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China new home sales decline by 56 per cent during Lunar New Year holiday

New homes sales declined by 56 per cent year on year in 17 major mainland China cities, including Shanghai and Nanjing, during the Lunar New Year holiday, in a sign that does not bode well for a sector already weighed down by a bearish outlook and concerns about a slowing economy. According to a research note released on Tuesday by investment bank China International Capital Corporation, Beijing’s easing stance on the overall economy boosted market sentiment in the beginning of 2019, but sales data from sample cities and developers shows…

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Middle-aged Chinese tourists lead use of mobile payments abroad during Lunar New Year holiday

Middle-aged Chinese travellers were the country’s biggest spenders abroad during the recent Lunar New Year holiday, as these older tourists led the use of mobile payments to go shopping overseas, according to an Alipay study. That finding, drawn from the more than 40 markets where Alipay is accepted, covered two groups who used the popular mobile payments platform: those born in the period 1960 to 1969 and 1970 to 1979. They were “the main driving force in outbound tourism and overseas consumption”, according to the report from Alipay, a unit…

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Hong Kong and China stocks poised for continued upbeat momentum as traders drift back to work after lunar holiday

China’s stocks posted their best monthly performance in January in a year, as the world’s biggest emerging equity market recovered from the world-beating decline in 2018. The Shanghai Composite Index rose 3.6 per cent last month, the biggest gain since January 2018. Equities were buoyed by beaten down valuations, detente in the China-US trade friction and the prospects of inflows from foreign investors. While most strategists made the call that China’s stocks would bounce back late in the year, the rebound is already in full swing. Foreign buying can account…

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Hong Kong home sales grind to a near halt ahead of the Lunar New Year holiday

Hong Kong’s primary real estate market has hit a soft patch ahead of the Lunar New Year, a normal seasonal pattern before the annual holiday which gets underway next week, although analysts caution that potential buyers are especially jittery amid the current drop in home prices. Only two of 101 flats on offer were sold on Friday at Reach Summit, a Yuen Long project developed by Henderson Land Development and New World Development, as of 3.50pm. “As the Lunar New Year is coming, sales have been slowing down. Buyers are…

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Vietnam 

Demand for delivery services surges before Tết holiday – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM CITY – Delivery services, especially items for Tết (Lunar New Year), are working hard to meet the surge in demand in the run-up to the year’s biggest holiday in HCM City. Trần Thị Thu Thảo, a clothing store owner in District 3, said the number of buyers as well as requests for home delivery had increased by two to three times compared to an average day. Lê Diễm Hằng, a shipper from District 4 in HCM City, said “on a normal day, I…

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Vietnam 

Businesses race to recruit workers for Tết holiday – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Ahead of the upcoming Lunar New Year (Tết) holiday, many companies have high demand for short-term employers, with some wiling to pay them up to VNĐ1 million (US$43) per day. Cashiers, warehouse staff, gift wrappers, supermarket workers, security guards and caterers are some of the most in demand jobs. Vinmart convenience stores system is employing some 1,000 salesmen in Hà Nội to serve for Tết occasion. From November 2018, Big C Thăng Long supermarket chain also announced the recruitment for Tết…

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Vietnam 

Car rental market busy before Tết holiday – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — The car rental market has become very active in the capital city as the Tết (Lunar New Year) holiday approaches. A small survey by the Vietnam News Agency of rental car streets of Hà Nội showed the mid-range segment of passenger cars with four to seven seats is nearly completely sold out almost one month before Tết. If customers want to rent a car, they will have to commit to renting it for the entirety of the break, which lasts from February…

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Vietnam 

Ministries step up price control and market management for Tết holiday – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Lào Cai Province Market Watch check seized products. Market management will be enhanced before, during and after the Tết holiday. – VNA/VNS Photo Quốc Khánh Viet Nam News HÀ NỘI — Minister of Finance Đinh Tiến Dũng has asked for enhanced price management to prevent any sudden cost hikes before, during or after the Tết (Lunar New Year) holidays in the beginning of February. Under Directive No 06, close watch would be placed on the market’s supply and demand developments. Price fluctuations in the domestic market are common,…

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Ecommerce 

Amazon’s record holiday shows consumers still have appetite for spending

Amazon.com Inc. reported a record-breaking holiday season as shoppers loaded their online baskets with items from Echo speakers to Calvin Klein clothes, suggesting consumer optimism isn’t being deterred by a tumbling stock market. The internet retailer said “tens of millions of people worldwide” signed up for its Prime service, which offers free two-day shipping on millions of items as well as video and music streaming. In the US alone, more than 1 billion items were shipped for free using Prime, Amazon said in a statement Wednesday. The US was already…

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Vietnam 

Air fares rise ahead of Tết holiday – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM CITY — Travellers preparing for the Tết (Lunar New Year) holiday are facing higher fares and a shortage of tickets, with some flyers having to book late evening flights, or book early or late, to save money on domestic routes. Thu Hà, who works for a bank in HCM City, had to pay more than VNĐ20 million (more than US$880) for three return flights on Vietnam Airlines to Đà Nẵng for a family reunion during the traditional Tết festival. Thu Hà will depart…

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