Thu. Jun 20th, 2019

Alex Hoang

China Property – Why prices are soaring in Beijing’s luxury residential market

Average high-end apartment prices are about to hit CNY100,000 per sqm Grade-A apartments in Beijing are leading the way for price growth in the city’s property market, as they embrace a shift towards average prices of CNY100,000 (USD15,700) per sqm, according to a new Savills report. The most expensive transaction this year has been for a unit at Wanliu Academy which achieved approximately CNY131,000 (USD20,500) per sqm. Q2 2015 saw Grade-A apartment prices grow 3.6 percent year-on-year to an average of CNY68,500 (USD10,700) per sqm

China Property – What Asia-Pacific’s soaring rich list means for regional real estate

By the end of 2015, there will once again be more high-net-worth individuals in the region than North America The Asia Pacific region’s High Net Worth Individual (HNWI) population overtook that of North America during 2014, according to a new report by Capgemini and RBC Wealth Management. APAC edged ahead with 4.69 million HNWIs, growing 8.5 percent on the year before, with North America having marginally less at 4.68 million.

Coming up: A love story set in wartime Northeast China

Ballet in the Flames of War revolves around the romance between a Chinese ballet enthusiast and a Russian scout.Provided To China Daily As a young Chinese woman swirls on her toes to the music of Swan Lake, the scene abruptly changes to that of a battlefield on which former Soviet troops are seen helping Chinese villagers fight Japanese invaders. The setting is from Ballet in the Flames of War, a 35-million-yuan ($5.5 million) movie, which has been produced by a Chinese government-backed studio and involves Russian filmmakers

New yuan rate ‘fixes distortions’

Chinese 100 yuan banknotes are seen in this picture illustration taken in Beijing in this July 11, 2013 file photo. [Photo/Agencies]Reference point for RMB exchange vs US dollar cut 1.86% by central bank China’s central bank devaluated the yuan against the US dollar by 1.86 percent on Tuesday, the largest single-day drop since exchange rate reforms began in January 1994. The People’s Bank of China cut the reference rate against the US dollar to 6.2298 yuan per dollar, down from 6.1162 yuan a day earlier, the lowest level in more than two years. In a move seen as a step toward liberalizing the yuan, the People’s Bank of China said that it will base the yuan-US dollar exchange rate more on the previous day’s closing rate at the interbank foreign exchange market. The move would correct price distortions from the bank’s previous interventions, experts said. However, the bank stressed that Tuesday’s depreciation was a “one-off” move to fix the discrepancy between the reference rate and the market’s spot rate.

Chasing the Tinseltown dream

Ever since Chinese conglomerate Wanda Group purchased AMC for $2.6 billion in 2012 and subsequently became the world’s largest movie exhibitor, many people in the movie industry have been waiting for the other shoe to drop, namely a Chinese company acquiring a major Hollywood studio. While this has not yet happened, pundits have noted a lot of tire-kicking, to borrow a term used by Variety in its Feb. 3 issue. Hunan TV & Broadcast Intermediary Co. Ltd., an entertainment company based in central China, announced in March it had agreed a $1.5 billion deal with Lionsgate to co-finance all qualifying features made by the North American studio over the next three years