Welcome to Jing Daily's Weekend Sound Bites: a rundown of what industry influencers were saying about the week's top stories on the business of luxury and culture in China.#
— FRIDAY, 8/2 —#
“We had a sincere desire to build Sky City, but we received abuse and questioning hurled at us.”
-Zhang Yue, CEO of Broad Group, on media response to the company's construction of the world's tallest building (China Real Time)
"China deserves the production of great wines. Without wanting to copy Lafite, we wish to produce a great wine on Chinese soil."
-Christophe Salin, president of Domaines Barons de Rothschild (DBR), which owns Chateau Lafite, Ch. Duhart-Milon and Ch. L'Evangile, among other French labels, on the decision to develop vineyards in China (Reuters)
“We are also in the midst of the most aggressive product rollout in our history. ... Tim is critical to building on our success in China and to ensuring flawless vehicle launches around the globe.”
-Dan Akerson, General Motors CEO, on the selection of Tim Lee as chairman of the company's China unit. (Bloomberg)
— THURSDAY, 8/1 —#
"It is the first time that Huayi has co-produced with Korean companies, so it would be great if it can pull in more than 100 million yuan in China."
-Wang Zhonglei, chairman of Huayi Brothers, prior to the China opening of Korean/Chinese co-production Mr. Go (Scene Asia)
"What we have seen is very high rent that's not necessarily supported by retail sales, and instead comes out of a marketing budget."
-Andrew Lawrence, head of Hong Kong and China property research for CIMB Securities, on retail rent prices for luxury brands in Hong Kong (Asia Sentinel)
“There is a faction of sellers, we have learned, who are using WeChat marketing applications to harass and disturb our users…”
-Alibaba on its decision to ban sellers from using WeChat (Tech in Asia)
— WEDNESDAY, 7/31 —#
“The price level of our cars in China is — adjusted by import duties, taxes and equipment — comparable to our other markets.”
-Senol Bayrak, China spokesman for Daimler, which owns Mercedes-Benz, on state-run media outlet Xinhua’s recent allegation that foreign car companies are fixing their prices (China Real Time)
— TUESDAY, 7/30 —#
“Driving a BMW while drinking polluted water is obviously not the type of industrialization, modernization that we want.”
-Zhou Shengxian, minister for environmental protection, in an interview with People's Daily on the government's decision to deny BMW's application to expand its factory in China (Bloomberg)
“The concept is easy but (it is) hard to make. … You have to fry it, freeze it and wait for it to rise.”
-Michael Chung, manager of Beijing bakery The Sweet Spot, on the store’s unveiling of the cronut (Scene Asia)
"I don't see the China market as having any meaningful impact for Tesla's numbers over the next 18-24 months. I'm far more concerned that the Chinese will take a Model S, tear it apart and knock it off."
-Theodore O'Neill of Litchfield Hills Research on Tesla’s plans to enter China (Silicon Valley Business Journal)
“Most television has become kind of bottom-line business, where it's profits and commercials that make the difference. … Now I have an opportunity to work on a project I can take real pride in.”
-Don Mischer, former Oscars and Super Bowl producer, on his decision to produce China’s Huading Awards in Macau and a Chinese awards show in LA next May (Hollywood Reporter)
— MONDAY, 7/29 —#
“There is a window for discussions between the European Union and Chinese (wine) producers. ... The Chinese government has promised to facilitate such discussions."
-EU Trade Commissioner Karel De Gucht on the status of China's anti-dumping inquiry into European wine (SCMP)
"Milk powder pricing is a more imperative problem, as it's baby food and concerns ... families. Luxury cars are different. Some people in China have plenty of money and are indifferent to high pricing."
-Yale Zhang, managing director of Automotive Foresight (Shanghai) Co Ltd, on Xinhua's allegation that foreign car companies are artificially inflating their prices in China. (Reuters)
"These pieces are vintage style, and at the same time, very functional. I personally love the vintage style very much."
-Fan Bingbing, Chinese actress, at Louis Vuitton's Beijing opening on Louis Vuitton's new fall line (China Daily)