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 December 9, 2013.
1. 5 Ways China’s Luxury Brands Can Get Ahead In The Game
“There’s no doubt that there are some truly massive Chinese brands that are likely set to grow to even more enormous proportions in the years to come, but when it comes to Chinese luxury companies, most still lag behind international giants. A new report by Millward Brown that assesses the top 100 Chinese brands pulls names from all sectors, and shows that luxury brands are decidedly sparse on the list in comparison to other industries, such as tech.”
3. Now Banned From Chinese Banquets: Bird’s Nest And Shark’s Fin
“The central government’s most recent austerity orders take aim at some of the most visible symbols of official excess. Birds’ nest soup, made from the saliva of swiftlets, and shark fins are a fixture at expensive Chinese soirees. Premium birds’ nest can command $155 a gram, making it more expensive than silver, while shark fin can fetch up to $700 a kilogram, according to the Australian Marine Conservation Society.”
4. China Greenland Sells $250 Million Sydney Apartments At Open
“Greenland Holding Group Co., one of the largest Chinese investors in the U.S., sold about A$275 million ($250 million) of apartments at its first Australian project as buyers snapped up almost all of the units offered.”
5. McLaren Sees China Crackdown On Luxury Goods Continuing, Porsche & Koenigsegg Not Scared Off
“Lamborghini, Ferrari and Rolls-Royce have all expressed concerns for the past year or so that China is not driving economic growth as it had been three years ago. Still McLaren joined Bentley in deciding to have a display this year at the Guangzhou auto show instead of the Tokyo Motor Show, which was scheduled simultaneously.”
6. Rich Chinese Spy On Their Children In Hong Kong, SCMP Says
“Growth in the number of rich kids from China studying in Hong Kong has fueled new business for investigators paid by their parents to spy on them there, the South China Morning Post reported in a front-page story in Sunday.”
7. De Beers’ Choice Of Vancouver To Enter Canadian Market Pays Off
As for the store, staff said in one month of operation so far, consumer response has been good — with one sales associate noting about half of the store’s clients speaking Chinese.
8. How To Profit From China’s Rebalancing
“We may also have to get used to Chinese demand pushing up the price of a lot more goods and services as its economy matures. Already we have anecdotal evidence that Chinese buying is pushing up the price of property from Hong Kong to Vancouver, while also driving gains in everything from fine wine to art and other luxury goods.”