Tag Archives: national day

China’s “Old School Luxury Car” Gets International Attention

Hong Qi (Red Flag) Limousines Driven In National Day Parade Provoke Speculation Among China Car Watchers

The newest Hong Qi limo, used in the National Day parade, features traditional design elements that will appeal to many in China (Photo: Xinhua)

The newest Hong Qi limo, used in the National Day parade, features traditional design elements that will appeal to many in China (Photo: Xinhua)

This week, during China’s National Day parade, many viewers saw for the first time China’s first (and some would say only) luxury car brand — Hong Qi (Red Flag) — in action, carrying President Hu Jintao and Lieutenant General Fang Fenghui to Tian’anmen. For people unfamiliar with China’s exclusive home-grown luxury vehicle — generally reserved only for top leaders — what’s beneath the hood of Hong Qi’s newest model?

China Car Times takes a look:

Information on the cars used in this years National Day celebrations is thin on the ground, we have learned that they measure 6.4 meters long, 2.05 meters wide and are 1.72 meters high, and with power being delivered by a V12 engine. The cars were considered state secrets during their development and were all hand made by First Automobile Workers in Changchun.

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Art Market Confidence Index Shows 75% Of HK Auction Respondents In The Mood To Buy

As Hong Kong “Stirs From Slumber” And Buyer Confidence Remains High In China, What Can We Expect To See Next Week?

Zeng Fanzhi is one of the historical Chinese contemporary artists up for auction in Hong Kong next week

Zeng Fanzhi is one of the historical Chinese contemporary artists up for auction in Hong Kong next week

We’ve been interested in the upcoming Hong Kong Sotheby’s auctions of Contemporary Chinese, Southeast Asian and other Asian art, with a particularly obvious fixation on the Chinese side, for some time. After the surprising turnout of mainland Chinese, and their willingness to go far above and beyond lot estimates to take home something they’ve set their hearts on, Sotheby’s is likely expecting a good proportion of bidders both from the mainland and other areas of Greater China — definitely Hong Kong, since buyers from that market have been something of a fixture at Chinese art auctions for ages. And while the unpredictable nature of art auctions makes it difficult to forecast how next week’s auctions turn out (although total revenue estimates for all of the Hong Kong auctions are close to US$100 million), many people are excited and motivated to buy some high-quality, historical art.

One thing that makes the auction of contemporary Chinese art even more interesting to me on a personal level is the way it will coincide with “Golden Week,” a week of celebrations coinciding with both Chinese National Day and the Mid-Autumn Festival. If last year’s turnout was any indication, Golden Week could draw well over a million mainlanders to Hong Kong this year, most of whom are coming to the city either to shop for expensive objects or eat and drink for days. While Golden Week, on its own, really shouldn’t affect the Sotheby’s sale too much, it is within the realm of possibility that some of the shopping-mad mainlanders might be shipping a Yue Minjun or Liu Ye painting home along with their boxes of luxury goods.

Another reason I’m excited about the Hong Kong sales next week is because of this article, published today by Art Market Insight, which is bullish on the article because of the comparatively fast re-emergence of Hong Kong following the global economic crisis:

Once again, Sotheby’s is weighting its sale in favour of the Contemporary segment (Contemporary Asian Art) which carries the richest of the three catalogues with 190 lots and a total revenue estimate of $12.5m. In order to re-kindle interest amongst its biggest clients, the auctioneer has built a catalogue of very attractive signatures. Among the star lots: a powder drawing by CAI Guoqiang , Money net NO.2, estimated at HKD 4.7m – 5.5m, ($606,000 – $710,000), several paintings by YUE Minjun , including Hats series – The lovers expected to generate around $400,000 (estimated HKD 2.8m – 3.5m), three paintings from the famous Chinese Portrait series by FENG Zhengjie including a superb contemporary Amazon (4 x 3 metres) estimated at $100,000 – $130,000 (HKD 800,000 – 1m). A very similar monumental portrait fetched $133,000 in June 2009 (Phillips de Pury & Company, London, £81,000).

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Mainland Shoppers Set To Flock To HK For Golden Week

1.8 Million Tourists And Shoppers Made The Trip Last Year; Will This Year See Similar Figures?

Photo Courtesy Hong Kong Tourism Board

Photo Courtesy Hong Kong Tourism Board

Hong Kong retailers, hoteliers and merchants of all shapes and sizes are getting ready for the second of two “Golden Weeks” which take place annually in China — the first celebrating Chinese New Year and the second beginning on National Day (Oct. 1) and continuing through the Mid-Autumn Festival (Oct. 3) until finally ending on the 8th. For Hong Kong’s luxury retailers, Golden Week has traditionally provided a much-needed boost to their sales, particularly as fall begins and the flow of foreign tourists slows down significantly.

For many mainlanders, however, Golden Week is a chance to hop over the border and do some serious shopping. As Hong Kong retailers aren’t saddled with the same high sales and luxury taxes as those in the mainland, shoppers from throughout China often take advantage of the timing of Golden Week to enjoy the cultural ambiance of Hong Kong while stocking up on expensive products that would — at home — cost up to double the price.

Today, the New York Times Globespotters blog gives a glimpse into the fun (and chaos) of Golden Week in Hong Kong, when millions of shoppers (many of whom have saved up throughout the year for their HK shopping spree) converge on this small but densely-packed city to queue up for hours and open their wallets:

European designer emporiums, jewelers and gold shops will all be packed, as mainland Chinese rush to buy goods that are both cheaper, and more likely authentic, than back home. (Unlike China, Hong Kong has no sales or luxury taxes.) For upscale shopping, avoid the crowds by trying department stores like Lane Crawford instead.

As far as the local government is concerned, you can’t have too many festivals. During this hectic period, there is also the Hong Kong International Arts and Antiques Fair from Oct. 3 to 6, and the Hong Kong International Jazz Festival from Oct. 1 to 15. Jazz and antiques aren’t big Chinese tourist draws, so they might be another way to escape from the maddening crowds.

In addition to these festivals and events, this year’s Golden Week will also coincide with Sotheby’s Autumn Auction of Contemporary Chinese and Asian Artwork, taking place on October 6 in Hong Kong. It’ll be a great opportunity for luxury buyers who have come over from the mainland to bid on some domestic contemporary artists and maybe take home a few Yue Minjuns, Zeng Fanzhis or Cai Guo-Qiangs in addition to the boatloads of Cartier, Louis Vuitton, Gucci and Rolexes they’re going to tote back over the border.