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Home Beijing turns the screws on China’s property sector Beijing turns the screws on China’s property sector Real estate stoked Covid recovery but ever-increasing prices are ‘politically not acceptable’ World Economy News 26 Jan 2021 • 3 min read Even as China’s economy grew faster in December than before the coronavirus pandemic struck, the country’s property market struck a more downbeat tone. While new home prices across the country’s biggest cities rose 3.7 per cent last month compared with a year earlier, the pace of gro...

Posted by Joseph Brouwer | Jan 12, 2021 A Pinduoduo employee’s suicide, the second work-related death at the company in as many weeks, and an Ele.me courier’s self-immolation have set the Chinese internet ablaze with discussion on labor conditions in the tech sector. Last week, a young Pinduoduo employee collapsed and died on the way home from the office, reportedly due to overwork. White-collar employees write that 996 culture—the expectation that one is in the office from 9 a.m. to 9 p.m., six days a week—drives employee deaths. Blue-collar delivery drivers face a different dilemma:...

Posted by John Chan | Dec 29, 2020 New announcements from China’s regulatory authorities have revealed broad plans to rein in Alibaba and Ant Group, as part of a concerted effort to strengthen state supervision of Jack Ma’s business empire. On Tuesday, multiple outlets reported that Ant Group, whose IPO was scuttled at the eleventh hour in early November, will fold its financial operations into a holding company that could be regulated much more like a bank. Bloomberg News The fintech giant is planning to move any unit that would require a financial license into the holding company, pend...

December 17th 2020 15:12 The ongoing impact of Covid-19 combined with high rents and operating costs – which, this year, has often outweighed revenue – means that many retailers have been forced to rethink the role of brick-and-mortar stores. According to McKinsey predictions, Europe is likely to see an 8 to 13% decline in offline retail sales in 2021, while the US will likely see a drop of 22 to 27% compared to 2019 levels. Instead of considering the value of stores in the context of ‘four-wall sales’ – i.e. how much product is sold inside the store – many retailers are conside...