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Chinese property buyers are losing interest in Australia, due to the tougher government regulations and new tax rules, according to a recent report published by The Herald.
Based on the data revealed by Juwai.com, a Chinese international property portal, the number of Chinese inquiries in Australian residential property has gone down 9.7 percent in the first half of the year compared to the same period in 2016. The median inquiry price has also reduced to about $350,000 from $394,000.
As the Chinese regulators adopted new guidelines in an attempt to restrict Chinese corporation investment overseas, the number of new developments in the Australian property market has also gone down.
Australia has been the second-most popular country in the world for Chinese investment. “Their top goals are risk diversification and children’s education,” said Jane Lu, the Australian head of Juwai.com. She thought Australia is very appealing both areas.
However, the new tax rule applied by the Australian government make some Chinese buyers retreat from the property market. For example, New South Wales doubled its foreign-buyer surcharge to 8 percent, while Queensland implemented a 3 percent surcharge.
As Chinese buyers turn away from Australia, US remains the top destination for them.
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In the latest report about China’s luxury consumers, McKinsey&Company indicated that by 2025, Chinese consumers could account for 44 percent of the total global luxury goods market. By that time, 7.6 million Chinese household will represent 1 trillion RMB in global luxury sales, which would double the amount of 2016 and equivalent to the size of the US, UK, French, Italian and Japanese markets combined in 2016.
In terms of consumer behavior, the report said that Chinese luxury consumers have become much more impulsive when they make buying decisions. One in two of their purchases are decided within a single day. The report also found that “world of mouth” has increasingly played an important role in helping rich Chinese consumers make buying decisions.
More content about this report can be found from here.
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Asia Week New York – the ten-day Asian art extravaganza – which concluded on March 19, 2016 achieved $130 million in total sales.
From the minute the 45 international galleries of Asia Week New York opened their doors on March 10, a whirlwind of activities swept the city. The annual event was celebrated with a magnificent reception co-hosted with the Asian Department of the Metropolitan Museum of Art on March 14 when Thomas P. Campbell, the director of The Metropolitan Museum, welcomed more than 650 collectors, curators and Asian art specialists. The event ignited excitement that burned for the entire week, and the Asian art world buzzed with exhibitions and auctions that were thronged with international buyers from Mainland China, Taiwan, India, Japan, Korea, Europe and the United States. Continue reading
Although the Asian art market has been grabbing headlines in recent years for attaining one record price after another, many parts of that market are still undervalued, says Lark Mason, chairman of Asia Week New York, which runs from March 10 to 19. “Although there is a superabundance of exquisite objects on the market, the focus by the press is invariably on the high end, leaving many less expensive works under-publicized,” he says, adding, “For the beginning collector, now is one of the best times ever to acquire gorgeous artworks at very attractive prices.” Continue reading
March 10th kicks off Asia Week New York, the extraordinary ten-day extravaganza that animates New York with a glorious array of prized Asian works of art.
Originating from every corner of the Asian continent, the artworks will be shown throughout Manhattan by international Asian art specialists starting March 10 through March 19. In the museum-quality presentations by 45 galleries, art lovers can take in the rarest and finest examples of painting, sculpture, bronzes, ceramics, jewelry, jade, textiles, prints and photographs from all over Asia.
“Each year at this time, just as the flavor of spring arrives in the air, another phenomenon electrifies the atmosphere of New York: Asia Week!” exclaims Lark Mason, Chairman of Asia Week New York 2016 and owner and founder of iGavel Auctions. “And each year, in-the-know aficionados look forward to this 10-day event with great expectation. And why shouldn’t they? Asia Week is now celebrating its seventh anniversary, and it’s now more exciting than ever.
For more information about the exhibitions held by participating galleries, please visit the Asia Week New York’s official website www.asiaweekny.com.
Aston Martin, the British manufacturer of luxury sports cars, this week announced that it has agreed with a Beijing-based tech firm, LeEco, to jointly develop the British luxury automaker’s first electric vehicle by 2018. Formerly known as Letv, LeEco claims that its mission is to create extraordinary consumer experiences with a vertically integrated ecosystem shaped by constant innovations and breakthroughs.
According to the agreement, Aston Martin and LeEco plan to develop an electric car based on the British automaker’s Rapide S model. After that, the two companies will develop other potential electric vehicles.
Andy Palmer, Astom Martin Chief Executive, said that the partnership “brings Aston Martin’s electric car project forward” at a news conference in Frankfurt. The new electronic car would come to market in 2018 and will be built in Gaydon, England, according to the agreement.
LeEco hopes to promote cars in future by using its exsiting audience base and celebrities endorsements. As Lei Ding, co-founder of LeEco’s auto division, said,
“In China we have around 300 million people who visit our website. We could advertise the Aston Martin for free. And we can use celebrities to promote our vehicle. This is the way we do business.”
As the Chinese government continues its efforts to cut down the country’s air pollution, the electric car market will grow rapidly in China. The Chinese government aims to have at least 5 million electric cars by the year 2020.
China’s Wanda Group recently announced its partnership with Korea’s E-Land Group, agreeing to set up a joint travel venture. Wanda Group is the largest Chinese property company. E-Land Group is a Korean conglomerate taking part in fashion and retail businesses.
Wang Jianlin, Chairman of Wanda Group, agreed with E-Land Group Vice Chairman Park Sung-kyung last year to invest in four areas in Korea and set up joint projects with E-Land. According to E-Land, out of the four areas, tourism has come first.
E-Land is to launch the 50-50 joint venture with Wanda Tourism of China, according to the agreement. E-Land said the venture will focus on quality tourism program in Korea as the cheap, low-quality tour packages have damaged Korea’s image among Chinese visitors.
As E-Land’s first leisure business with Wanda, the joint project will not only provide tourism programs but also focus on Korea’s cultural attractions. The quality tourism program aims to attract more Chinese VIP customers. Wanda plans to send 1 million Chinese tourists to Korea each year.