China Money and Wealth

Financial news and features about China's wealthy, and how they spend their money. 
  1. Net foreign inflows into China’s giant bond market jumped nearly five-fold in November from a month earlier, as yield-hungry global investors snapped up nearly US$10 billion worth of Chinese debt as the yuan stabilised against the US dollar.China’s US$13 trillion bond market, the world’s second biggest, has had nine consecutive months of net foreign inflows, and analysts expect the trend to continue as Beijing steps up efforts to attract inbound capital.Net foreign purchases of Chinese bonds…
  2. Shenzhen, home to several Chinese technology giants, is also the birthplace of most of the fastest-growing companies in the Greater Bay Area, befitting the city’s reputation as China’s Silicon Valley.The southern Chinese metropolis had 30, or nearly 38 per cent, of the 80 fastest-growing companies in the bay area (GBA) between 2015 and 2018, according to the inaugural SCMP-Statista Growth Champions of the Greater Bay Area 2020 survey. Hong Kong, the home base for the five fastest-growing…
  3. Two decades after Macau returned to Chinese rule, a shift that catalysed its emergence as the world’s biggest gambling hub, casinos are facing serious obstacles to their future growth.Macau casinos are poised for the first decline in annual gaming revenue since 2016, and next year may not be much better as China’s economy slows and rising Asian hotspots such as Vietnam lure high rollers. Macau, which celebrates the 20th anniversary of its handover from Portugal this month, is facing its biggest…
  4. China’s third-richest man is set to get a US$2 billion cash windfall.Hui Ka-yan, chairman of China Evergrande Group, will pocket the money after the property developer and electric-car wannabe declared a record dividend for fiscal 2018.The board proposed a 1.42 yuan per-share payout for the year ended December 31, according to a statement late Sunday. That would total 18.7 billion yuan (US$2.7 billion), and with a 78 per cent stake in the company, Hui will get the lion’s share.Evergrande shares…
  5. When Tong Hsing Electronic Industries of Taipei decided to expand production of high-end packaging material for technology equipment, they initially talked about setting up a factory in China, but eventually “discarded” the idea because exports to the United States would be hit with tariffs resulting from the trade war between the two counties. The 44-year-old developer, with registered capital of NT$1.654 billion (US$542 million), will instead open a factory in 2021 covering more than 33,000…
  6. Treasury Secretary Steven Mnuchin said he and Federal Reserve Chairman Jerome Powell don’t expect the US to create a digital currency.“Chair Powell and I have discussed this – we both agree that in the near future, in the next five years, we see no need for the Fed to issue a digital currency,” Mnuchin said Thursday at a House Financial Services Committee hearing in Washington.Some other central banks, including the People’s Bank of China, have discussed creating digital currencies. The…
  7. When it comes to philanthropy, Asia’s super-rich are giving away their wealth at a slower pace than their peers in North America and Europe. The trend may yet persist as they lose their wealth at a faster clip this year.The region’s population of ultra high net worth individuals (those with US$30 million of assets or more) gave away a combined US$18.8 billion or 0.19 per cent of their fortune to charities in 2018, data analytics firm Wealth-X said in a report on Wednesday. North Americans and…
  8. Global retail sales growth will slow in 2020 as the sector grapples with the continued effects of the US-China trade war and increased online competition, a report released on Wednesday said.Sales growth by volume will decelerate to 2.2 per cent next year, compared with 2.5 per cent in 2019, The Economist Intelligence Unit said. However, growth will accelerate in US dollar terms, rising by 4.8 per cent to reach US$20.2 trillion.“It's a mixed picture for retailing in 2020. Although there will be…
  9. China’s weakening economy is showing signs of short-term stabilisation, following two batches of positive manufacturing data and the increased likelihood of a pause in the trade war with the United States, analysts said, although they fell short of upgrading their economic growth forecasts for 2020.The private Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) for smaller private factories edged up to 51.8 in November from 51.7 in October, according to data released on Monday. This…
  10. The Asian Development Bank (ADB) must be ready to discuss whether to phase out aid to high- and medium-income borrowers like China, the institution’s next president Masatsugu Asakawa said.Asakawa, who will take the helm in January, also said that while China’s economy was likely to slow, Beijing is expected to engineer a smooth landing that will help Asia achieve a moderate pickup in growth next year.“Deep-rooted, structural problems have led to a gradual decline in China’s potential and real…