Rental Specialist Danke Hasn’t Been Paying Its Rent
Danke Apartment, one of China’s largest rental specialists, has not been paying rent to property owners, the service’s tenants said, causing an uproar that could leave some of its users out on the street. Danke, which is run by New York-listed Phoenix Tree Holdings Ltd., is one of the latest
Actived: Tuesday Nov 17, 2020
In Depth: Who Really Benefits From Consumption Vouchers
Business have also, independently of the government, handed out coupons, bearing the cost themselves. Nanjing and Hangzhou in eastern China were among the first to kick off the voucher frenzy in March as the central government lifted lockdowns imposed to halt the spread of the coronavirus and encouraged the country to get back to work.
Singles’ Day Bonanza May Herald Return of China’s
(Bloomberg) — Alibaba Group Holding Ltd. kicks off the world’s biggest 24-hour shopping binge Wednesday in China, an annual frenzy of consumption for hundreds of millions that this year will also serve as the best barometer so far of China’s post-pandemic recovery. Singles’ Day debuted in 2009 and has grown over a decade into a nationwide marathon of frantic bargain-hunting that dwarfs
China Gives Away $1.5 Million to Test Digital Currency
The coupons, which are also aimed to stimulate consumption, is the latest move to expand trials of the digital currency, which has been under development by China’s central bank since 2014. The People’s Bank of China (PBOC) regards the digital yuan as important part of the economy’s future financial infrastructure, according to Fan Yifei
Didi’s Budget Service Has a Plan to Subsidize Rides for
Huaxiaozhu, the budget ride-hailing service that industry leader Didi launched this year, has a strategy to hold onto users notorious for jumping ship as soon as the cheap, subsidized rides dry up — it plans to never stop offering cheap, subsidized rides.. Although the strategy of burning through ever-expanding amounts of cash to keep user numbers growing has caused problems for ride-hailing
In Depth: Investors Sip the Bitter Taste of the Luckin
After news of the scandal, many consumers rushed to cash in coupons that the company distributes liberally. Luckin’s misconduct looks like déjà vu of a wave of shorting U.S.-listed Chinese companies set off by fraud scandals nearly 10 years ago, said a person from a foreign investment bank.
Debate Heats Up Over Post-Virus Consumption Stimulus
Many local Chinese governments are offering vouchers for consumers to spend on activities and companies are giving coupons offering discounts on goods. One member of the country’s top political advisory body has even proposed a 2,000 yuan ($283) one-off payment to the entire population
WeChat Takes Aim at Misleading Promotions in Updated
Pages that entice or mislead users into downloading apps or being redirected elsewhere will also be banned, the announcement said, citing companies that dangle rewards like money-filled virtual “red packets,” coupons, points, or mobile minutes that can only be accessed by leaving WeChat.
Half of Chinese Retailers Risk Collapse Within Six Months
Nanjing is handing out “consumption coupons” for food and beverages, sports, consumer electronics and books, while citizens in Hangzhou are being treated to free buses and subways. The efforts come too late to help Song Hongyang, founder of Shenzhen-based restaurant Zui Weng Ting.
China Development Bank Bond Is a Tough Sell as Investors
The yield on the benchmark 10-year CGB was 2.91% on Wednesday, up from 2.55% at the beginning of May and just off its highest since February, CDCC data showed. In an effort to calm investors, the Ministry of Finance said (link in Chinese) last week that sales of ordinary government bonds and local government bonds would be “appropriately
After Double 11 Smashes Shopping Records, What Next for
In addition, Chinese consumer attitudes toward Double 11 seem to be changing. Jiang Fan, the head of Alibaba’s Tmall and Taobao e-commerce platforms, described a new mobile game which gives players coupons for inviting friends to join the buying frenzy as an “interesting” shopping experience.