Ausen Real Estate Development Set To Invest US$22 Million In Luxury Home Furnishing Retail Complex, Due To Open Next Year
Ausen World will bring a Western-style furniture shopping experience to Shanghai
While announcements of new large-scale real estate projects in China are nothing new, nor are they particularly exciting on the whole, Ausen Real Estate Development Co.’s recently-announced plans to open a massive home furnishing retail complex near Shanghai next year stand out. Set to be located in Xinbang, in Shanghai’s Songjiang District (less than an hour’s drive southwest of downtown), the austerely named Ausen World Brand Home Furnishings Center will include features not often seen at furniture stores, including a hotel and restaurant for shoppers who prefer to make a weekend out of their shopping trips. Although slapping a hotel onto a massive furniture store isn’t exactly unheard of, it most certainly is unusual.
According to company spokespeople, Ausen World‘s main focus will be on American and European furniture, popular but often poorly understood by Shanghai-area residents. The center will also include Premium home furnishing areas designed to emulate “DIY” stores like the Home Depot. From Furniture Today:
Another unusual feature for a Chinese retail center will be the presence of on-site interior designers, who can help consumers with home design and product choices.
In a statement, Ausen said it intends to be a door to the Chinese market for Western brands. It will offer help with operating in the country, including support of import entry, logistics and storage.
Zhang said he believes the center will offer a “family feel” that is missing from most Chinese retail spaces, with a rewarding consumer experience for shoppers and their children. An Australian company will design the “eco-garden” look of the complex, including outdoor leisure areas.
Posted in Business, China, Culture, Economics, Investment, Luxury
Tagged ausen world, Business, China, chinese, Economics, furnishing, furniture, home, hotel, IKEA, Investment, Luxury, real estate, restaurant, shanghai, trade, western
Mandarin Journeys’ 2010 World Expo Package To Target High-End Foreign Travelers During Shanghai’s “Coming Out Party”
The Shanghai World Expo is expected to attract upwards of 70 million visitors
Mandarin Journeys, a “Western-run, China based luxury tour operator,” has announced an innovative tour package for visitors to Shanghai’s 2010 World Expo, set to take place from May 1 to October 31 of next year. According to a press release, the luxury tours will be designed in association with some of the leading hotels of Shanghai:
Working with such exclusive properties as Langham, Hyatt, Portman Ritz-Carlton, PuLi and JW Marriott, Mandarin Journeys presents a comprehensive selection of Expo tour packages targeted at a worldwide discerning client base.
Based in China and operated by former tour managers and long-term Western expatriates the company caters to independent travelers from Europe, the United States and Australia. Our destinations include China & Tibet, Japan, Central Asia, Vietnam, Laos, Cambodia and Thailand.
Posted in Business, China, Culture, Luxury
Tagged 2010, bespoke, Business, China, Luxury, shanghai, shanghai world expo, tourism, travel, world expo
IPO Follows Record Revenue In Macau Last Month And Indications That Beijing Will Loosen Visa Restrictions F0r Mainland Chinese
Macau, the "Vegas of the East," is bouncing back to life after a tough year
The Wall Street Journal reports today that Las Vegas-based casino operator Wynn Resorts is looking for as much as US$1.6 billion (HK$ 12.6 billion) “based on pricing set over the weekend for a Hong Kong listing of the company’s Macau assets next month.” This IPO could precede others by foreign casinos in Macau, as the article notes that Wynn competitor Sheldon Adelson may also be eyeing a Hong Kong listing for his company as it emerges from the global economic downturn — which put a sizeable dent in several construction projects that had been slated for the Venetian Macau last year.
The relatively quick rebound of the Chinese tourist (or, even more likely, Cantonese gambling enthusiasts from Hong Kong, Shenzhen and elsewhere in Guangdong province) has injected a much-needed dose of optimism among major companies in Macau, which depend greatly on the continued spending and investment of mainland Chinese visitors and companies as well as the capital and expertise of foreign casino operators like Wynn to keep the former Portuguese colony’s growing economy running smoothly.
Over the weekend, Wynn and its bankers set a price range of between HK$8.52 and HK$10.08 per share for the IPO, the person said. The company is offering 1.25 billion shares, equivalent to 25% of the equity of Wynn’s Macau operations, the person added. The company had earlier been expected to raise about US$1 billion in its offering.
Posted in Business, China, Economics, Economy, Investment, Luxury
Tagged Business, China, finance, Investment, IPO, macao, macau, sheldon adelson, steve wynn, wall street journal, wynn resorts
After Failed Business Deals Earlier In The Year, Chinese Investment In Australia Is Back In A Big Way
Despite setbacks, Chinese-Australian business ties have deepened in the last few years
The Australian reports this week that Australia remains a popular destination for Chinese investments, even after the ill-fated Chinalco-Rio Tinto negotiations earlier this year and China’s subsequent incarceration of Rio executive Stern Hu, an Australian national, along with three of his Chinese colleagues:
[T]he core complementary elements that have increasingly driven the economies together — Australia’s need for capital and for markets, China’s need for inputs for its industrial machine, and for international enmeshment — have not changed.
Paul Glasson, Shanghai-based managing director of Sigiriya Capital, a leading figure in putting together deals between Chinese and Australian companies, says: “The core proposition between Australia and China remains the same. The bottom line demand and desire to supply resources has not changed.”
This became palpable when Resources Minister Martin Ferguson flew to Beijing to initial on August 18 the deal through which state-owned giant PetroChina agreed to buy $50bn worth of gas from the Gorgon field off Western Australia.
With scant notice, he secured a brief but crucial meeting with the central player in China’s zou chu qu — go global — campaign, the chairman of the immensely powerful National Development and Reform Commission (NDRC), Zhang Ping.
Posted in Art, Business, China, Chinese Art, Culture, Economy, Investment
Tagged australia, Business, China, chinalco, Investment, rio tinto, stern hu
Abu Dhabi Making Chinese Business Travelers, Tourists Key Priority Following Reports That UAE Will Be Given Approved Destination Status
Relations between China and Abu Dhabi have improved greatly in the last decade, benefitting businesses (and soon, tourists)
News that ties between China and the United Arab Emirates (UAE) are deepening are not new, but until now the seven emirates have not been a major destination for Chinese tourists or business travelers. Although this has changed in recent years, at least on the business side — as Dubai and Abu Dhabi in particular have drawn thousands of these travelers as commercial __ have deepened — Chinese tourists have had a difficult time procuring visas.
That may change now, according to reports that the UAE will soon be appointed as an approved destination by the Chinese government. This should open new doors for waves of Chinese tour groups to head westward, and Abu Dhabi’s tourism department will, undoubtedly, be waiting for these free-spending groups with open arms. Already the Abu Dhabi authorities have begun to promote the emirate in China:
The Abu Dhabi Tourism Authority, a participant of the two-day China Incentive, Business Travel & Meetings Exhibition, that ended in Beijing on Thursday, will establish dedicated MICE (Meetings, Incentives, Conventions and Exhibitions) divisions in its three offices established over a year ago in Beijing, Shanghai and Guangzhou. Abu Dhabi will also appear at the China International Travel Mart in November in Kunming.
“China is going to play a significant role in Abu Dhabi, reaching its goal of attracting 2.3 million hotel guests by 2012’s end,” says Dayne Lim, product development director of the Abu Dhabi Tourism Authority. “As China is also now a leading world manufacturing powerhouse we will also be looking to increase awareness of Abu Dhabi as a business tourism destination.”
Posted in Business, China, Culture, Economics, Economy
Tagged abu dhabi, approved destination, Business, China, chinese, UAE, united arab emirates
Hugely Successful Chinese Online Platform Seeks To Further Globalize Its Brand With Expansion Of US Business
Jack Ma hopes his company, Alibaba, can become a truly global brand
Reuters reports today that Alibaba, the popular China-based B2B online portal, is looking to further build its brand through expansion into the US market. CEO Jack Ma today presented the new Ali Express (wholesale.alibaba.com) portal at a conference at the company’s headquarters in Hangzhou. The move to expand further in the US market follows the opening of a European headquarters and massive global marketing campaign for Alibaba:
[In addition to its online marketplace,] Alibaba Group is also the parent of Taobao, China’s largest online auction site, and Alipay, an online payment service provider.
China State Construction Engineering Corp. Signs $1.7 Billion Agreement With Tishman And Casino Builder Revel Entertainment To Complete Atlantic City Casino
Forbes.com reports today that one of the big investment trends of the last decade — western (primarily American) investors pumping money into places like Macau to develop sprawling casinos — has been turned on its head, as China State Construction Engineering Corp. (CSCEC), China’s biggest property company, has just signed a $1.7 billion deal with Tishman and Revel to complete a new casino in Atlantic City by July 2011. This investment may be unusual, but it is both a welcome injection of cash into a delayed project as well as a possible sign of more Chinese-American cooperative deals and construction projects to come. These construction agreements are extremely common in China — as we reported yesterday — but to date have been largely nonexistent in America.
CSCEC has been on a bit of a roll lately, having benefitted greatly from China’s massive stimulus spending, and will provide the much-needed funding that this project needs to finally get moving again — construction had been halted in the wake of the global financial crisis. As Forbes.com notes, CSCEC
reported a net profit of 2.35 billion yuan ($344 million) for the first half of 2009 on 111.3 billion yuan ($16.3 billion) in revenue.
Number of Travelers Increasing More Rapidly In China And Other Emerging Economies; Carriers Taking Localized Approaches To Woo Passengers
The number of Chinese air travelers has grown exponentially in the last 10 years. Graphic © Brand Channel
Although the air travel industry has reported grim figures over the last year — with Asia-Pacific airlines taking the biggest hit overall — industry insiders report continued growth in the Chinese market, particularly from business travelers. To reach this lucrative group, airlines have taken unique approaches to branding and service in the Mainland, with carriers like Finnair and Emirates, along with domestic carriers, reaching out to Chinese travelers through culturally-relevant approaches.
Brand Channel recently posted a feature that looked into what successful airlines are doing correctly in the Chinese market (and the reasons why others are failing to make a connection with Chinese consumers). As the article points out, outreach can range from simple changes like ensuring crewmembers can speak Mandarin, English, and regional dialects to more dedicated personal services that Chinese consumers may find more important than their non-Chinese counterparts. With more Chinese passengers flying domestically as well as overseas, this type of article is essential reading for airlines — or any other companies — which are looking for proven techniques for attracting Chinese customers.
Posted in Business, China, Culture, Luxury
Tagged airlines, asia, Business, carriers, China, emirates, finnair, travel
Multinationals Hope Domestic Consumption, Inland Movement Will Counterbalance Drop In Exports
The world's target market
CNN reports today on the hopes of many western investors and CEOs for the rise of the Chinese consumer to help lift up the sluggish global economy. With slowly-increasing consumption rates in a country still highly populated by savers rather than spenders, redoubled efforts by western and Japanese companies to retain and expand their customer base shows that they understand that the Chinese market — with its vast potential but cut-throat competition — is critical for their global strategy.
Posted in Automobile, Business, China, Culture, Economics, Economy, Fashion, Investment, Luxury
Tagged Apple, Audi, branding, Business, China, china market, computers, consumer, founder, geely, JNBY, louis vuitton, marketing, panamera, porsche, shanghai, shanghai auto show, strategy