Latest news with #SimonSong
South China Morning Post
3 days ago
- Business
- South China Morning Post
Chinese state newspaper strikes rare friendly tone towards internet giants
A leading Chinese state media outlet has expressed support for the nation's internet platform operators, emphasising their importance alongside hard-tech companies like chip manufacturers, as it adopts a positive tone that reflects Beijing's friendly stance towards e-commerce companies. According to the editorial published by the Economic Daily on Wednesday, food delivery and 'hard-tech' breakthroughs – such as advances in high-speed trains and aerospace technologies – represented two key aspects of Chinese innovation. 'China needs breakthroughs in 'stranglehold technologies' just as much as it needs innovations that improve daily life and boost employment,' the article said. 'We need both.' 'Stranglehold technologies' refer to critical technologies or equipment that China needs to import, owing to its inability to produce them locally in sufficient quality or quantity. This category includes lithography machines for advanced chip production, computer operating systems, aircraft engine nacelles, and industrial design software. The article was published amid intense competition among e-commerce behemoths Alibaba Group Holding and Meituan in the food delivery sector, as companies offered massive subsidies to entice users. Alibaba's instant-commerce platform, seen on the Taobao app. Photo: Simon Song Alibaba, owner of the South China Morning Post, reportedly plans to launch a 'Super Saturdays' programme over the next 100 days to attract consumers with discounts, intensifying a price war against Meituan and
South China Morning Post
13-04-2025
- Business
- South China Morning Post
Luxury malls in Beijing, Shanghai slash rents, change tenant mix as consumer spending dips
A slowdown in Chinese consumer spending on luxury goods is affecting high-end malls in Beijing and Shanghai, with shopping centres like Parkview Green and K11 slashing rents and courting mid-market retailers to attract middle-class shoppers and stem rising vacancy rates. Advertisement Shanghai K11, an 11-year-old luxury mall owned by the family of Hong Kong billionaire Henry Cheng Kar-shun, was easing its tenant criteria as rental income continued to fall, a source told the Post, declining to provide details on rents. In Beijing, Parkview Green, a landmark shopping complex in the central business district known for its pyramid-like structure and extensive art collection, announced in March that it planned to attract more diverse restaurant operators to 'reignite its commercial potential' following the exit of high-end brands like Rolex and Ermanno Scervino. Hong Kong's Parkview Group, the property's owner, put it up for sale last December as it struggled with high mortgage payments and lacklustre occupancy rates, according to a Bloomberg report. Parkview Group, the owner of Parkview Green in Beijing, put the shopping centre for sale in December. Photo: Simon Song 'What Parkview Green represents is a type of property that was once positioned as premium, but with the challenges facing high-end consumption in China today, its brand structure and tenant mix need to be adjusted,' said Tin Sun, northern China head of research at CBRE.
