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:#
Symmetry meets luxury: the new Shangri-La hotel in Qufu, the birthplace of Confucius.
— BUSINESS AND FINANCE —#
Foreigners buy nearly 75% of new homes in inner London.#
"More than half of the homes were sold to buyers from Singapore, Hong Kong, China and Malaysia." (FT)
Why is China's growth so much lower than its credit expansion?#
"In its latest monetary policy report (in Chinese), China’s normally tight-lipped central bank offered various explanations." (China Real Time)
Experts argue that China's consumer spending is being undercounted.#
"The official data severely understates household consumption." (WSJ)
Legal loopholes prompt China to delay Shanghai free-trade zone rules.#
Beijing has "delayed the announcement of new rules for its planned free-trade zone in Shanghai as government lawyers attempt to close potential legal loopholes." (SCMP)
China's stock market is now "worst in the world."#
With these conditions, prepare to keep seeing an uptick of real estate investment. (SCMP)
The Duke of Westminster’s property empire Grosvenor pushes east.#
The company "is in talks with several big investors to create a $700m property investment club that will fund four to six high-end developments in or near Hong Kong, Tokyo, Beijing or Shanghai." (FT)
—
LIFESTYLE —#
BMW recalls 140,000 vehicles in China.#
The BMW-Brilliance joint venture states that the decision was voluntary. (FT)
The Shangri-La opened a hotel in the birthplace of Confucius at the beginning of this month.#
This will be the city's first luxury hotel. (Telegraph)
—
FASHION —#
Competition heats up for luxury outlets in China.#
China Daily takes a look at the expansion plans of Italian outlet chain Florentia Village. (China Daily)
Turkey's top menswear brand opens a store in Guangzhou.#
“Firstly, we will open 12 flagship stores in 12 central Chinese provinces like Shanghai and Beijing. After completing it in 1.5 years, the rest of the plans will be easy.” (Hurriyet Daily News)
—
TECH —#
Two for one: both Foxconn and Apple get some more bad PR in China this week.#
"Chinese regulators are scrutinizing two suppliers to Apple Inc. and other gadget makers following allegations by environmental groups that plants run by the two companies are pumping large amounts of toxic heavy metals into nearby rivers." (WSJ)