BMW debuted its new electric vehicle in New York, London, and Beijing on Monday. (BMW Blog)
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:
— BUSINESS AND FINANCE —#
China Real Time asks: exactly how big is China's debt, anyway?#
All we can do is guess. (China Real Time)
China injects funds into money markets.#
The move is intended
"to stave off a repeat of the cash crunch that blighted the economy in June." (FT)
Official sacked after spending 200,000 RMB on daughter's wedding.#
"The official's sacking has been seen as a warning for other officials that Xi Jinping's much-anticipated 'Party-led' corruption crackdown may finally be gathering momentum." (Shanghaiist)
— CULTURE —#
Former Oscars producer to direct Chinese awards show.#
"Veteran live-show producer Don Mischer has signed on to oversee a revamp of China’s Huading Awards" in Macau. (THR)
— FASHION —#
Can wealthy Chinese men save Coach from slumping sales?#
"Demand in Asia, especially in the luxury men’s sector, is helping Coach. Total sales grew 35% in China." (Quartz)
— LIFESTYLE —#
BMW denied approval to expand its China factory in Shenyang.#
The denial came from China's Ministry of Environmental Protection.
Apparently, yesterday's glowing China Daily article about the automaker's sustainability efforts wasn't glowing enough. (Bloomberg)
London Luxury Quarter reaches out to China's wealthy tourists.#
Now all it has to do is convince the UK government to fix the bureaucratic visa nightmares driving them away. (Campaign Asia)
Brace yourself: the cronut has arrived in China.#
That was certainly fast. (Scene Asia)
Skeptics call Tesla in China a "huge risk".#
"There are skeptics about the Chinese Model S market, especially with the lack of charging infrastructure." (Silicon Valley Business Journal)
Mexico wants to see tequila on China’s top shelf.#
"Tequila makers are celebrating the long-awaited opening of China’s market." (Smart Planet)
— TECH —#
Huawei enters Thailand's smartphone market.#
The Chinese telecom giant launched the Ascend P6 smartphone today under its own brand name, after previously acting as a vendor for Thai companies. (Tech in Asia)
Why Samsung is winning the smartphone war in China.#
"Samsung is whipping its American rival" Apple when it comes to smartphone sales in China. (Business Spectator)