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 10, 2013.#
A rendering of the new Atlantis resort being planned for Sanya, Hainan. (Brennan Beer Gorman)
— BUSINESS & FINANCE —#
Commentary: China's property market "isn't in a bubble."#
"Even assuming there is some level of a housing bubble in China, it’s different from the housing bubble that plagued the U.S., in that residential mortgage debt remains relatively low. Chinese residential mortgage debt was 15% of GDP as of 2009, compared to 81% in the U.S., according to the Milken Institute." (MarketWatch)
China's wealthy shift their focus from their core businesses to investment.#
Hard assets are key with the country's shaky finance sector. (China Daily)
Chinese collectors buy their past.#
The market for Chinese art is "surging at full speed." (SCMP)
— FILM —#
UCLA Film & Television Archive celebrates Chinese filmmaking.#
A 28-film series being shown in Los Angeles is part of an unprecedented collaboration between film companies in Taiwan, mainland China, and Hong Kong. At least there's something they can cooperate on. (LA Times)
Chinese martial arts films "face threat from Hollywood," says Beijing Film Academy professor.#
The academic is concerned that Chinese martial arts films are becoming too formulaic and unimaginative, which is basically what every intellectual says about mainstream movies everywhere. (Xinhua)
— FASHION —#
Hong Huang (Hung Huang) weighs in on the silver lining to China's slowdown.#
"The current economic downturn, although hard to swallow after two decades of double digit growth, might be a good opportunity for international brands to re-assert their core value to the Chinese public." (Business of Fashion)
Chinese men are driving growth in "murse" sales.#
The man-purse is especially popular in China in large part due to its convenience in train commuting for young professionals. (Quartz)
The Chinese trend of couples wearing matching outfits makes for some pretty entertaining pictures.#
Will we start to see luxury brands cashing in on the trend? (WSJ)
However, Gawker has some advice for these couples:#
"Only the ignorant imperialists believe that they are equipped to judge unfamiliar foreign cultures. Still, we feel comfortable in saying: Chinese couples, do not wear matching outfits. There is no happy ending to this story." (Gawker)
— LIFESTYLE —#
Watch out Bahamas: Hainan is getting an Atlantis.#
Hotel operator Kerzner International Holdings Ltd., which is known for its Atlantis resort, is teaming up with Fosun international to bring the spirit of the lost undersea city to the sunny Chinese island. (WSJ)
China slowdown continues for Bentley.#
It looks like the highest range of luxury vehicles isn't seeing the same recovery as those in a lower price range such as Audi and BMW. (Reuters)
GM’s China September sales gain 14 percent on Wuling, Cadillac demand.#
"Total sales in September climbed 14 percent to 277,647 units," showing more evidence that the mid-range is doing fine right now in the auto market. (Bloomberg)
The top five Chinese liquor brands.#
Maotai may be the liquor of the revolution, but the brand which dates back to the Ming Dynasty is pretty impressive. (The Drinks Business)
Chinese company takes over Australian golf course.#
Golden Horse will take over Hope Island Resort's Links golf course on Australia's Gold Coast, with Chinese tourists likely in mind. (Gold Coast)
— TECH —#
The new gold iPhone isn't gold enough for some Chinese buyers.#
In Macau, an "18-karat, gold-plated iPhone 5S" is being offered for affluent customers who really want their phone to stand out from the crowd. (China Real Time)