Saturday, 12 November 2011
Friday, 11 November 2011
A mainland official dubbed the “land granny” was executed after amassing 145 million yuan (HK$178 million) in bribes and illicit wealth, state media reported on Thursday, offering a glimpse into the country's underground economy in land deals.
Thursday, 10 November 2011
China will establish a national office to bolster a crackdown on fake products and pirated intellectual property, according to a report by the state-run Xinhua news agency.
Compared with the time that it takes to ensure the safety of a carton of milk, the two minutes it takes to drink it seems insignificant.
Hong Kong comedian Ricky Hui was found dead in his residence in Kowloon, Hong Kong, last night, according to a report by The Daily Chili’s website.
Ricky, who died due to a suspected heart attack at the age of 65, is the brother of Michael Hui, also a veteran comedian, and Sam Hui, a singer who is hailed as Hong Kong’s Gor San (The God of Songs).
Wednesday, 9 November 2011
A dispute over jackpot winnings between a hawker and the Marina Bay Sands casino has been settled.
Home prices in China are expected to decline by as much as 30 percent in 2012, primarily attributed to government measures, according to Barclays Capital Research.
The Barclay's report noted that the correction in the property market will affect the country's economic growth but will not lead to a financial meltdown, citing the low leverage ratio of Chinese households.
"Prices are likely to correct more in large cities," the group said. "But it is also important to remember that the government's purpose is not to crash the housing market, since that would cause devastating consequences for the economy."
Barclay's economist Huang Yiping added that the government will likely ease policy restrictions if home prices fall by 20 percent.
Robert Parker sees much to admire in the mainland industry, but talk also touches on image problems
“I think a lot of foreigners think only their wine is best. It’s pride and prejudice.
“In reality, they’ve all done bad things. In the 1990s, they exported a lot of substandard wine to China because they knew Chinese people would not know what was good.”
Tuesday, 8 November 2011
China's second largest developer saw a steep fall in house sales.
The Poly Real Estate Group Co, China's second-largest developer by market value, saw a 39.27 year-on-year fall in house sales in October, according to the company's latest financial announcement.
The company's home sales stood at 5.42 billion yuan (857 million U.S. dollars) in October, a steep fall compared with last year.
Poly sold a total of 569,400 square meters of floor area in October, down 26.79 percent from a year ago.
For the first ten months, Poly's housing sales rose 24.59 percent year on year to 62.69 billion yuan, but dipped 0.78 percent in floor area from the previous year to 5.56 million square meters.
China's real estate faces a meltdown after home sales hit record low.
China witnessed a real estate meltdown when hundreds of brokerages were shut down and employees laid off after home sales hit record low.
An anonymous source estimated that around 3,000 outlets might close this year, leaving some 50,000 real estate brokers a great chance of unemployment.
According to one Beijing property transaction website, sales of pre-owned homes dropped to 7,262 units in October from 8,750 in September, a year-on-year decline of 48.7 percent and a month-on-month fall of 17 percent.
Monday, 7 November 2011
Declining transaction numbers indicate even mainlanders are balking at record valuations
“Almost all of the elements are in place for an uprising like we saw in 1989 – corruption is worse today than it was then, people feel they can’t get ahead without political connections, the wealth gap is much bigger and growing and there has been virtually no political reform at all. The only missing ingredient now is a domestic economic crisis.”
As growth slows in their traditional markets, wine makers from around the world are eager to tap demand in China but industry players say the increased competition and a lack of wine drinking culture mean it won't be easy money.