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Overall car sales in China are falling this year for the first time in decades as the economy slows. But sales of the Communist Party’s favourite luxury car brand, Red Flag, or Hongqi in Chinese, have jumped 662 per cent in the first 10 months of this year over the same period last year.
The Islamic city of Marawi in the southern Philippines became the battleground for a five-month war between security forces and ISIS-linked militants in 2017. More than 300,000 people fled the airstrikes and gunbattles that destroyed Marawi’s commercial centre and crippled the region’s economy. More than a year afte…
The idea of private home ownership is still a relatively new concept in China. Housing distribution used to be controlled by the state and linked to employment, but as China’s economy slowed in the mid-1990s, the government turned to Meng Xiaosu, the CEO of China’s first and biggest real estate company, to suggest s…
Hong Kong is considered the world’s largest ivory market playing a major role in the slaughter of 30,000 African elephants annually, according to WWF. On January 1, 2018, Hong Kong voted to gradually phase out the trade of ivory, stopping completely in 2021. But for those on the ground in Africa, that is a long way …
In 1978, ex-Chinese leader Deng Xiaoping announced the “reform and opening up” policy. It kicked off unprecedented economic growth that transformed China from a largely rural country to the world’s second-largest economy. And Henry Tang Ying-yen’s family was among the first to invest in mainland China.
Forty years ago, 18 residents from poverty-stricken Xiaogang village risked their lives to secretly sign a contract to divide the communally owned farmland into family plots, forever transforming China’s rural economy. However, mainly relying on traditional agriculture, the village is still far away from prosperity …
Papua New Guinea (PNG) is hosting the 2018 Asia-Pacific Economic Cooperation (APEC) summit. PNG is the poorest nation of the entire 21-country bloc. Hoping to improve its economy by organising the meeting, Port Moresby is also witnessing a growing Chinese influence across the Pacific.
China’s economy has developed more rapidly than any other country in history. It went from a poverty stricken nation in the late 1970s to the engine of growth it is known as today. The rapid economic growth emerged from the vision late paramount leader Deng Xiaoping, who introduced capitalist reforms into a communis…
China’s reform and opening up policies began 40 years ago, resulting in decades of rapid economic growth and the country’s transformation into the world’s second-biggest economy.
A 1.5-metre python fell through the ceiling of a Chinese bank in Nanning on Friday morning. Local authorities later arrived and sent the rogue reptile to wildlife protection centre.
The world’s longest flight, from Singapore to New York, resumed on Thursday, October 11. The journey takes about 19 hours and spans 16,700km (10,400 miles). The route was abandoned five years ago due to high oil prices. The Singapore Airlines’ A350-900ULR can carry 161 passengers in business and premium economy clas…
At a press conference on Tuesday morning, Hong Kong leader Carrie Lam reacted to questions regarding the denial of a visa renewal for Financial Times’ journalist Victor Mallet.
Hong Kong’s decision to deny a work visa to Financial Times journalist Victor Mallet came to light on Friday. Mallet is the acting president of the Foreign Correspondents’ Club’s (FCC), where he chaired a talk by the convenor of the Hong Kong National Party in August despite strong objections from the city’s governm…
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Hong Kong commuters suffered a chaotic start to the week after Typhoon Mangkhut swept through the city on Sunday. Most public transport remained suspended on Monday due to collapsed trees and damaged infrastructure. The East Rail line was partially suspended, and the Tai Po Market to Sheung Shui section will not res…
It has been 10 years since the financial crisis, CNN Chief Business Correspondent Christine Romans recalls what it was like covering the news a decade ago.
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Some 200 boat owners, most of whom live on board, were told they had four months to ship out of Hong Kong’s Discovery Bay marina, leaving families in despair and facing financial ruin. Many say they don’t know where they can berth their vessels, but the eviction notices have also raised concerns among other boat dwe…
In the 1970s, oil prospectors uncovered one of the world’s richest deposits of Jurassic-era fossils just outside the Sichuan city of Zigong. Over the past decade, the city has developed the world’s largest industry for large-scale animatronic dinosaurs, accounting for more than 80 per cent of the total global market…
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Tourists from China have been a growing market for countries overseas. In 2017, management company Nielsen said 131 million Chinese travelled abroad – mainly to destinations in Asia. Here are their top 10 picks.
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Hong Kong’s foreign domestic workers have been referred to as the backbone of the city’s middle class and the engine of its economy. Their presence has allowed families to earn double incomes and the sheer number of foreign domestic workers accounts for 10 per cent of the city’s workforce. But issues such as low wag…
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American cherries have been targeted by China as the trade dispute heightens between the two countries. The result was a rise in export costs for suppliers who already had a shipment bound for China. Instead of paying the additional levy, many vendors decided to sell their cherries on the Hong Kong market.
Sources said Google plans to return to the Chinese market, which it abandoned eight years ago due to censorship concerns, by launching a censored version of its search engine that will block some websites and search terms.
Despite the US-China trade war, electric car manufacturer Tesla has announced its first overseas plant will be built in Shanghai. Construction will take around two years and it will take another two to three years for the production line to be able to handle manufacturing 500,000 electric cars a year. As China is th…
A fish that was rescued from a market in central China’s Henan province and released into a reservoir seemed to be reluctant to leave the group of women that saved it.
So-called “haunted” apartments, in which former residents died or serious crimes were committed, have traditionally sold at a deep discount in superstitious Hong Kong. However, as property prices continue to surge in the city, potential buyers are considering these ghostly abodes – and that’s pushing prices up.
Alibaba’s financial arm Ant Financial has unveiled a cross-border remittance service based on blockchain technology in a move designed to compete with banks and remittance services.
Private equity group Warburg Pincus follows this golden rule when investing in China’s property market: ‘why fight the elephants?’
A passenger’s power bank exploded suddenly on a bus in southern China’s Guangdong province, causing flames to shoot up to the roof.
Qiantan, is Shanghai’s emerging central business district, which aims to appeal to multinational and financial firms looking for an alternative to the more costly and crowded core Lujiazui financial district. The area’s high concentration of offshore developers is a rarity in China’s property market, which is domina…
In his first foreign media interview, Malaysia’s new Finance Minister Lim Guan Eng told the South China Morning Post that the government will announce belt-tightening measures to rapidly pare down total liabilities of 1.087 trillion ringgit (US$250 billion) that ballooned during the tenure of scandal-tainted former …
Dounan Flower Market in southwest China’s Yunnan province is Asia’s largest offering of fresh-cut blooms. Thousands of tonnes of cut flowers harvested from nearby farms are transported all over the world every day. Trading here is keen and fast. Each lot goes in less than 3 seconds.
Mao Daqing, founder and CEO of China’s most valuable co-working space start-up Ucommune, said he would consider an IPO for the firm in two or three years, with Hong Kong being a strong possibility after the city amended its listing rules to welcome more “new economy” businesses.
For the first time in 10 years, five luxury townhouses in a new development have been put on the market in one go.
The Chinese government has indicated it may allow foreign car makers to have greater access to the local market. Renault CEO Carlos Ghosn, head of the world's fourth-largest automotive group, shares his views on the outlook.
Airline passengers often complain economy-class seats don’t have enough leg room. Italian seat manufacturer Aviointeriors says it has a solution: a new seat design that will allow passengers to stretch their legs all they want at no extra cost. But there’s a catch - the seats are angled so far upright, passengers wi…
People's Bank of China (PBOC) Governor Yi Gang said that China will allow foreign firms to compete on an equal footing with domestic companies in the sector.
An American bargains with saleswomen at Beijing's famous Silk Street - known for its knock-offs - in a YouTube video that has gone viral, sparking debate over the high prices asked for fake goods at the market and the forceful ways they are flogged onto foreigners.
A 34-year-old Chinese woman conducted a social experiment to gauge attitudes to women’s age in China’s dating market. Wearing a hidden camera, she recorded prospective in-laws’ reactions when she revealed she was over 30.
Chinese President Xi Jinping delivered a closing speech to the National People’s Congress on the last day of the Two Sessions. In an address that lasted more than half an hour, Xi covered topics ranging from China's place in the world, to the economy to separatism. Here are the highlights.
Credit Suisse Group CEO Tidjane Thiam speaks to the SCMP about the way forward to succeed in the Asian market.
Hong Kong Financial Secretary Paul Chan on Friday said that he has “no fear” in waging war against private developers by imposing a vacancy tax on property owners hoarding empty flats in a bid to cool down the city’s sky-high home prices.
As delegates from around China discuss the future of the country at the two biggest political meetings of the year, we ask some senior citizens in Beijing about how they feel about the direction the ruling Communist Party has taken the country. This year marks 40 years since China’s late paramount leader Deng Xiaopi…
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In the government work report presented at the opening of the 13th session of the National People’s Congress, Chinese Premier Li Keqiang set the country’s 2018 GDP growth target at around 6.5 per cent
