ChinaRealNews

Macao’s gaming market growth expected to slow down

2008-07-24 Macao

Macao’s gaming revenue recorded a quarter-over-quarter drop of 3% in the second quarter of 2008, signaling the slowed revenue growth of Macao’s gaming industry, according to statistics released by Macao’s Gaming Inspection and Coordination Bureau. The statistics show that Macao’s gaming industry is entering an adjustment period, reflected by decreased gaming tables and slot machines as well as massive layoffs at Galaxy Entertainment Group Limited.

Soueast Motor: No plans to cease production of LIONCEL

2008-07-24 Beijing

Mitsubishi Motors’ Lancer will be launched at the end of this month, according to a source with Soueast Motor. In spite of this, there are no plans to discontinue the production of LIONCEL featuring Soueast Motor’s logo for the moment. At the signing ceremony to mark Mitsubishi’s acquisition of an interest in Soueast Motor, the foreign investor said it expects to build Soueast Motor into a leading carmaker in China in terms of sales volume by 2010.

Bank of China gets back investment in Olympics marketing

2008-07-24 Beijing

The Bank of China (BOC) said it has recovered costs of the sponsorship for the Olympic Games. More than 2 million Olympics-themed credit cards, jointly launched by BOC and Visa, have been issued, generating considerable incomes, according to the Mainland lender. In addition, the bank said it can control risks arising from the holding of mortgage-backed securities issued by Fannie Mae and Freddie Mac.

Macao tries for more development spaces from Chinese government

2008-07-24 Macao

The Research Centre for Sustainable Development Strategies of Macao yesterday held a briefing meeting on the city’s conceptual planning in the Tourism Activities Center. According to the Research Center, it is necessary for Macao to overcome a series of difficulties in the development process through the space transfer and the function replacement. Accordingly, due to its limited lands, the city needs to try for new lands from the Chinese government.

Corporate social responsibility standard urged to be established

2008-07-24 Beijing

In a seminar discussing main issues of Chinese corporate social responsibility (CSR), many representatives from enterprises urged the Chinese government to establish a corporate social responsibility standard according to the actual situations of Chinese enterprises. The responsible head of Chinese Academy of Social Sciences said the research center of corporate social responsibility will compile monographs and training materials on CSR, to support activities on CSR conducted by Chinese enterprises and improve the CSR management level.

Enjoy most bonuses with American Express Cathay Pacific Elite Credit Card

2008-07-24 Beijing

The American Express Cathay Pacific Elite Credit Card jointly launched by American Express and Cathay Pacific provides the most bonuses for card members, compared with the DBS Black Card and the Citibank PremierMiles card. Members may transfer their card spending into Miles which can be transferred into tickets. A member may get a round-trip ticket to Beijing with a minimum card spending of US$5,632 made out of Hong Kong.

New Regulations for Non-Smoking Areas in Public Places

2008-07-24 Beijing

To better carry out the regulations on non-smoking areas in public places in Beijing, the Beijing Committee for Patriotic Public Health Campaign recently issued opinions concerning implementation of the Regulations. According to the opinions, the area of a restaurant’s non-smoking areas should be no less than 50% of its in-house catering service areas. In addition, conditional restaurants are encouraged to ban smoking on an all-round basis. The opinions also raise requirements for service-offering locations including hotels, training centers and holiday resorts.

Employment survey in Macao

2008-07-24 Macao

In a recent security guard recruitment activity in Macao, many current dealers in casinos applied for the job. According to the job applicants, Macao’s gaming sector faces great uncertainties, and that Galaxy Entertainment’s recent massive job cut move has put great pressure on them. As a result, they want to find a job with stable incomes. On the other hand, another recruitment activity offering casino-related jobs is also hot among applicants, despite negative news such as Galaxy Entertainment’s recent job slash.

Hongkongers advised to choose proper credit cards for overseas spending

2008-07-24 Hong Kong

Hongkongers will be charged extra for card spending outside of Hong Kong. The extra charge varies, depending on different Visa, MasterCard or American Express cards issued by Hong Kong banks. Cardholders could be paying up to 2.1 percent extra when they make a purchase in mainland with a HKD-denominated credit card. For this reason, Hongkongers are advised to use yuan- denominated credit cards during their visit to mainland.

Macau Legend Development invests RMB 2.6b in building Legendale Hotel Beijing

2008-07-24 Beijing

The Legendale Hotel Beijing, a platinum 5-star hotel invested by Macau Legend Development Ltd, has opened. Located in Wangfujing, a significant commercial and tourist hub, the hotel is honoured to be one of the hotels in Beijing recognized as an official top VIP hotel by The Beijing Organizing Committee for the Games of the XXIX Olympiad.

Macao government will start improvements of new roads next week

2008-07-24 Macao

Wong Wan, Director of Macao’s DSAT, said yesterday that the government plans to convert part of parking space for private cars to parking space for motorcycles, considering insufficient parking space for motorcycles. In addition, the government will start improvements of new roads next week.

Kraft Foods raises product prices in China in early July

2008-07-24 Beijing

Sara Lee Corporation, one of the world’s top 100 companies that specializes in the food and beverage business, said the soaring costs for raw materials will force the company to raise the meat prices by 20 per cent at most late this year. In addition, other American food makers including Kraft Foods, Kellogg Co and Tyson Foods also are taking measures to raise prices of their products. Kraft Foods (China) announced on July 7 that the company is set to raise prices for all of its products in China by an average of 3 per cent to 5 per cent.

Secretariat for Transport and Public Works of Macao urges communication system to strengthen communications with the public

2008-07-24 Macao

Lau Si Io, Director of Secretariat for Transport and Public Works of Macao, has urged the government agencies of the authority to strengthen their communications with every industry and professional groups by establishing a regular communication system. In addition, the authority looks to collect the public’s opinions and advice through the system, reducing their misunderstanding of irregularly issued government policies.

SJM under investigation falls in stock price

 2008-07-24 Macao

Sociedade de Jogos de Macau (SJM), owned by Macao’s casino magnate Stanley Ho, is now under investigation by Hong Kong Exchanges and Clearing Limited after a complaint against SJM on public float had been submitted to the authority. Affected by the event, SJM’s share price yesterday fell by 3.7 per cent to HK$2.9. However, other gaming stocks, including Galaxy Entertainment and Melco International, rose, benefiting from the strong performance of the American gaming stocks with gaming licenses in Macao.

Unilever will donate for reconstruction of Sichuan’s Caodixiang primary school

2008-07-24 Chengdu
 
Zeng Xiwen, Vice President of Unilever Greater China, paid a visit to earthquake-hit Caodixiang primary school at Meishan city of Sichuan province recently. Unilever would cooperate with local municipal government to start reconstruction of the school. The company also has donated for reconstruction of schools and enterprises in Mianzhu and Jiangyou.

MANHATTAN cardholders to be charged more starting September 19

2008-07-24 Hong Kong

Today, handling fees on overseas payments are based on the exchange rate of Visa or MasterCard and card issuers’ standard charges. Cardholders in Hong Kong are warned that MANHATTAN cardholders will be charged more handling fees on overseas payments starting from September 19, 2008.

Jones Lang LaSalle: property prices in Macao expected to reduce by 10% in H2

2008-07-24 Macao

According to a director at Jones Lang LaSalle Macao, residential property prices in Macao are expected to decline by 10 percent in the second half of 2008, due to factors such as uncertainties in the world economy, government’s tightened policies on the gaming industry and increased supply. However, rents are expected to increase 5 percent due to soaring demand from increased expatriate employees in Macao.

Yunnan Tin Group signs cooperation agreement with Honghe Prefecture

2008-07-24 Kunming

On July 16, the government of Honghe Prefecture signed a cooperation agreement with Yunnan Tin Group on the development of mine resources. Lei Yi, chairman of Yunnan Tin Group, and several local government officials were present at the signing ceremony. Honghe Prefecture is known for its abundant mine resources, which are a major contributor to the local economic growth.

Tam Pak Yuen expects Macao to benefit from three direct links across Taiwan Strait

2008-07-24 Macao

Tam Pak Yuen, Secretary for Economy and Finance of Macau SAR, said that the three direct links across Taiwan Strait are expected to provide more opportunities for Macao. The local aviation industry has been expanding air services in a move to lure more transfer passengers in recent years. In addition, the government will attract more airline companies to launch new services to Macao.

Soaring commercial rentals affect venture capital investors’ decision-making

2008-07-24 Beijing

The soaring commercial rentals and labor costs resulting from increasing global inflation pressures have posed serious challenges to China’s retail sector. For this reason, some venture capital investors, who are upbeat about the consumption situation in china, begin to take more rational consideration of the investment environment, in a move to reduce the risks.

Shanghai house sales see declining trend

2008-07-24 Shanghai

Housing prices in shanghai have shown signs of decline, with some luxury apartments in the city center seeing decreases in price while potential buyers remain uncertain on the timing of making a purchase. While the price run up in Shanghai has been less severe than that in other cities, all buyers remain cautious. In the second-hand market, sellers now entice buyers with all-inclusive packages, by sweetening the deal with all relevant taxes pre-paid by the seller, said Kenny Ho, head of research at Jones Lang LaSalle China.

Plaza 353 to open in October

2008-07-24 Beijing

Plaza 353, formerly known as Dong Hai Building, will open in October. With bold promotion ideas and inspiration of new generation of dance, music and fashion, Plaza 353 expects to be a comprehensive shopping mall that decodes the trends of urban living. For the failure of the former Dong Hai Building, Zhang Ming, manager of industry at Jones Lang LaSalle, said bad brand positioning strategies and operations were the main factors contributing to it.

China’s commercial property market becomes new focal point

2008-07-24 Beijing

China’s residential property market has cooled down, as a result of a series of government policies. However, the commercial property market has become a new focal point in the Yangtze River Delta region. Remy Chan, regional director of Asia Pacific at Jones Lang LaSalle, said the traditional mode concerning development of residential properties is losing its appeal and high-profitable commercial properties will be a long-term support to governments’ fiscal revenue.

Jones Lang LaSalle upbeat about Beijing real estate market

2008-07-24 Beijing

A report recently released by Jones Lang LaSalle said the real estate market in Beijing will have a huge potential demand after the Olympics as the acceleration of urbanization will further stimulate the demand in the market. With the report, Jones Lang LaSalle expressed optimism concerning the prospects of the city’s real estate market. However, some industry analysts believe there still exist many uncertainties in the market, which needs to be further observed.

Macao’s conceptual urban planning framework may change name

2008-07-24 Macao

Macao’s conceptual urban planning framework has been launched. However, many experts expressed different opinions on some aspects such as the name and the planning period. “Master planning outline” is suggested to replace the original name by an economist. According to the Research Centre for Sustainable Development Strategies, some problems can not be decided by the Macao government independently, as regional cooperation is involved.

Chalco to invest to build alumina refinery in Vietnam

2008-07-24 Beijing

China Aluminium International Engineering, a subsidiary of Aluminum Corporation of China (Chalco), recently signed a cooperation agreement with Vinacomin, the largest coal mine producer in Vietnam, to invest US$460 million to build an alumina refinery in Vietnam. Japanese trading house Marubeni will provide Chalco with advisory services on legal matters and equipment procurement.

Survey: more than half of employees often work overtime

2008-07-24 Beijing

Up to 64 percent of employees often work overtime, according to a new survey undertaken by a Chinese portal www.zhaopin.com. Overtime work may increase the risk of sub-health and a number of people even work themselves to death. Under the new Labor Contract Law, the labor contract is required to include terms on work time and holidays.

13 employees from Chongqing footwear manufacturer claim overtime pay

2008-07-24 Chongqing

Thirteen employees from a Chongqing-based footwear manufacturer have lodged a lawsuit against their company for overtime pay amounting to RMB1.5 million. According to a lawyer, these employees may not get all the overtime pay as the company puts in place the so-called non-fixed term system, under which employees can only get overtime pay in such legal holidays as the National Day.

China’s textile and garment factories committed to CSR despite margin squeeze

2008-07-24 Chengdu

China’s textile mills and garment factories have donated approximately RMB1 billion to the earthquake-hit areas in Sichuan for disaster relief, though the industry is besieged by margin squeeze. This demonstrates those companies’ commitments to their corporate social responsibility (CSR). A latest survey to examine textile and garment factories’ perspective over CSR showed that most of the respondents said implementation of CSR means compliance with applicable tax laws and regulations and outstanding environmental performance.

China’s Dongyue Group committed to building up core brands

2008-07-24 Beijing

Dongyue Group’s “Dongyue Lianbang” was recently identified as China’s Famous Trademark, representing a major milestone in the group’s efforts to build up its core brands through its state-of-the-art technologies, constant commitment to environmental conservation and globalization strategy. Dongyue Group, which places great emphasis on independent innovation, has set up a number of research institutes and R&D centers with leading universities and scientific and research organizations at home and abroad, in an effort to optimize its R&D competencies.

Macao expected to see 40% year-on-year growth in casino revenues in 3rd quarter

2008-07-23 Macao

The tightened policy on the individual travel program for mainland visitors to Macao may not have an immediate effect on Macao’s casino industry until the first quarter of 2009, as 70 percent of gaming revenues come from VIP rooms, noted some scholars. In addition, Macao’s casino revenues are expected to record a year-on-year growth of 40% in the third quarter of 2008.

China Metallurgical Group to invest US$60m in Argentine mine over next three years

2008-07-23 Beijing

Report said that China Metallurgical Group Corporation will invest US$60 million over the next three years to carry out equipment upgrade and expansion for Argentina-based Sierra Grande Iron Ore Mine, in which the group takes a 70 percent stake. As reported, the mine was greatly affected by strike problems last year.

Great Wall Motor identifies strategies to address soaring oil prices

2008-07-23 Beijing

It is learnt from Great Wall Motor Company Limited that the company has identified four strategies to address the surging oil prices. First of all, the car producer will constantly develop low-emission vehicles. In addition, the company will upgrade its SUVs and pickup trucks and build a world-class engine factory. Last but not least, the company will speed up development of vehicles with new energy sources.

SGS committed to sustainability of China’s textile industry

2008-07-23 Beijing

SGS-CSTC Standards Technical Services Co., Ltd, a joint venture established by SGS in China, was recognized at an awards ceremony held recently for its great contribution to the Chinese textile industry in terms of quality control and environmental conservation. The company has been committed to the sustainable development of the Chinese textile industry by helping China’s domestic companies meet quality standards and expand into international markets.

Over 70 workers at Dongguan-based leather factory feel dizzy due to poor ventilation in workplace

2008-07-23 Guangzhou

Yesterday, over 70 workers at a Dongguan-based leather factory felt dizzy after breakfast, and 21 of them with severe symptoms were sent to hospital for treatment. The local oversighting agency later investigated the case. Preliminary results show that the symptoms of the workers were caused by the poor ventilation in their workplace.

HK ranked at 6 in MasterCard Worldwide Centers of Commerce Index

2008-07-23 Hong Kong

According to a survey titled “MasterCard Worldwide Centers of Commerce Index”, London continued to hold the title of “the most influential commercial city in the world” in 2008. Hong Kong has been ranked at 6, while Shanghai has been ranked at 24 (up 8 places from 32 last year).

China Airlines incident underscores defects in Boeing’s design

2008-07-23 Beijing

In August 2007, a China Airlines Boeing 737-800 jet exploded into flames at Okinawa airport in Japan after arriving from Taiwan. Investigation results from the Japan Aircraft and Railway Accidents Investigation Commission show that Boeing has defects in the design of screw caps. The Commission is considering asking the American aviation authority to direct Boeing to improve its design.

Consolidation of VIP lounge casinos in Macao expected to be accelerated in second half

2008-07-23 Macao

VIP lounge casinos in Macao gained revenue of MOP 20.01 billion in the second quarter of this year, down MOP 700 million from a quarter earlier, mainly because of the macro-economic control conducted by the Mainland government, according to insiders in the gaming industry. Accordingly, the washout and consolidation of VIP lounge casinos are expected to be accelerated in the second half of this year.

American Express Q2 profit misses estimates

2008-07-23 Hong Kong

The US currency had earlier dropped against the yen and hovered near recent record lows against the euro after disappointing earnings from Wachovia Corp and American Express. American Express, the country’s biggest credit-card company by purchases, tumbled on second-quarter profit that missed estimates. American Express said it added US$600 million before taxes to reserves for US loan losses. By almost any measure, the US economy and business environment were much weaker than the company’s assumptions in January, chief executive Kenneth Chenault said. In addition, Hong Kong blue chips swung in and out of negative territory yesterday before closing slightly lower, as investors locked in gains from a four-session rally after oil prices rose.

Sociedade de Jogos de Macau share price down slightly

2008-07-23 Macao

Several gaming market players in Macao saw hikes in stock price yesterday, in spite of the tightened restrictions put in place by Guangdong province on individual travel to Macao. Galaxy Entertainment Group, for example, experienced an increase of 9.3 percent in stock price. Sociedade de Jogos de Macau, however, still dropped 0.99 percent. Statistics show that visitor arrivals in Macao recorded a growth of 22 percent to 2.34 million in June.

The Link Credit Card issue to break through 20,000 next year

2008-07-23 Hong Kong

The issue volume of The Link Credit Card has reached 12,388 since its launch in October 2007, and is expected to break through 20,000 next year, according to a general manager at Chong Hing Bank. When enquired about the potential cooperation with Octopus, the general manager said they have not any contact with Octopus yet.

Octopus Citibank Credit Card launched in Hong Kong

2008-07-23 Hong Kong

In partnership with Octopus Cards Limited (OCL), Citibank recently launched a new co-brand card - Octopus Citibank Credit Card, the first credit card in Hong Kong with the Octopus function. The card also incorporates the Octopus rewards scheme. In addition, the cardholders can earn cash rebates through their credit card spending. Online pre-registration for Octopus Citibank Credit Card will be accepted until 15August 2008. US$6.4 Octopus Cash will be offered to successful registered customers.

Hospitals urged to use codes to recognize identity of patients

2008-07-23 Hong Kong

Today, Hong Kong’s public and private hospitals use ID numbers to recognize the identity of patients. Some hospitals even print the numbers on follow-up cards and prescription sheets. A privacy commissioner for personal data urged hospitals to put in place a code system to protect patients’ privacy. A spokesperson with Quality HealthCare said that the group understands the importance of ID numbers. As a result, the group only prints group numbers on such documents as medical cards for recognition. In addition, the group’s employees verify a patient’s identity through face-to-face communications.

Casino stocks rebound and trigger sell-off

2008-07-23 Macao

Stock prices of 3 US gaming companies holding casinos in Macao saw significant rebound on Monday, with Las Vegas Sands rising nearly 10 percent, which drove Macao casino stocks traded on the Hong Kong exchange up yesterday. Galaxy Entertainment also increased by nearly 10 percent. The rebound in casino stocks triggered sell-off yesterday.

SJM receives complaint about public float

2008-07-23 Macao

Sociedade de Jogos de Macau (SJM), owned by Macao’s casino magnate Stanley Ho, recently received a complaint that the company’s public float is overly concentrated in several securities firms and stands at below 25 per cent, although the company had went public smoothly. Also, the company’s share price has been flat or even weak since listing. However, most of Macao’s gaming stocks rebounded significantly yesterday. Galaxy Entertainment, for example, dramatically rose 9.3 per cent to HK$3.29.

SJM reportedly violates Securities and Futures Ordinance - Disclosure of Interests

2008-07-23 Beijing

An investor recently lodged a complaint with the HKEx and the Securities and Futures Commission, alleging that Macau’s flagship gaming company SJM has violated the Securities and Futures Ordinance - Disclosure of Interests. According to the investor, of the company’s public shares, approximately 60 percent are held by SJM’s Stanley Ho and his family members. However, the company failed to disclose the ownership of the interests.

Games, a spur for city opportunities

2008-07-23 Beijing

With the 2008 Olympic Games approaching in less than three weeks' time, Beijing, the host city of the games, is creating scores of opportunities for real estate developers, investors and occupiers as local government channels dramatic investment into infrastructure, a world leading real estate services provider says. Ben Christensen, head of research for Jones Lang LaSalle Beijing said Beijing is in the midst of a fundamental change as city planners begin to take a more realistic and proactive approach to orchestrating the city's future development.

Waterborne polyurethane adhesives applied in shoe-making industry

2008-07-23 Beijing

Waterborne polyurethane adhesives were applied in shoes by Hongqingting Group for the first time recently. As a result, 5000 employees in the company will have no need to wear respirators, and the company’s cost can be reduced by more than RMB2 million per year. Currently adhesives commonly used in China’s shoe-making industry often contain benzene, which can result in serious pollution to the environment.

Nike returns money to consumer buying unqualified Nike pack

2008-07-23 Harbin

A Harbin consumer recently bought a backpack in a local franchised Nike store for RMB298. However, several days later the backpack was found problems. When the consumer went back to the store to ask for an exchange, his request was refused, and was asked to have a testing for the bag. The consumer later took the pack to the Harbin Product Quality Supervision and Testing Institute to have a check. Result showed that the backpack did have quality problems; as a result, the store returned the RMB298 to the consumer as well as assumed the testing fee of RMB200.

Vacancy rate of Beijing’s office space records a new high in Q2

2008-07-23 Beijing

According to a new report released by Jones Lang LaSalle, with the Beijing Olympics approaching, Beijing’s office market begins to step in a short-term slow-down period. The office take-up was only 63,000 sq m in the second quarter of this year. Due to the newly added supply and the lower take-up rate, the vacancy rate of Beijing’s office space recorded 19.6%, a new high since 1999.