In the first three quarters, Shenzhen registered an 11.5 percent growth in gross domestic product (GDP) despite global financial turbulence.
Boosted by the hi-tech industry, especially the electronic information industry, industrial output of sizable enterprises reached 1.12 trillion yuan during the period, which rose by 14.5 percent. IT sector plays an important role in the significant rise. This sector grew by 16.4 percent to 111.35 billion yuan, which is 4.9 percent Read more…
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China Business, China Business News, China Economy
China, GDP, industry, IT, product, Shenzhen
Based on the current situation of the housing market, it is estimated that the sales of residential houses is to decline to the level 10 years ago this year. This is attributable to the economic uncertainties as a result of the global slowdown and the tight monetary policy at home, which draw forth homebuyers’ and investor’s wait-and-see attitude.
It is released in the latest report on Shenzhen’s housing market that the average housing prices in May declined 36 percent form the level of last October at 17,350 yuan ($2,540) per sq m to 11,014 yuan per sq m. According to the insider prices are expected to drop another 10 percent as some struggling small and medium-sized real estate developers and speculators are selling properties for cheap to maintain cash flow. And it is reported in some areas housing prices have already dropped 50 percent.
In the first half of this year, the total supply of new residential houses reaches 1.54 million sq m or so, 46 percent of that of the year before. Based on the situation, it is forecasted that another 3.5 million sq m residential housing area will be sold later this year.
It is generally believed that the tightening mortgage policy attributes great to the cool down of the overheating housing market, especially that in the Beijing, Shanghai, Shenzhen, as the housing prices rising has been mainly attribute to speculation.
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China Business
decline, global economy, home sales, Shenzhen, uncertainty
EXFO Electro-Optical Engineering Inc, a leading telecommunications test and measurement solution provider, launched its first manufacturing plant outside its headquarters in Shenzhen.
Headquartered in Quebec City in Canada, the firm has seen increasing opportunities in the government’s large amounts of investment in telecom infrastructure and the residents’ growing demand for faster and better telecom facilities, recognizing China as the most important strategic market for its global expansion.
Covering an area of 4,600 sqm in an industrial park near the airport, the new factory is expected to assemble hand-held fiber-optic test and measurement equipment. With the new factory, Germain Lamonde, founder and CEO of the company, anticipates that 50% of all EXFO sales will be derived from products assembled in Shenzhen in 3 to 4 years, which will be sufficient to meet demands on the global market.
“China has been the second largest market of EXFO in the world, and it will become more significant in the future,” Lamonde said.
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BPO, China Business, China Business News
China Business, EXFO, plant, Shenzhen