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:
Hermès reports 16 percent revenue growth in Asia. According to Bloomberg, the company “said sales growth this year may top 10 percent after reporting revenue that surpassed analysts’ estimates in the second quarter.”
June home prices rise in all but one major Chinese city. So much for regulation efforts to curb speculative buying. “Prices climbed in 69 of the 70 cities the government tracked last month from a year earlier, the National Bureau of Statistics said in a statement today, matching the data in May.”
Travel and Leisure
Ritz-Carlton Hong Kong serves edible jewelry. The luxury hotel has teamed up with Italian jewelry brand Damiani for an exceptionally opulent afternoon tea experience. The jewels adorning various pastries may look realistic, but remember, they’re for eating, not wearing.
Collecting vintage German cameras is now trendy in China, according to hipster authority China Daily.
Boeing sells its first business jet to a Chinese customer. While private aviation is taking of in China with the rise of ultra high net worth individuals, “the majority of the private jet buying spree has been fuelled by business travel,” reports South China Morning Post.
Alibaba might see an IPO this year. The company’s profitability is reportedly “double” that of Apple. It’s unclear if public shareholders will have any success in getting Jack Ma to check himself when it comes to making offensive comments about Tiananmen Square.
China slaps dumping tax on Nissan. “China’s Ministry of Commerce announced today that American made Nissan models with a displacement of 2.5L and above would be hit with a 3.6% anti dumping tax when brought to Chinese shores,” reports China Car Times.
June’s Swiss watch revenues see a 10.6 percent gain in China. Swiss watch exports declined overall, but the blame lies with gold prices this time around.