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China’s box office takes world-record US$1.66 billion in February as Lunar New Year hits like The Wandering Earth pack cinemas

China’s box office receipts soared to a world-record 11.1 billion yuan (US$1.66 billion) in February as film fans flocked to cinemas to catch The Wandering Earth and other blockbusters during the Lunar New Year holiday.The sales figure, provided by Maoyan Entertainment, China’s biggest movie ticketing app, is the highest ever recorded in a single month anywhere, and beats the previous record of 10.1 billion yuan set by China in the same month a year earlier.It was well over three times the… Source link

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Declining home sales in smaller Chinese cities during Lunar New Year point to longer term troubles

A country road in Dezhou, in China’s northern Shandong province. Property purchases by residents of a nearby village drove up prices in downtown Dezhou from 4,000 yuan per square metre at the beginning of 2018 to more than 8,000 yuan by year end. With provincial governments around China scaling back slum redevelopment plans and cutting back on cash compensation in 2019, property in cities like Dezhou will become even more unaffordable, according to a prospective buyer. Photo: AFP Source link

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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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China’s Lunar New Year spending growth slows to decade low despite record US$148.96 billion sales

Sales growth in China during the seven-day Lunar New Year Holiday slowed to the lowest rate in a decade this month, questioning if the government can unleash the country’s domestic growth potential to counter the slowdown in the economy. National retail and catering revenue rose 8.5 per cent during the holiday to 1.005 trillion yuan (US$148.96 billion), the Ministry of Commerce said on Sunday. But even though the overall sales figure reached a record high, the growth rate fell from the 10.2 per cent witnessed last year to the lowest…

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Increase in Lunar New Year tourism, revenue fails to boost stocks on first trading day in mainland China

A 7.6 per cent year-on-year increase in domestic tourism during the Lunar New Year holiday failed to boost stocks on the first day of trading in the Year of the Pig in mainland China. The benchmark Shanghai Composite Index opened flat on Monday, while the Shenzhen Component Index opened higher, as the US-China trade talks continued to weigh on the market. On Sunday, the official Xinhua news agency reported strong growth in domestic and international travel and spending over the week-long holiday, with border crossings in and out of China…

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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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Many businesses reopen on 2nd day of Lunar New Year – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM City — Many trade centres, supermarkets and traditional markets in HCM City reopened on Wednesday, the second day of the Lunar New Year.   The Saigon Coop and Saigon Trading Corporation (SATRA) retail network, which covers StraMart, Strafood and CelltreMall, were among businesses to open their chains soonest during the holiday.   From now until Saturday, the Co.opmart supermarket system will open from 8am to 12pm and return to normal operating hours on Sunday. CoopXtra will present lucky money to customers who spend…

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American companies get into the spirit of Lunar New Year, hoping good fortune comes their way

As Asian-Americans across the US mark the Lunar New Year, they can celebrate by eating Mickey Mouse-shaped tofu, sporting a pair of Year of the Pig-inspired Nike shoes and by snacking on pricey cupcakes. The delicacies and traditions that once made a generation of Asian-Americans feel foreign are now fodder for merchandising. Between now and February 17, Disney California Adventure Park is offering “Asian eats” that include the Mickey-shaped tofu and purple yam macaroons. Nike is issuing a limited-edition Lunar New Year collection of shoes with traditional Chinese patchwork. And…

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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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