Business
Shanghai Tang’s sale shows that chinoiserie is no match for French chic for China’s millennials
Richemont’s sale last week of Shanghai Tang underscores how China’s cultural motifs still have a hard time gaining global currency, even though the country’s explosive economic growth is increasingly turning many Chinese brands and entrepreneurs into household names the world over.
Chinoiserie is still no match for French chic, especially among China’s well heeled urban middle class and newly minted millionaires and billionaires, whose first reference points of luxury — from bespoke tailoring, branded accessories, jewellery to motoring — tend to still be European in most cases.
Shanghai Tang, founded in Hong Kong by Sir David Tang in 1994 and sold four years later to Richemont, specialises in the chinoiserie; a modern interpretation of the qipao as short, figure-hugging dresses featuring high mandarin collars, and motifs of dragons and auspicious signs.
“The traditional Chinese clothing has not amassed a mainstream following in Chinese society,”said Mariana Kou, head of China education and Hong Kong consumer with CLSA. “It’s different from India, where many women still wear the sari in various types of functions.”
Or Japan, where the kimono remains the formal wear of choice for women from the empress to the commoner; or Southeast Asia, where the baju kurung of Malaysia and the terno of the Philippines are still worn during formal occasions.
For many Chinese women, the qipao had gone out of fashion since the 1960s, a relic that’s better kept as an endearing memory in Wong Kar-wai’s In The Mood For Love.
British-educated Tang founded his signature brand as a haute couture tailor for his Western high-society friends, before expanding the fashion house into a lifestyle business selling accessories, household goods and even custom designed bicycles.
Richemont bought the brand four years later, further expanding its footprint into the high streets of New York and London, adding to outlets on mainland China.
For a while, the modern Chinese chic caught headlines, helped by endorsements by such A-list celebrities as Angelina Jolie, Nicole Kidman and Nicolas Cage.
But China’s biggest…
Business
China’s Golden Rooster Film Festival Kicks Off in Xiamen – Thailand Business News
The 2024 China Golden Rooster and Hundred Flowers Film Festival began in Xiamen on Nov 13, featuring awards, cultural projects worth 31.63 billion yuan, and fostering international film collaborations.
2024 China Golden Rooster and Hundred Flowers Film Festival Opens
The 2024 China Golden Rooster and Hundred Flowers Film Festival commenced in Xiamen, Fujian province, on November 13. This prestigious event showcases the top film awards in China and spans four days, concluding with the China Golden Rooster Awards ceremony on November 16.
The festival features various film exhibitions, including the Golden Rooster Mainland Film Section and the Golden Rooster International Film Section. These showcases aim to highlight the achievements of Chinese-language films and foster global cultural exchanges within the film industry.
On the festival’s opening day, a significant milestone was reached with the signing of 175 cultural and film projects, valued at 31.63 billion yuan ($4.36 billion). Additionally, the International Film and Television Copyright Service Platform was launched, furthering the globalization of Chinese film and television properties.
Source : China’s Golden Rooster film festival opens in Xiamen – Thailand Business News
Business
China’s New Home Prices Stabilize After 17-Month Decline Following Support Measures
China’s new home prices fell for the 17th month in October, declining 0.5% from September, but slowing, indicating potential market stabilization amid supportive measures. Second-hand home prices showed mixed trends.
Decline in China’s Home Prices Stabilizes
China’s new home prices continued to decline in October for the 17th consecutive month, although the drop showed signs of slowing. Recent support measures from Beijing appear to be inching the market toward stabilization, as evidenced by a lighter decline compared to earlier months.
Monthly and Yearly Comparisons
According to the latest data from the National Bureau of Statistics, new home prices across 70 mainland cities fell by 0.5% from September, marking the smallest decrease in seven months. Year-on-year, prices dropped by 6.2%, slightly worse than the September decline of 6.1%. In tier-1 cities like Beijing and Shanghai, prices decreased by 0.2%, a smaller fall than 0.5% in the previous month.
Second-Hand Home Market Trends
Second-hand home prices in tier-1 cities experienced a 0.4% increase in October, reversing a 13-month downward trend. Conversely, tier-2 cities observed a 0.4% drop in second-hand prices, while tier-3 cities faced a similar 0.5% decline. Overall, recent trends indicate a potential stabilization in China’s property market.
Source : China’s new home prices slow 17-month decline after support measures kick in
Business
Business Update: Southern Sun Reports Earnings Growth; China Stimulates Property Market – News24
Southern Sun reports increased earnings, attributed to growth in the hospitality sector, while China’s property market receives a boost, reflecting economic recovery and renewed investor confidence.
Southern Sun Earnings Surge
Southern Sun has reported a significant increase in its earnings, showcasing solid financial performance amid evolving market conditions. This growth highlights the company’s resilience and adaptability to changing consumer demands, positioning it well for future opportunities in the hospitality industry.
China’s Property Market Recovery
In a bid to rejuvenate its economy, China has introduced measures to boost its property market. These initiatives aim to stabilize real estate prices and encourage investment, which is crucial for maintaining economic momentum. The government’s commitment to supporting the sector reflects its understanding of the industry’s importance in overall economic health.
Broader Economic Implications
The rise in Southern Sun’s earnings and China’s proactive approach to revitalizing its property market indicate broader economic trends. Investors and stakeholders are keenly observing these developments, as they may signal recovery and growth opportunities in both the hospitality and real estate sectors. The collaboration between local businesses and governmental actions will be pivotal in shaping future economic landscapes.
Source : Business brief | Southern Sun sees earnings rise; China boosts its property market – News24
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