Shoppers at the Bengbu Wanda Plaza were exposed to some unexpected entertainment
Topping today’s real estate headlines Chinese mall shoppers were treated to yet another porn display, with this latest incident happening over a bustling golden week, plus Hong Kong land prices show signs of weakness, and Singapore home sales are off to their worst start since 2009. All this and more if you will only read on.
Bengbu Breast-Fest Surprises Mall Shoppers
Two employees of a mall in the city of Bengbu in China’s Anhui province lost their jobs recently after accidentally exposing a crowd of shoppers strolling the shops over the Chinese lunar new year holiday to footage from a porn film.
The large LED display was supposed to be entertaining shoppers with music when it flashed to a woman in the nude showing off her breasts.
The big screen at the Bengbu Wanda Plaza began playing pornography at around 1:30pm on a Friday afternoon. Read more>>
Investors Brace for Hong Kong Land Auction as Plot Prices Slide
Investors in Hong Kong will be closely watching a land sale next week for signs of further cracks in one of the world’s most expensive property markets, which is coming under pressure from a slowing economy and government efforts to increase housing supply.
A plot of land sold last Friday in the outlying Tai Po area in northern Hong Kong fetched far less than market watchers had expected, alarming property-related businesses which rating agency Fitch estimates may account for nearly a fifth of the city’s economic output. Read more>>
Singapore New Home Sales Post Worst Start to Year Since 2009
Singapore home sales posted their worst start to the year since 2009, as tighter mortgage curbs cooled demand in Asia’s second-most expensive housing market.
Developers sold 322 units in January, down 16 percent from the 384 units in December, according to data released Monday by the Urban Redevelopment Authority. While annual sales rose just under 2 percent to 7,440 units in 2015, it’s still half the clip recorded in 2013. Read more>>
China’s Retail Sales Jumped 11% Over Spring Festival Holiday
China’s retail sales increased by 11.2 percent during the recent Spring Festival holiday, compared with the same holiday period last year, with movie tickets leading to a steep increase in box office sales, according to a statement by the Ministry of Commerce on Saturday.
Restaurants and retail shops recorded booming sales totaling nearly 754 million yuan ($115 billion) during the long holiday, which began on Feb. 7. This year’s increase was the same as the 11 percent hike reported during the 2015 holiday period. Read more>>
Chinese Consumers Buy Almost Half of World’s Luxury Goods
Chinese consumers spent $183 billion (1.2 trillion yuan) abroad last year, with the goods they bought ranging from luxuries to daily necessities, according to a luxury-market consultancy.
More than 60 percent of the consumers bought luxury products—including handbags, cosmetics and mobile gadgets—spending $116.8 billion on such goods, the Beijing-based Fortune Character Group said. This accounted for 46 percent of global luxury sales, the company added. Read more>>
Kaisa Restructuring Plan Fails to Gain Support From Investors
Kaisa Group Holdings Ltd. still lacked the necessary support from creditors for its offshore restructuring plan as of Sunday, said Tam Lai Ling, the Chinese developer’s senior adviser.
Kaisa needs approval from investors holding 75 percent of its offshore bonds and loans for its plan to restructure debt to proceed. The firm has received no less than 53 percent as of Feb. 14, Tam said by phone. The developer had offered a consent fee of 0.5 percent for investors who supported the plan as of that date, after paying 1 percent for those who consented as of Jan. 24. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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