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Pedestrians pass in front of the Polo Ralph Lauren store in Beijing in July 2021. Photo: Getty Images
Retailing

China Business

‘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

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China property

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

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Business

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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A woman scans residential property advertisements in Quarry Bay. June saw a second straight monthly fall in property transactions after an initial surge that came in the wake of the government’s lifting of restrictions. Photo: Edmond So
A woman scans residential property advertisements in Quarry Bay. June saw a second straight monthly fall in property transactions after an initial surge that came in the wake of the government’s lifting of restrictions. Photo: Edmond So

Companies

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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China Business

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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Companies

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

China Business

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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China Business

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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Business

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

Business

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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Local residents look at a model of a Poly project at a showroom in Sanya, Hainan Province. Photo: VCG via Getty Images
Local residents look at a model of a Poly project at a showroom in Sanya, Hainan Province. Photo: VCG via Getty Images

Companies

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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Business

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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Business

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

Business

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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This property at 25-26 A&B Lugard Road was snapped up for HK$838 million (US$107 million), according to Savills Hong Kong. Photo: SCMP Handout
This property at 25-26 A&B Lugard Road was snapped up for HK$838 million (US$107 million), according to Savills Hong Kong. Photo: SCMP Handout

Companies

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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China Business

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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Business

China property

Shanghai eases restrictions, offers subsidies to revive housing market

Mainland China’s commercial and financial hub will relax home purchase restrictions and grant subsidies to people buying new flats in a move designed to breathe life back into the city’s real estate sector.

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Shanghai has an inventory of new homes of about 8 million square metres, which could take more than a year to digest based on the current pace of sales. Photo: Bloomberg
Shanghai has an inventory of new homes of about 8 million square metres, which could take more than a year to digest based on the current pace of sales. Photo: Bloomberg

China Business

Electric & new energy vehicles

China’s EV price war spreads overseas as carmakers chase higher profit margins

In Southeast Asia, Chinese EV builders from established giants like BYD and Great Wall to start-ups such as Hozon are offering discounts in a bid to take on Japanese rivals whose petrol cars dominate the market.

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Business

Retailing

ParknShop imports mainland goods as Hongkongers hunt for bargains in Shenzhen

The supermarket chain is importing more products from mainland China in a bid to lure Hongkongers who have taken to travelling to Shenzhen and other mainland cities where they can shop and dine for cheaper, says chairman of CK Hutchison.

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China Business

China property

Shenzhen, Wuhan latest Chinese cities to ease housing market restrictions

Shenzhen and Wuhan have become the latest Chinese cities to ease home purchase restrictions to boost sales, as a growing number of major metropolises take steps to support the country’s slumping property sector.

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Shenzhen lowered the thresholds for the personal income tax and social insurance payments of non-locals seeking to buy a property in certain districts. Photo: Dickson Lee
OPINION
Nicholas Spiro

The View | Why China’s luxury market is a double-edged sword for foreign brands

Nicholas Spiro
5
Raymond Chong

Concrete Analysis | Mortgage pre-approval can help land that dream UK home

Raymond Chong
Justin Lau

Concrete Analysis | Property agents must adopt digital tools to thrive in post-Covid world

Justin Lau
Martin Wong Shiu-kei

Concrete Analysis | Do stock prices, unemployment presage a housing market crash?

Martin Wong Shiu-kei
Victoria Allan

Concrete Analysis | Time to upgrade your flat as work-at-home becomes new norm

Victoria Allan
Andrew Ness

Concrete Analysis | How the bay area plan will change Hong Kong’s property landscape

Andrew Ness
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