placing themselves beyond the chart support levels.