China's CITIC Forms JV with CEFC European Unit

CEFC’s Ye Jianming may still be in trouble, but CITIC is making sure the company doesn’t crater in Czech-land

At the top of today’s new roundup, China’s CIITC Group has once again come to the rescue of a troubled overseas project as the state-run investment giant announces a European JV with scandal-plagued CEFC. And if joint ventures don’t light up your weekend, then there are now plans to a pig-themed amusement parks in Shanghai and Beijing, and the head of China’s biggest co-working firm says it’s too late for anyone to compete with him. To find out how all of this works, just keep reading a bit more.

China’s CITIC Forms JV with CEFC European Unit

State-run Chinese conglomerate CITIC and CEFC Europe, the Czech-based unit of China’s CEFC, have signed a memorandum of understanding to establish a joint venture, the Czech president’s spokesman said.

A CITIC delegation, including its chairman, met Czech President Milos Zeman on Wednesday, amid reports it would join forces with CEFC Europe as CEFC comes under pressure. Zeman is pursuing closer economic ties with China, and CEFC has been a top Chinese investor in the central European country. Read more>>

Peppa Pig Parks Planned for Shanghai, Beijing

Peppa Pig theme parks could open in China just in the time for the Year of the Pig in 2019. The internationally popular British animated television show for young children has been a huge hit in China since launching there in 2015, and the plan is to open theme parks in Beijing and Shanghai.

The parks will be operated by Merlin Entertainments, which is also responsible for Legoland Resorts, Madame Tussauds and Sea Life Shanghai. Chen Jie, general manager of Merlin Entertainment China, told Chinese media: “We plan to launch the first two theme parks in Shanghai and Beijing next year.” Read more>>

Vanke Kicks Off Work on Aedas-Designed Chengdu Mixed-Use Project

Work has begun on a Vanke Tianfu Cloud City, a collection of high and medium-rise towers that fill four neighbouring plots in the Sichuan capital of Chengdu, in western China.

The buildings, designed by Hong Kong architect Aedas for Shenzhen developer Vanke, will host a combination of offices, exhibition centres, hotels, shops and a market place. The four plots are connected by a 54,000 sq m “green axis”, to create a “park-like setting”. Read more>>

Samsonite Plans 15 New Mainland Stores This Year

The CEO of Samsonite International SA, the world’s largest luggage maker, is preparing to expand the company’s retail presence in mainland China to increase direct-to-consumer sales. The US-based company has three strategies to attract Chinese customers: launching its own e-commerce platform; revamping its physical stores to make them more attractive to female customers; and continuously adding brick-and-mortar stores.

There will be 15 new stores opened under the brand Samsonite this year on the Chinese mainland, and 20 new stores will be set up under the brand Tumi, a luxury baggage maker that Samsonite acquired in 2016. In Hong Kong, four Samsonite brand stores and two Tumi stores will be opened this year. Read more>>

China Won’t See New Co-Working Players, Says Ucommune Boss

Ucommune chairman Mao Daqing has predicted no more new players will enter China’s crowded co-working office space industry as the pace of consolidation picks up in the market. Mao said this will remain the story moving forward, following a series of mergers initiated last year by Ucommune, the country’s largest co-working space provider, with domestic rivals Woo Space, Wedo Coworking and New Space.

“The merger of different platforms sped up our [growth], which was the most exciting thing for me in the past year,” he said on Wednesday as the company, formerly known as UrWork, marked its third anniversary. Read more>>

China’s CCECC to Build Luxury Golf Project in Pakistan

Empire Properties, the Pakistan registered trustees of leading International Developers CPIC, have signed a Memorandum of Understanding with China Civil Engineering Construction Corporation (CCECC) as the prospective contractor for the construction of China Pak Golf Estates, Gwadar’s first luxury, gated golf community.

The $265 million development is a milestone in the development of Gwadar and will deliver the emerging port city’s most premier residential and lifestyle destination. Read more>>

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