Posts tagged ‘Shanghai’

08/07/2014

Chinese ‘customers’ at IKEA?

Do have alook at these actual photos: https://www.google.co.uk/search?q=chinese+asleep+IKEA,+2014&tbm=isch&tbo=u&source=univ&sa=X&ei=E-67U4HSDoHX7AadmYGQCg&ved=0CB8QsAQ&biw=1360&bih=850

Ikea Shenzhen China

Ikea Shenzhen China (Photo credit: dcmaster)

And from: http://www.scmp.com/news/china/article/1300942/ikea-last-cracks-china-market-success-has-meant-adapting-local-ways?page=all

“On a recent Saturday afternoon, Ikea‘s flagship mainland store – one of the world’s largest – is abuzz with people. Walkways guiding visitors from one showroom to the next feel more congested than the road outside, and almost all 660 seats in the canteen are occupied. Yet the lines to the cashiers are refreshingly short – most are not here to shop.

The store is gripped by a kind of anarchy that would rarely be seen, or tolerated, in its country of origin. There are picnickers everywhere – their tea flasks and plastic bags of snacks lining the showroom tables. Young lovers pose for “selfies” in mock-up apartments they do not live in. Toddlers in split pants play on model furniture with their naked parts coming in contact with all surfaces.

On a king-size bed in the middle of the largest showroom, a little boy wakes from a nap next to his (also sleeping) grandmother. When the old woman casually helps the boy urinate into an empty water bottle, dripping liquid liberally on the grey mattress under his feet, most passers-by seem not to mind or even notice. The exception is a young woman who elbows her disinterested boyfriend: “Look, he’s peeing into a bottle!”

Most endemic, however, is the sleeping. After a few, rare clear days, the city’s notorious heavy smog has returned, and is made worse by a sticky, dusty heat wave striking northern China. Weeks earlier, a photo of people napping in a Shanghai shopping centre to escape the searing heat went viral, but in the capital, it is Ikea’s cool, conditioned air that is salvation for tens of thousands of its inhabitants.

The bedroom and living room sections on the store’s third floor are the most popular. Virtually every surface is occupied by visitors appearing very much at home. Older people read newspapers or drink tea; younger visitors cuddle or play with their phones. Most, however, are sound asleep.”

 

27/06/2014

China’s Maker Movement Gets Government Support for DIY Workshops – Businessweek

On a Wednesday night in late May, about 60 people assembled in a warehouse in downtown Shanghai for a presentation on how to make mini sports cameras like the popular GoPro (GPRO). The meeting was organized by XinCheJian, one of China’s first hackerspaces, which offers workshops for participants interested in design and technology to create everything from robots to smartphone apps.

A 3D printer makes a miniature chair during the China International Technology Fair in Shanghai on May 8, 2013

The weekly gatherings attract 30 to 150 people and offer them a way to share ideas, skills, and inspiration. After attending a meeting in 2012, Rockets Xia, an environmental advocate with a Chinese nongovernmental organization, was so impressed by a 3D printing demonstration that he quit his job and went to work for DFRobot, a Shanghai-based company that makes robotics kits and other hardware for hobbyists.

The popularity of XinCheJian, which means “new factory,” is a sign of China’s joining the growing maker movement—what former Wired editor Chris Anderson in his 2012 book Makers described as the “third industrial revolution,” in which entrepreneurs use open-source design, 3D printing, and crowdfunding to manufacture goods on their own. In China, 30 independent hackerspaces, including XinCheJian, have opened across the country.

via China’s Maker Movement Gets Government Support for DIY Workshops – Businessweek.

27/06/2014

China Bans Companies From Selling ‘World Cup Heartbreak Insurance’ – China Real Time Report – WSJ

The World Cup is about to break a few more hearts.

China’s Insurance Regulatory Commission announced Thursday that it would ban insurance companies from developing and selling products related to gambling.  So long, ‘World Cup Heartbreak Insurance.’ We hardly knew you.

Before the World Cup started, An Cheng Insurance sold the heartbreak insurance in an attempt to ease the pain for fans whose favorite teams were knocked out of the tournament early. The company had planned to release new insurance products for the upcoming second round of the World Cup, “but there is no more,” said Zhang Yi, product manager at An Cheng.

The insurance regulator released the policy on Thursday.

“They are the leading body at a higher level, so we need to respect whatever their decision is,” Mr. Zhang said.

On Friday, “World Cup Heartbreak Insurance” was no longer available on An Cheng’s store on Alibaba’s Tmall platform. It had also been removed from the company’s own online shop.

Although the company can’t keep hearts from breaking, it is still offering another World Cup-related product: “Getting Drunk Insurance.”

This product has a premium of 13 yuan ($2) for young people (defined as those between the ages of 18 and 40) and 18 yuan for those from 41 to 50 years old. It covers medical expenses of up to 500 yuan if the buyer gets drunk and sick. The coverage lasts for 90 days.

Meanwhile, Shanghai-based Zhong An Insurance is still selling its World Cup insurance products, including “Soccer Hooligan Insurance,” “Night Owl Insurance,” “Foodie Insurance” and “Getting Drunk Insurance.”

A spokeswoman for the insurance company said it doesn’t have to discontinue its World Cup-related products because they are normal medical or personal accident insurance and aren’t related to gambling. “Although we use the World Cup as a special time to promote our products, it’s very different from gambling,” she said.

Those who break their hearts by placing failed bets on the outcome of the games can at least take some solace in knowing the tournament only comes around once every four years.

–Olivia Geng

via China Bans Companies From Selling ‘World Cup Heartbreak Insurance’ – China Real Time Report – WSJ.

14/06/2014

‘Fake’ government toppled by Chinese police – Telegraph

It will go down as one of the most audacious attempts at Chinese fakery yet: a bid to forge an entire government.

Police in central China say they have brought down a 'counterfeit government'

That is what police claim happened in Dengzhou, a city 480 miles northwest of Shanghai, in Henan province, with more than 1.5 million inhabitants.

Three of the city’s farmers were this week facing charges of forging official documents after allegedly trying to build a parallel and entirely fictitious government for reasons that remain obscure, the local Dahe News Online website reported.

The “counterfeit government” began operating last September when Zhang Haixin, Ma Xianglan and Wang Liangshuang, three villagers, proclaimed themselves the leaders of the self-styled Dengzhou People’s Government.

The trio reportedly accused the incumbent Communist Party administration of “dereliction of duty” and opened their own headquarters just around the corner from those of the city’s real governors.

via ‘Fake’ government toppled by Chinese police – Telegraph.

11/06/2014

Why Chinese Officials Are Resigning From Company Boards Left and Right – China Real Time Report – WSJ

In concept, a company’s independent directors serve to check abuse of power and protect shareholders. In practice here in China, they’re often seen as a vehicle for corruption, as companies stack their boards with government officials who accept handsome compensation for the post and do an indifferent job.

China’s central authorities have been cracking down on the phenomenon, with the Communist Party issuing a circular last October banning officials and college professors from holding second jobs. According to the state-run Xinhua news agency, as of this week, more than 200 listed companies have reported independent director resignations.

October’s directive—which also said officials could only take on such posts following a three-year cooling-off period once they leave office—isn’t the first time that the party had cracked down on such activities: In 2009 and 2011, the country’s education and finance departments also banned cadres from taking outside jobs or holding independent director posts.

Still, according to statistics from the party-controlled China Youth Daily, in a survey of 5,760 independent directors at Shenzhen and Shanghai-listed companies conducted last year, fully 45% had government backgrounds.

A Monday editorial in party mouthpiece the People’s Daily said it was important for cadres “not to mistakenly convert their public power into private power, or to mistakenly think they have captivating backgrounds, when in fact all people are seeing is their backgrounds.” Official resignations from company boards, the paper said, would be a way to “purify” the party.

The move to purge company boards of officials comes as President Xi Jinping has pushed a broader anti-corruption drive that has encompassed a crackdown on everything from lavish weddings and funerals to red carpets and even luxury mooncakes. After decades of breakneck economic growth that has disproportionately benefited companies and individuals with political connections, the party is eager to erase the notion that the country’s economic system is rigged, particularly as growth has begun to slow, political analysts say.

via Why Chinese Officials Are Resigning From Company Boards Left and Right – China Real Time Report – WSJ.

24/05/2014

‘Four Dishes, One Soup’ Not Enough For Sino-Russian Gas Deal Celebration – China Real Time Report – WSJ

Say you’re the leader of the world’s No. 2 economy. You just signed a massive energy deal with your Russian counterpart that has major political and economic implications – and that, under international protocol, calls for a big-time state wingding. At the same time, you’re pushing a government austerity platform to convince your people that their leaders aren’t corrupt fat cats living large off the people.

What to do?

That’s the dilemma Chinese President Xi Jinping faced this week after he reached a 30-year, potentially $400 billion gas supply deal with Vladimir Putin. His answer, it seems, was to split the difference. The state dinner that followed the high-profile deal-signing had enough fancy dishes, tipple and desserts to fail the sort of austerity test Mr. Xi might apply to, say, a banquet thrown by county-level officials in a tier-three burg.

Still, experts said, the wines steered more to the local than to the Bordeaux, and the whole affair fell short of what you might get at a fancy wedding.

After 10 years of difficult negotiation, China and Russia signed a landmark natural-gas contract on Wednesday. The night before, Chinese President Xi Jinping and his wife Peng Liyuan hosted a dinner in Shanghai welcoming more than 300 guests from 46 countries, including Russian President Vladimir Putin.

What dishes were served during the 90-minute dinner?

The dinner was definitely more elaborate than the “four dishes and one soup” set promoted by Xi Jinping as a form of domestic cost-cutting. There were four plates of desserts alone—implying that the anti-corruption rules don’t always apply when it comes to state events, as China doesn’t want to lose face on diplomatic occasions. The six appetizers included mashed green beans, spicy cabbage, sliced whitebait, a pea dish and bamboo shoots with green onions. The five dishes and one soup served included shrimp balls, fried and braised beef, macadamia nuts with greens, flatfish with bean curd sauce, luffa with green beans and mushroom with fish maw. Other dishes included moulded pudding, vegetable dumplings and plates of fruit.

This dinner was intended to be a creative combination of Chinese and western-style cooking, one that highlighted fresh ingredients from southern regions of the Yangtze River. The executive chef behind it, Su Dexing, was also the chief cook for the state banquet during the APEC meeting in 2001, according to Shanghai International Convention Center staff.

As at many state events, China’s ubiquitous luxury liquor Maotai was also served, along with a dry red and dry white wine produced by Cofco Wines & Spirits. According to prices advertised on e-commerce websites, such red and white wine would likely cost between 400-600 yuan ($64-96) per bottle and 300 yuan per bottle, respectively.

Although abundant, the dinner was still simple compared to other options available in Shanghai, where wedding banquets can easily cost a minimum of 500 yuan per person, excluding liquor. In 5-star hotels, such meals might cost more than double that amount.

via ‘Four Dishes, One Soup’ Not Enough For Sino-Russian Gas Deal Celebration – China Real Time Report – WSJ.

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22/05/2014

China’s Bright Food to buy control of Israel’s largest food company | Reuters

China’s Bright Food Group Co Ltd SHMNGA.UL said on Thursday it has signed a preliminary agreement to buy 56 percent of Israel’s largest food company Tnuva from private equity firm ApaxAPAX.UL, extending a string of overseas acquisitions.

bright foods

bright foods (Photo credit: Runs With Scissors)

A spokesman for Bright Food did not disclose how much it has agreed to pay, but Israeli news websites reported late on Wednesday the deal valued all of Tnuva, a specialist dairy produce supplier, at 8.6 billion shekels ($2.5 billion).

When Apax and Israeli investment company Mivtach Shamir Holdings Ltd (MISH.TA) acquired control of Tnuva in 2008, the company was valued at $989 million in total.

“Israel is a country with highly developed agriculture and animal husbandry techniques. Tnuva, as Israel’s largest food company, has a long history and various products and large market share,” the Bright Food spokesman said in a text message sent to Reuters.

Shanghai-based Bright Food has not yet reached an agreement with Israeli investment company Mivtach Shamir Holdings Ltd (MISH.TA), which owns 21 percent of Tnuva, the Calcalist website said. A group of kibbutzim, or cooperative farms, own the rest of Tnuva.

In January Bright Food bought Australian dairy company Mundella Foods. It previously bought Australia’s Manassen Foods, which supplies food brands to Australian retailers, and New Zealand’s Synlait Milk Ltd (SML.NZ).

via China’s Bright Food to buy control of Israel’s largest food company | Reuters.

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13/05/2014

Zhuhai Bests Hong Kong as China’s Most Livable City – China Real Time Report – WSJ

Hong Kong is no longer China’s most livable city.

It’s been knocked out by Zhuhai, which lies on the southern coast of Guangdong province across the border from Macau, according to the latest rankings from the government-affiliated Chinese Academy of Social Sciences. Factors such as a large proportion of college students, a variety of dining and shopping venues and ample green space gave the city its edge, says Ni Pengfei, the director of the academy’s Center for City and Competitiveness.

Hong Kong and Haikou on Hainan Island placed second and third, respectively, while Shanghai ranked 10th. Beijing came in at 41st out of 294 cities, with the report attributing its low ranking to air pollution and high housing prices.

via Zhuhai Bests Hong Kong as China’s Most Livable City – China Real Time Report – WSJ.

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02/05/2014

Leaked Comments From Top Property Developer: China Is Built Out – China Real Time Report – WSJ

Spring hasn’t sprung for China’s chilly housing market and it may not for some time, a high level executive with the country’s largest real-estate developer said in rare remarks leaked online.

A glut of apartments and tightness in the credit market don’t bode well for property developers, said Mao Daqing, vice chairman of China Vanke.

A Chinese flag flies in front of a residential building developed by China Vanke Co., in the Fangshan district of Beijing. Bloomberg News

“Overall, China has reached its capacity limit for new construction of housing projects, only some coastal third- and fourth-tier cities have potential for capacity expansion,” Mr. Mao, who oversees the firm’s Beijing operations, said at a closed door meeting in Beijing on Wednesday (in Chinese). “As to whether there is room for home prices to rise, I don’t see any possibility for a rise in home prices, especially in cities with large housing inventory, unless the government pushes out another few trillion (in stimulus).”

China Vanke Beijing confirmed that Mr. Mao provided an analysis of the housing market in a private event, but added that there were no official transcripts.

Housing sales fell 7.7% in the first quarter this year, and remained sluggish in April, according to private sector estimates.

There is a glut of homes in China’s second-tier cities and some third- and fourth-tier cities due to oversupply of land, Mr. Mao said, highlighting cities like Tangshan, Shenyang and Wuxi. There is insufficient demand as there are not enough new migrants moving into these cities, and with the rich preferring to buy homes in major cities like Beijing.

Any developer who invests in Tangshan, an industrial city east of Beijing, is walking into a trap, he said.

China Vanke, which has a presence in more than 60 Chinese cities, earlier this weak reported a rare year-on-year slide in net profit in its first quarter results.

Mr. Mao also raised some red flags in tier-one cities such as Beijing and Shanghai as well. While demand from end-users is still strong in such cities, he said, land values — seen as a measure of a potential property bubble — are too high. He said land prices were accelerating faster than housing prices in the capital as a result of government efforts to containing prices of new homes there.

He went on to compare land values in Beijing with those in Japan and Hong Kong just before bubbles in those cities burst.  Tokyo’s total land value in 1990, prior to the property bust there, was equal to 63.3% of U.S. GDP in 1990, he said. During the Hong Kong bubble in 1997, land values there reached 66.3% of U.S. GDP

In 2012, the total land value in Beijing was 61.6% of U.S. GDP, “which is a scary number”, Mr Mao said.

via Leaked Comments From Top Property Developer: China Is Built Out – China Real Time Report – WSJ.

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24/04/2014

Disillusioned office workers: China’s losers | The Economist

ZHU GUANG, a 25-year-old product tester, projects casual cool in his red Adidas jacket and canvas shoes. He sports the shadowy wisps of a moustache and goatee, as if he has the ambition to grow a beard but not the ability. On paper he is one of the millions of up-and-coming winners of the Chinese economy: a university graduate, the only child of factory workers in Shanghai, working for Lenovo, one of China’s leading computer-makers.

Man wearing suit on escalator

But Mr Zhu considers himself a loser, not a winner. He earns 4,000 yuan ($650) a month after tax and says he feels like a faceless drone at work. He eats at the office canteen and goes home at night to a rented, 20-square-metre (215-square-foot) room in a shared flat, where he plays online games. He does not have a girlfriend or any prospect of finding one. “Lack of confidence”, he explains when asked why not. Like millions of others, he mockingly calls himself, in evocative modern street slang, a diaosi, the term for a loser that literally translates as “male pubic hair”. Figuratively it is a declaration of powerlessness in an economy where it is getting harder for the regular guy to succeed. Calling himself by this derisive nickname is a way of crying out, “like Gandhi”, says Mr Zhu, only partly in jest. “It is a quiet form of protest.”

via Disillusioned office workers: China’s losers | The Economist.

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