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    Jing Daily's China Luxury Brief: August 15, 2013

    Swire's profit jump, China's troubled cruise industry, and a slower increase in Chinese millionaires are among today's top stories.
    On board a Chinese cruise ship. (Daniele Mattioli/Financial Times)

    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:#

    On board a Chinese cruise ship. (Daniele Mattioli/Financial Times)

    BUSINESS AND FINANCE —#

    What China's "rebalancing act" means for the world.#

    "Moving to a consumption-led economy will be harder and riskier than most investors expect." (Forbes)

    China's millionaire population growth has slowed#

    to its most sluggish pace in five years, according to the Hurun Report. (China Real Time)

    Luxury apartments in Hong Kong boost Swire's profits.#

    "The biggest commercial landlord in Hong Kong’s Island East district said first-half underlying profit rose 16 percent." (Bloomberg)

    CULTURE —#

    Hong Kong held its fifth annual bartender tournament.#

    "Jason Ho Kai-ho, 26 years old, emerged victorious for a cocktail named 'Ron Barceló Grandmother'." (Scene Asia)

    Someone took a bird's-eye-view video of the "mountain villa" atop a Beijing apartment building.#

    Watch it now in all its glory before it's torn down. (WSJ)

    LIFESTYLE —#

    China's cruise industry in for rough seas ahead.#

    Problems include "construction of lavish facilities that are losing money, lack of proper planning, high port fees for ships and inefficient cruise facilities with long delays to clear customs." Sounds like paradise. (Reuters)

    A cronut by any other name...#

    The executive pastry chef at the Mandarin Oriental Hong Kong insists that the new pastry hybrid be called by its proper name, the "croissant-doughnut." Hong Kong: always classier than New York. (Scene Asia)

    Chinese travelers are the world's biggest spenders,#

    says a report by Beijing's University of International Business and Economics. (China.org.cn)

    500,000 people visit new Shanghai mega-mall in three days.#

    The area's traffic was brought "to a standstill." (Want China Times)

    TECH —#

    How fashion can tap into WeChat's boom.#

    "To say that WeChat is popular in China is an understatement. It is virtually ubiquitous." (WWD)

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