Welcome to Jing Daily‘s China Luxury Brief: the day’s top news on the business of luxury and culture in China, all in one place. Check out today’s stories below:
Business and Finance
LVMH and Kering have both released financial figures for the first half of the year. Jing Daily takes a look at the China numbers here, while every major news source has a rundown on the overall numbers.
Chinese real estate buyers are in a “New York state of mind.” ”The U.S. ranks tops among mainland Chinese looking to buy homes outside their country, with New York being the most popular city, according to a survey of searches on Chinese-language property portal website Juwai.”
China’s unemployment and inequality issues may prove destabilizing. ”High inequality is associated with social unrest, and is also a contributor to China’s economic imbalances — with high savings by the rich driving torrid investment and crimping consumption.”
The world’s tallest building is apparently facing some paperwork issues. A news report stating that construction has been halted due to a lack of proper permits has been deleted, but has sparked a wave of speculation over its status.
Ad Age profiles Chinese luxury newsletter Bomoda. “In the coming months, Bomoda will launch a Pinterest-like site which Mr. Buchwald described as ‘the first real social luxury environment in China.’”
Apple releases statement on China’s recent iPhone-related deaths. “In a statement on its China website, Apple offered customers a guide to identifying authentic phone chargers and encouraged its customers in the country to use only the chargers and power cables approved by the company.”