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NEW YORK – November 5, 2009 – Jing Daily, the source for the most important and timely news about the business of luxury and culture in China, today announced the launch of its new website (http://www.jingdaily.com). With insight and commentary gathered from the Chinese- and English-language blogosphere and top news sources around the world, Jing Daily offers up-to-date information about crucial developments and current trends in China’s luxury, business, arts, and cultural markets.
Posted in Art, auction, Automobile, Business, China, Chinese Art, Culture, Currency, Economics, Economy, Fashion, G20, Investment, Luxury, Museums, Sino-US Relations, Uncategorized
Tagged blog, China, construction, Culture, jing, Luxury
Lexington Plaza Hotel Opens 28 Story, 288 Room Hotel In One Of City’s Up-And-Coming Areas
Zhabei's first five-star hotel could attract new business to the district or draw tourists as the area transforms over time
While hotel openings are not exactly uncommon occurences in a metropolis like Shanghai, the opening of Zhabei District’s first five-star hotel is somewhat noteworthy because of its location and novelty. Zhabei, an area known more as the location of the Shanghai Multimedia Valley tech zone and a popular area for foreign companies looking to set up shop in the area than a must-see for travelers or expats, is gradually developing into a more interesting part of town. With new luxury hotels under construction and more restaurants, bars, and attractions sure to follow, the new five-star Lexington Plaza might just be a taste of what’s to come rather than a strange outlier among a wider industrial landscape.
According to the company’s press release, the Zhabei location follows two existing properties owned by the company, in Shenyang and Zhuai, and the brand has plans to open several more properties under the Lexington Collection flag before year’s end:
According to Roger Bloss, CEO and President of Vantage Hospitality, Lexington’s parent company, the Shanghai property is a testament to the success of Lexington’s Freestyle Brand Affiliation in Asia. “Hotel owners worldwide are making smart decisions and choosing an international affiliation, like The Lexington Collection, that provides them with the freedom to do business as they see fit for their customers while enjoying Vantage’s comprehensive resources.”
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.
Construction On A Number Of Stalled Projects To Start Up Again, As City Aims To Cement Its Reputation As The “Vegas Of The East”
One Central, set to be completed within the year, is to be one of Macao's top luxury residential complexes
Macao, the former Portuguese colony that rejoined China in 1999, has had its share of ups and downs over the past few years. In recent years, the city replaced Las Vegas as the world’s largest gambling market by total revenue, but not long after gaining this distinction, the city was hit hard by the global economic downturn — which bit into the city’s crucial tourism industry as well as its breakneck pace of construction. Now, as the recession eases somewhat in the region — China itself has not been hit as hard as many more developed economies — Macao aims to restart its vast construction efforts and attract more young professionals, luxury shoppers, and gamblers.
Today, the New York Times has a great article on the ongoing transformation of Macao — what was once a backwater trading hub has, like its neighbor Hong Kong, over the years become an important business and tourism center. As the city continues to carve its unique place in the Chinese and East Asian economies, developers continue to work hard to create in Macao a world-class real estate and travel destination. With large-scale luxury developments like One Central due to open within the year, it looks like Macao is, indeed, starting to get back on its feet:
Posted in Business, China, Economy, Investment
Tagged casino, China, construction, gambling, hong kong, Investment, macao, macau, mandarin oriental, one central, real estate, wanchai