Chinese Luxury Shoppers Outspend Japanese 2-To-1 At South Korean Malls: Wealthy Chinese Travelers In Korea Favor Cosmetics, Children’s Supplies, Ginseng And Healthcare Products, Luxury Watches – This week, more news about free-spending mainland Chinese tourists came out of South Korea. As more Chinese tourists have headed outward, most of them staying relatively close to home, the Korean media has consistently framed news about tourist behavior as a sort of rivalry between China and Japan — a phenomenon Jing Daily discussed last fall. (’Tourist Profile: Japanese vs. Chinese‘) According to Tencent (via Yonhap), after a year in which the number (and profligacy) of Chinese tourists increased at Korean luxury malls, shoppers from mainland China now account for twice as many sales per capita as Japanese tourists.
Hummer price soars in Shanghai: Although Tengzhong failed in buying Hummer, the Hummer dealers are overjoyed, taking the opportunity to raise the price. On February 25, the reporter learned from Hummer dealers in Shanghai that after hearing the acquisition of Hummer failed, dealers immediately raised the price of Hummer, among which Hummer H3X produced in 2009 rose by 20,000 yuan, and Hummer H2 is planning to rise by 100,000 yuan. (Via Business – People’s Daily Online.)
Calvin Klein To Focus On Chinese Market In 2010: American fashion brand Calvin Klein has announced plans to open 60 new chain stores in Asia in 2010, mainly targeting its expansion in the Chinese market.
According to reports from Singapore’s Channel News Asia, Calvin Klein’s current revenues from the Asian areas account for 15% of its income worldwide. (Via ChinaRetailNews.com.)
Toyota chief’s testimony closely watched in Japan: Japan appeared largely relieved Thursday that much-anticipated testimony by Toyota’s chief executive before U.S. lawmakers was finally over, though analysts said the company’s recall woes are no closer to being solved. Toyota Motor Corp. President Akio Toyoda’s appearance before the House Oversight and Government Reform Committee, was closely watched in Japan, where the company his grandfather founded is a national icon. It was the top item on local morning news programs. At least one channel briefly broadcast his testimony live, where it took place Wednesday in Washington. (AP) (Via News On Japan.)
Singapore Witnesses Record Number of Travelers in January: January of 2010 managed to see the highest ever recorded number of travels to Singapore for the month. Figures shared by the Singapore Tourism Board have revealed that as many as 908,000 travelers visited Singapore over the past month, which is a hike of nearly 17.5% compared to January of 2009. The top 5 markets for the month which generated visitors for Singapore were Indonesia with 173,000 visitors, China with 99,000 travelers, Australia with 90,000 travelers, 68,000 came in from Malaysia and 57,000 travelers were from India. (Via TopNews Singapore.)
50% of sneak preview tickets for Singapore’s Resorts World Sentosa casino & theme park snapped up: SINGAPORE: Fifty per cent of the sneak preview tickets to check out Singapore’s first casino and theme park were snapped up when they went on sale on Friday, despite the fact that none of the 20 rides and shows at Universal Studios will be ready. (Via Channel NewsAsia Singapore News.)
McDonald’s To Open Hamburger University In Shanghai: As a celebration of the 20th anniversary of McDonald’s entry into the Chinese market, the international fast food giant has announced plans to launch a new hamburger university in Shanghai, the company’s seventh worldwide, making the city a new human resources training base for McDonald’s in Asia Pacific.(Via ChinaRetailNews.com.)
Shanghai Watch Looks To Join Ranks Of Elite Brands: Although most of the world’s top watchmakers remain cozily ensconced within the borders of Switzerland, as with most luxury industries ‘the Chinese are coming’…in this case, to reinvent a brand better known for gracing the wrists of Mao Zedong and Zhou En’lai than Donald Trump or Warren Buffett. (Though the latter might be more open to it than we might assume.) This brand, Shanghai Watch (上海手表厂), started producing watches in the mid-1950s, amid a flurry of activity in the Shanghai wristwatch industry, and quickly established itself as the country’s top watchmaker. (Via Jing Daily :.)
Toyota president to testify before U.S. congressional panels: Toyota Motor Corp. President Akio Toyoda would testify before U.S. congressional committees on massive recalls of Toyota vehicles if he is formally asked to do so, Toyota officials said Friday. The automaker is hoping that if Toyoda appears in person at congressional hearings, it would help to revive trust in Toyota’s vehicles amid growing criticism of the automaker in the United States, they said. (Via Kyodo News (Business).)
Chinese snapping up real estate in Japan: Japan’s real estate market may be in a slump, but that is not deterring the Chinese from scooping up properties. Chinese money – that is, from ethnic Chinese living in Japan – is making its presence felt in a big way. A growing number of Chinese residents are turning to real estate investments in major cities as well as rural areas. (AsiaOne) (Via News On Japan.)
China’s Goojje ‘will not change’: Goojje, the Chinese knockoff of Google Inc, ‘will not change’ its design despite a threat from the US Internet company to sue it over copyright infringement, Huang Jiongxuan, the website’s founder, said yesterday. Goojje’s logo resembles the logo of Google Inc and also bears a paw print sign like that of Baidu Inc, the biggest Internet search engine in China and Google Inc’s archrival in the country. (Via Business – People’s Daily Online.)
Saudi Arabia, Angola, Iran remain top 3 oil suppliers to China: Saudi Arabia, Angola and Iran remained the three largest oil sources for China in 2009, with the three supplying 47.7 percent of China’s total imports, according data released Wednesday by the General Administration of Customs (GAC). GAC figures showed that China’s oil imports from the three nations last year stood at 41.86 million tonnes, 32.17 million tonnes and 23.15 million tonnes, respectively. (Via Business – People’s Daily Online.)
Shangri-La Announces New Multipurpose Complex In Chongqing: Shangri-La Hotels and Resorts has signed an agreement with Chongqing Guest House Company to manage a hotel in Chongqing that is scheduled to open in late 2011. The 469-room Shangri-La hotel will occupy the first 28 floors of a new 58-story landmark building, a multi-purpose complex incorporating office space and retail outlets. (Via ChinaRetailNews.com.)
McDonald’s to close hundreds of outlets in Japan: McDonald’s Corp. is closing 430 restaurants in Japan, the latest sign of the faltering economy in the Asian country. A 50% owned affiliate will shutter the locations over the next 12 to 18 months in conjunction with the strategic review of the company’s real estate portfolio. The world’s largest restaurant chain plans to take charges of $40 million to $50 million in the first half of the year. McDonald’s Holdings Co. (Japan) has 3,700 stores. McDonald’s also is opening 90 new restaurants and refurbishing 200 in Japan. (Daily Finance) (Via News On Japan.)
Singapore's state investor Temasek sets up new investment company: Singapore – Singapore’s state investment company Temasek Holdings Pte Ltd said Wednesday that it has set up a separate investment company, Seatown Holdings. “Temasek has recently set up Seatown Holdings as a wholly owned global investment company,” Temasek said in a statement without providing details of the new company’s precise mission. (Via Singapore News.)
Godiva, Others Hope For More Chinese Chocolate Consumption: Perhaps looking to cash in on the propensity of more cosmopolitan, urban Chinese to give expensive or boutique chocolate as gifts (and, increasingly, to eat for themselves), Belgian chocolate giant Godiva has aggressively sought expansion in the Chinese market. Having entered Hong Kong in 1998, Godiva decided to test the waters in the mainland last September, opening a store in Shanghai’s Grand Gateway Mall. Apparently satisfied with that store’s popularity, the company has announced that it plans to open two new flagship stores in Shanghai’s swish Xintiandi area and at the Shanghai International Financial Center (IFC). (Via Jing Daily.)
Singaporean Tycoon Ng Teng Fong dies: SINGAPORE—Ng Teng Fong, one of Asia’s richest tycoons and the founder and chairman of Singapore’s largest unlisted property group, Far East Organization, died Tuesday aged 82, the developer said. Far East said in a statement that Mr. Ng had suffered a cerebral hemorrhage on Jan. 23. Forbes Asia magazine in 2009 listed Mr. Ng as the richest person in Singapore, with a net worth of more than US$8 billion. (Via WSJ.com: What’s News Asia.)
Singapore opens world’s first A380 MRO hangar: Singapore’s SIA Engineering on Wednesday opens the first Maintenance, Repair and Overhaul (MRO) hangar in the world to offer commercial maintenance services for the Airbus A380 aircraft here. At the opening of the A380 hangar, Singapore’s Minister in Prime Minister’s Office, Second Minister for Finance and Transport, Lim Hwee Hua said that as a gateway to Asia, Singapore is well- positioned to ride the wave of aviation expansion. (Via Business – People’s Daily Online.)
Wal-Mart Sells World Expo Products In Shanghai: As the cooperative partner of USA Pavilion at the 2010 Shanghai World Expo, Wal-Mart has started to sell World Expo related licensed products in its Nanpu Bridge store in Shanghai. To promote the Shanghai World Expo and to meet consumers’ demands for World Expo licensed products, the American retail giant Wal-Mart was formally selected as the franchised retailer of World Expo licensed products in January 2010. (Via ChinaRetailNews.com.)
Japanese men miss out on Valentine’s chocolate as women treat themselves: Japan’s unique Valentine’s Day tradition of women giving chocolate to men is melting away as more women show a preference for pampering each other instead of their boyfriends and spouses. The practice of giving tomo choco (friendship chocolate) has been highlighted as a new trend in a recent survey that found 74 percent of women plan to give a Valentine’s gift to a female friend but only 32 percent intended to buy something for a boyfriend. The popularity of tomo choco has been attributed to the way that the custom offers women an excuse to have a girls’ night out – something pertinent at a time when so much social interaction is going digital. (Japan Times) (Via News On Japan.)
A model of C919 made by Commercial Aircraft Corp of China is displayed. The State-owned company expects to build 2,000 C919s over 20 years. (Bloomberg News)
Commercial Aircraft Corp of China, also known as Comac, will be at the Singapore Air Show, displaying a model of the 168-seat C919, which is designed to compete with the Boeing Co 737 and Airbus SAS A320. Only one major supplier has been selected for the plane so far, a GE-Safran SA engine venture, which won a $10 billion contract.
State-owned Comac expects to build about 2,000 C919s over 20 years, and hopes to secure 10 percent of the global market, according to Safran. The aircraft is already being touted as a domestic success since the government will place orders and allocate them to State-owned carriers Air China, China Southern and China Eastern Airlines.
“There’s absolutely no doubt in my mind that China can be a first-tier aircraft provider at some point,” said Clay Jones, CEO of Rockwell Collins, a maker of cockpit instrumentation. “Everyone sees the market as being important in the future and everyone wants to play in it.”
Rockwell, GE, Honeywell International Inc, Goodrich Corp and United Technologies Corp’s Hamilton Sundstrand are among the aerospace companies competing to work on planes in China. Munich-based MTU Aero Engines Holding AG has already been chosen to help develop future engines for the C919. Separately, Airbus has also set up a plane-assembly plant in the country.
China wants to cooperate with overseas suppliers to access advanced engines, parts and instruments for the C919, which is due to make its maiden flight in 2014 and to enter service two years later. The aircraft is part of China’s bid to end its reliance on Airbus and Boeing. Eventually, the country also wants to challenge the world’s two biggest plane makers overseas. – read more at ChinaDaily.com…
The Fujitsu iPad...released in 2002
Fujitsu weighs iPad name challenge: Apple Inc. has caused a stir with its iPad tablet-computer, which could change the face of the publishing industry and how information is gained from the Internet. But one thing may not be revolutionary: the product name. Tokyo-based Fujitsu Ltd. applied to trademark a similar name, iPAD, with the U.S. Patent and Trademark Office in 2003, a company spokesman in Tokyo said Friday. (Japan Times) (Via News On Japan.)
China’s wine industry sees opportunity amid global downturn: China’s wine industry is having a golden opportunity to boost export as consumers worldwide are seeking wine that tastes fine but costs less, Chinese wine expert said Friday. ‘The year 2010 can be a golden opportunity for China’s wine export as less expensive wine products are becoming more favored by the international consumers as a result of the global economic downturn,’ said Wang Yancai, president of China Alcoholic Drinks Industry Association (CADIA).(Via Business – People’s Daily Online.)
Starwood To Open First “Luxury Collection” Hotels In China: Luxury Collection Hotels Planned: Astor Hotel, Tianjin And Malus Sanya, Hainan. American hotel operator Starwood- which owns brands like Sheraton, Westin, W and St. Regis — has made a big push in the Chinese market in the last decade, particularly in the last few years. In 2010, the company plans to open 30 hotels in China, two of which will be the first ‘Luxury Collection’ hotels in the mainland. (From China Hospitality News Via Jing Daily.)
3,100 passengers trapped on Japan’s bullet trains after cable snaps on Shinkansen line: Some 3,100 passengers were trapped inside bullet trains on the Tokaido Shinkansen Line on Friday after a snapped cable brought operations on a section of the line to a halt, the operator of the line said. (Via Mainichi Daily News – All Stories.)
Rich people eschew Switzerland for Asia: Rich individuals from Europe and the Middle East are moving money from Switzerland to Asia, said Renato de Guzman, who heads private banking at Overseas-Chinese Banking Corp. “It’s a favorable trend,” Guzman said in an interview on Jan. 27. Having a Singapore bank with no ties to Switzerland is an attractive proposition for a lot of them.” Guzman, 59, is trying to capitalize on wealthy clients seeking to shift funds from UBS AG and other Swiss banks amid a dispute with the U.S. on disclosing client data to tax authorities. (Via China Post Online – Taiwan Business,World Business.)
The MGM Grand Macau opened its doors in 2007
MGM Grand Macau To Relaunch Brand With Mainland Visitors In Mind: According to analysts, the MGM Grand Macau has fallen behind its Macau rivals as a result of failing to meet the expectations — or suit the tastes — of Chinese patrons, something MGM Grand Paradise Ltd. President Grant Bowie told the paper he plans to address by transforming the MGM Grand Macau into “a Chinese brand.” (Via Jing Daily :.)
China’s self-developed supertanker completed in south China port: China’s largest self-developed supertanker has been completed in south China’s Guangdong Province and was expected to set sail in late January. The 333-meter-long and 60-meter-wide oil tanker, named Xinpuyang, was designed and built by the Guangzhou Longxue Shipbuilding Co., Ltd. and the Marine Design and Research Institute of China. The tanker was handed over to the buyer, China Shipping (Group) Company, in Nansha Port in Guangzhou, capital of Guangdong on Friday. (Via China – People’s Daily Online.)
Pollution chokes Hong Kong: Hong Kong is famous for its skyline, but that view is often hidden behind a thick blanket of smog. Air pollution reached dangerous levels one in every eight days in 2009. (Via Hong Kong News latest RSS headlines – Hong Kong Herald.com.)
Survey shows Chinese women unwilling to marry Japanese ‘old men’: A survey conducted by a multinational matchmaking company in Tokyo, Japan shows that expectations of Chinese women on Japanese men have improved. The first requirement of Chinese women for their partners is ‘young’, flowed by conditions such as ‘personality and character’, ‘appearance’ and ‘income’, according to the survey. The result broke the traditional impression of matching old men and young women. The majority of respondents felt that the reason why Japanese men chose to marry Chinese women is that the majority of women around them are too young and they can not find a suitable Japanese wife. (People’s Daily) (Via News On Japan.)
Tiger Airways makes a loud roar on debut: IT WAS a roaring debut for Tiger Airways on its first day on the Singapore Exchange (SGX) as it confounded skeptics and delighted investors who had bought the IPO stock despite widespread cynicism over its valuation and growth model. (Via Business Times Online – All The Headlines.)
An artist's rendering of Resorts World Sentosa
Resorts World Sentosa, built by Malaysia’s Genting Bhd at a cost of $5 billion, opened 1,340 rooms in four hotels, including a Hard Rock hotel and a property designed by architect Michael Graves. Its 7,300-seat ballroom, one of Asia’s largest, will host its first event at the end of this month.
A Universal Studios theme park is expected to open in the coming weeks on the sprawling 49-hectare complex on Sentosa, an island a quarter of a mile off Singapore’s coast. No firm date has been set, said Genting chairman Lim Kok Thay, contradicting reports it would open next week.
The resort’s casino, the city-state’s first, is expected to open in March after Genting’s application for a license was delayed from October to December when gambling authorities asked for more information. Officials have said it will probably take three months to process the license.
Singapore-known for its ban on chewing gum sales and canings for crimes some countries would rule as minor-strictly controls public speech and assembly, although it has become socially more liberal and allowed greater artistic freedom in recent years. The decision to allow casinos followed a rare national debate though the government’s desired outcome was never in doubt.
The city is also developing its second casino resort, the $5.5 billion Marina Bay Sands developed by US-based Las Vegas Sands Corp and due to open in April this year, after its original opening at the end of last year was postponed.
Sands plans to open a casino, 1,000 out of its 2,500 hotel rooms, a part of its huge shopping mall, and one of Southeast Asia’s largest convention and exhibition centers as the first phase. Several other attractions at the resort will be unveiled a few months later, including Asia’s largest sky park.
The government expects Resorts World along with the expected May opening of the Marina Bay Sands casino resort to increase the country’s gross domestic product growth by up to one percent and boost tourist arrivals, adding 35,000 jobs. …read more at ChinaDaily.com…
Office Buildings near the Singapore River (photo: Randal Rayborn)
Singapore gains advantage from surplus office demand in Hong Kong: A 20 to 25 per cent fall in Grade A office rents in Singapore this year will emerge as a reason for widening the gap between rents in Singapore and in Hong Kong, and will give Singapore a competitive advantage with firms looking to expand in Asia, property firm Savills said yesterday. Rents are speculated to fall to $5 per square foot (psf) per month in 2011, accounting to a massive new supply comes on-stream, the firm’s research shows. Grade A office rents stood at $8.80 psf per month at the end of 2009, reported Savills. (Via TopNews Singapore.)
Hainan to halt land development approval on speculation concerns: China’s southern island province of Hainan will suspend land leasing and development approval in a move to curb property speculation, the province’s Party chief has said. Following a tourism promotion policy document issued by the central government earlier this month, real estate developers have flocked into the island, causing new property bubble concerns, Wei Liucheng, secretary of the Communist Party of China Hainan provincial committee, said at a meeting in Haikou Friday. (Via Business – People’s Daily Online.)
Taipei direct flights to Shanghai may begin: (ChinaPost.com.tw) – Direct flights between the Taipei Songshan Airport and the Shanghai Hongqiao Airport are likely to be launched before World Expo 2010 Shanghai opens on May 1, as Deputy Shanghai Mayor Tang Dengjie said Friday that both sides have completed various technical preparations and are working hard to kick off direct flights as early as possible. (Via Taiwan Headlines – Business.)
Tensions bubble over gas project: Japan warned China on Sunday that it would take action if Beijing starts gas production in a disputed field in the East China Sea, Japan’s Kyodo news agency reported. Although the two countries reached a broad agreement in 2008 on principles intended to solve the dispute by jointly developing gas fields, progress has been slow and Japan has accused China of drilling for gas in violation of the agreement. (Via RTHK On Internet – Finance News.)
Mazda eyes dissolving joint car production with Ford in China: Mazda Motor Corp. is considering dissolving its partnership with Ford Motor Co. for the joint production of cars in China to increase its flexibility in meeting growing demand for Mazda-brand cars in the country, company sources said Sunday. Mazda plans to withdraw from Changan Ford Mazda Automobile Co. in Chongqing, a joint venture of Mazda, Ford and a Chinese automaker, after production of Mazda cars at the plant is transferred to another joint venture of the three automakers in Nanjing in May, the sources said. (Via Kyodo News (Business).)
UPS Adds 101 New Locations In China: UPS plans to increase its global service parts logistics network significantly, by establishing 101 new field stocking locations in China. According to Brad Mitchell, the president of UPS Logistics and Distribution, UPS China is a critical part of the growth strategy of many companies worldwide and UPS’s regional and global FSL network is positioned to support these companies after-market needs in Asia. He pointed out that the UPS network was already the world’s largest logistics network. (Via China Sourcing News.)
Singapore’s retail sales down 1.4% year-on-year in Nov 2009: Singapore’s retail sales decreased by 1.4 percent in November 2009 compared with a year ago, according to Singapore Department of Statistics on Friday. Turnover of motor vehicles in November 2009 decreased by 16 percent, while food and beverages sales fell by 3.1 percent over a year ago. In contrast, sales of watches and jewelry, medical goods and toiletries, furniture and household equipment increased by between 7.2 percent and 14.8 percent. (Via Business – People’s Daily Online.)
Google’s loss could be Baidu’s gain: Domestic search firm Baidu Inc could be the biggest beneficiary of a possible pullout from China by Internet major Google, leading industry experts said yesterday. The NASDAQ-listed Baidu already dominates the Chinese search landscape and it has signaled its intentions to spread wings, even before Google hinted at a pullout. The California-based Google could see an exodus of advertisers from the Chinese mainland and see them switching to Baidu. (Via Business – People’s Daily Online.)
Mainland Chinese Tourists Spent $42 Billion Overseas In 2009 – Mainland Tourist Spending Abroad Outspent International Tourist Spending In China For The First Time: Chinese Media is reporting this week that outbound tourists from mainland China spent some $42 billion overseas (including Hong Kong, Macau and Taiwan) last year, outspending inbound international tourists for the first time. Though articles do point out that the majority of first-time outbound tourists from the mainland went to nearby Hong Kong (18%) and Macau (16%) — two very accessible destinations for Chinese tourists, who typically travel there for quick weekend jaunts or shopping sprees — more of them are heading to more distant locales, staying longer, and spending more. (Via Jing Daily :.)
Taiwan Semiconductor to hire 3,000 engineers amid expansion: (ChinaPost.com.tw) – Taiwan Semiconductor Manufacturing Co., the world’s largest custom-chip maker, plans to recruit more than 3,000 engineers this year as the company expands. (Via Taiwan Headlines – Business.)
