Home 

China’s social e-commerce sector to more than double to US$185 billion in sales by 2021

Social e-commerce has been growing exponentially in popularity among Chinese consumers for the past three years. Its GMV, or total volume of sales, is expected to keep growing at a fast pace to reach 1.3 trillion yuan (US$185 billion) this year and more than double to reach 2.86 trillion yuan in 2021, according to a report released by China Internet Watch (CIW).The sector saw its sudden surge two years ago when GMV grew 255.8 per cent to reach 626.85 billion yuan, up from 176.20 billion yuan a… Source link

Read More
Home 

Higher deposit for land sales will add pressure on small firms, tightening the big developers’ grip on Hong Kong’s land supply

The recent move by Hong Kong’s government to double the deposit for land tender sales, raised to deter defaults, will add to the financing pressure on small developers and put them at a disadvantage when they buy land in the world’s most expensive property market, analysts said.A HK$50 million (US$6.4 million) deposit now applies on all land parcels that are valued at over HK$400 million, while plots assessed at between HK$200 million and less than HK$300 million requires a non-refundable… Source link

Read More
Home 

Hysan Development, the biggest landlord in Causeway Bay, feels the brunt of protests, expects July sales drop in ‘early teens’

Hysan Development, the biggest landlord in Hong Kong’s shopping district Causeway Bay, said that overall sales at its shopping centres is likely to have fallen by at least 10 per cent in July, as the regular extradition bill protests in the area kept shoppers away.“For July … I believe a drop can be seen. The initial estimate will be in early teens, a drop of at least 10 per cent,” Roger Hao, Hysan’s chief financial officer, said after the firm reported an 8.9 per cent rise in an underlying… Source…

Read More
Home 

JD.com beats estimates with strong second-quarter sales, rebounding from loss a year ago

Chinese e-commerce giant JD.com on Tuesday reported better-than-expected second-quarter revenue, boosted by stronger sales in its online retail business, sending its shares 5 per cent higher in pre-market trading.The Beijing-based company’s revenue rose 23 per cent year on year to 150.3 billion yuan (US$21.3 billion) in the quarter ended June 30. That was ahead of analysts’ forecast revenue of 147.49 billion yuan, according to IBES data from Refinitiv.Net income reached 618.8 million yuan, up… Source link

Read More
Home 

Peugeot-Citroen and its partner Dongfeng will halve their workforce, slash production capacity as China car sales plunge

PSA Peugeot Citroen and its Chinese partner Dongfeng Group will slash their workforce and shut two production facilities in China, scaling back their capacity after sales in the world’s largest automotive market shrank for the 13th consecutive month in July.Dongfeng Peugeot Citroen Automobiles (DPCA), the French carmaker’s venture with China’s third-largest automotive company, will halve their Chinese workforce to 4,000 staff by 2022, and sell two of their four factories, according to two… Source link

Read More
Home 

Sogo operator worried over outlook as extradition bill protests, trade war weigh on first-half sales

Lifestyle International Holdings, which operates Sogo department store, said the outlook for the rest of the year looks bleak after the Causeway Bay branch recorded a 4.8 per cent decline in sales in the first half, as protests reduced footfall by 3.7 per cent and mainland tourists spent less amid a slowing Chinese economy.“In June, the large scale protests and marches had a huge impact on consumer sentiment and the retail sector,” said Thomas Lau Luen-Hung, chairman of the group, said at a… Source link

Read More
China 

China’s historic car market decline continues, as trade war and emissions clampdown hit sales

China’s automobile deliveries continued to shrink last month, extending the market’s historic decline.Sales of sedans, sport utility vehicles, minivans and multipurpose vehicles in July fell 3.9 per cent from a year earlier to 1.53 million units, the China Association of Automobile Manufacturers (CAAM) said on Monday. That is the 13th consecutive monthly decline.The first car slump in a generation is showing no signs of easing as the Chinese economy faces a slowdown and stricter emissions rules… Source link

Read More
Vietnam 

VN’s motorcycle market ranks 4th despite H1 sales decline – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A man takes a photo of a Honda motorcycle at a recent expo in Hà Nội. Photo VNA HÀ NỘI – Việt Nam’s motorcycle market saw a year-on-year slump of 5.3 per cent with nearly 1.5 million sales in the first half of this year, according to motorcyclesdata.com  which tracks motorcycle sales all around the world. Honda, which tops the market, remained stable, while all other manufacturers saw a decline in sales, with Yamaha down 20 per cent. The new local producer, VinFast, was welcomed by the market, according to the…

Read More
Home 

Hong Kong’s insurance sales to mainland Chinese policy holders plunge as daily images of mayhem and protest rallies deter arrivals

Hong Kong’s insurance sales have taken a hit in the past two months, as almost daily street protests – particularly in districts frequented by mainland Chinese visitors such as Tsim Sha Tsui and Mong Kok – have kept them away.Policy sales have fallen by between 10 per cent and 20 per cent since June, according to Altruist Financial Group, which provides financial planning services in Hong Kong.“Insurance sales are down with locals buying less, and mainland visitors are also buying less,” said… Source link

Read More
Home 

Global chip sales continue to decline as US-China trade war escalates

The Trump administration’s proposed new round of tariffs on US$300 billion of trade with China will encompass virtually all information technology products, including laptops, smartphones, solid state drives, video game consoles, printers, televisions and displays – which are all enabled by semiconductors. Photo: AP Source link

Read More