China
Chan Denied, Ending Hong Kong Estate Saga
Reuters Nina Wang and Tony Chan are shown in this undated photo provided by Mr. Chan’s lawyer in 2007. Hong Kong’s most prominent feng-shui guru received yet another rejection from the High Court on Monday, ending a long, twisted legal saga that began with a property tycoon’s kidnapping and descended into a soap-opera-worthy war of wills, disputed love affairs, power struggles and—possibly—a bit of forgery. Tony Chan, a bartender turned feng-shui master, was denied a final appeal of his claim to the multibillion-dollar estate of the woman he claims was his longtime lover: Hong Kong property heiress Nina Wang, who died of cancer in 2007 at the age of 69. Mr. Chan and his lawyers couldn’t be reached for comment. Mr. Chan may not have any cards left to play in his fight for her estate, as Monday’s ruling by the Court of Final Appeal upheld the decisions of the city’s two lower courts. But don’t worry, courtroom-drama mamas: This won’t be the last we’ll see of the toothy paparazzi favorite, because Mr. Chan’s defense against forgery charges in the estate case is ongoing. The initial trial last year—which sparked a local-media frenzy marked by salacious testimony about Mr. Chan’s relationship with Ms. Wang—centered on two opposing wills. One, dated 2002, named Ms. Wang’s Chinachem Charitable Foundation the beneficiary of her estate. But Mr. Chan, her personal feng-shui adviser and professed secret lover, produced another will dated 2006 that named him the sole beneficiary. A judge ruled in favor of Chinachem, saying Mr. Chan forged the 2006 document. Ms. Wang, once Asia’s richest woman , was a colorful public figure in Hong Kong, known for her bold mini-skirts and cartoonish pigtails that earned her the Cantonese nickname Siu Tim Tim, or “Little Sweetie.” But the stories from her family’s bizarre personal and legal battles may endure as long as the many towers and complexes her Chinachem Group developed in the Chinese territory. Her husband, Teddy Wang, was first kidnapped in 1983 and released after his family paid an $11 million ransom. But in 1990, he was kidnapped again, and disappeared. A court declared him dead nine years later, but his body was never found. Ms. Wang fought her own estate battle with her father-in-law, who claimed his son’s fortune as his own. She inherited the estate in 2005, two years before she died. –Allison Morrow
- Reuters
- Nina Wang and Tony Chan are shown in this undated photo provided by Mr. Chan’s lawyer in 2007.
Hong Kong’s most prominent feng-shui guru received yet another rejection from the High Court on Monday, ending a long, twisted legal saga that began with a property tycoon’s kidnapping and descended into a soap-opera-worthy war of wills, disputed love affairs, power struggles and—possibly—a bit of forgery.
Tony Chan, a bartender turned feng-shui master, was denied a final appeal of his claim to the multibillion-dollar estate of the woman he claims was his longtime lover: Hong Kong property heiress Nina Wang, who died of cancer in 2007 at the age of 69. Mr. Chan and his lawyers couldn’t be reached for comment.
Mr. Chan may not have any cards left to play in his fight for her estate, as Monday’s ruling by the Court of Final Appeal upheld the decisions of the city’s two lower courts. But don’t worry, courtroom-drama mamas: This won’t be the last we’ll see of the toothy paparazzi favorite, because Mr. Chan’s defense against forgery charges in the estate case is ongoing.
The initial trial last year—which sparked a local-media frenzy marked by salacious testimony about Mr. Chan’s relationship with Ms. Wang—centered on two opposing wills. One, dated 2002, named Ms. Wang’s Chinachem Charitable Foundation the beneficiary of her estate. But Mr. Chan, her personal feng-shui adviser and professed secret lover, produced another will dated 2006 that named him the sole beneficiary. A judge ruled in favor of Chinachem, saying Mr. Chan forged the 2006 document.
Ms. Wang, once Asia’s richest woman, was a colorful public figure in Hong Kong, known for her bold mini-skirts and cartoonish pigtails that earned her the Cantonese nickname Siu Tim Tim, or “Little Sweetie.” But the stories from her family’s bizarre personal and legal battles may endure as long as the many towers and complexes her Chinachem Group developed in the Chinese territory.
Her husband, Teddy Wang, was first kidnapped in 1983 and released after his family paid an $11 million ransom. But in 1990, he was kidnapped again, and disappeared. A court declared him dead nine years later, but his body was never found. Ms. Wang fought her own estate battle with her father-in-law, who claimed his son’s fortune as his own. She inherited the estate in 2005, two years before she died.
–Allison Morrow
In recent years, China has re-invigorated its support for leading state-owned enterprises in sectors it considers important to “economic security,” explicitly looking to foster globally competitive national champions.
In 2009, the global economic downturn reduced foreign demand for Chinese exports for the first time in many years.
China is the world’s fastest-growing major economy, with an average growth rate of 10% for the past 30 years.
The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978.
The two sectors have differed in many respects.
The technological level and quality standards of its industry as a whole are still fairly low, notwithstanding a marked change since 2000, spurred in part by foreign investment.
China’s increasing integration with the international economy and its growing efforts to use market forces to govern the domestic allocation of goods have exacerbated this problem.
Both forums will start on Tuesday.
According to the ministry, China’s ODI grew by 1.1 percent from a year earlier to $56.53 billion, which includes investment of $47.8 billion in non-financial sectors worldwide, up 14.2 percent year-on-year.
China is aiming to be the world’s largest new energy vehicle market by 2020 with 5 million cars.
In large part as a result of economic liberalization policies, the GDP quadrupled between 1978 and 1998, and foreign investment soared during the 1990s.
Even with these improvements, agriculture accounts for only 20% of the nation’s gross national product.
In terms of cash crops, China ranks first in cotton and tobacco and is an important producer of oilseeds, silk, tea, ramie, jute, hemp, sugarcane, and sugar beets.
Hogs and poultry are widely raised in China, furnishing important export staples, such as hog bristles and egg products.
Oil fields discovered in the 1960s and after made China a net exporter, and by the early 1990s, China was the world’s fifth-ranked oil producer.
China’s leading export minerals are tungsten, antimony, tin, magnesium, molybdenum, mercury, manganese, barite, and salt.
China also has extensive hydroelectric energy potential, notably in Yunnan, W Sichuan, and E Tibet, although hydroelectric power accounts for only 5% of the country’s total energy production.
Brick, tile, cement, and food-processing plants are found in almost every province.
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Chan Denied, Ending Hong Kong Estate Saga
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
China
Italy and China New DTA Set to Take Effect in 2025: Important Changes and Implications
Italy ratified an upgraded Double Tax Agreement (DTA) with China, effective in 2025, to reduce tax burdens, prevent evasion, and enhance investment. The DTA introduces modern provisions aligned with international standards, targeting tax avoidance and improving dispute resolution for Italian businesses.
Italy recently ratified the upgraded Double Tax Agreement (DTA), which will finally take effect in 2025. This agreement was signed in 2019 and was designed to reduce tax burdens, prevent tax evasion, and promote Italian investment in China.
On November 5, 2024, Italy’s Chamber of Deputies gave final approval to the ratification of the 2019 Double Tax Agreement (DTA) between Italy and China (hereinafter, referred to as the “new DTA”).
Set to take effect in 2025, the new DTA is aimed at eliminating double taxation on income, preventing tax evasion, and creating a more favorable environment for Italian businesses operating in China.
The ratification bill for the new DTA consists of four articles, with Article 3 detailing the financial provisions. Starting in 2025, the implementation costs of the agreement are estimated at €10.86 million (US$11.49 million) annually. These costs will be covered by a reduction in the special current expenditure fund allocated in the Italian Ministry of Economy’s 2024 budget, partially drawing from the reserve for the Italian Ministry of Foreign Affairs.
During the parliamentary debate, Deputy Foreign Minister Edmondo Cirielli emphasized the new DTA’s strategic importance, noting that the agreement redefines Italy’s economic and financial framework with China. Cirielli highlighted that the DTA not only strengthens relations with the Chinese government but also supports Italian businesses, which face increasing competition as other European countries have already established double taxation agreements with China. This ratification, therefore, is part of a broader series of diplomatic and economic engagements, leading up to a forthcoming visit by the President of the Italian Republic to China, underscoring Italy’s commitment to fostering bilateral relations and supporting its businesses in China’s complex market landscape.
The newly signed DTA between Italy and China, introduces several modernized provisions aligned with international tax frameworks. Replacing the 1986 DTA, the agreement adopts measures from the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project and the OECD Multilateral Instrument (MLI), targeting tax avoidance and improving dispute resolution.
The Principal Purpose Test (PPT) clause, inspired by BEPS, is one of the central updates in the new DTA, working to prevent treaty abuse. This clause allows tax benefits to be denied if one of the primary purposes of a transaction or arrangement was to gain a tax advantage, a move to counter tax evasion through treaty-shopping.
| This article was first published by China Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, and India . Readers may write to info@dezshira.com for more support. |
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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
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