LVMH-owned Hublot's Shanghai boutique.
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:
Market Trends
Luxury brands have "mixed feelings" about the year's second half.#
"The good news is that China's luxury market will recover gradually in the second half of the year. However, the high-speed growth enjoyed over recent years will never return," reports China Daily.
China's central bank enacts interest rate reform.#
The bank announced today that it will remove the existing floor on lending interest rates, which is described by Wall Street Journal as a "key step in its drive to liberalize its financial system."
Watches
Chinese nationals buying LVMH watches and jewelry abroad.#
LVMH "says its sales of jewelry and watches have dropped in mainland China and are being offset by Chinese nationals buying overseas," according to Bloomberg.
Real Estate
Chinese buyers have spent $5.4 billion on Australian residential property in 2013.#
This number is up a stunning 25 percent from 2011, further showing the massive impact that Chinese buyers are having on the global real estate market.
Auto
Honda secures a joint venture deal for Acura.#
Guangzhou Auto will begin manufacturing Acura's luxury-brand cars in 2016, which will give the foreign automaker a major price advantage when it comes to tariffs.
Travel
Paris teaches residents how to deal with Chinese tourists.#
The Regional Tourism Council of the Paris Chamber of Commerce has issued an online guide for Parisians regarding the specific habits of 11 different nationalities visiting the city as tourists, including Chinese.