The Uniqlo in Sanlitun Village, Beijing. (Flickr)
Market Trends
China's yuan depreciates.#
"China's yuan ended lower against the U.S. dollar Thursday on solid demand for the greenback for trade settlement and concern that the yuan will depreciate over time due to the country's stagnating economy," said Wall Street Journal.
Retail
China drives Uniqlo profit jump.#
Japan's Fast Retailing saw a 22 percent leap in profits from the beginning of this fiscal year through May, with "large sales gains seen in China, Hong Kong and Taiwan."
French luxury hair accessories brand breaks retail real estate record.#
In a sign of Hong Kong's fierce retail real estate competition, French brand Alexandre Zouari Paris has renewed its lease at IFC Mall for a record-breaking HK$1,200 per square foot.
"Small fish" in China's real estate market must "swim fast."#
"For the minnows in China’s property market, swimming near the bottom of the real estate food chain can be dangerous," says China Real Time Report.
Auto
Car ownership limits hard to enforce.#
Jake Maxwell Watts argues at Quartz that new car ownership restrictions in eight Chinese cities are "doomed to failure" thanks to loopholes in the system.
Jaguar sales more than double in China.#
Reuters reports that "growing demand for luxury cars in China and other emerging markets has helped JLR buck the trend of plant shutdowns and falling production at many European automakers."
Travel and Leisure
Greece joins the list of countries stepping up efforts to court China's wealthy.#
A new immigration program reduces visa restrictions for high-spending real estate investors.
Will China produce the next Tiger Woods?#
The parents of eight-year-old golfer Xie Chengfeng certainly think so, as shown in a profile on today's New York Times.
Food, Wine, and Spirits
Organic food is still considered a "luxury" item in China.#
At 20 RMB a potato, this doesn't come as much of a surprise.