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☆ China’s Shenzhen metropolis sees fastest growth in millionaires globally
▼ + stars: | 2024-05-16 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

China's Shenzhen has recorded the fastest growth in millionaires over the past decade, and is poised to see a further influx in the coming years, according to a recent report. Shenzhen recorded 140% growth in millionaire count, according to the report from New World Wealth and investment migration advisors Henley & Partners. In 2023 alone, Shenzhen saw a 10% growth in millionaires, while Beijing and Shanghai recorded a decline of around 5% amid an exodus of high-net-worth individuals from China. Shenzhen, also known as China's Silicon Valley, is expected to continue growing "very strongly" all through to 2040, compared with Beijing and Shanghai, which are likely to see moderate growth, Amoils added. China's Hangzhou city was second in terms of millionaire growth at 125%, while India's Bengaluru and Austin city in the U.S. placed third and fourth, respectively; China's Guangzhou ranked fifth, Amoils told CNBC.

Persons: Andrew Amoils, Amoils Organizations: Wealth, Henley & Partners, CNBC, China's Guangzhou Locations: Shenzhen, China, Beijing, Shanghai, Hong Kong, China's Hangzhou, Bengaluru, Austin, U.S

The National Financial Work Conference, usually held twice a decade, is expected to further fortify leader Xi Jinping’s control of the country’s $61 trillion financial sector. “Overall, the financial sector in China has made progress but at this moment they face challenges,” said Nakao. Last week, Xi reportedly visited the central bank, or People’s Bank of China, a rare step that underscores the party’s consolidation of controls over markets and financial institutions. Country Garden, another major developer, failed last week to meet a deadline to pay interest on a dollar bond. It has adopted measures to support private industries, which provide the lion's share of jobs in China.

Persons: —, Xi Jinping’s, Takehiko Nakao, China’s, ”, Li Keqiang, Li, shakeup, Xi, Lan Fo’an, Evergrande, Hui Ka Yan, Zen Soo Organizations: Financial Work Conference, Asian Development Bank, Central Financial Commission, China Securities Regulatory Commission, People’s Bank of, International Monetary Fund, AP Locations: BANGKOK, Beijing, China's Guangzhou, “, China, People’s Bank of China, Hong Kong, Foshan

☆ China's property price caps have two sharp edges
▼ + stars: | 2023-09-18 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsHONG KONG, Sept 18 (Reuters Breakingviews) - Chinese developers are in trouble. When the mood was bullish, price caps in major cities were far below what people were willing to pay. Scrapping the price caps would be a cleaner fix and officials are weighing up such a move, Reuters reported this month. CONTEXT NEWSChina's Guangzhou city has cancelled price caps on new residential projects, Caixin reported on Sept. 12. Price caps of various kinds were introduced in many Chinese cities from 2016 following the central government’s call for a stable residential market.

Persons: Zhao Youming, Tingshu Wang, Caixin, Price, Una Galani, Thomas Shum Organizations: Gaotie Wellness, REUTERS, Reuters, HK, Bureau of Statistics, Thomson Locations: Tongchuan, Shaanxi, China, HONG KONG, Guangzhou

☆ Mitsubishi's China venture with GAC to cut staff costs after SUV sales dive
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +3 min

[1/2] The logo of Mitsubishi Motors Corp is seen at a showroom of the company's headquarters in Tokyo, Japan November 26, 2018. REUTERS/Toru HanaiBEIJING/SHANGHAI, July 13 (Reuters) - Mitsubishi Motors' (7211.T) joint venture with China's Guangzhou Automobile Group (GAC) (601238.SS) on Thursday said it would cut staff costs to try to revive its fortunes after sharp sales declines for sport utility vehicles (SUV) such as the Outlander. The joint venture, known as GAC Mitsubishi Motors, was launched by GAC, Mitsubishi Motors and trading house Mitsubishi Corp (8058.T) in 2012, focusing on SUV sales in China. The announcement follows mounting pressure on the joint venture that makes Mitsubishi's Outlander model. Mitsubishi's sales in China peaked in 2018, when it recorded sales of over 141,000 vehicles, according to industry data.

Persons: Toru Hanai, Mitsubishi, AlixPartners, Kevin Krolicki, Shri Navaratnam, Mark Potter Organizations: Mitsubishi Motors Corp, REUTERS, Mitsubishi Motors, China's Guangzhou Automobile Group, GAC, GAC Mitsubishi Motors, Mitsubishi Corp, Mitsubishi, Hyundai, Beijing, Thomson Locations: Tokyo, Japan, Toru Hanai BEIJING, SHANGHAI, ., China

☆ China's Guangzhou R&F co-chief agrees to be extradited to U.S.
▼ + stars: | 2023-06-14 | by ( Sam Tobin | ) www.reuters.com time to read: +1 min

LONDON, June 14 (Reuters) - The billionaire co-chairman and CEO of Chinese developer Guangzhou R&F Properties Co Ltd on Wednesday agreed to be extradited from London to the United States, where he is facing bribery charges. Zhang Li, who co-founded Hong Kong-listed R&F (2777.HK), is wanted on a provisional warrant issued in the Northern District of California that accuses him of participating in a scheme to bribe public officials between 2015 and 2020. The 69-year-old, who is currently worth $1.6 billion, according to Forbes magazine, is alleged to have paid kickbacks to obtain permits for a construction project in San Francisco. In December, Zhang was granted bail on the condition that he pay a security of 15 million pounds ($19 million), the joint-largest security that an English court has ever accepted. Reporting by Sam Tobin; editing by Sarah YoungOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhang Li, Zhang, Sam Tobin, Sarah Young Organizations: F Properties Co, HK, Northern District of, Forbes, Westminster, Lawyers, U.S, F's U.S, Properties, San, Thomson Locations: Guangzhou, London, United States, Hong Kong, Northern District, Northern District of California, San Francisco, China

☆ Pony.ai gets permit for driverless robotaxi services in China's Guangzhou
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Robotaxi startup Pony.ai said on Wednesday that it had received a permit to operate fully driverless ride-hailing services in China's Guangzhou city. The Toyota Motor Corp-backed (7203.T) startup, which has operations in China and the U.S., now has permits for fully driverless robotaxis in China's capital Beijing and Guangzhou. Pony.ai started driverless testing in Guangzhou in June 2021 and has accumulated nearly 200,000 fee-charging robotaxi orders globally as of this month, the company said in a statement. Both companies won permits for driverless taxi services in Beijing last month. California-based Pony.ai's next generation robotaxi model has obtained on-road testing licenses in Beijing and Guangzhou, it said, adding that robotaxi services with the model were expected to commence in the near future.

☆ China's Guangzhou city relaxes COVID rules in several districts
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 30 (Reuters) - The Chinese city of Guangzhou relaxed COVID prevention rules in several districts on Wednesday in an effort to implement rules authorities announced this month aimed at easing the burden of the strict zero-COVID policy. read moreGuangzhou, China's manufacturing hub, has been hard hit in China's latest COVID-19 outbreaks and people in the southern city took to the streets to protest against the strict COVID-prevention rules on the weekend. The relaxation of curbs comes after the city of 19 million people recorded fewer coronavirus cases over the past few days. Authorities in city districts including Haizhu, Baiyun, Fanyu, Tianhe, Conghua, Huadu, Liwan, said in statements they were lifting temporary lockdowns. One district, Conghua, said it would allow in-person classes in schools to resume and would reopen restaurants and other businesses including cinemas.

☆ Haizhu district in China's Guangzhou city extends COVID-19 restrictions in some areas
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Nov 16 (Reuters) - Haizhu district in China's southern city of Guangzhou, where most of the city's COVID-19 cases have been reported, extended its anti-COVID measures in some areas to Nov. 19, local authorities said on Wednesday in a notice on their WeChat account. Reporting by Beijing newsroom; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

The districts in Guangzhou subject to mass testing this week include Haizhu, which has seen the bulk of the city's cases. Lily Li, a Guangzhou resident, said the outbreak in the city had worsened in the past two days, having spread to Tianhe, just north of Haizhu. While COVID cases in China are small by global standards, the policy response has been relentless and mass testing for large populations has been the norm since 2020. Mass testing is generally free, but some local governments are resuming charges for tests as their finances come under strain amid a slowing economy. A COVID testing company in Xuchang, a city in Henan province, said on Tuesday they would stop all testing-related work from Friday due to late payments from authorities.

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