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The L’Oréal Group stand at the 8th China International Import Expo (CIIE) in Shanghai. Photo: AFP
Banking & finance

Luxury and lifestyle giants signal confidence in China’s consumer recovery

L’Oréal and Lululemon lead a wave of foreign firms vowing fresh investment at Shanghai’s import expo, betting on a recovering luxury market.

International Property

Is Saudi Arabia the next Dubai for Hong Kong and mainland property investors?

Wealth management

Shareholders of Chinese firms eye Hong Kong for family offices: asset manager

Hong Kong property

Skechers to take over Patek Philippe space on Causeway Bay’s Russell Street

American footwear and apparel company takes advantage of a slump in Hong Kong’s retail market.

The site of a future Skechers store in Causeway Bay. Photo: Stanley Shin
The site of a future Skechers store in Causeway Bay. Photo: Stanley Shin
Wealth management

Hong Kong’s ultra rich get the cheapest champagne, priciest lawyers

Hong Kong falls to third place amid dropping property prices, cheap champagne, research says.

Artificial intelligence

Visa charges ahead with plans for AI to go shopping with your credit card

Visa is working on an AI that searches for goods and services and buys them for you, while checking past transactions to send you ads.

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Fintech

Digital wallets are finally taking hold in Hong Kong, report shows

A survey found that 42 per cent of Hongkongers use Alipay and 22 per cent use Apple Pay, but credit cards are likely to remain relevant.

Passengers pay for the Star Ferry from Tsim Sha Tsui to Central next to an advertisement for Alipay on December 19, 2024. Photo: Jelly Tse
Passengers pay for the Star Ferry from Tsim Sha Tsui to Central next to an advertisement for Alipay on December 19, 2024. Photo: Jelly Tse
Hong Kong economy

Exclusive | Yacht haven: Hong Kong aims to be growth hub for leisure-boat industry

Government policies and planned marina will make the city a centre for the industry’s growth, experts say.

Retailing

‘Old money’ look beats nouveau riche glitz in China’s spending slump

Call it old money fashion or quiet luxury style, minimalist design and simplicity stay timeless for Chinese consumers.

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Consumers

Why China consumers are not splurging on LVMH, Burberry, Kering luxury goods

Waning confidence among China’s middle class consumers could further undermine sales of global luxury brands, analysts say.

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Consumers seen outside a Christian Dior store in Beijing in October 2024. Photo: Bloomberg
China property

Greater Bay Area home sales surged in June after property market rescue package

Demand for new homes in the Greater Bay Area rebounded last month after Beijing’s historic measures to rescue the property sector took effect. However, a meaningful recovery in prices will take time amid economic headwinds, says Cushman & Wakefield.

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Shenzhen saw a strong rebound in transactions last month, having eased home-purchasing restrictions and lowered mortgage rates to lure buyers late in May. Photo: Martin Chan
Shenzhen saw a strong rebound in transactions last month, having eased home-purchasing restrictions and lowered mortgage rates to lure buyers late in May. Photo: Martin Chan
Hong Kong property

Hong Kong property sales plunge again as high interest rates dent demand

There is likely to be little relief for the sagging market in the coming months as interest rates are tipped to remain high, says Ricacorp Properties.

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Electric & new energy vehicles

Quit your price war and focus on safety, CATL boss warns China’s EV makers

Zeng is the latest business leader to criticise the cutthroat competition amid mounting worries that constant price reductions are undermining profitability, reputation and even safety in China’s EV industry.

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Hong Kong property

Mainland retailers struggle to survive Hong Kong’s sky-high rents, competition

A tide of mainland Chinese retail brands expanding in Hong Kong appears to have ebbed, with several food and beverage chains ending their tenancies as their businesses come under pressure

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People pass by a closed shop in Mong Kok The city’s famously high property rents are a constant threat to the survival of retailers. Photo: SCMP Pictures
Hong Kong economy

Beauty chain Sa Sa’s profit soars as mainlanders return to shop in Hong Kong

Hong Kong beauty products retailer Sa Sa International saw its profit jump almost fourfold in the last financial year as the number of mainland Chinese tourists returning to shop in the city continued to rise.

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The cosmetics chain reported a gain of 276 per cent in earnings to HK$218.9 million (US$28 million) for the year ended March 31. Photo: Xiaomei Chen
The cosmetics chain reported a gain of 276 per cent in earnings to HK$218.9 million (US$28 million) for the year ended March 31. Photo: Xiaomei Chen
Electric & new energy vehicles

EU’s tariffs may stall, not stop, China’s EV exports, analysts say

The additional tariffs the EU plans to levy will not be severe enough to shut most Chinese-made electric vehicles (EVs) out, as the cost advantages of companies like BYD will outweigh the curbs, analysts say.

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Electric & new energy vehicles

Overseas price wars will sow doubts over quality of Chinese EVs, Bain warns

Bain advises Chinese assemblers, which already enjoy a cost advantage, to focus on premium models when building their global image, rather than selling cheaper cars to lure budget-conscious consumers.

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China property

Shimao is latest developer to see sales rise since China’s property stimulus

Shimao has become the latest Chinese home builder to report higher property sales aided by Beijing’s stimulus package aimed at reviving its crisis-hit real estate sector.

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In the first five months of the year, Shimao shifted 13.78 billion yuan worth of properties, a 42 per cent slump from the same period of 2023. Photo: Bloomberg
In the first five months of the year, Shimao shifted 13.78 billion yuan worth of properties, a 42 per cent slump from the same period of 2023. Photo: Bloomberg
China property

Poly Property’s sales slump as Beijing’s rescue package brings mixed results

The Chinese state-backed developer saw sales fall by almost a fifth in May, adding to a mixed picture of the impact of Beijing’s historic measures to rescue its crisis-hit real estate segment.

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Electric & new energy vehicles

China’s Nio predicts record EV sales in second quarter as incentives lure buyers

The Shanghai-based carmaker said second-quarter deliveries could reach 54,000 to 56,000 units, up as much as 86.3 per cent from the previous quarter, which would top its previous record.

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China property

Country Garden’s home sales jump as Beijing’s rescue package boosts developers

Country Garden sold more properties in May, becoming the second major Chinese developer to see turnover improve after Beijing launched a historic rescue package to shore up its battered real estate segment.

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The Foshan-based company that was once China’s top home builder by sales shifted 4.29 billion yuan (US$592 million) worth of properties last month, an 11.4 per cent monthly increase. Photo: Bloomberg
Hong Kong property

Hong Kong property deals plunge as exuberance over scrapping of curbs fades

Hong Kong’s property sales fell by a quarter in May, the latest official data shows, as analysts said the initial exuberance over the lifting of property cooling measures had started to wear off.

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Sales of residential units plummeted 35.1 per cent to 5,546 in May, but were up by 38.54 per cent from a year earlier. Photo: May Tse
Sales of residential units plummeted 35.1 per cent to 5,546 in May, but were up by 38.54 per cent from a year earlier. Photo: May Tse
Hong Kong property

Hong Kong is Asia’s busiest ‘super-prime’ housing market: Knight Frank

With 132 transactions in the year to March, Hong Kong beat its main rival, Singapore, which recorded 88 deals in what the property consultancy referred to as the super-prime residential market.

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Electric & new energy vehicles

China’s GAC Aion targets Hong Kong motorists with new EV models on horizon

The Chinese state-owned carmaker said it plans to intensify its push into Hong Kong’s electric vehicle market by setting itself an ambitious target of 4,000 sales in the city by the end of this year.

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Electric & new energy vehicles

BYD mounts ‘big challenge’ to petrol-guzzling rivals with its new hybrid tech

The EV maker has unveiled a new version of its plug-in hybrid technology that it hopes will encourage more widespread adoption of electric cars in China, ratcheting up pressure on traditional carmakers like VW and General Motors.

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The Qin L and the Seal 06 (pictured) ‘will mount a big challenge to petrol-powered cars, becoming the new benchmarks for mid-size models,’ says BYD. Photo: AP
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