Shanghai emerged top among 13 cities in the world in terms of the most number of bookstores per 100,000 people, according to a report from Shanghai Normal University. The report, which aimed to determine the amount of cultural services available in a city, took into account 19 factors to evaluate places including London, New York, Paris and Tokyo. The report also revealed that Shanghai hosts the most cultural shows with a total number of 84,900 in 2014. In China, Shanghai was found to be the city with the most cultural services per person to offer.
A total of 490 units of luxury homes priced above 100,000 yuan per square meter were traded across Shanghai as of the end of November, equaling the combined total in the last three years, according to data from property agency Homelink. According to the China Securities Journal, residential project Tomson Riviera had set a new record when two apartments were sold at 252,000 yuan per sq m and 269,000 yuan per sq m in November, with the total traded amount hitting 150 million yuan and 160 million yuan respectively.
BTG Hotel (Group) Co Ltd announced on Dec 7 that it will buy a 100 percent stake in Homeinns Hotel Group for 11 billion yuan, according to Reuters. Nasdaq- listed Homeinns will delist from the stock market to become a private-owned enterprise following the deal, according to the Shanghai Stock Exchange. Homeinns reported sales revenues of 6.68 billion yuan in 2014, and it generated 4.99 billion yuan from January to September in 2015. BTG Hotel will run more than 3,000 hotels in over 300 cities across China following the deal, and the purchase is expected to effectively expand its hotel chains and enhance competitiveness.
Google is likely to launch a version of the Play Store that is specifically set up for Chinese consumers by February next year, reported Reuters. Google entered China in 2005 but withdrew its search business from the world’s second largest economy in 2010 due to regulatory reasons. According to local news service thepaper. cn, Google had registered a foreign-invested enterprise called Pengji Information Technology in the China (Shanghai) Pilot Free Trade Zone on Christmas Day in 2014. Pengji, which deals with information and technology development and computer system integration, is reportedly a shell company for Google that could play a part in its comeback in China.
The world’s second largest energy drinks maker Monster Corp is looking to enter the China market in 2016, riding on the back of its distribution deal with shareholder Coca Cola, the Beijing Business Today reported. However, the company’s entry would be made difficult because its trademark and brand name have already been registered by a Shanghai-based company. Monster’s main competitor Red Bull currently commands about 80 percent of the market share in the Chinese energy drink market.