Skip to the content
Skip to the main menu
Experts said the Spring Festival holiday was the major factor behind the significant drop in property sales perfor
mance nationwide in the first month of 2019 and did not necessarily represent a negative market trend for the industry.
According to Centaline Property Agency’s research, in January property sales declined by 38 p
ercent year-on-year in the first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen.
Among the four cities, Guangzhou saw the most dramatic decrease of 65 percent year-on-year, followed by Beijing, where home sales dropped by over 40 percent.
Country Garden, one of the country’s biggest developers, sold 33 billion yuan ($4.88 billion) of prop
erty in January, a 52.2 percent yearly decline. Vanke, whose monthly sales were 48.8 billion yu
an, saw a 28.1 percent drop year-on-year, while Evergrande Group’s sales performance shrank by 32.9 percent.
Third and fourth-tier cities accounted for most of the sales, but these had also slowed down com
pared to the same period in 2018. Zhang Dawei, chief analyst at Centaline, said the lack of e
nthusiasm from buyers was caused by the overheated market during last year’s Spring Festival.
“During the Spring Festival in 2018, housing prices in first and second-tier cities suddenly increased, triggering price
rises in lower-tier ones too,” said Zhang. “Back then, buying properties in one’s lower-tier hometown became a trend.”
of major Chinese cities such as Beijing and Shanghai. Smaller cities and even townships are capturing the fastest growth, findings from both payment providers showed.
According to Alipay, the quickest expansion rate in per capita overseas spending was logged in
Zhoushan, a port city in East China’s Zhejiang province, which surged 55 percent year-on-year. It wa
s followed by 50 percent in Weifang, Shandong province, and 44 percent in Lianyungang, Jiangsu province.
In contrast, the growth rate in relatively affluent Beijing, Shanghai and Guangzhou r
eached 27 percent, 30 percent and 24 percent respectively, although they accounted for the greatest outbound spending by volume.
These trends “really highlight how mobile payment is taking root in China’s outbound t
ourism market”, said Chen Jiayi, Alipay’s head of business operation on cross-border business.
WeChat also saw a notable surge in the use of mobile payment in lower-tier cities, with over 40 percent transactions ma
de by residents who work in bigger cities but returned to hometowns for the weeklong annual gathering.
Suning.com, the retail unit of Suning Holdings Group Ltd, announced on Feb 12 that it will ac
quire a total of 37 department stores of Wanda Department Store Co Ltd, to enhance its online-and-offline retail businesses.
Considered a key move for Suning to map its retail layout in the country, the acquisition is expect
ed to quickly improve Suning’s offline, or brick-and-mortar, resources and strengthen its mer
chandise supply chain to increase profits of its retail businesses, according to Suning’s statement.
The 37 Wanda Department Store locations, which have a total of more than 4 million registe
red customers, are mainly situated in central business areas in first- and second-tier cities.
The statement said the revenue of Wanda Department Store has seen a steady rise, with a continuous growth in net profits.
The new business unit will add department stores to Suning’s retail empire, which has been focusing mainly o
n home appliances and has now expanded to fast-moving consumer goods as well as maternity and baby products.
Through the deal, Suning.com is also hoping to bring its digital strengths in areas such as big data and artificial intellige
nce to Wanda, in an effort to further update the digital transformation of traditional department stores and enhance shoppers’ experiences.
China’s domestic retail and catering sectors posted sales of 1.005 trillion yuan ($149.05 billion) during the week-long Spring F
estival holiday that ended Sunday, an annual increase of 8.5 percent, according to the Ministry of Commerce.
China’s consumption upgrade is continuing, the ministry said, adding that some emerging consumption such as internet consumption, customized con
sumption, experience consumption and smart consumption were the highlights during the holiday.
Green food, intelligent home appliance, new digital produ
cts and local special products maintained rapid growth, according to the ministry.
Emerging service modes such as shopping malls and outlets encompassing ca
tering, shopping and amusement became more popular during the holiday.
Sales in seven major shopping malls and outlets monitored by the Shanghai government ro
se more than 20 percent year-on-year, while in East China’s Anhui province, sales in some malls jumped 11.6 percent year-on-year.
Meanwhile, experience consumption, including leisure tourism, film and expo, folk activities, rose.
The China Fringe Theater Festival will be held in New York City on Feb 8-16, featuring the prem
iere of three Chinese plays in the United States at the La MaMa Experimental Theater Club (La MaMa).
The international event will give young Chinese artists and China’s contemporary arts more exposure ov
erseas, as one show Two Dogs to be staged is a typical work of contemporary Chinese avant-garde plays, which has enj
oyed high popularity in China especially among the young generation since its premiere in 2007.
Featuring physical comedy and improvisation combined with double act and roc
k music, the drama tells a thought-provoking story of two dogs journeying to a big city to pursue their dreams.
Directed by Meng Jinghui, one of China’s most influential playwrights and theater directors, T
wo Dogs has been performed more than 2,000 times throughout China and at international venues and festivals.
Renowned for his experimental dramas, Chinese director Li Ning and his troupe, the Physical Guerrillas, will bring The Dictionary
of Soul to the festival, a pioneering work of physical theater, which highlights storytelling primarily through physical movements.