Hong Kong (CNN) – The glitz and prestige of New York’s 5th Avenue makes it one of the most famous streets on the planet. But a torrent of mainland China visitors and a rental war among global brands will soon push the property prices in Hong Kong’s Central district higher than New York’s most expensive address.
As CNN’s Ramy Inocencio reports, Colliers predicts that by 2014, the average retail space in Hong Kong’s Central district (pictured above, left) will eclipse the $2,600 square foot price of New York’s 5th Avenue (pictured above, right). Presently, the average price is about $1,800 per square foot in Central, but prices have been zooming higher as retail brands jostle for prime real estate in this tightly packed territory.
(CNN) – There was lively debate among Business 360 readers on question posed by Friday’s post China slowdown bigger worry than eurozone?
The heart of Friday’s post was the conversation CNN’s Richard Quest had with Jim O’Neill, chairman of asset management for Goldman Sachs, that the slowdown of developing economies such as China was more worrisome than the eurozone crisis.
Many of the dozens of comments from Business 360 readers can be summed up in two words: What slowdown?
Jon B: “I'm an American and I've been living in China for 5 years. Yes, businesses are hurting and prices are rising, but China's people are only getting richer. Their economy is doing just fine for right now. Maybe within the next five to 10 years China will resemble the U.S. and its current struggle, but for now they are full steam ahead. There aren't many icebergs big enough to cripple this boat just yet.”
Hong Kong (CNN) – Will China’s economy have a hard landing, soft touchdown or slow ascension?
The lack of strong action Thursday from the European Central Bank on Europe’s spiraling debt crisis – coupled with similar inaction from the U.S. Federal Reserve on the slowing U.S. economy earlier this week – has ratcheted global investor stress on how China will handle its own slowdown.
The question percolated throughout interviews on CNN International business shows this week.
“It is quite disturbing that Brazil and India have slowed down so much, obviously there’s this huge debate going on about China’s slowdown,” Jim O’Neill, chairman of asset management for Goldman Sachs, told Richard Quest when he argued the slowdown in developing behemoths like China and the rest of the BRIC bloc is more worrisome than the eurozone crisis.
Investor Mark Mobius, head of Templeton Emerging Markets Group, disagreed.
"A lot of people ask me if China is going to have a hard or soft landing," Mobius said. "And I say they are not landing. They're continuing to grow and they're growing at a pretty fast pace."
Still, the signs of a China slowdown are many. Inventories in factories are piling up, and companies ranging from electronics, airlines and sportswear have issued profit warnings.
“While the world fixates on what the Fed and the ECB have up their collective sleeves to stem the sovereign debt contagion and to spur growth, it appears to me that the policy prescriptions might need to include China,” wrote Mike Paulenoff of MPTrader.com. “As in, how to avert a hard landing?”
So, hard days ahead for China? Will its economy touch down gently, or is it likely to trampoline – with help from Beijing – like it did in the wake of the 2008-2009 financial crisis?
Have your say. Leave a comment below.
Hong Kong (CNN) – With China now the world’s second largest economy and increasing its influence all the time, it’s no surprise that Mandarin is becoming the language to master.
Just look at the case of the American lawyer who left his job, upped sticks and moved his family to Western China to study the language, the recent launch of the New York Times’ Chinese language site, or even Bloomberg’s ranking of Confucius’ tongue as top business language, excluding English – they all point to the importance of communicating with this economic superpower on its terms. FULL POST
Despite slowing economic growth, China has more companies on Fortune's Global 500 list of the world's top firms than Asian rival Japan.
China gate-crashed the monetary policy party on Thursday.
Within a single hour, the Bank of England and the European Central Bank both made scheduled and much anticipated moves to pump more money into their financial systems. The unexpected guest was China. FULL POST
Hong Kong (CNN) - The Angry Birds' red faces have been etched on bras, embellished on T-shirts, turned into stuffed toys and baked into mooncakes. China has a love affair with Angry Birds as both unofficial and official merchandise have boomed in the country.
Rovio, the creators of the blockbuster game, will open game-themed retail stores and activity parks in China. It's the first country to get these parks and stores outside Finland, where the game originally hatched.
The first retail store in China opens in Shanghai on July 3, and the Beijing location opens on July 10, where shoppers can find a bevy of merchandise featuring green pigs and furrow-browed birds.
Hong Kong (CNN) - Beijing has clamped down on information once publicly available on listed and state-owned companies, hurting the effort of Western investors and companies to gauge whether to invest in - or short-sell - Chinese firms.
First reported by the International Financial Law Review, the State Administration of Industry and Commerce now requires company permission before accessing records such as financial reports and shareholder information.
Companies that sell credit reports - which give companies a quick read on the background of the firm they are considering doing business with - have been hindered, said Peter Humphrey, managing director of ChinaWhys, an international business risk advisory firm in Beijing.
Hong Kong (CNN) – China is drafting plans on how to deal with the financial fallout if Greece leaves the eurozone and its economic implications for Beijing’s largest trading partner, according to state-run media.
"The government is working on plans for the worst-case scenario of Greece leaving the eurozone later this year," Wang Haifeng, director of international economics at the Institute for International Economic Research, told state-run China Daily Tuesday.
China Daily quotes unnamed sources as saying the ministries of finance and commerce will examine the potential impact of a Greek exit on exchange rate, capital flows and trade.
Japan has won back its top spot as the most important partner of the United States in Asia, moving China to the second spot, according to an opinion poll of the "general public" conducted in the United States.
The survey asked 1,200 people in the continental United States to select the most important U.S. partner from a list that included Japan, China, Russia, India, Korea and Australia.
About Business 360
CNN International's business anchors and correspondents get to grips with the issues affecting world business, and they want your questions and feedback.