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. Look below for the top stories for October 9, 2013.#
A rendering of the Ritz-Carlton Chengdu, which opens today. (Ritz-Carlton)
— BUSINESS & FINANCE —#
Sotheby's sets record with $542 million at Hong Kong autumn sales.#
The five-day whirlwind of sales set a total of 16 records, showing that demand is strong among Chinese buyers. (Reuters)
"It may be China’s century, but its slowdown is killing this quarter’s profits,"#
says Heather Timmons at Quartz. Food, personal goods, clothing, and hotels have all been hit. (Quartz)
Chinese shoppers begin to master the art of subtlety.#
"Begin" is kind of stretching it, since logos have been on their way out for awhile now, and it's part of a global trend. (China Economic Review)
Where are North Korea's elites getting all their luxury products? China.#
While the UN has been sanctioning luxury products exported to the country, China has been readily sending them over—and North Korean elites visiting China can obviously buy them to bring home as well. (New Statesman)
— FILM —#
Nicole Kidman and Nicholas Cage receive film awards in China.#
The two were honored at the annual Huading Awards. Both have their eyes on the China box office prize: Kidman also recently appeared at Dalian Wanda's major "film city" opening extravaganza in Qingdao, and Cage is shooting a new movie called Outcast in China. (ABC)
Historical drama Back to 1942 entered for 86th Oscars.#
Feng Xiaogang's drama has been selected by the State Film Bureau to be entered in the "Best Foreign Language Film" category. (China Daily)
Chinese women have become major consumers in the film market,#
marking a "She Era" of Chinese big screens. (Women of China)
— FASHION —#
Lane Crawford opens its Shanghai flagship.#
The new store is located in Shanghai's Times Square at 99 Huai Hai Zhong Road and cost $400 million. (PR Newswire)
De Beers opens its second store in Shanghai.#
The new shop, located at the IAPM mall in the Xuhui District, shows that the diamond retailer sees the city as one of the world's key luxury locales. (PR Web)
— LIFESTYLE —#
Retailers worldwide bent over backward for Chinese shoppers during Golden Week.#
And it paid off: for example, in London, "Chinese tourists spent an average of $12,800 on shopping." (China Daily)
The Ritz-Carlton officially opens in Chengdu.#
Located in the city's Tianfu Square, the 353 room property will be the Ritz's ninth in China. (PR Newswire)
Domestic yacht makers growing with China's burgeoning market.#
In addition to Dalian Wanda's foray into the market with its purchase of Sunseeker, both Taiwanese and Chinese companies are hoping to cash in on Chinese demand for luxury on the sea. (Want China Times)
Will Sri Lanka become Asia's next gambling destination?#
The island's first foreign casino adventure is backed by Australian James Packer’s Crown Ltd., which has its sights set on Chinese travelers. (The Malay Online)
BMW sees rise in Asia sales for September.#
Mini and Rolls-Royce brands rose a substantial 20.8 percent in China from a year ago. (Associated Press)
Here's a morbid China business story:#
Land scarcity is creating a boom in China's burial business. (Quartz)
Shandong investing in domestic production of electric vehicles,#
but it's "no threat to Tesla." (Tech in Asia)