9/20/2021 Financial News In China: Beijing Universal Studios Opens Today;Evergrande Begins Repaying Wealth Product Investors With Real Estate

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1. Beijing Universal Studios Opens Today

Universal Studios Beijing officially launched its operations today (Sept. 20). The official website of Beijing Universal Resort shows that tickets are available for the rest of the month except for the dates of October 1, 3 and 4. According to the Qunar estimates, the per capita spending of tourists who came to Universal Studios during the November holiday is around 3,300 yuan; while the per capita spending of tourists who came to Universal Studios during the non-golden week is around 2,500 yuan. According to public information, Beijing Universal Studios Park is located in Beijing Tongzhou, is the world’s fifth, Asia’s third Universal Studios, according to planning, Beijing Universal Studios is expected to receive 12-15 million people a year after the completion of the first phase, all completed is expected to receive more than 30 million visitors a year.

Netizen’s comment: too expensive, cannot afford. Currently, the per capita income of Communist China’s urban residents is 43,834 yuan; the per capita income of rural residents is 17,131 yuan.

2. Evergrande Begins Repaying Wealth Product Investors with Real Estate

On Saturday evening Evergrande Wealth issued an announcement to start the payment of real estate, that is, Evergrande’s residential, apartment and store products will be paid off to investors after discounting. The official WeChat of Evergrande Wealth pointed out that according to the “Evergrande Wealth Investment Products Payment Plan” formulated on September 13, the payment of physical assets has been launched. Previously, it was reported that the size of Evergrande Wealth’s maturing wealth management products was about RMB 40 billion. Investors can choose three payment methods, one is the cash installment payment method, 10% of the principal and interest amount will be paid on the last working day of the month of maturity, and 10% will be paid every three months thereafter. The other is the physical assets payment method, which is used to pay out the physical assets, including Evergrande’s residential, apartment and commercial products in any city.

3. Shenzhen Super Luxury Mansion Owners Collectively Demand Return

On September 18, a document titled “Petition for Collective Return of Longhua Jinmao Mansion” was circulated in Shenzhen’s WeChat group and Moments. The petition was issued by the buyers of Longhua Jinmao Mansion on September 17. According to the document, the reasons for the collective return request are developers deceive home buyers in the sales process, charge indiscriminately for quality improvement, have poor quality decoration, and fail to fulfill many promises; there were even problems such as indiscriminate demolition and construction after the delivery of the house. At present, the developer has not yet responded to the owner’s requests.

4. Birth Rate Plummets in Shenzhen, the city with the Highest Birth Rate

Data show that, as the city with the highest birth rate in Communist China, the fertility rate in Shenzhen has seen a significant decline. Due to the ultra-young demographic structure and the two-child policy in 2015, Shenzhen’s birth rate even reached the highest peak in the past 10 years, reaching 22.33 ‰, 25.45 ‰ and 21.58 ‰ from 2016-2018, respectively. Official statistics in Shenzhen show that the number of pregnant women in the city dropped significantly by more than 11% in 2018 compared to 2017; and by more than 15% in 2020 compared to 2019.For every 10,000-resident population in Shenzhen, there are only 94 maternities, a decrease of nearly 50 compared to 2019, a 35% drop.

5. Amazon’s Response: 600 Chinese Brands Banned Due to Review Fraud

On September 17, Amazon made its first response to the “blocking of Chinese sellers”. Amazon said that according to statistics, a total of about 600 Chinese brands and 3,000 accounts have been banned, including some large sellers.  These sellers have repeatedly abused the review function many times, and Amazon has warned these sellers several times before finally deciding to terminate the cooperation. There were also several other violations, the most serious of which included falsifying identities and selling illegal products.

6. Tencent Allows Users Access to Rival’s Links

The Ministry of Industry and Information Technology said in a related press conference on September 13 that the platforms are required to unblock URL links according to the standard from September 17. On September 17, Tencent WeChat announced that it would be the first to open external links for direct access by individual users in one-to-one chat scenarios. That means users can share the rival’s link directly to their friends. WeChat said that according to the relevant legal requirements, approved by the regulatory authorities, it will take information security as the bottom line and open up direct access to external links for individual users in one-to-one chat scenarios, and users can update by upgrading the latest version of WeChat.

7. Faraday Future: Flagship Stores to be in First-tier Cities, Substantial Progress in Cooperation with Geely

Two months after landing on Nasdaq, Faraday Future (FF), the electric car company founded by Jia Yueting, announced the location of its China stores. FF said the first flagship stores in China will be in Beijing, Shanghai, Guangzhou and Shenzhen. The US flagship store will be in Los Angeles or New York. On September 19, FF announced that substantial progress was made in the cooperation between FF and Geely Holdings to achieve the first phase of technical cooperation.

8. TikTok Sets Time Cap for Chinese Teens

Bytedance Inc., the developer of the short-video mobile app TikTok, said it has capped daily usage at 40 minutes for Chinese-speaking users under the age of 14. This is the latest move aimed at limiting screen time for Chinese teens. TikTok’s “Teen Mode” follows new measures to limit the amount of time Chinese teens spend playing online games, limiting TikTok use to 6 am to 10 pm for users under 14. Users in this age group will not be able to use TikTok from 10pm to 6am.

By【G Translators- Financial Team】
Author: Rosy Cloud

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