Jing Daily's China Luxury Brief: August 23, 2013

    Shanghai's approved free-trade zone, Tesla's Hong Kong success, and a hotel-UnionPay alliance are among today's top stories.
    Jing Daily

    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:#


    Shanghai may become the next Hong Kong with new free-trade zone.#

    Shanghai just won approval to set up the first area of its kind on the mainland—a development that in the future may not only put the city on the path toward becoming a global financial center, but could also turn it into another worldwide auction hub. (SCMP)

    Chinese consumer spending slows.#

    However, "the picture isn't uniformly gloomy," with some retailers faring better than others. (WSJ)

    WSJ's Market Watch apparently thinks it's "odd" that Chengdu has a Ritz-Carlton.#

    Its "7 unexpected oddities in the luxury market" seems surprised about the role of China in the global luxury market—and was possibly written for those who have been living under a rock for several years. (Market Watch)

    FASHION —#

    Can fashion shows boost diplomatic ties?#

    The U.S. ambassador to China seems to think so. (Vantage Shanghai)


    Regent Hotels & Resorts signs strategic alliance with UnionPay.#

    The agreement offers special perks to cardholders staying at the hotel, which could give it an advantage over international luxury chains in attracting Chinese visitors. (China Daily)

    Chinese press rounds up quotes attacking foreign auto company "profiteering".#

    The bad publicity campaign is still going strong. "It is clear that the sales companies of these brands have gained exorbitant profits," said a Shanghai import director. (Global Times)

    Tesla's Hong Kong success may bode well for mainland demand.#

    The electric automaker's cumbersome "trademark troll" issue isn't going to make people want its cars any less: the company is filling out hundreds of orders in Hong Kong, which may be a sign that demand will be strong in mainland China as well. (Bloomberg)

    Why Tesla could really work in China.#

    The cars "could fit a niche and actually complement China’s strengths and weaknesses in a way that could work very well." (Tech in Asia)

    Slumping baijiu demand is harming China's wine exchange.#

    Well, more like "crashing" China's wine exchange, argues Gwynn Guilford. (Quartz)

    TECH —#

    Will Baidu's group buying investment pay off?#

    The company bought out Renren's troubled group buying site Nuomi, hoping it will have better luck with this type of platform than others such as Groupon have had in the past. (Tech in Asia)

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