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  • China fuels record spending on real estate in Asia-Pacific

    Major real-estate investment hit a record US$86 billion in the Asia-Pacific region in the first half of 2019 despite a softening global market.It was mainly led by strong momentum in China, leading property consultancy JLL said in its latest report.That marked a year-on-year increase of 6 percent, in contrast to the 9 percent drop in transactions around the globe — US$341 billion for the first six months, according to the Global Capital Flows released yesterday by JLL.“Due to the tightening of yields in core markets across the globe, particularly in Europe and the US, investors were made to look beyond their domestic markets in search of higher returns,” said Stuart Crow, CEO of Capital Markets Asia Pacific at JLL.“Joint venture and consortium structures continue to increase in popularity for large deals across the region as investors seek to go more direct and see the benefit in partnering with long-term like-minded groups.”In China, ranked the world’s second most liquid real-estate market during the first half of this year, a record-setting start to the year propelled first-half volumes to a record high of 170.7 billion yuan (US$24.1 billion), a year-on-year surge of 137 percent.China’s real-estate investment market has become notably more active since the last quarter of 2018 as foreign investors continued to increase their spending.Total investment in China reached 214.4 billion yuan during the six months through March, exceeding the average annual volume of the past three years, according to JLL’s data.Among the most significant cross-border transactions of the second quarter in China was Brookfield’s acquisition of a mixed-use commercial complex in Shanghai.The US$1.5 billion deal is the biggest by the firm in China and one of the largest by a foreign investor in the country.

    Posted: by Shanghai Daily

  • Chinese teens are shying away from posting about their lives on WeChat to avoid prying parents

    Wang Jiaying spends three hours on WeChat every day and knows the minutiae of her friend’s lives through their online posts. But the 45-year-old stay-at-home mom knows little about what her 18-year-old daughter is up to because the first-year university undergraduate seldom posts to the Tencent-owned social media platform.“I have never shared anything on WeChat,” said the daughter, Xue Shuoyi, who is living away from her home in Shenzhen and attending university in Guangzhou. “For me, it is…

    Posted: by South China Morning Post

  • Daimler to make Mercedes Benz trucks in China

    German auto maker Daimler AG plans to build Mercedes Benz-branded heavy trucks in China by revamping truck plants owned by its local joint venture, according to a document seen by Reuters and two sources familiar with the matter.The plan will deepen the alliance between Daimler and its Chinese truck JV partner, Beiqi Foton Co Ltd, and comes after the purchase of a 5 percent stake in Daimler last month by its Mercedes Benz passenger car partner, Beijing Automotive Group Co Ltd, Foton’s parent group.“Localization of Mercedes Benz-branded trucks had been planned years before, so it has nothing to do with BAIC Group’s recent stake purchase in Daimler,” one source said.In 2016, Daimler’s then head of its truck business told German media that it planned to make Mercedes Benz-branded Actros heavy trucks in China by the end of the decade. No details of the plan has since been reported or announced.Under the plan, Beijing Foton Daimler Automotive (BFDA) will add Actros to its production lines which are mainly used to make Auman trucks, the joint venture’s sole truck brand, the sources said.The JV plans to revamp its No.3 plant, which will have an annual capacity of 60,000 heavy trucks, and expand capacity at its No.2 plant to 100,000 units from 60,000 now, according to a document on the JV’s website. The value of the investment was not known.The No.3 plant will build both Actros and Auman trucks, said the sources, who declined to be identified because the plan had not been made public.Daimler’s office in China did not immediately respond to phone calls seeking comment. Foton declined to comment.All Mercedes Benz trucks currently sold in China are imported and priced significantly higher than domestically made Auman trucks.Founded in 2012, the truck joint venture sold just over 100,000 units in China last year. Daimler is seeking to further develop its truck business with Foton, but the lack of a solid supply chain in China remains an obstacle, the sources said.“One of the biggest challenges is to build up a good local supply chain, as many heavy truck components for Mercedes Benz trucks cannot be locally sourced for now,” the second source said.China’s heavy truck market has fared better than the overall auto market this year, thanks to a growing e-commerce industry and improvements in traffic and logistics infrastructure.China sold 732,000 heavy trucks in the first seven months this year, down 1.4 percent from the same period a year earlier, while the overall auto market dropped 13.5 percent.Other major heavy truck makers in China include FAW, Dongfeng and Sinotruk.

    Posted: by Shanghai Daily

  • High-end Japanese retailer Takashimaya in U-turn, to keep Shanghai store open

    High-end Japanese department store Takashimaya Company in a U-turn on Friday said it would continue to operate its 60,000-square metre store near Shanghai Hongqiao Airport. It had announced in late June it would close the store – its sole outlet in mainland China – on Sunday, August 25.“We previously announced that we would close Shanghai Takashimaya on Sunday, August 25. However, we have decided to continue operating the store on August 26 and thereafter,” the company said in a statement on…

    Posted: by South China Morning Post

  • Huawei tops Chinese firms list

    China yesterday unveiled its latest rankings for its 500 largest private enterprises, with tech giant Huawei atop the list amid sound development of the country’s private business.The list by the All-China Federation of Industry and Commerce came at the China Top 500 Private Enterprises Summit 2019 held in Xining, the capital of northwest China’s Qinghai Province.Huawei topped the list with a revenue of 721.2 billion yuan (US$102 billion) in 2018. Top companies also include HNA Group, Suning, Amer International, Evergrande, JD.com, Country Garden, Hengli Group, Legend Holdings and Gome Holdings.To be listed, an enterprise needed to have revenue exceeding 18.59 billion yuan last year. Huang Rong, vice chairman of the ACFIC, said the total revenue of the top 500 companies reached 28.5 trillion yuan in 2018, up by 16.44 percent year on year, while the number of companies with revenue over 300 billion yuan has risen from nine to 12.

    Posted: by Shanghai Daily

  • Maritime industry exhibition in city

    Marintec China 2019, an international gathering of the maritime industry, will be held from December 3-6 at the Shanghai New International Expo Center in the Pudong New Area.The exhibition has been held every two years in Shanghai since 1979. This year, the exhibition will highlight 5G in shipbuilding and navigation.Xing Wenhua, chairman of Marintec China 2019, said it has been a tough year for the industry as the turnover of new ship trading in the first half of year declined over 50 percent from the same period of last year.“But thanks to the development of new technologies and international regulations, the market is still keen to see the exhibition,” said Xing.“We are expecting more than 2,100 companies from all over the world and 65,000 trade visitors which will both set a new record.”Xing said intelligent navigation, green technology and luxury cruise liners will be the highlights of the exhibition.Also, for the first time, the exhibition will have a section on interior decoration for luxury cruise liners, offering visitors the chance to try out entertainment and lounge services.Amid the overall decline of ship trading, the volume of luxury cruise liner trading remained high, said Xing.By the end of June this year, the total turnover of cruise trading this year was about US$50 billion, he said.

    Posted: by Shanghai Daily

  • RRJ-led group in talks to invest US$4 billion in HNA’s Ingram Micro

    RRJ Capital, run by former Goldman Sachs partner Richard Ong, is in advanced talks with the embattled HNA Group Co. to lead a US$4 billion investment in Ingram Micro Inc., people familiar with the matter said.The group led by the Hong Kong-based private equity firm will invest through an HNA bond that can be converted into close to 50 per cent of Ingram Micro’s shares, the people said, asking not to be identified before the agreement, which may be signed as early as next week. The bond proceeds…

    Posted: by South China Morning Post

  • Stocks end up on liquor, agri gains

    Shanghai stocks closed slightly higher yesterday, led by gains of liquor makers.The Shanghai Composite Index edged up 0.11 percent to close at 2,883.44 points.Agriculture stocks, tourism firms and media companies were among the biggest gainers.Shares of liquor makers rose to push the index up in the afternoon.Chinese liquor giant Kweichow Moutai Co Ltd jumped 3.56 percent to 1,104 yuan (US$155.64) to a record high, lifting market sentiment in the liquor sector and related industries.The rally made Moutai the fourth-largest listed firm in the A-share market by market value, Reuters reported.Shares related to glass also performed well after Chinese glassmakers raised prices on Tuesday.Shanghai Securities News reported that several glassmakers, including Taiwan Glass Group and Xinyi Glass Holdings Ltd, raised their prices recently. Analysts said the price increase is expected to continue.

    Posted: by Shanghai Daily

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