Friday, 11 November 2011

Politics stymie China’s EU aid offer

Diplomatic deadlock is curbing China’s will to provide cash to help end the euro zone crisis after Europe spurned the simplest of Beijing’s three key demands, two independent sources have told Reuters.

'Land granny' executed for corruption

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 to establish office to crack down on counterfeiting

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.

Chinese firm enforces strict checks on milk quality

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.

Chinese Property Buyers Get BMW Thrown In

In Wenzhou, where house prices have fallen sharply, a real estate developer said that from Wednesday it would throw in the keys to a BMW with each apartment at a new residential complex for the first 150 buyers.

Ricky Hui found dead

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

Hawker in dispute with MBS gets full jackpot winnings

A dispute over jackpot winnings between a hawker and the Marina Bay Sands casino has been settled.

China's home prices could fall 30%: Barclays

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.

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Rapid spread of English ‘is infecting Putonghua’

Westernisation is destroying the natural state of Chinese, argues linguist, who warns that culture and knowledge is shrinking

Wine critic praises China’s passion

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

Sarkozy called Israeli PM Netanyahu 'liar'

French President Nicolas Sarkozy called Israeli Prime Minister Benjamin Netanyahu a "liar" in remarks to US President Barack Obama overheard by journalists.

Poly Home Sales Tumble in October

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 Sees Real Estate Meltdown

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

Hong Kong's party’s over as developers forced to slash flat prices

Declining transaction numbers indicate even mainlanders are balking at record valuations

China’s Elite Have New International Outlook

“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.”

Foreign vineyards keen to tap China wine market

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.

Sunday, 6 November 2011

Beijing pressed to open up on grain stockpiles

Just how much of the mainland’s harvests sits in government depots has long been a secret. But as food prices rise, many say now is the time for transparency

Research funding misused

Scientific research funding has become a major source of income for mainland academics, with as little as 40 per cent of the money being spent on research, mainland media say.

Diners warned on toilet-roll napkins

Cheap recycled napkins used by small restaurants in some mainland cities contain carcinogenic whitener

Bad loan rate adds to woes in Wenzhou

First rise in 10 years underscores the difficulty city’s business owners are having finding capital as they wrestle with rising costs and weak external demand

30pc off flats in mainland price war

With developers weighed down by unsold units and Beijing pushing ahead with tightening measures, analysts predict big reductions across the mainland

Chirps and Cheers: China’s Crickets Clash