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Forget the overseas holiday, Chinese consumers will soon shop online for half of all luxury goods they buy, says HSBC

Luxury spending on the mainland will continue to grow at twice the global average thanks to price harmonisation and improvements in online shopping, according to research by HSBC.Domestic outlays for luxury goods are estimated to grow 12 per cent this year, double the 6 per cent global average, even as the Chinese economy is widely anticipated to moderate, according to the report “Panda Luxury Staycation”, compiled by the bank’s global research department.Beijing has cut its economic growth… Source link

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Canadian asset manager Brookfield in talks to buy Shanghai property from Hong Kong-listed Greenland

Canadian companies continue to pursue deals in China notwithstanding the diplomatic spat between the two countries that has seen tit-for-tat arrests of each other’s citizens.Two Canadians have been imprisoned in China after Huawei’s chief financial officer Sabrina Meng was arrested by Canada on December 1 following an extradition request from the US.Brookfield Asset Management, a Toronto-based alternative asset manager, is in talks to buy a commercial property site in Shanghai for around US$2… Source link

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Investment 

Tencent Holdings to buy back 10 per cent of shares to shore up stock price

Tencent Holdings, operator of China’s biggest social media and video gaming business, has proposed to buy back 10 per cent of its shares in a bid to shore up its share price.Tencent, which has the biggest weighting of 9.9 per cent on the Hang Seng Index, said in a filing to the Hong Kong stock exchange that the repurchase is subject to shareholder approval during the annual general meeting on May 15.The Shenzhen-based company currently has a total of 9.52 billion shares in circulation.Shares of… Source link

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Hong Kong can ease its housing crisis by giving more families a chance to buy public housing flats

Under Hong Kong’s Tenants Purchase Scheme, introduced in 1998, 140,298 public rental housing units have been sold to existing tenants. Initially, about 57 per cent of the units available for sale found buyers and, in the past decade, this has increased to 72 per cent. By promoting home ownership, the scheme has increased the labour force participation rate and decreased unemployment among families that have bought these units.But there have been two other important effects. The scheme has also… Source link

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Blow to Boeing: China to buy hundreds of Airbus jets, in mammoth US$35 billion deal sealed on Xi Jinping’s France visit

Airbus SE secured a US$35 billion jet deal from China during a state visit by President Xi Jinping to the French capital, dealing a fresh blow to Boeing Co as it grapples with the grounding of its bestselling jet.It was among 15 business contracts between China and France that were signed on Monday, including a €1 billion (US$1.1 billion) contract for EDF to build an offshore wind farm in China, the French presidency said.The mammoth Airbus order included 290 A320-series narrow-body planes and… Source link

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China 

China will buy more US goods, top official says ahead of latest trade talks

China will work to boost imports and achieve a more even balance of trade with the United States, a top Chinese official said on Sunday, just days ahead of the latest round of talks aimed at bringing an end to the two countries’ punishing tariff war.Speaking at the China Development Forum in Beijing, Vice-Premier and Politburo Standing Committee member Han Zheng told a gathering of foreign business representatives and former government officials from the US and other countries that his… Source link

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Singapore 

How to buy cheap alcohol now that duty free allowance is only two litres, Singapore, Food News

Budget 2019 has come and gone. While the rest of us are looking at the important notes like the GST vouchers and the Personal Income Tax Rebates, I’m going to be looking at something even more important. My alcohol allowance. Granted, I’m not much of a drinker (if at all), but because other people in my household loves their liquor, I always end up buying some when I travel. I didn’t maximise those three litres when I had them, but it still feels like a bit of a blow when…

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Vietnam 

SK Group plans to buy US$1 billion Vingroup shares – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

A Vincom Centre developed by Vincom Retail, a sub-unit of the real estate-technology-retail giant Vingroup. – VNS Photo Viet Nam News HÀ NỘI — South Korean conglomerate SK Group plans to purchase US$1 billion worth of stocks in Việt Nam’s real estate-retail-tech giant Vingroup, according to Bloomberg. The investment could be made as early as April, Bloomberg said on Friday, citing South Korea’s Maeil Business Paper. Vingroup has recently asked shareholders to approve its private issuance of 250 million shares to a maximum of five foreign institutional investors…

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Ecommerce 

Instagram will now let you buy things directly through the app in a move likely to boost Facebook’s coffers

After years of ogling beautiful images of food, fashion and design on Instagram, people will now be able to buy things they see and like directly through the app – providing instant gratification for the trend-obsessed and a new source of income for parent Facebook.Starting Tuesday, the photo-sharing app is testing a shopping feature, called Checkout, with a handful of retailers including Nike Inc. and designer fashion platform Revolve.“Over time, as we are creating value for people, this could… Source link

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Alibaba to buy stake in parcel delivery firm STO Express for 4.6 billion yuan

Alibaba Group Holding plans to buy a stake in Chinese courier service firm STO Express, as the e-commerce juggernaut expands its networks.Alibaba will pay 4.66 billion yuan (US$693.3 million) for a 49 per cent stake in a new unit that will control 29.9 per cent of Shenzhen-listed STO, the courier service firm said in an exchange statement, without saying how much Alibaba will directly control the listed company. The stock jumped by the 10 per cent daily limit to 22.48 yuan after the open on… Source link

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