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China's tourism revenue up 27% for Spring Festival holiday

China's tourism revenue rose 27 percent during the Spring Festival holiday from the same period last year, the National Tourism Administration said in an online statement posted on Wednesday. The revenue reached 82.05 billion yuan ($12.44 billion) during the week-long holiday ...

retailers merger approved

Shanghai Municipal Commission of Commerce has agreed in principal to the Shanghai Friendship Group's plan to merge with Shanghai Bailian Group. According to the restructuring plan, Shanghai Friendship will buy 36 percent of Shanghai Nextage Department Store and 100 percent of ...

Services firms less confident

Services companies in China reported that business activities continued to cool in January which caused executives at these firms to be less confident about the outlook due to more intense competition ahead, according to an industry survey released yesterday. The HSBC China ...

Shanghai residential property sales cool

Policies aimed at cooling down the city's residential property market have started to take effect, and trading volume withered in the first week of February. But analysts say investors might tap into commercial properties to evade the higher cost of the residential realty market. ...

Rate hike 'little impact' on housing

China's latest interest rate hike will have little impact on the housing market, according to industry observers. On Tuesday, the People's Bank of China raised interest rates for the third time since October in a widely expected move to curb inflation. Effective from yesterday, ...

China ups public housing fund mortgage rates

China's Ministry of Housing and Urban-Rural Development will raise the Public Housing Fund (PHF) mortgage rates for home buyers starting Wednesday. The rate for loans with a maturity of five years or more under the PHF scheme will be raised from 4.3 percent to 4.5 percent, up 0.2 ...

'Golden Week' sees big rise in spending

A store in Beijing selling decorations for the Chinese Lunar New Year. Domestic consumption increased rapidly during the Spring Festival holiday as the nation tries to boost domestic demand to balance economic growth. [China Daily] China's holiday spending surged by 19 percent ...

More Carrefour stores caught overcharging

Two more Carrefour stores were found to have overcharged customers, after 11 of the French retailer's stores in China were fined 500,000 yuan ($76,000) each in a government campaign to crack down on price manipulation during the Spring Festival holiday. Guangzhou-based New ...

Taking a slow boat from China

A luxury cruise liner from the largest Italian travel group Costa Crociere S.p.A stops at Tianjin International Cruise Home Port. In 2010, there were 95 cruises departing from Chinese coastal cities and 128 international cruise visits, a 19 percent increase from the number ...

Property market to stall as new regulations bite

Around 20 percent of registered residents in Beijing will not be able to buy a new apartment this year after the new round of policy tightening kicks in. That could lead to a 20 to 30 percent fall in property sales and stall price growth, according to industry experts. The ...

MCC accelerates expansion

The real estate arm of China Metallurgical Group Corp (MCC) is quickening property development in Singapore, making it China's first State-owned real estate firm to expand overseas amid rigorous property policies at home. "Due to quick sales and fast capital withdrawal, Singapore ...

Real estate sales strong in Hainan

Property sales and prices in Hainan, China's first international tourism island, rebounded during the city's tourist high season, with investors increasingly looking for opportunities in the commercial sector. According to the National Bureau of Statistics, the price of ...

Spring Festival bolsters sales of yellow metal

An increase in gold sales over the Spring Festival holiday week demonstrates continued consumer confidence in gold, out of inflation fears. The yellow stuff is a popular gift item instead of cash-filled red envelopes during the lunar New Year holiday. "Sales volume of gold ...

12-year holiday retail high

People shop in a Shanghai store yesterday. During the Spring Festival break, cash registers at local shops kept ringing, bringing in 5.04 billion yuan (US$769 million), the highest amount for the period since 1999. Retail sales in Shanghai during the seven-day Spring Festival ...

IHG rebrands Holiday Inn for Chinese market

Holiday Inn Express is upgrading its image by announcing its new Chinese name to further boost its presence and competitiveness in the country's mid-scale market as the territory of economy hotels is mostly dominated by domestic brands. With its English name unchanged, the hotel ...

Services profit from drunk driving regulations

The first Spring Festival after China revised regulations on drunk driving has stimulated the market for designated driver services. According to the law, entitled " Regulations on the Application for and Use of the Motorized Vehicle Driving Licenses", which was implemented April ...

Property tax expected to raise rents

The effects of Shanghai's property tax could soon be felt by the city's millions of tenants with rents likely to see a jump after the holiday, analysts have warned. Since the Spring Festival break is usually the time when landlords renegotiate deals with tenants for the new year, ...

HK land sale, purchase agreements up 32.1%

Hong Kong's Land Registry announced Wednesday that the total consideration of sale and purchase agreements in January was 59.1 billion HK dollars (about 7.6 billion U.S. dollars), up 32.1 percent compared with January, 2010. The number of sale and purchase agreements for all ...

Carrefour China welcomes public input as price review gets underway

Carrefour China apologized again to the public Tuesday and promised to introduce public supervision of prices after consumer authorities blacklisted it for cheating on prices last week. It was the company's second apology since Jan. 26, when the National Development and Reform ...

Property tax changes buyers' plans

The introduction of a property tax last Thursday in Shanghai has had an immediate impact on housing transactions. In an online survey about 40 percent of respondents said the levy had changed their home purchase schedules. According to property information website Soufun.com's ...
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sports

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