https://www.scmp.com/rss/512709/feed Latest news and updates as Shanghai reopens following two months of anti-Covid lockdown, covering the 50-point plan to repair the city’s US$637 billion economy and restore China’s commercial and financial hub to normality, the impact on the stock market, the Port of Shanghai and the 25 million people who call the city their home. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Daniel Ren Daniel Ren Shanghai Disney Resort will add a new Marvel attraction as it presses ahead with an expansion plan to tap increasing travel demand in mainland China in the post-Covid-19 era. The company, a venture between Walt Disney and state-owned Shanghai Shendi (Group), said on Sunday that the Spider-Man-themed roller-coaster ride will offer guests a high-speed, fully immersive experience. It did not reveal the investment or the completion date for the ninth attraction at the Shanghai Disneyland amusement... https://www.scmp.com/business/china-business/article/3274146/shanghai-disney-resort-adding-spider-man-themed-roller-coaster-ride-its-web-appeal?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3274146/shanghai-disney-resort-adding-spider-man-themed-roller-coaster-ride-its-web-appeal?utm_source=rss_feed Mon, 12 Aug 2024 06:06:21 +0000 Luxury homes in Shanghai are defying the downtrend in China’s mass market segment as wealthy buyers, relatively unscathed by the multi-year industry slump, upgrade to newly built units in prime locations, according to analysts. Most high-net-worth individuals believe the land scarcity and long-term economic growth potential of the mainland’s commercial and financial hub will continue to fuel price increases of expensive flats. A total of 1,544 luxury homes were transacted in Shanghai in the... https://www.scmp.com/business/china-business/article/3274050/shanghais-wealthy-residents-upgrade-premium-homes-ignoring-property-market-upheaval?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3274050/shanghais-wealthy-residents-upgrade-premium-homes-ignoring-property-market-upheaval?utm_source=rss_feed Sun, 11 Aug 2024 04:15:13 +0000 Shanghai Disney Resort opened a new attraction at its amusement park on Wednesday as travel spending picks up in China in the post-Covid-19 era. The Zootopia-themed attraction is the eighth at Shanghai Disneyland and the first of its kind in the world, the company said in a statement. It will bring the namesake animated film and its characters to life through innovative entertainment, merchandise, food and beverage offerings, the statement added. The addition comes five years after the launch of... https://www.scmp.com/business/china-business/article/3245738/shanghai-disney-resort-opens-zootopia-themed-attraction-capitalise-post-pandemic-travel-demand?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3245738/shanghai-disney-resort-opens-zootopia-themed-attraction-capitalise-post-pandemic-travel-demand?utm_source=rss_feed Wed, 20 Dec 2023 08:30:16 +0000 Shanghai is adding a new dimension to its efforts to develop its appeal as a popular international tourist destination – organising world-class artistic performances to attract opera lovers and musical aficionados. Hosting highbrow shows from opera and drama to orchestral and dance performances fits the bill perfectly for the development of cultural tourism the city is pursuing, according to Yang Jialu, vice-president of the Center for China Shanghai International Arts Festival, an organisation... https://www.scmp.com/business/china-business/article/3242074/world-class-concerts-and-operas-set-enhance-shanghais-attractiveness-international-tourist?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3242074/world-class-concerts-and-operas-set-enhance-shanghais-attractiveness-international-tourist?utm_source=rss_feed Sun, 19 Nov 2023 09:03:58 +0000 Shanghai has approved another seven institutions – including IDG Capital and Brookfield – for the qualified foreign limited partners (QFLPs) investment scheme, which allows foreign funds to buy shares in unlisted companies and launch yuan-denominated venture-capital products. A signing ceremony was held on the sidelines of the Lujiazui Forum, the mainland’s most influential financial conference, which normally draws China’s top financial and securities regulators, as well as top bankers and... https://www.scmp.com/business/china-business/article/3223439/qflp-scheme-idg-capital-brookfield-among-7-firms-granted-access-shanghai-unlisted-firms?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3223439/qflp-scheme-idg-capital-brookfield-among-7-firms-granted-access-shanghai-unlisted-firms?utm_source=rss_feed Thu, 08 Jun 2023 12:55:26 +0000 Shanghai is offering cash awards of up to 100 million yuan (US$14.53 million) to attract manufacturing projects in key sectors such as artificial intelligence and biotechnology, in a bid to reignite economic growth after China’s reopening. Vice mayor Li Zheng told an investment promotion conference on Thursday that the mainland’s commercial and financial hub will offer 24 economic sweeteners as it aims to lure hi-tech firms from around the globe. Aside from the cash award, the municipality will... https://www.scmp.com/business/china-business/article/3216190/shanghai-offers-cash-sweeteners-worth-millions-dollars-attract-high-tech-manufacturing-projects?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3216190/shanghai-offers-cash-sweeteners-worth-millions-dollars-attract-high-tech-manufacturing-projects?utm_source=rss_feed Thu, 06 Apr 2023 10:15:13 +0000 Shanghai, the financial and commercial hub of China, has pledged to roll out more relief measures to support ailing small businesses hit hard by past pandemic curbs, as the metropolis pursues a consumption-led economic recovery this year. That commitment was made on Sunday by Mayor Gong Zheng, who said economic sweeteners like tax cuts and government subsidies are in the works in line with the city’s goal this year to achieve a gross domestic product (GDP) growth rate of 5.5 per cent. “Local... https://www.scmp.com/business/china-business/article/3206904/shanghai-pledges-tax-cuts-government-subsidies-ailing-small-businesses-city-sharpens-focus-economic?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3206904/shanghai-pledges-tax-cuts-government-subsidies-ailing-small-businesses-city-sharpens-focus-economic?utm_source=rss_feed Sun, 15 Jan 2023 13:15:43 +0000 Shanghai’s economy, battered by a two-month citywide lockdown earlier this year, will grow at a clip in 2023 as China’s exit from its zero-Covid policy ushers in a wave of foreign capital to the mainland’s commercial capital, according to an economic adviser to the local government. The city’s gross domestic product (GDP) will expand at least 6 per cent next year, beating the estimated 5 per cent growth nationwide, said Xu Mingqi, a researcher at the Shanghai Academy of Social Sciences. It would... https://www.scmp.com/business/china-business/article/3204979/shanghais-economy-will-expand-6-cent-2023-amid-wave-foreign-investment-post-covid-era-economist?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3204979/shanghais-economy-will-expand-6-cent-2023-amid-wave-foreign-investment-post-covid-era-economist?utm_source=rss_feed Thu, 29 Dec 2022 12:27:29 +0000 A flare-up in Covid-19 cases is likely to cause China’s electric vehicle (EV) industry to lose 600,000 sales in the first quarter of 2023 amid disrupted production and reduced demand. The country’s 200 or so electric-car makers, from Tesla to General Motors’ venture with SAIC Motor and Wuling Motors, are expected to deliver a total of 1.5 million vehicles to customers between January and March as the pandemic strains supply chains and dents the labour force, according to a report by China... https://www.scmp.com/business/china-business/article/3204709/chinese-electric-car-makers-may-lose-600000-sales-between-january-and-march-covid-19-infections?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3204709/chinese-electric-car-makers-may-lose-600000-sales-between-january-and-march-covid-19-infections?utm_source=rss_feed Wed, 28 Dec 2022 02:30:09 +0000 In the clearest sign so far of a future role as premier, Li Qiang, Chinese President Xi Jinping’s right-hand man, has made his first public appearance representing the State Council, pledging support for the country’s private sector at a meeting on Sunday. According to an official announcement in Communist Party mouthpiece People’s Daily on Monday, Li attended the opening ceremony of the 13th national congress of the All-China Federation of Industry and Commerce and delivered a speech “on behalf... https://www.scmp.com/news/china/politics/article/3203042/chinas-li-qiang-steps-out-state-council-role-pointing-premiers-job-ahead?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3203042/chinas-li-qiang-steps-out-state-council-role-pointing-premiers-job-ahead?utm_source=rss_feed Mon, 12 Dec 2022 13:25:29 +0000 After struggling for nearly a year to stay afloat under the zero-Covid regime, small businesses in Shanghai are having mixed feelings about Beijing’s policy pivot. Concerns about a resurgence in cases are tempering optimism that the good old days are back for good. Some owners in China’s main commercial hub believe they will soon be able to restore manufacturing and commercial activities to pre-lockdown levels in 2019, while others fear customers will shun public venues like eateries and malls... https://www.scmp.com/business/china-business/article/3202889/zero-covid-pivot-puts-shanghais-small-businesses-emotional-roller-coaster-curbs-loosened-infections?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3202889/zero-covid-pivot-puts-shanghais-small-businesses-emotional-roller-coaster-curbs-loosened-infections?utm_source=rss_feed Sun, 11 Dec 2022 08:46:38 +0000 The Walt Disney Company’s US$5.5 billion theme park has fully reopened in Shanghai, after city authorities lifted a nine-day closure of the landmark in accordance with the easing of anti-Covid controls in mainland China. The amusement park’s rides, shows, restaurants and hotels would resume business starting Thursday, although some attractions and facilities may have to operate at reduced capacity or may be unavailable, Disney said in a statement on its website. The reopening of one of China’s... https://www.scmp.com/business/china-business/article/3202500/mickey-and-donald-roll-out-red-carpet-shanghai-disneyland-reopens-under-chinas-easier-covid-19-rules?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3202500/mickey-and-donald-roll-out-red-carpet-shanghai-disneyland-reopens-under-chinas-easier-covid-19-rules?utm_source=rss_feed Thu, 08 Dec 2022 04:49:59 +0000 The South China Morning Post’s podcast team has won an award at this year’s Asia Podcast Festival for its series on the harsh “zero-Covid” lockdown of Shanghai in April. The awards were held in Singapore over the weekend, attracting a crowd of thousands attending in person and online. Podcast creators and professionals from a host of countries in the region, and the United States, delivered presentations on an industry whose global market value is estimated to be in excess of US$12 billion. The... https://www.scmp.com/news/hong-kong/article/3202177/post-wins-asia-podcast-festival-award-series-shanghai-lockdowns-and-life-under-chinas-zero-covid?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/3202177/post-wins-asia-podcast-festival-award-series-shanghai-lockdowns-and-life-under-chinas-zero-covid?utm_source=rss_feed Mon, 05 Dec 2022 15:29:18 +0000 Shanghai Disney Resort has closed the US$5.5 billion Shanghai Disneyland amusement park just four days after reopening it, because of a resurgence of Covid-19 cases in the city. This is the third time this year that Shanghai Disneyland has been shut because of China’s zero-Covid policy. Shanghai Disney Resort, which encompasses the park and hotels, as well as the Disneytown and Wishing Star Park areas, apologised for the “temporary closure” in a statement on Tuesday, and said it needed to comply... https://www.scmp.com/business/china-business/article/3201376/shanghai-disneyland-shuts-doors-third-time-year-barely-four-days-after-reopening-citys-covid-19?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3201376/shanghai-disneyland-shuts-doors-third-time-year-barely-four-days-after-reopening-citys-covid-19?utm_source=rss_feed Tue, 29 Nov 2022 06:35:55 +0000 Shanghai will soon launch a cruise service on the once stinking Suzhou Creek – known as the mother river of the city – to attract tourists as the mainland’s commercial hub strives to make up for ground lost during its two-month lockdown earlier in the year. Twenty passengers at a time will be able to enjoy a 17-kilometre ride starting in November, enjoying views of hundreds of modern high-rises, busy shopping areas, historic spots and entertainment venues as the river winds its way through the... https://www.scmp.com/business/china-business/article/3197730/shanghai-start-cruise-service-once-polluted-suzhou-creek-boost-tourism-overcome-covid-setbacks?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3197730/shanghai-start-cruise-service-once-polluted-suzhou-creek-boost-tourism-overcome-covid-setbacks?utm_source=rss_feed Sun, 30 Oct 2022 04:30:09 +0000 Allianz Global Investors says China will lift its Covid-Zero policy in the near term, contrary to the government’s oft-stated goals, driving a reopening trade that will revive markets. Anthony Wong, lead manager for the US$1.2 billion All China Equity Fund, said it’s time to buy shares in the tourism and leisure sectors, such as duty-free shops and hotel chains. They’re among the biggest over-weights in his portfolios, alongside renewable energy, electric vehicle supply chain and healthcare,... https://www.scmp.com/business/banking-finance/article/3197168/allianz-china-says-it-time-buy-shares-its-us12-billion-equity-funds-bets-reopening?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3197168/allianz-china-says-it-time-buy-shares-its-us12-billion-equity-funds-bets-reopening?utm_source=rss_feed Tue, 25 Oct 2022 07:22:26 +0000 Panic buying of bottled water has gripped mainland China’s commercial capital, Shanghai, after the local authorities warned the supply from taps would be cut off in several areas on Wednesday. Alarmed shoppers – particularly the elderly – stripped shelves bare of water in supermarkets and grocery stores across the city on Tuesday night and Wednesday morning, eagerly stocking up in case of a crisis. It comes just over six months after Shanghai residents raced to stock up on food and essentials in... https://www.scmp.com/business/china-business/article/3195705/panic-stricken-shanghai-residents-race-buy-bottled-water?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3195705/panic-stricken-shanghai-residents-race-buy-bottled-water?utm_source=rss_feed Wed, 12 Oct 2022 10:00:15 +0000 Shanghai, China’s primary commercial and financial hub, is banking on an electronic shopping coupon lottery to revive consumer spending and reclaim its pride as the mainland’s key economic growth engine. The municipal government is pinning hopes on 1 billion yuan (US$140.5 million) worth of retail vouchers to encourage its 25 million residents to buy goods and services. The coupons will be doled out in a lottery system in three rounds through November, it announced in August. The size of the... https://www.scmp.com/business/china-business/article/3194673/can-peanuts-save-shanghais-covid-ravaged-retail-sales-and?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3194673/can-peanuts-save-shanghais-covid-ravaged-retail-sales-and?utm_source=rss_feed Tue, 04 Oct 2022 04:30:08 +0000 An easing of mortgage loan controls amid lower interest rates has given Shanghai’s property market a shot in the arm as the mainland’s commercial hub tries to make up ground lost during its Covid-19 lockdown. As house prices shoot up, driven by a surge in demand, the battered local economy should benefit because the city government can fast-track approvals for home construction and rake in higher proceeds from land auctions. “Real estate has always been the most powerful weapon for local... https://www.scmp.com/business/china-business/article/3191550/shanghais-housing-market-rebounds-banks-quicken-loan?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3191550/shanghais-housing-market-rebounds-banks-quicken-loan?utm_source=rss_feed Tue, 06 Sep 2022 23:30:23 +0000 Simon Fu, a 32-year-old Shanghai fashionista, used to hang out at the city’s most popular luxury shopping centre every week before Covid-19 struck. This year, he has not been to Plaza 66 even once. In early 2020, he returned from Tokyo with suitcases full of luxury fashion items, a habit cultivated and shared by most Chinese consumers of luxury products shopping abroad to take advantage of tax arbitrage. But then lockdowns and work-from-home arrangements kicked in, and a realisation dawned on Fu... https://www.scmp.com/business/china-business/article/3191068/will-covid-19-chills-and-slumping-economy-keep-china?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3191068/will-covid-19-chills-and-slumping-economy-keep-china?utm_source=rss_feed Sun, 04 Sep 2022 02:00:23 +0000 Shanghai, the financial and commercial hub of China, has drawn up a new programme to advance the development of its artificial intelligence (AI) industry, as a power crisis and Covid-19-related disruptions threaten to hamper economic recovery efforts in the metropolis. The city’s draft AI plan was released on Tuesday by the General Office of the Standing Committee of the Shanghai Municipal People’s Congress, which will solicit public opinion until September 13. It outlines various measures to... https://www.scmp.com/tech/policy/article/3190731/shanghai-unveils-ai-development-master-plan-power-crisis-new-covid-19?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3190731/shanghai-unveils-ai-development-master-plan-power-crisis-new-covid-19?utm_source=rss_feed Tue, 30 Aug 2022 14:30:11 +0000 Shanghai is banking on policy relaxation on home purchases, fresh investments and measures to foster promising tech start-ups to make up for lost ground in its efforts to turn the Lingang free-trade zone (FTZ) into a boomtown. By 2025, the city aims to achieve 1 trillion yuan (US$145.5 billion) of industrial output in the bonded zone that connects Lingang with the Yangshan Deepwater Port, and pledges to liberalise cross-border cargo and capital flows despite the challenges associated with... https://www.scmp.com/business/china-business/article/3190466/shanghai-doubles-down-efforts-transform-lingang-free-trade?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3190466/shanghai-doubles-down-efforts-transform-lingang-free-trade?utm_source=rss_feed Sun, 28 Aug 2022 10:33:54 +0000 Shanghai’s government will fast-track the approvals of new manufacturing projects to undergird production, as China’s commercial hub grapples to get economic activity back on track after a two-month lockdown in April and May. The city, whose economy contracted by an unprecedented 5.7 per cent in the first six months, must convince global investors of its resilience, as it grapples with the consequences of lost production, missed deadlines and supply chain disruptions during the period, said Quan... https://www.scmp.com/business/china-business/article/3190198/shanghai-fast-track-new-manufacturing-projects-and?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3190198/shanghai-fast-track-new-manufacturing-projects-and?utm_source=rss_feed Thu, 25 Aug 2022 23:30:21 +0000 Covid-19 restrictions dragged on the profits of Hong Kong developers in the January to June period, with declines ranging from 40.5 per cent to 58 per cent, filings with the Hong Kong stock exchange on Thursday show. Sino Land, which is part of the Sino Group owned by billionaire Robert Ng Chee Siong and keeps to a July to June financial year, said its profit for the full year ending June amounted to HK$5.7 billion (US$726 million), a decrease of 40.5 per cent from a year ago. It declared a... https://www.scmp.com/business/article/3190199/hong-kong-covid-19-curbs-weigh-developers-earnings-tumble-much-60-cent?utm_source=rss_feed https://www.scmp.com/business/article/3190199/hong-kong-covid-19-curbs-weigh-developers-earnings-tumble-much-60-cent?utm_source=rss_feed Thu, 25 Aug 2022 12:55:48 +0000 The unprecedented heatwave in Shanghai has raised concerns about the possibility of a power crunch and disruption to construction work, hampering the city’s economic recovery from a two-month Covid-19 lockdown. This summer, China’s biggest commercial city recorded at least seven days where the temperature rose above 40 degrees Celsius, the most since meteorological records started in 1872, according to the local meteorological station. Shanghai also logged its hottest day ever on July 13, when... https://www.scmp.com/business/china-business/article/3190046/just-shanghais-economy-was-recovering-covid-19-lockdown?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3190046/just-shanghais-economy-was-recovering-covid-19-lockdown?utm_source=rss_feed Wed, 24 Aug 2022 23:30:22 +0000 Shanghai discovered two new Covid-19 cases on Thursday, ending an 11-day streak with no infections, prompting local authorities to double down on curbs to contain a resurgence of the pandemic stretching from mainland China’s southernmost province of Hainan to the northern Xinjiang autonomous region. The city’s government sealed off a clutch of residential compounds in the southwestern districts of Minhang and Xuhui, warning residents that more new cases are likely to surface because the two... https://www.scmp.com/business/china-business/article/3188569/shanghai-seals-high-risk-compounds-two-new-covid-19?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3188569/shanghai-seals-high-risk-compounds-two-new-covid-19?utm_source=rss_feed Thu, 11 Aug 2022 11:18:43 +0000 Shanghai and Beijing’s art districts have seen a flurry of activity as galleries are bustling to resume exhibition schedules suspended by spring Covid-19 lockdowns. However, with capacity limits and the need for visitors’ recent negative PCR results to be verified before entry, and with up to 40 per cent of Shanghai’s art venues not fully open to the public, China’s art market, one of the world’s most important, faces a tough recovery. Most Shanghai spaces were shut from mid-March until... https://www.scmp.com/lifestyle/arts-culture/article/3188475/will-chinas-art-market-and-exhibition-scene-recover-any-time?utm_source=rss_feed https://www.scmp.com/lifestyle/arts-culture/article/3188475/will-chinas-art-market-and-exhibition-scene-recover-any-time?utm_source=rss_feed Thu, 11 Aug 2022 03:15:13 +0000 The prices of high-end homes – those priced above 10 million yuan (US$1.5 million) – have shot up in Shanghai amid increasing demand for more spacious flats following the city’s two-month long citywide Covid-19 lockdown. Asking prices have risen in the past few weeks because of demand, and in some cases, owners have raised prices by 1 million yuan overnight. And the rarity of such houses, particularly in Shanghai’s prime locations, could yet lead to further increases in the coming months. “The... https://www.scmp.com/business/china-business/article/3188235/prices-luxury-shanghai-homes-shoot-sellers-capitalise?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3188235/prices-luxury-shanghai-homes-shoot-sellers-capitalise?utm_source=rss_feed Tue, 09 Aug 2022 03:30:16 +0000 Half of China’s provinces are sticking to their commitments on regional economic growth targets for this year, even as Beijing has softened its tone on achieving the broader national target. Meanwhile, analysts are pointing out how difficult of a challenge this could be for local bureaucrats to achieve. As bolstering economic growth has moved higher on the political agenda in the lead-up to this autumn’s once-a-decade leadership reshuffle, China’s largest economies are doing everything they can... https://www.scmp.com/economy/china-economy/article/3188189/half-chinas-provinces-still-say-2022-economic-growth-goals?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3188189/half-chinas-provinces-still-say-2022-economic-growth-goals?utm_source=rss_feed Mon, 08 Aug 2022 23:00:22 +0000 Thousands of service providers in Shanghai are facing a make-or-break moment as they struggle to sustain operations because of the city’s virus control measures. Owners of frequently visited entertainment venues, from coffee shops to karaoke bars and restaurants to nightclubs, said they may either exit the mainland’s most developed metropolis or seek new avenues to deal with Covid-19 pandemic curbs that continue to dog them since reopening after a two-month lockdown in June. Pu Na, founder and... https://www.scmp.com/business/companies/article/3187202/thousands-shanghais-small-businesses-struggle-survive-virus?utm_source=rss_feed https://www.scmp.com/business/companies/article/3187202/thousands-shanghais-small-businesses-struggle-survive-virus?utm_source=rss_feed Mon, 01 Aug 2022 00:30:12 +0000 Shanghai, walloped by a two-month Covid-19 lockdown, is pinning its hopes on infrastructure construction and fresh fixed-asset investment to get the local economy back on track following a woeful first-half performance. Mega projects ranging from metro lines, museums and theatres to data centres and research institutes are set to create a cascade of demand for industrial products that can help support the employment rate and help manufacturers sustain profitability, said company bosses. “We hope... https://www.scmp.com/business/companies/article/3186285/shanghai-bets-infrastructure-fixed-asset-investment-claw-back?utm_source=rss_feed https://www.scmp.com/business/companies/article/3186285/shanghai-bets-infrastructure-fixed-asset-investment-claw-back?utm_source=rss_feed Fri, 22 Jul 2022 12:00:18 +0000 Four per cent of multinational companies in China have cancelled their plans to either upgrade or expand their office space there, while nearly a fifth are rethinking whether to forge ahead with their previous plans, according to the latest survey from property consultancy JLL. The change in the commercial real estate strategy of MNCs was just one of the results of the Covid-19 pandemic as companies contend with disruption to their businesses amid lockdowns in the mainland. “Of MNCs surveyed, 77... https://www.scmp.com/business/article/3186135/fifth-mncs-china-rethink-office-space-leasing-plans-amid-tough-covid-19?utm_source=rss_feed https://www.scmp.com/business/article/3186135/fifth-mncs-china-rethink-office-space-leasing-plans-amid-tough-covid-19?utm_source=rss_feed Fri, 22 Jul 2022 00:30:21 +0000 Property prices in mainland China fell for a 10th straight month in June, underscoring how government relief efforts are failing to curb the country’s spiralling real estate crisis. New home prices in 70 cities, excluding state-subsidised housing, slipped 0.1 per cent from May, when they declined 0.17 per cent, National Bureau of Statistics said on Friday. The decline is likely to deepen in the coming months, with lower-tier cities expected to bear the brunt of the worsening market, according to... https://www.scmp.com/business/article/3185397/china-home-prices-fall-10th-month-property-crisis-deepens-amid-economic?utm_source=rss_feed https://www.scmp.com/business/article/3185397/china-home-prices-fall-10th-month-property-crisis-deepens-amid-economic?utm_source=rss_feed Fri, 15 Jul 2022 07:02:36 +0000 Shanghai, the financial and commercial hub of China, plans to ramp up support for the metaverse and other tech-related industries, as the country’s most populous urban area answers Beijing’s call to help lead the nation’s post-pandemic economic recovery. This new initiative, which includes backing the development of low-carbon projects and smart terminal industries, is expected to “build advantages for future development” and become a “starting point for accelerating economic recovery”,... https://www.scmp.com/tech/policy/article/3184781/shanghai-ramp-support-metaverse-development-low-carbon-projects-smart?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3184781/shanghai-ramp-support-metaverse-development-low-carbon-projects-smart?utm_source=rss_feed Sun, 10 Jul 2022 10:29:50 +0000 Tesla, which was this week dethroned as the world’s largest electric vehicle (EV) producer by sales, is set for another setback after some production was suspended at its Gigafactory 3 in Shanghai for upgrades to its assembly line. The US carmaker has temporarily halted some production at the facility, which is also known as Giga Shanghai and is its largest manufacturing base worldwide, according to state-owned Shanghai Securities News. Two supply chain officials at the company, who spoke on... https://www.scmp.com/business/china-business/article/3184332/tesla-further-setback-after-losing-ev-crown-byd-some?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3184332/tesla-further-setback-after-losing-ev-crown-byd-some?utm_source=rss_feed Wed, 06 Jul 2022 10:30:19 +0000 China has moved a step closer towards living with Covid-19. Last week, the country halved its quarantine period for inbound travel, eased domestic movement by removing a personal risk indicator on its mandatory travel tracking app, allowed the resumption of many international flights, and warned local governments not to impose additional travel restrictions on top of nationwide policies. All these are part of Beijing’s “dynamic zero” Covid-19 strategy. The changes were made after China learned... https://www.scmp.com/comment/opinion/asia/article/3184043/china-tiptoes-towards-living-covid-19-under-evolving-dynamic?utm_source=rss_feed https://www.scmp.com/comment/opinion/asia/article/3184043/china-tiptoes-towards-living-covid-19-under-evolving-dynamic?utm_source=rss_feed Mon, 04 Jul 2022 23:00:13 +0000 Students and expatriates in China are rushing to fly abroad after Shanghai’s largest airport opened to a handful of international flights this week, as the city gradually recovers from a two-month lockdown and the country eases inbound quarantine rules. At Shanghai Pudong International Airport on Wednesday, once one of the busiest aviation hubs in the world, crowds of Chinese students were preparing to go back to overseas universities where offline classes are resuming, and foreigners were... https://www.scmp.com/business/china-business/article/3183661/overseas-flights-high-demand-shanghai-resumes-international?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3183661/overseas-flights-high-demand-shanghai-resumes-international?utm_source=rss_feed Thu, 30 Jun 2022 12:00:23 +0000 Like blood infused into a drained body, international visitors are being pumped back around the world by the heartbeat that is tourism. But as North Americans re­acquaint themselves with the Caribbean, Australians with Bali and northern Euro­peans with anywhere where the sun shines, there is one significant guest missing from the party: the Chinese tourist. No one group of punters has been more crucial to global tourism in the past decade than the Chinese, who spent US$260 billion or so on their... https://www.scmp.com/magazines/post-magazine/travel/article/3183506/chinese-tourists-missing-out-global-tourism-resumes?utm_source=rss_feed https://www.scmp.com/magazines/post-magazine/travel/article/3183506/chinese-tourists-missing-out-global-tourism-resumes?utm_source=rss_feed Thu, 30 Jun 2022 00:45:25 +0000 Restaurants, coffee shops and tea-houses in Shanghai started receiving customers on Wednesday after a three-month hiatus because of the city’s Covid-19 outbreak. Shop owners and employees were, however, keeping their fingers crossed and hoped that no new cases would be detected in their areas. “We did see some ‘revenge spending’ today, and it is a good sign that suggests business will recover if the pandemic curbs are lifted fully,” said Wang Xiaoliang, owner of Yimianqian, a fast-food... https://www.scmp.com/business/china-business/article/3183543/shanghai-reopening-restaurants-restart-offering-dine?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3183543/shanghai-reopening-restaurants-restart-offering-dine?utm_source=rss_feed Wed, 29 Jun 2022 12:34:31 +0000 China will no longer indicate in its digital travel passes whether a person has recently visited cities with high risk of Covid-19 exposure, lifting a major hurdle for domestic travel as Beijing moves to relax its virus control policies to help its ailing economy. The asterisk symbol, which had appeared in the “Big Data Itinerary Card” of anyone who had travelled to cities with Covid-19 cases in the previous 14 days, will now be removed to facilitate intercity movement, the Ministry of Industry... https://www.scmp.com/tech/policy/article/3183541/china-relaxes-intercity-travel-restrictions-removing-indication-covid?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3183541/china-relaxes-intercity-travel-restrictions-removing-indication-covid?utm_source=rss_feed Wed, 29 Jun 2022 12:03:16 +0000 While some local governments in China have begun adjusting mass testing mandated under Beijing’s zero-Covid policy, its widespread use to contain the highly transmissible Omicron variant continues to take a sharp toll on regional finances and consumer sentiment, analysts say. Whether local governments can afford to press on with free mass screening has been a subject of debate in China. On one hand, questions have been raised about the long-term costs. But on the other hand, Beijing considers... https://www.scmp.com/economy/china-economy/article/3183379/coronavirus-faced-mounting-costs-some-ask-whether-china-can?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3183379/coronavirus-faced-mounting-costs-some-ask-whether-china-can?utm_source=rss_feed Wed, 29 Jun 2022 01:00:21 +0000 Walt Disney’s Shanghai Disneyland resort will reopen to receive visitors on June 30 , ending a 101-day hiatus in the company’s largest Asia theme parks that signify the emergence of China’s commercial hub from Covid-19 lockdown. Ticket sales to the US$5.5 billion amusement park, at 545 yuan (US$81.50) per person, will resume on June 29, according to Disney’s website. Visitors to the resort, with the capacity for handling 80,000 visitors per day, will be limited as certain attractions like the... https://www.scmp.com/business/china-business/article/3183386/shanghai-reopening-disneyland-theme-park-reopen-june-30?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3183386/shanghai-reopening-disneyland-theme-park-reopen-june-30?utm_source=rss_feed Tue, 28 Jun 2022 10:13:51 +0000 China’s industrial profits continued their steep decline in May, albeit at a slower pace than in April, and the head of its central bank has vowed continued support for the nation’s economic recovery, with stable prices and employment support among the top priorities. With coronavirus restrictions still weighing on factory production and squeezing manufacturing margins, profits at industrial enterprises fell by 6.5 per cent last month, year on year, according to data released by the National... https://www.scmp.com/economy/china-economy/article/3183246/chinas-may-industrial-profits-kept-tumbling-raising-calls?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3183246/chinas-may-industrial-profits-kept-tumbling-raising-calls?utm_source=rss_feed Mon, 27 Jun 2022 12:00:19 +0000 Consumption and production in China’s capital Beijing plunged in May, even though the city refrained from a citywide lockdown like the one used in financial hub Shanghai, underscoring the economic fallout from draconian coronavirus controls used to combat the latest Omicron wave. Despite a marginal improvement in the economy last month, analysts say Chinese households and companies are still reluctant to spend amid current uncertainties. Beijing’s social retail sales continued to contract in... https://www.scmp.com/economy/china-economy/article/3182810/chinas-zero-covid-policy-hammered-beijings-economy-may-how?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3182810/chinas-zero-covid-policy-hammered-beijings-economy-may-how?utm_source=rss_feed Thu, 23 Jun 2022 13:00:27 +0000 China has unveiled a package of policies with the hope of avoiding a contraction in the second quarter of the year after Premier Li Keqiang sent a rare warning of an economic slowdown and ordered local cadres to front-load support plans. Beijing unveiled a 33-point package of policy items in late May, with the focus placed on fiscal policy as China has so far refrained from massively loosening monetary strategy, wary of risks of capital outflows due to the progressive rate increase plans in the... https://www.scmp.com/economy/china-economy/article/3182686/6-ways-china-thinks-it-can-offset-zero-covid-impact-get-its?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3182686/6-ways-china-thinks-it-can-offset-zero-covid-impact-get-its?utm_source=rss_feed Wed, 22 Jun 2022 20:30:23 +0000 Shanghai Stock Exchange has overtaken Nasdaq and Hong Kong as the world’s top initial public offering venue in the first half, helped by flotations of leading mainland Chinese companies following their delisting in the US. According to Deloitte, a total of 68 IPOs, including jumbo offerings by China Mobile, the world’s largest mobile operator by subscribers, and CNOOC, China’s largest offshore driller, helped fundraising in Shanghai to reach HK$254.3 billion (US$32.4 billion), 49 per cent more... https://www.scmp.com/business/banking-finance/article/3182684/shanghai-stock-exchange-worlds-no-1-ipo-venue-chinese?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3182684/shanghai-stock-exchange-worlds-no-1-ipo-venue-chinese?utm_source=rss_feed Wed, 22 Jun 2022 10:52:40 +0000 Chinese consumers are becoming more cautious and price sensitive as the country’s zero-Covid strategy and gloomy economic outlook exacerbate concerns over job prospects and income. Panic buying between March and April when residential compounds in major cities like Shanghai and Beijing were sealed off to guard against the Omicron variant of Covid-19 failed to drive up prices of fast-moving consumer goods (FMCG), according to a joint survey by global consultancy Bain & Co and market research firm... https://www.scmp.com/business/china-business/article/3182544/chinese-consumers-exhibit-more-caution-and-price?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3182544/chinese-consumers-exhibit-more-caution-and-price?utm_source=rss_feed Tue, 21 Jun 2022 23:30:19 +0000 Residents of Shanghai, who recently emerged from a two-month citywide lockdown, have been some of the most active consumers during this year’s June 18 shopping festival, although dampening consumer spending across the country continues to weigh on the industry’s outlook. Shanghai ranked second in spending power among all mainland Chinese cities during JD.com’s 618 festival so far this year, the e-commerce giant said on Saturday. Beijing was first. The online shopping extravaganza, initiated by... https://www.scmp.com/tech/big-tech/article/3182218/post-lockdown-shanghai-among-top-spending-cities-during-chinas-618?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3182218/post-lockdown-shanghai-among-top-spending-cities-during-chinas-618?utm_source=rss_feed Sat, 18 Jun 2022 11:00:17 +0000 Tesla customers in mainland China are willing to wait up to 24 weeks for Model Y sport-utility vehicles (SUV), which seems to have given the US carmaker the confidence to raise the price of its Long Range edition by 19,000 yuan (US$2,845), or 5 per cent of its previous sticker price. Tesla has raised the price of its Shanghai-made Model Y SUVs several times this year. On March 17, it raised price of the Model Y’s Basic Edition by 15,060 yuan to 316,900 yuan. The Long Range edition will now sell... https://www.scmp.com/business/china-business/article/3182141/tesla-raises-model-y-prices-again-amid-strong-demand-long?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3182141/tesla-raises-model-y-prices-again-amid-strong-demand-long?utm_source=rss_feed Fri, 17 Jun 2022 13:00:23 +0000 Shanghai has started the countdown to reopening its Disneyland amusement park as business and life in mainland China’s commercial hub head towards a full return to normality by the end of June. Shanghai Disneyland is ready to receive visitors as it awaits the nod from local authorities to restart attractions such as the Pirates of the Caribbean Battle for the Sunken Treasure and Peter Pan’s Flight, according to government and company sources with knowledge of the matter. The theme park, one of... https://www.scmp.com/business/china-business/article/3181975/shanghai-reopening-disneyland-ready-visitors-once-more?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3181975/shanghai-reopening-disneyland-ready-visitors-once-more?utm_source=rss_feed Thu, 16 Jun 2022 11:52:55 +0000