|News from around the Greater China region, Mar 5.|
Tuesday, 5th March 2013
Source : HVS International
Hotel, industry and travel news from around the Greater China region; this week: Chinese spent 25% of the luxury in world, Dali-Lijiang railway and more....
CHINA SEES PROPERTY PRICES RISE IN CITIES
According to China Daily, despite government measures to cool property market, housing demand still grew steadily in the second half of 2012. According to the National Bureau of Statistics, around three-quarters of China’s major cities saw price rises for both new and pre-owned housing in January. Statistics from the bureau illustrates that, of the 70 major cities monitored, the average price growth rate among the cities was 4.7 percent.
CHINA AND ASEAN RAILWAY OPERATIONAL
According to China Daily, railway that links China’s Yunnan Province with the Association of Southeast Asian Nations (ASEAN) countries is now operational. The 141-kilometres Pan-Asia Railway network has a designed a maximum speed of 120 kilometres per hour. Currently, the eastern line of the railway network, including the railway between Yuxi and Mengzi, is under further development with the expected Mengzi-Hekou Railway scheduled to be operational by the end of 2014. Along with the central and western lines, the Pan-Asia Railway will bring China closer with Southeast Asia.
DALI-LIJIANG RAILWAY BROUGHT ADDITIONAL TOURISTS TO LIJIANG OVER SPRING FESTIVAL
More than 68,000 passengers, 17,000 more than the same period from last year, traveled on the Dali-Lijiang Railway in the week of 9 February 2013. In order to serve the increasing level of demand, Lijiang Railway Station has expanded the service scope of its Colorful Yulong Service Counter, providing passengers with cell phone battery charging, package delivery, hotel booking and medical aid. In addition, the staff in Dali Railway Station has organized a volunteer team to help passengers in need, providing passengers with welcoming and convenient service.
CHINESE CONSUMED 25% OF THE LUXURY IN THE WORLD
According to Bain Capital, Chinese spent 306 billion RMB on 25% of the luxury in world, however, of which 60% was spent overseas in 2012. The main reason is that the same luxury in China is much more expensive than overseas due to high import tariff and many other taxes. Due to the increasing sensitivity of Chinese consumers on price, the domestic luxury market increased only by 7% y-o-y last year, compared with 30% in 2011. However, Chinese consumption of luxury overseas increased by 31% y-o-y last year.
SJM HOLDINGS 2012 ANNUAL RESULTS UP 27%
According to Wall Street Journal, SJM Holdings Limited, the holding company of Sociedade de Jogos de Macau S.A., its annual net profit increased 27.1 percent in 2012 due to its leading share in the Macau gaming market. SJM, in a filing to the Hong Kong stock exchange, said its net profit rose to a record HK$6.75 billion ($870.1 million) for calendar 2012 compared to HK$5.31 billion the previous year. Furthermore, in October 2012, SJM was given the green light to build a new five-star casino resort in Macau's Cotai Strip, a former swamp transformed into a glittering gambling hub.