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 industry news from January 20, 2014.#
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Today’s stories:#
5 Essential Facts To Know About China’s Super-Rich In 2014#
"Jardine Strategic, the owner of hotels to convenience stores around Asia, will invest about HK$5.6 billion ($722 million) in Beijing-based Zhongsheng, a distributor of luxury car brands including Mercedes-Benz, Audi and Porsche. The Chinese company will use the funds to expand the number of sales outlets in the country, according to a statement yesterday."
Spring Festival Spotlight | Year Of The Horse Watches#
"For our ongoing series highlighting the top Chinese New Year luxury products, we take a look at the many limited-edition timepieces that have hit the market."
Chinese Luxury Hotels Brace For Another Rough Year#
“'Four- and five-star Chinese luxury hotels' that rely on business from Chinese officials will continue to be hit the hardest, says Rein. This may even result in hotel closures—the JC Mandarin in Shanghai has already been shuttered. However, more consumer-oriented hotels such as boutique locations will weather the storm, since they’re not frequented by bureaucrat types."
What we’re reading:#
Jardine To Buy 20% Stake In China Luxury Auto Dealership#
"Jardine Strategic, the owner of hotels to convenience stores around Asia, will invest about HK$5.6 billion ($722 million) in Beijing-based Zhongsheng, a distributor of luxury car brands including Mercedes-Benz, Audi and Porsche. The Chinese company will use the funds to expand the number of sales outlets in the country, according to a statement yesterday."
UK Visa Rules Deter Chinese Shoppers#
"A pilot scheme, launched last year, allows Chinese travellers to apply for the Schengen visa and the UK visa at the same time and place. Andrew Murphy, chairman of the UKCVA and retail director of John Lewis, is hopeful the government will roll the scheme out during 2014."
[FT]
China's Big Spenders Turn Macau Into A Luxury Brand Shopping Destination#
“According to Macau's Statistics and Census Service, the number of visitors from the mainland grew 16 per cent year on year to the end of the third quarter of 2013, accounting for 63 per cent of total visitors. In the past year, several luxury brands such as Tom Ford, De Beers and Tory Burch have opened stores in the city.”
[SCMP]
China 2013 New Home Sales Surge Past $1.1tn#
"Although individual cities continue to enact measures to prevent speculative real estate purchases – by raising the minimum down payment for second homes, for instance – Mr Li has preferred a light touch on housing prices."
[FT]
Disappointing Sales Dash Revival Hopes For Hongqi, Auto Brand With 'Revolutionary History'#
"A leading Chinese automobile manufacturer’s ambitious bid to revive Hongqi, or "Red Flag", the country’s most famous home-grown luxury car brand, was dashed when its new flagship model was revealed to have only sold 3,000 units last year, reported Chinese Business News."
[SCMP]
China Drives Growth In Hard Luxury#
"But gold jewellery demand in China surged in December in anticipation of the lunar new year on January 31, and is set to continue in the same vein. Southeast Asian economies such as Thailand, Indonesia and Vietnam are also expected to shine, recording double-digit sales growth in 2014."
[FT]