Chinese buyers spent $93 billion on residential properties, nearly $208 billion on mortgagebacked securities, as well as almost $17 billion on commercial real estate in the United States between 2010 and 2015, according to a report by Rosen Consulting Group and the Asia Society.
However, despite this significant expenditure, Chinese investors only accounted for 10 percent of all foreign direct investment in the US. The report also showed that Chinese buyers paid an average of $831,800 for US homes in 2015, a stark contrast to the $499,600 spent by other international buyers. Most of the homes bought by Chinese were in California (35 percent), followed by Washington (8 percent) and New York (7 percent).
A household management company in Shanghai has recently introduced a premium household sorting service to clients, according to the official website of Jiefang Daily. In contrast to regular services, this new option provides clients with a comprehensive compartmentalization of their belongings for easy retrieval and access. The service costs between 50 and 70 yuan per hour, twice the rate of standard household maintenance fees. The company said that it decided to launch this new service after a survey polling 100 housekeepers revealed that about 80 percent of white collar workers face problems with sorting their clothes, files and daily necessities.
As many as 300,000 people had the chance to preview the Shanghai Disneyland since the attraction began its trial operations on May 7, the Oriental Morning Post reported. As China’s biggest-ever foreign investment project, the theme park is a joint venture between Disney and Shanghai Shendi Group, with Disney holding a 43 percent stake. The Shanghai Disney Resort will hold its grand opening on June 16.
US-based coffee chain operator Starbucks Corp will launch its first coffee roaster in Shanghai by the end of 2017, according to Reuters. The store, the first of its kind outside the US, will be located on West Nanjing Road. The first Starbucks coffee roaster was opened in Seattle in December 2014 and the second is about to open in New York. China is currently Starbucks’ largest overseas market after its home market — the US chain has opened a total of 2,100 stores across China to date.
There are currently around 6,000 cafes in Shanghai, with 800 of them having opened last year, accounting for a yearly growth rate of 15 percent, according to Labor Daily. “The actual number of new cafes was around 1,200, but quite a few stores were forced to shut down after a very short time due to the high cost of labor and rent,” said Dong Pengfei from the Shanghai Food Association.