HONG KONG, Sept 24, 2011 (AFP) - Apple threw open the doors to its first store in Hong Kong Saturday, its latest push to tap the booming China market, as shoppers were greeted with boisterous chanting and high-fives from staff. The minimalist store spread over two floors in one of Hong Kong's most upmarket shopping malls is Apple's sixth outlet in China, launching just a day after the doors opened on another new branch in Shanghai. Apple's second quarter revenue in greater China -- which includes Hong Kong and Taiwan -- reached $3.8 billion, a six-fold rise on the same period a year earlier, making the region a key driver of the company's record results. Die-hard fans in China, which has the world's largest online population with 485 million users, have been known to line up for days to get their hands on the latest Apple products. A queue of more than a thousand people snaked along an overpass near Hong Kong's Victoria Harbour, with some people waiting from Friday afternoon to be … [Read more...] about Apple opens Hong Kong store in China push
Rise records store
After climbing to VND16.5 million per tael on November 7, 2007, Saigon Jewelry Company (SJC) gold in Viet Nam soared to VND16.63 million on January 4, 2008, the highest rate ever recorded. So far this week, trading activities in jewelry stores have been busier with many people coming there to sell their gold. On January 3, the Sai Gon Jewelry Holding Company purchased more than 9,000 taels of SJC gold, three times more than its usual selling volume. At present, the domestic gold price is some VND200,000 lower per tael than world rates. This means gold enterprises will face difficulties as they will suffer great loss if they import gold to make into jewelries to meet rising demand during the upcoming Tet, or Lunar New Year this February. Fortunately, Ms. Nguyen Thi Cuc, Deputy Director of the Phu Nhuan Jewelry Joint - Stock Company revealed that the company had hoarded enough gold and had already used one ton. In note, the world gold price is now US$860 an ounce, which is a rise … [Read more...] about Gold Price Soars to New Record
Yesterday, many private jewelry stores in Ho Chi Minh City opened for their first trading day after the Tet Holiday and listed their gold prices as higher than world rates. Today, banks, gold trading corporations and floors began to operate again. The question is: Will the domestic gold price fall or rise once private jewelry stores are no longer the only outlets trading in this precious metal? After two days fluctuating between US$923-924 an ounce, the world gold prices yesterday fell slightly to US$921. At the same time in Viet Nam, a tael of SJC gold was purchased at VND17.65 million (US$1,100) and sold at VND17.82 (US$ 1,111), a decrease of VND30,000 on the previous day. These figures suggest that the domestic gold prices are experiencing a boom. Prior to the Tet holiday a SJC tael only cost VND17.40 million (US$1,085). One gold investor said "Before the Tet holiday, jewelry shops had hoarded hundreds of taels of gold at the price of VND17.5 … [Read more...] about Will Domestic Gold Prices Rise or Fall on Today’s Trading Floor?
The demand for commercial real estate is still very high even in the economic downturn, because consumers in HCMCity and Hanoi have gotten used to going shopping at trade centres, according to a story in Dau Tu Chung Khoan business newspaper. Supply grows, but rents don't fall Tran Van Hung, head of leasing at Eden Mall in the Saigon area of HCMCity, said that the great majority of people buying brand name goods are Vietnamese, not Westerners, and it is their demand for such goods that is supporting the upscale retail premises market. Rents are still on the increase, though overall the real estate market is in the doldrums. Real estate consultancy firms report the average monthly rent for retail premises in prime positions in HCMCity is $85 per square metre on average, higher than Bangkok ($76 per square metre), Manila ($22.5) and Jakarta ($53).However, there are big variances in different areas of the southern metropolis. At Saigon Square centre, street-front booths rent for $400 … [Read more...] about Rents still rising for upscale store sites
The figures are of great significance as the world's major markets, including the US , Japan , the Republic of Korea and the European Union, saw minus growth rates, heard experts at a seminar in Hanoi January 22. Dinh Thi My Loan, Vice President and General Secretary of the Vietnam Retail Association, reported that retail revenues recorded almost 1,200 trillion VND (64.8 billion USD) in 2009 and are expected to reach 1,440 trillion VND (77.8 billion USD) this year. Representatives of foreign distribution and retail firms, including the Big C, praised the potential and business opportunities in Vietnam, especially since the country opened up its retail market as part of its commitments to the World Trade Organisation (WTO) on January 1, 2009. They also unveiled plans to expand their distribution networks to many cities and provinces throughout Vietnam. The Director of CB Richard Ellis Vietnam, Richard Leech, said that despite the adverse impact of the global economic crisis, … [Read more...] about Vietnam’s retail market rises above global crisis