beijing, china, mandarin

China is minting billionaires at an astonishing pace


Despite a deceleration in China’s economic growth, the country is minting billionaires at an astonishing pace.

The number of billionaires in the world’s second-largest economy hit a fresh record high of 315 in 2013, compared with 251 a year earlier, and zero a decade ago, according to the annual Hurun Wealth Report – a ranking of the 1,000 wealthiest individuals in the nation. The U.S., by comparison, is home to 442 billionaires, according to Forbes.


beijing, china, mandarin

China’s Singles Day Shopping Spree Breaks Sales Records


This November 11th, China’s Singles Day broke sales records.

According to data released by Alibaba, the Paypal-like Tmall Alipay transactions hit 100 million yuan ($16.42 million) within the first fifty-five seconds of this year’s sales event. Sales exceeded 17.52 billion yuan ($2.876 billion) around noon, and a whopping 35 billion yuan ($5.746 billion) in sales by the end of the day, breaking last year’s record. Alibaba’s websites alone sold more than $3 billion worth of goods on last year’s Singles Day.

“Thirty billion yuan is not a surprise. What we care more is something behind the figure, such as helping more companies build their capabilities and benefiting the whole society through a variety of economic operation.” said Jack Ma, Executive Chairman of Alibaba Group.

This year, the largest single transaction was made by a woman who spent 20.5 million yuan ($4.1 million) on a 13.33 karat diamond. Electronics, apparel, baby products and financial products are among the most sought-after categories. Chinese smartphone maker Xiaomi was one of the big winners with its single store sales reaching 100 million yuan ($16.4 million) for the first time.


beijing, china, mandarin, Uncategorized

Chinese Mom Buys $6.5 Million New York City Apartment for 2-Year-Old


Think you’re spoiling your child? Think again. A CCTV story is making international headlines after a New York City real estate agent revealed that a Chinese mother purchased a $6.5 million apartment for her toddler.

Sotheby’s senior vice president Kevin Brown told China’s CCTV that he showed apartments all over Manhattan to the buyer, who is remaining anonymous

Read more: Chinese Mom Buys $6.5 Million New York City Apartment for 2-Year-Old

The woman ended up buying in the luxury Manhattan building One57. The 90-story building, which is still unfinished, was designed by a Pritzker Prize–winning architect and will have a library with a pool table and 7.3-m aquarium, a private concert hall and a “pet washroom” along with an enviable location on 57th Street between Sixth and Seventh Avenues.