An attendee checks out an LG Electronics 47-inch LCD HDTV with slim, full LED-backlight technology and NetCast Entertainment Access at the 2010 International Consumer Electronics Show in Las Vegas. (China Daily)

By Chen Limin (China Daily) – BEIJING – LG Electronics Inc, the world’s second largest TV brand and third biggest mobile phone maker, expects to double its sales in China this year as the global economic recovery spurs demand.

“LG Electronics is on track to a 100 percent growth in China,” Choong Bong Cho, chief executive officer of LG Electronics Greater China Region said in an interview with China Daily. China poised to be world’s largest LCD TV market

Sales of LG Electronics in China reached approximately $22 billion last year, according to the company.

He added that the company’s sales in China grew by 80 percent year-on-year over the first quarter, mainly led by rising demand for mobile phones, LCD (liquid crystal display) TVs and other home appliances bolstered by government subsidies for residents in rural areas launched in late 2008.

China is currently the sixth largest market for LG Electronics, and the company hopes it will play a bigger role in its global business.

“We’ve just redefined China as a market equally important with South Korea,” said Cho, adding that the company hopes to increase the manufacturing force in China.

The company is now waiting for approval from the Chinese government for LG Display Co, the world’s second largest LCD maker that LG Electronics is the largest shareholder in, to set up a plant in China to produce eighth-generation LCD displays.

According to Semiconductor Equipment and Materials International (SEMI), China is likely to be the largest LCD TV market in the world this year, with its LCD TV sales forecast to grow by nine million units this year. – read more at ChinaDaily.com…

The Singapore real estate market shows no signs of cooling off

Agence France-Presse (via Taiwan News) – Singapore’s housing sector is still sizzling despite government measures to cool it down, with demand fueled by a strong economy and foreign investor confidence, analysts say.

Hefty price tags have not dented the market, with buyers flocking to pre-construction sales offering blank cheques to reserve condominium units which they expect to rise sharply in value after the projects are finished.

All 202 units at a private condominium in the central business district – costing 1.2 million-2.0 million Singapore dollars (US$870,000-US$1.4 million ) – were snapped up in just one day at a preview in March, agents said.

About 25 percent of the 56 multi-million-dollar units offered at an invitation-only event at an exclusive waterfront development, The Residences at W Singapore Sentosa Cove, were bought in just one weekend preview.

Waterfront homes boasting unobstructed sea views, marketed as the ultimate experience in lifestyle living, have been prime among the recent launches.

“The market is driven by confidence fuelled by the recovering economy and employment market, and supported by low interest rates,” Tay Huey Ying, director for research and advisory at property consultancy Colliers International, told reporters.

“Market optimism is also riding high on the anticipated potential for Singapore to rise in prominence in the investment radar of foreigners, particularly the high net-worth individuals and high-rollers, as a result of the opening of the two integrated (casino) resorts in 2010.”

Singapore in February opened its first casino resort complex, which includes Southeast Asia’s first Universal Studios theme park. A second casino built by Las Vegas Sands will open next month.

The city-state, a regional financial center, is also promoting itself as a hub where the world’s growing ranks of multi-millionaires can park their money safely.

Warning of a possible bubble that could derail the economic rebound, the government in February imposed new regulations to stem property prices, and warned it was prepared to take further measures if necessary.

But the move, designed to discourage investors who buy and sell for a quick profit, appears to have had limited impact.

Private home prices rose 5.1 percent in the first quarter from the previous three months, government figures showed.

Although this was slower than the 7.4 percent rise in the previous quarter, property analysts said prices are expected to continue going up for the rest of the year. – read more at Taiwan News…

By ChinaRetailNews.com Editor – According to reports in the Financial Times, Wal-Mart, the world’s largest retailer, plans to launch e-commerce businesses in China and Japan, and it is currently establishing the technology platform.

The reports say that Wal-Mart’s recent job advertisement for a “product localization manager” for Japan and China lists responsibilities that cover preparing for the launch of an e-commerce business.

So far, Wal-Mart has opened 282 physical stores in China, but has no direct online sales. The company is reportedly setting up related systems for its new centralized network technology platform to coordinate with its business in China and Japan. Wal-Mart has been developing this platform over the past two years. – read more at ChinaRetailNews.com…

Air Canada's overall capacity will increase 4 to 6 percent this year, while Asia will see a more-than-10 percent rise in capacity. (Agencies)

By Lu Haoting (China Daily)- BEIJING – Air Canada, the flag carrier of the North American country, said it will resume double daily services to Beijing and Shanghai in June and is planning to fly to Guangzhou in 2013 to cater to increasing travel demand between the two countries.

The Canadian carrier is expected to receive its first Boeing 787 Dreamliner in 2013 and is considering launching scheduled services between Guangzhou and Vancouver with a B787, the most fuel-efficient airliner built by Boeing, said Calin Rovinescu, chief executive officer (CEO) at Air Canada.

The Guangzhou service would make Air Canada the first North American airline to serve the southern city in the Pearl River Delta.

“China is amongst the most important international markets for us. The increased capacity to Beijing and Shanghai is a large commitment of assets, over $1 billion of assets,” Rovinescu said on Friday.

Rovinescu said the continued economic rebound in China made Air Canada “confident about taking a risk” by expanding capacity in China while the airline industry has just started to see signs of recovery from falling travel demand.

Another important driver is that the Chinese government granted Approved Destination Status (ADS) to Canada last December, he said. The ADS system simplifies visa application procedures for tourists and they can use ordinary passports to apply for tourist visas if they want to visit an approved country.

The number of Chinese tourists in Canada is expected to increase 50 percent annually by 2015 after ADS takes effect, according to figures from Conference Board of Canada.

Air Canada reduced its total capacity by 14 percent last year due to falling travel demand. Its overall capacity will increase 4 to 6 percent this year, while Asia will see a more-than-10 percent rise in capacity and China is seeing the biggest increase, about 25 percent, Rovinescu said. – read more at CHinaDaily.com…

Taiwanese Artist Pace Wu introduces Disney New Year stamps in Shanghai, December, 2007. Disney is expanding into smaller Chinese cities with its new Toonsland band.

ChinaRetailNews.com Editor – According to Han Gang, the senior vice president for Walt Disney Greater China, Disney will launch a new strategy to develop the markets in third-tier cities in China with a specially designed new retail store brand Toonsland.

Toonsland is reported to be a one-stop retail store that provides up to 600 kinds of products, covering apparel, stationery, and toys featuring characters from Disney cartoons. Each store will have an average area of about 60 square meters.

Han said that in addition the adoption of a comprehensive one-stop model, Toonsland’s products and prices will also be different from those in the first- and second-tier cities. Products in first-tier cities focus on fashion and details, but these in third-tier cities focus on practicality and simplicity. Also the prices of products sold in Toonsland stores will be lower than Disney products in first-tier cities. – read more at ChinaRetailNews.com…

Geely chairman Li Shufu answers questions at the Volvo takeover ceremony in Beijing on Tuesday. (China Daily)

By LI FANGFANG (China Daily) – BEIJING: When Li Shufu, chairman of Zhejiang Geely Group Holding Co Ltd, celebrated the company’s agreement taking over Swedish luxury brand Volvo on Tuesday, nobody could foresee the challenges and risks ahead for the Chinese automaker.

Yes, the deal gives the Hangzhou-based company access to new technologies, control of the Volvo brand name and, perhaps, a shortcut for Geely into the global automobile industry. But conversely, the huge purchase could also be the privately owned automaker’s fast track to financial ruin.

And while Geely proved it could muster enough capital to conclude the transaction, whether it has the financial muscle to take over and develop Volvo over the long haul remains to be seen.

Addressing the money issue, Yin Daqing, Geely’s chief finance officer, said in Beijing on Tuesday that Geely has obtained “enough” financing to foot Ford’s $1.8 billion bill and still have $0.9 billion left over for future operational costs.

However, according to a Bloomberg report last week citing a Volvo board member, in reality the Chinese automaker will need at least $1.4 billion to revive the troubled Swedish brand, a sum that Geely may be hard pressed to come up with.

Domestic auto analysts agree, forecasting Geely will need between $1.6 billion to $2 billion to keep the Swedish firm operational.

Volvo reported losses of $1.69 billion (almost 10.5 billion yuan) in 2008. That compares with a 1 billion yuan profit for Geely in 2009. — read more at ChinaDaily.com

A KyoChon chicken outlet in New York. The South Korean franchise has opened several stores in New York and California.

By Jane Han, Korea Times Correspondent – NEW YORK ― Every time Tina Shin digs into a plate full of spicy, double-fried chicken wings from Kyochon, she craves some chilled Cass, a Korean beer. But she can’t readily order it off the menu.

That’s because she’s not in Korea, but Kyochon’s newest U.S. outlet on 319 Fifth Avenue in the heart of midtown Manhattan.

“I guess I can’t have everything, but it’s awesome to enjoy Kyochon just blocks away from where I live,” says Shin, a Korean-American who first tried the fried chicken during her visit to Seoul a few years ago.

The popular Korean wing franchise, which opened its modern $2-million, two-story space, already has several restaurants in New York and California. But the latest addition is located right smack in the center of Manhattan, a positioning aimed at targeting more American customers.

“We’re going after the mainstream market,” Kyochon CEO Kwon Won-kang said when the new shop was launched earlier last month. “We’re not going to limit our accessibility.”

Just like the chicken joint, other Korean brands are starting to move away from the traditional “Koreatown marketing strategy” toward a wider U.S. consumer base.

More and more established labels in a range of industries are taking a stab at introducing their businesses to everyday American shoppers.

Most recently, Amore Pacific launched its premium skincare brand Sulwhasoo at Bergdorf Goodman, one of New York’s most luxurious retailers.

The company is now selling 12 different cosmetics products under the herbal medicine line.

For more casual consumers, Face Shop earlier began selling its mask sheets at Walgreen’s, a mega drugstore chain with more than 6,500 stores nationwide.

Besides the cosmetics names, Hankook Chinaware recently opened its first showroom in Manhattan, while premium luxury brand MCM kicked off sales at New York City’s Saks Fifth Avenue.

“Korean brands are clearly making inroads into the core U.S. market,” said Kim Joo-hwan, a marketing consultant at Liberty, a Manhattan-based agency. – read more at The Korea Times…

By Xin Dingding (China Daily) – Beijing – The chief designer of the country’s first C919 jumbo jet has urged authorities to establish a multi-billion-yuan State fund to help boost the sales of homegrown airplanes.

More financial support from the government will bolster the domestic aviation industry, which is facing strong competition from foreign players such as Boeing and Airbus, said Wu Guanghui, vice-president of the Commercial Aircraft Corporation of China Ltd (COMAC).

China is forecast to need about 4,000 planes in the next 20 years.

State fund for homegrown jumbo jet urged

Major domestic airlines such as Air China, China Eastern and China Southern, as well as Sichuan Airlines and Hainan Airlines, have expressed strong interest and support in buying his company’s jumbo jet, Wu said.

The letter “C” in the title of the country’s first homegrown jumbo jet is said to stand for “China” as well as “COMAC”, while the first “9″ implies “forever” in Chinese culture and the “19″ stands for the jet’s maximum 190 seats.

The single-aisle jetliner is designed for short- to medium-haul flights of up to 5,555 km.

The draft design of the country’s first independently developed jumbo jet will be completed by this year and be put into production by next year, Wu had said earlier.

The plane is slated to test fly in 2014 and be ready for deliveries after 2016. COMAC, which was founded in 2008 to take charge of the country’s jumbo jet project, expects to sell 2,000 C919 planes at home and abroad in the next two decades, Wu said.

State fund for homegrown jumbo jet urged

“But what could harm the sales of the domestically made planes is that very few aircraft-leasing companies buy domestic airplanes and rent them to airlines,” he said in an interview with China Daily.

“Leasing is the major way for airlines to expand the fleet … and the situation will especially hinder small airlines, which are short of funds, from buying the cheaper homemade jets.”

Wu suggested that the government establish a State fund of at least 30 billion yuan to help homegrown jet buyers with their financing. – read more at ChinaDaily.com…

“5 Myths About the Chinese Consumer”, a Seeking Alpha article by Yee Ong, CFA, discusses his experiences traveling in China, and how the country’s sprawling and complex economic landscape may not always offer fertile ground for Western companies, particularly if they are unprepared for differences in language, culture, and attitudes toward spending. Ong dismisses five popular misconceptions about the Chinese consumer:

1. Chinese people are no longer impoverished
2. The richest in China are predominantly old business people
3. Chinese are big spenders
4. Just sell to the Chinese, they are all the same
5. Companies that can penetrate the Chinese market will prosper

The advises investors to be cautious about the prospect of investing in China – though good returns are possible, it is by no means an easy place for foreign companies to do business. – read more at Seeking Alpha.com…

Drumming up business: A geisha teaches a tourist how to beat a "taiko" drum in the hot-spring resort city of Arawa, Fukui Prefecture, on Jan. 30. KYODO PHOTO

By KEIGO MATSUSHITA, Kyodo News – FUKUI — Thirty years ago, the hot-spring resort city of Awara in Fukui Prefecture, along the Sea of Japan coast, prided itself on having about 250 geisha entertainers.

Now there are only 15. So the 130-year-old spa city is offering vacationers the chance at a hands-on geisha experience, to help keep alive the world of the traditional entertainers.

In Kyoto’s popular Gion entertainment district, as well, geisha hold mock tea ceremonies for ¥500 per person, while those in other parts of the country have organized events to attract visitors hoping to receive a firsthand look at the geisha system, which some say dates back to the second half of the 1600s.

Geisha have traditionally been regarded as entertainers skilled in singing, dancing, playing musical instruments and conversation, and patronized by wealthy people and politicians.

But the number of geisha has been on the decline due to deterioration of the economy and reduced opportunities for them to demonstrate their talents. Traditional inns are also steadily disappearing.

The geisha in Awara give guests a chance to meet them for ¥3,000 in a season-limited program. The meeting includes “janken” rock-paper-scissors play equivalent to tossing a coin to decide the winner in a game held in a dance training room of the “kemban,” or control office.

Men take off their jackets behind a folding screen set up as a partition and step into the room to the accompaniment of a shamisen played by geisha. Geisha and guests then play the roles of a mother, a tiger or other characters as part of the program.

The low fee compares with the going rate of ¥60,000 clients pay for service provided by a group of four geisha over a two-hour period.

The visitors get a rare opportunity to look at the backstage of the kemban, which also sends geisha to teahouses and restaurants. Normally, the place is off-limits to visitors. – read more at The Japan Times Online…