Business
Heavy Rain Hits Yangtze River Again, Inundating Cities and Leaving Many Homeless
Flooding as a result of heavy rainfall in Shaanxi and Sichuan provinces caused the Yangtze River to overflow in recent days, inundating cities in China’s western regions.
The Yangtze’s water level in Chongqing city may exceed the safety level on Aug. 19, which means an embankment breach could happen at any time, according to state-run broadcaster CCTV, which cited officials.
China’s cabinet-like State Council said at a press conference on Aug. 13 that rainfall in areas along the Yangtze and Huai rivers have reached their highest levels since 1961.
Meanwhile, the country’s deputy minister of emergency management, Zhou Xuewen, unintentionally revealed that more than 4 million people were evacuated from their homes during floods this year.
Rainfall has begun to move north to the areas where the Yellow, Hai, Songhua, and Liao rivers lie. The Yellow River has experienced flooding since Aug. 11, but authorities have kept mum about its impact.
Two Floods
The Yangtze River Committee of China’s Water Resources Ministry announced on Aug. 16 that a new flood peak formed in the Jialing River, a main Yangtze tributary, and entered the Yangtze near Chongqing, a sprawling city with more than 30 million residents.
The peak of the Jialing river flooding is expected to trigger another flood peak in the Yangtze on Aug. 19, according to the committee.
The upper-stream area of the Yangtze River is also under threat from heavy rain, Chongqing authorities said on Aug. 16. Flooding from the Jialing River and the Yangtze’s upper stream may cause the latter’s water level to top its safety limit on Aug. 19.
Meanwhile, low-lying areas of Meishan, Guangyuan, and Deyang cities in Sichuan Province and Chongqing have been swamped by floodwaters since Aug. 13, according to videos that residents shared with The Epoch Times.
Flooding has also been…
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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