Knight Frank: Chinese Outbound Property Investment Doubled In 2015

Chinese outbound property investment reached nearly $34 billion in 2015, doubling that of 2014, according to a recent report of Knight Frank. Knight Frank is a London-based global real estate consulting company providing global residential and commercial property advisory services.

Cat-Manhattan

Chinese Outbound Property Investment Doubled In 2015.

Driven by the softening of Chinese market conditions (devaluated Chinese currency, turbulent Chinese stock market, and fierce domestic competition), the growth of Chinese overseas property investment is an indicator that Chinese investors are now considering the overseas property market as a relatively safe haven among their alternative investment portfolios.

chinaoverseasproperty

Chinese outbound property investment activities in key global cities. (Source: RCA, Knight Frank)

Gateway cities in the developed markets of the US, UK and Australia have been the top destinations for the Chinese outbound property investment in recent years, according to the report. In 2015, Manhattan has become the top investment destination for the Chinese property investors, followed by Sydney and Melbourne, and London.

With the Chinese government policy encouraging firms to expand overseas, the report predicts that the growth of overseas property market will continue to be driven by Chinese institutional investors, banks and developers in 2016.

Klein Sun Gallery To Present “Fountain 泉” And “The Other Shore”

Cai Dongdong: “Fountain 泉”

Klein Sun Gallery Is To Present Cai Dongdong: "Fountain 泉".

Klein Sun Gallery Is To Present Cai Dongdong: “Fountain 泉”.

New York-based Klein Sun Gallery is to present “Fountain 泉,” a solo exhibition of mixed media installations by Beijing-based artist Cai Dongdong, from February 18 through March 19, 2016.

Outsider artist Cai Dongdong first discovered photography not in the confines of a studio, but out of the rigid environment of military service. Cai joined China’s People Liberation Army at a young age – he was handed a camera and given the instruction to use it, and quickly found himself in the role of a military portrait photographer. Thus, Cai’s first subjects were the soft, youthful faces of soldiers, the haunting visual remnants of which can be found even in his recent work.

Cai Dongdong was born in Tianshui, Gansu, in 1978. Recent group museum exhibitions include “Links – Locality and Nomadism,” The Galaxy Museum of Contemporary Art, Chongqing, China (2015-2016); “Beyond the Earth – The First Xi’an Contemporary Photography Exhibition,” Xi’an Art Museum, Xi’an, Shaanxi Province, China (2015); “Chinese Photography: Twentieth Century and Beyond,” Three Shadows Photography Art Centre, Beijing, China (2015); and “Unfamiliar Asia: The Second Beijing Photo Biennial,” CAFA Art Museum, Beijing, China (2015).

Zhong Biao: “The Other Shore”

Klein Sun Gallery Is To Present Zhong Biao: "The Other Shore".

Klein Sun Gallery Is To Present Zhong Biao: “The Other Shore”.

Klein Sun Gallery is to present “The Other Shore,” a solo exhibition of large-scale paintings by Sichuan-based artist Zhong Biao, from February 18 through March 19, 2016.

Zhong Biao is a prominent contemporary painter known internationally for his hyper realistic interpretations of modern life. Maintaining a distance from the parameters of classical portraiture and composition, Zhong’s eye on the world seems a cynical one – his depictions of chaos and destruction are all consuming – yet symbols of purity prevail, proving the symbiotic relationships of opposites in life.

In “The Other Shore,” Zhong presents new paintings that focus keenly on the co-existence of diverse cultures, whether with respect to geography or in ideology. His goal is to use painting to challenge the limits of space and time which frame our experience.”

Zhong Biao was born in 1968 in Chongqing, China, and graduated from the department of oil painting at the Central Academy of Fine Art, Beijing, in 1991. Solo museum shows include “Zhong Biao: Blown Over,” Tivat Naval Heritage Collection Museum, Tivat, Montenegro (2014); “Tailoring Clouds,” Suzhou Art Museum, Jiangsu, China (2013); “The Universe of Unreality – Zhong Biao’s Visions,” Chiesa Santa Maria Della Visitazione, Venice, Italy (2013); “The Tendency of Events – Zhong Biao,” Yuz Art Museum, Jakarta, Indonesia (2009); and “The Fable of Life,” Museum of Sichuan Fine Arts Institute, Chongqing, China (1996).

Coach CEO: The Company Sees Chinese Consumers Globally

Coach CEO Victor Luis this week told CNBC that the company is pleased to see the Chinese consumers globally.

Coach sees Chinese consumers globally.

Coach sees Chinese consumers globally.

According to Luis, the company has seen the Chinese demand pick up in Europe and Japan, where the flows of Chinese tourists have increased, although the company has recently experienced the decrease in sales in Hong Kong and Macau as most of its counterparts, due to the decrease in Chinese tourist flows.

“We’ve been on a journey to transform the brand and we’re very pleased — obviously with the results that we’ve been showing — since that transformation began about two years ago,” Luis told CNBC.

Coach this week reported its first sales increase in more than two years. However, the company’s overall sales are down $200 million over the past two years, mainly due to its loss of market share in the handbag category.

KPMG: Chinese Luxury Shoppers Prefer To Buy Online

Chinese luxury shoppers are increasingly turning to buy online, according to a recent study published by KPMG. The study conducted surveys with 10,150 Chinese luxury consumers in 2015.

In the study, KPMG found that nearly one third of Chinese luxury consumers would choose to shop from online retailers instead of brick-and-mortar stores.

Chinese luxury shoppers are increasingly turning to buy online.

Chinese luxury shoppers are increasingly turning to buy online.

The respondents’ average spend per luxury item was 2,300 yuan ($350), and the averaged highest amount they would be willing to spending online on each order was 4,200 yuan ($638).

Women products are the main consuming items, according to the study. The best-selling items were cosmetics, women’s shoes, bags, leather products, women’s clothes and accessories.

In terms of the shopping destinations, overseas online retailers were more preferable to domestic ones by the Chinese luxury shoppers. Two thirds of online shoppers responded that they purchase more from aborad.

The foreign exchange is another factor impacting the Chinese luxury online shoppers’ purchasing decisions. KPMG indicated that the Chinese consumers will move fast to take advantage of opportunities presented by changes in foreign exchanges.

New World To Offer $7 Billion Buyout Of China Unit

Hong Kong’s New World Development Company is preparing to offer a $7 billion buyout of its China unit, reported Bloomberg.

Controlled by the Cheng Yu-tung family, New World Development is planning to buy the shares it does not already own in New World China Land Ltd., which is worth about $2.1 billion based on New world China’s last closing price.

Billionaire Cheng Yu-tung spoke at a public event in Hong Kong.

Billionaire Cheng Yu-tung spoke at a public event in Hong Kong.

In 2014, New World Development tried to take the China unit private for $2.4 billion, but the attempt was rejected by minority investors. This time, the company is holding more money for the offer after a rights issue and last year’ strong sales.

The China unit has residential, retail, office, and hotel projects in more than 20  cities in mainland China. New World Development and companies associated with Cheng already own about 70  percent of New World China, according to exchange filings.

Asia Week New York Announces 46 World-Renowned Galleries and 5 Auction Houses For Its Celebration Of Asian Art 2016

The Asia Week New York Association announces that 46 international galleries and 5 auction houses will participate in Asia Week New York 2016, the nine-day celebration of Asian art and culture that spans the metropolitan region from March 10 through 19, 2016. Says Lark Mason, Chairman of Asia Week New York: “For connoisseurs and collectors who want to immerse themselves fully in the wonders of the Far East, they know there is a once-a-year celebration that they must attend. And it’s no wonder. Asia Week combines top-flight galleries and world-renowned Asian art specialists for over a week of outstanding events and exhibitions – all sprinkled around the world’s most exhilarating city, New York!”

An Iron-Brown-Painted-black glazed vase (Yuhuchunping) Song Dynasty (A.D. 960-1279) J.J. Lally & Co.

An Iron-Brown-Painted-black glazed vase (Yuhuchunping) Song Dynasty (A.D. 960-1279)
J.J. Lally & Co.

According to Mason, nine new galleries have joined the roster: Berwald Oriental Art (Chinese ceramics, pottery, sculpture, and works of art, London); DAG Modern (modern Indian art, New York); FitzGerald Fine Arts (Chinese ceramics and contemporary art, New York); Gallery Japonesque (contemporary Japanese ceramics and works of art, San Francisco); Alan Kennedy (Chinese textiles and paintings, Santa Monica); Laurence Miller Gallery (Japanese photography, New York); Renaud Montméat Art d’Asie (Indian and Himalayan Art, Paris); Phoenix Ancient Art (Chinese bronzes, New York); and Tenzing Asian Art (Hindu and Buddhist art, San Francisco).

The 2016 edition of Asia Week New York continues to offer a non-stop schedule of gallery open houses, auctions at Bonhams, Christie’s, Doyle, iGavel, and Sotheby’s, exhibitions, lectures, symposia and special events. To celebrate the week’s festivities, a private, invitation-only reception, jointly hosted with the Department of Asian Art of The Metropolitan Museum of Art will once again take place there on March 14. A comprehensive guide with maps will be available at participating galleries, auction houses and cultural institutions, starting February 2016 and online at asiaweekny.com. Emphasizing the strength of interest from Chinese-speaking buyers, a Chinese version of the website is available at cn.asiaweekny.com.

Curators Flock To NY For Asia Week

More than 100 Asian art curators from premier museums world-wide will make their annual expedition to Asia Week New York for an unprecedented nine-day extravaganza of 42 specially-curated shows by gallerists from around the globe, 25 auction sales and numerous museum exhibitions and special events all over Manhattan and the metropolitan area.

“We are delighted to once again welcome a distinguished contingent of Asian art curators, whose enthusiasm and scholarship are testaments to the importance of Asia Week New York as a not-to-be-missed destination for museums.” said Carol Conover, chairman of Asia Week New York.

asia week

According to Ms. Conover, the curators, many of whom will be accompanied by their donors, represent museums worldwide, such as The Asian Art Museum in San Francisco, The Rubin Museum of Art, The Metropolitan Museum of Art, The Solomon R. Guggenheim Museum, Brooklyn Museum, Museum of Fine Arts, Boston, China Institute, Asia Society, and The Art Institute of Chicago.

A comprehensive guide with maps will be available at participating galleries, auction houses and cultural institutions, and online at asiaweekny.com. Emphasizing the strength of interest from Chinese-speaking buyers, a Chinese version of the website is available at cn.asiaweekny.com.

Collaborated by 42 top-tier international Asian art specialists, five major auction houses-Bonhams, Christie’s, Doyle New York, iGavel, and Sotheby’s, and 22 museums and Asian cultural institutions, Asia Week New York is a week-long celebration filled with a non-stop schedule of simultaneous gallery open houses, Asian art auctions as well as numerous museum exhibitions, lectures, symposia, and special events.

Asia Week: Lark Mason Associates To Preview Important Sale of Asian

A Rare 18th century Chinese Imperial Parcel Gilt Lapis Lazuli and Inlaid Gilt Bronze Table Screen will be on view during Asia Week. (Estimate: $60,000/90,000)

A Rare 18th century Chinese Imperial Parcel Gilt Lapis Lazuli and Inlaid Gilt Bronze Table Screen will be on view during Asia Week. (Estimate: $60,000/90,000)

Lark Mason, founder and president of Lark Mason Associates, has announced that more than 500 lots of important Asian art will be on view during Asia Week New York, from March 13 through March 20 at the iGavel headquarters, 229 East 120th Street, in Manhattan.

“Asia Week New York is the most important international Asian art event in the world,” says Mr. Mason. “We are delighted to offer such an exemplary selection of important works of art from all the Far Eastern cultures, bringing them to the attention of Asian art collectors and aficionados.”

Chinese Porcelain Doucai 'Daoist Emblems' Bowl, Yongzheng Mark and Period  (Estimate: $100,000/200,000)

Chinese Porcelain Doucai ‘Daoist Emblems’ Bowl, Yongzheng Mark and Period (Estimate: $100,000/200,000)

According to Mason, the sale goes live on igavelauctions.com on April 8th through April 22nd. Works of art on view representing the breathtaking scope of Asian periods and disciplines, from the Sui dynasty through the 20th century.

Founded by Lark Mason in 2003, iGavel Inc. is an online international network of independently owned regional auction salesrooms, specializing in the sale of fine and decorative arts.

China’s Ex-government Cars Fetches 14.5 Million Yuan In Auction

Bidders flocked to an auction in Beijing to bid for cars that used to belong to central government.

This week, hundreds of Chinese bidders flocked to an auction in Beijing to bid for cars that used to belong to central government, reported South China Morning Post.

The first batch of 204 central government officials’ cars that went under the hammer were sold for a whopping 14.5 million yuan ($2,321,900) in total, about 75 percent higher than their staring prices on average. The remaining 2,980 cars will be auctioned at later dates.

During the auction, one of the bidders successfully bid more than 20 Audis and Volkswagens worth more than a million yuan, according to the report.

The question is why so many people are fascinated by used ex-government cars rather than other secondhand cars or brand new cars. As one bidder told China Business News,

“It makes me look good to drive a former official car to business gatherings, because it used to serve officials from the central government.”

Some bidders also felt that the cars used by government officials were usually better maintained than other secondhand cars.

With the ongoing anti-corruption campaign driven by President Xi, officials of all ranks below deputy minister are now banned from using government-owned cars on a daily basis except for specific tasks and emergencies. Unused cars are to be sold at public auctions, with the money raised going to the central treasury.

Alibaba Seeks Stake In Insurer New China Life

Jack Ma, founder and Executive Chairman of Alibaba Group.

Jack Ma, founder and Executive Chairman of Alibaba Group.

China’s Alibaba Group, the world’s biggest e-commerce company, is planning to buy shares in New China Life Insurance Co Ltd, according to the Shanghai Securities News.

Central Huijin Investment Ltd, the largest shareholder owning 31.34 percent of the insurer, plans to sell some of its stake to Alibaba.

New China Life Insurance has a market capitalization of $24 billion. The company provides life insurance services and products.

Alibaba has already invested in the Chinese insurance market. Last December, the founders of Alibaba and Tencent Holdings Ltd were among a consortium of investors who purchased stakes in Ping An Insurance Group Co of China Ltd in a HK$36.5 billion ($4.7 billion) deal, marking that the two Internet giants have been eyeing finance as an area ripe for technological disruption.