beijing, china, mandarin

China is minting billionaires at an astonishing pace

ChinaRichList

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.

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beijing, china, mandarin

China’s Singles Day Shopping Spree Breaks Sales Records

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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.

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beijing, china, mandarin, Uncategorized

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

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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

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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.

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