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China Promises Two-Way Reform Planning Chief Says Foreign Firms Will Get Equal Treatment As Key Sectors Continue to Open
Monday 21 March 2016 Shanghai Call Center: Cloudy 9/15°C (86-21) 962288 • Memorial for air crash victims TOP NEWS/A3 A young girl lays a stuffed toy yesterday at a memorial to the victims of the plane crash at Rostov- on-Don airport. A FlyDubai Boeing jet crashed early on Saturday as it attempted to land in bad weather in southern Russia, killing all 62 people on board in the latest air disaster to hit the country. Investigators were yesterday probing the causes of the crash, as emergency workers at the site wrapped up the salvage operation. The victims of the crash had nine different nationalities, with 45 of them coming from Russia. An investigation has been launched to determine the exact cause of the tragedy. — AFP CHINA PROMISES TWO-WAY REFORM Planning chief says foreign firms will get equal treatment as key sectors continue to open CH I Na’S top planning official Forum 2016 is being closely efficient and more sustainable.” yesterday reassured foreign watched by global companies He also promised to re- Historic transition companies that they remain because it comes at the start duce “regional and industrial welcome in its slower but more of the nation’s latest five-year monopolies,” a reference to re- The 13th Five-Year Plan will sustainable economy. development plan that runs peated pledges to cut back the help China achieve more Speaking to an audience that through 2020. dominance of state companies inclusive and sustainable included executives of top global Executives are eager to learn in industries including bank- growth, IMF Managing companies at a government-or- details of how the government ing, energy and telecoms that Director Christine Lagarde ganized conference in Beijing, might carry out pledges to make some experts complain are a told the China Development Xu Shaoshi, chairman of the the economy more competitive, “drag on the economy.” Forum yesterday. -
Premium Brand Solidfoundations Customer Focus
Foundations Premium Brand Premium 2015/16 Solid Customer Focus Customer Annual Report Stock Code : 16 2015/16 Annual Report C007445 Contents 2 Board of Directors and Committees 3 Corporate Information and Information for Shareholders 4 Financial Highlights and Land Bank 6 Group Financial Summary 7 Business Structure 8 Chairman’s Statement 24 Business Model and Strategic Direction 26 Review of Operations 28 Hong Kong Property Business 54 Mainland Property Business 74 Property Related Businesses 83 Telecommunications and Information Technology 84 Infrastructure and Other Businesses 87 Corporate Finance 88 Financial Review 92 Investor Relations 94 Sustainable Development 102 Corporate Governance Report 115 Directors’ Report 140 Directors’ Biographical Information 150 Executive Committee 151 Consolidated Financial Statements Board of Directors and Committees Board of Directors Executive Directors Kwok Ping-luen, Raymond (Chairman & Managing Director) Wong Chik-wing, Mike (Deputy Managing Director) Lui Ting, Victor (Deputy Managing Director) Kwok Kai-fai, Adam Kwok Kai-wang, Christopher Kwong Chun Tung Chi-ho, Eric Fung Yuk-lun, Allen Kwok Ho-lai, Edward (Alternate Director to Kwok Ping-luen, Raymond) Non-Executive Directors Lee Shau-kee (Vice Chairman) Woo Po-shing Kwan Cheuk-yin, William Woo Ka-biu, Jackson (Alternate Director to Woo Po-shing) Independent Non-Executive Directors Yip Dicky Peter Wong Yue-chim, Richard Li Ka-cheung, Eric Fung Kwok-lun, William Leung Nai-pang, Norman Leung Kui-king, Donald Leung Ko May-yee, Margaret Committees -
Antonio Corsaro Chef De Cuisine, La Scala at the Sukhothai Shanghai
Antonio Corsaro Chef de Cuisine, La Scala at The Sukhothai Shanghai Exceptional culinary delights are intrinsic part of a hotel experience. In the two years since its opening, The Sukhothai Shanghai has established itself as one of Shanghai’s lifestyle landmarks and a must-visit culinary destination. A stylish highlight of the hotel is the casual upscale Italian restaurant, La Scala. As the new chef de cuisine of the hotel’s signature, award-winning restaurant, Chef Antonio Corsaro leads the culinary team to take La Scala’s epicurean offerings to new heights, crafting memorable gourmet experience for guests and discerning gastronomes alike. With over 17 years of experience honing his skills at some of Europe’s most elite establishments, including various Michelin-starred restaurants by Alain Ducasse, Chef Corsaro is known for his culinary finesse and uncompromising commitment to seasonality and freshness. The Italy native upholds the virtues of Italian food – simplicity with an emphasis on quality ingredients, which continues to underscore La Scala’s food philosophy. Originally from Naples, Italy, Chef Corsaro’s discovered a lifelong culinary passion from his mom's home cooking and his travels across the continent. Fascinated by the richness of food cultures in his own country and abroad, Antonio embarked on a journey to create his career success. He began his career in Unico, a one-star Michelin restaurant in Milan as chef de partie, working alongside celebrity chef Fabio Baldassarre, before moving to Tuscany to join L’Andana, a one-star Michelin restaurant under DUCASSE Paris. His relentless pursuit of culinary excellence has taken him to multiple DUCASSE Paris’ restaurants in Paris and London from 2013 to 2018. -
Supplied Through the Parthians) from the 1St Century BC, Even Though the Romans Thought Silk Was Obtained from Trees
Chinese Silk in the Roman Empire Trade with the Roman Empire followed soon, confirmed by the Roman craze for Chinese silk (supplied through the Parthians) from the 1st century BC, even though the Romans thought silk was obtained from trees: The Seres (Chinese), are famous for the woolen substance obtained from their forests; after a soaking in water they comb off the white down of the leaves... So manifold is the labor employed, and so distant is the region of the globe drawn upon, to enable the Roman maiden to flaunt transparent clothing in public. -(Pliny the Elder (23- 79, The Natural History) The Senate issued, in vain, several edicts to prohibit the wearing of silk, on economic and moral grounds: the importation of Chinese silk caused a huge outflow of gold, and silk clothes were considered to be decadent and immoral: I can see clothes of silk, if materials that do not hide the body, nor even one's decency, can be called clothes... Wretched flocks of maids labour so that the adulteress may be visible through her thin dress, so that her husband has no more acquaintance than any outsider or foreigner with his wife's body. -(Seneca the Younger (c. 3 BCE- 65 CE, Declamations Vol. I) The Roman historian Florus also describes the visit of numerous envoys, included Seres (perhaps the Chinese), to the first Roman Emperor Augustus, who reigned between 27 BCE and 14 CE: Even the rest of the nations of the world which were not subject to the imperial sway were sensible of its grandeur, and looked with reverence to the Roman people, the great conqueror of nations. -
HKR International Ltd Version 1 | Bloomberg: 480 HK Equity | Reuters: 0480.HK Refer to Important Disclosures at the End of This Report
China / Hong Kong Company Guide HKR International Ltd Version 1 | Bloomberg: 480 HK Equity | Reuters: 0480.HK Refer to important disclosures at the end of this report DBS Group Research . Equity 4 Jun 2020 BUY(Initiating Coverage) Rediscovering a hidden gem. Last Traded Price ( 2 Jun 2020):HK$3.12(HSI : 23,996) • HKRI Taikoo Hui in Shanghai is a crown jewel, supporting its Price Target 12-mth:HK$4.09 (31.1% upside) long-term share price appreciation • Low-cost land reserve in Discovery Bay, a well-regarded Analyst residential community, provides good investment returns Jeff YAU CFA,+852 36684180, [email protected] • The stock is undervalued, trading at 82% discount to our assessed current NAV Price Relative • Initiating coverage with BUY rating and TP of HK$4.09 HK$ Relative Index 3.7 209 Initiating coverage with BUY rating and target price of HK$4.09. HKR 3.5 189 International is trading at 82% discount to our appraised current 3.3 169 3.1 149 NAV, slightly wider than those for other small-to-mid cap property 2.9 129 developers. The stock is undervalued in view of its asset quality and 2.7 109 financial strength. The realisation of the value of its upmarket 2.5 89 Dec-19 Mar-20 residential developments in Hong Kong should provide upside on HKR International Ltd (LHS) Relative HSI (RHS) stock. Steadily growing contributions from HKRI Taikoo Hui in Forecasts and Valuation Shanghai and CDW Building in Hong Kong should underpin its long- FY Mar (HK$ m) 2019A 2020F 2021F 2022F term share price appreciation. -
Originally, the Descendants of Hua Xia Were Not the Descendants of Yan Huang
E-Leader Brno 2019 Originally, the Descendants of Hua Xia were not the Descendants of Yan Huang Soleilmavis Liu, Activist Peacepink, Yantai, Shandong, China Many Chinese people claimed that they are descendants of Yan Huang, while claiming that they are descendants of Hua Xia. (Yan refers to Yan Di, Huang refers to Huang Di and Xia refers to the Xia Dynasty). Are these true or false? We will find out from Shanhaijing ’s records and modern archaeological discoveries. Abstract Shanhaijing (Classic of Mountains and Seas ) records many ancient groups of people in Neolithic China. The five biggest were: Yan Di, Huang Di, Zhuan Xu, Di Jun and Shao Hao. These were not only the names of groups, but also the names of individuals, who were regarded by many groups as common male ancestors. These groups first lived in the Pamirs Plateau, soon gathered in the north of the Tibetan Plateau and west of the Qinghai Lake and learned from each other advanced sciences and technologies, later spread out to other places of China and built their unique ancient cultures during the Neolithic Age. The Yan Di’s offspring spread out to the west of the Taklamakan Desert;The Huang Di’s offspring spread out to the north of the Chishui River, Tianshan Mountains and further northern and northeastern areas;The Di Jun’s and Shao Hao’s offspring spread out to the middle and lower reaches of the Yellow River, where the Di Jun’s offspring lived in the west of the Shao Hao’s territories, which were near the sea or in the Shandong Peninsula.Modern archaeological discoveries have revealed the authenticity of Shanhaijing ’s records. -
Todos Los Toros Y Osos De La Bolsa Port
TODOS LOS TOROS Y OSOS DE LA BOLSA Ricardo A. Fornero Universidad Nacional de Cuyo Revisado y ampliado 2018 1 2 TODOS LOS TOROS Y OSOS DE LA BOLSA Las palabras y su materialización 4 Esculturas bursátiles del toro y el oso 5 Esculturas bursátiles del toro 5 Un toro que sacude el mundo 6 1709 Las palabras bears y bulls para designar a los bajistas y los alcistas en la Bolsa 8 1924 El toro y el oso , de Isidore Bonheur, en la Bolsa de Nueva York 17 Ventana: Una escultura con un tema similar al de la obra de Bonheur 1931 El toro y el oso en la entrada del edificio fallido de la Bolsa de De- 21 troit 1985 Bulle und Bär , el toro y el oso de Frankfurt 24 1987 En la Plaza de la Bolsa de Hong Kong no hay toros, sino búfalos 26 1988 Toro y oso en el interior de la Bolsa de Singapur 27 Ventana: M Bull, el otro toro de Singapur 1989 Charging bull , el toro de Wall Street 31 1994 El primer toro bursátil en Corea se instala en una firma de inversión 35 1995 Una escultura de toro y oso para el nuevo edificio de la Bolsa de Estambul 36 1997 El oso y el toro de la Bursa Malaysia 38 2002 El toro coreano de la Asociación de Inversión 40 2003 El toro en Bull Ring, Birmingham: Una simbolización comercial, no una representación bursátil 42 2004 Los dos toros de la Bolsa de Shenzhen y la escultura del buey pio- nero 44 2004 El toro y el oso de la Bolsa en una estampilla de Luxemburgo 49 3 2005 Korea Exchange como mercado consolidado y los toros de la Bolsa de Corea 51 2005 El toro de Sofía y el cambio del logotipo de la Bolsa búlgara 54 2005 Toro y oso en -
Shanghai, China Overview Introduction
Shanghai, China Overview Introduction The name Shanghai still conjures images of romance, mystery and adventure, but for decades it was an austere backwater. After the success of Mao Zedong's communist revolution in 1949, the authorities clamped down hard on Shanghai, castigating China's second city for its prewar status as a playground of gangsters and colonial adventurers. And so it was. In its heyday, the 1920s and '30s, cosmopolitan Shanghai was a dynamic melting pot for people, ideas and money from all over the planet. Business boomed, fortunes were made, and everything seemed possible. It was a time of breakneck industrial progress, swaggering confidence and smoky jazz venues. Thanks to economic reforms implemented in the 1980s by Deng Xiaoping, Shanghai's commercial potential has reemerged and is flourishing again. Stand today on the historic Bund and look across the Huangpu River. The soaring 1,614-ft/492-m Shanghai World Financial Center tower looms over the ambitious skyline of the Pudong financial district. Alongside it are other key landmarks: the glittering, 88- story Jinmao Building; the rocket-shaped Oriental Pearl TV Tower; and the Shanghai Stock Exchange. The 128-story Shanghai Tower is the tallest building in China (and, after the Burj Khalifa in Dubai, the second-tallest in the world). Glass-and-steel skyscrapers reach for the clouds, Mercedes sedans cruise the neon-lit streets, luxury- brand boutiques stock all the stylish trappings available in New York, and the restaurant, bar and clubbing scene pulsates with an energy all its own. Perhaps more than any other city in Asia, Shanghai has the confidence and sheer determination to forge a glittering future as one of the world's most important commercial centers. -
Investor Presentation
FY 2020 ANNUAL RESULTS INVESTOR PRESENTATION 18 MARCH 2021 KEY SUMMARY Profit Attributable to Revenue Gross Profit Full Year Dividend Shareholders HK$14.5B HK$8.4B HK$5.4B HK$1.35/share -19% YoY -7% YoY -22% YoY Maintained YoY Margin 58% +8% YoY Payout ratio 46.4% Property Sales -24% YoY Property Sales -3% YoY Underlying Profit HK$4.2B -22% YoY Interim HK$0.40 Property Rental -2% YoY Property Rental -2% YoY Earnings per share HK$2.91 -22% YoY Hotel Operations -40% YoY Hotel Operations -49% YoY Land appreciation tax +182% YoY Final HK$0.95 Contracted Sales Cash & Bank Balance Gearing Book NAV ( Net Debt to NAV) HK$12.9B HK$17.0B 25.1% HK$75.44/share +45% YoY +39% YoY -6.4% vs. 30 Jun 2020 +8% YoY Surpassed HK$8B target by 61% -1.7% vs. 31 Dec 2019 Undrawn HK$16.1B +28% YoY HK HK$5.6B bank loan Mainland HK$7.3B facilities Note 1: Earnings per share based on underlying profit. Note 2: Net debt to total equity in FY 2020 is 22.1% ( FY 2019: 23.6% ) KERRY PROPERTIES LIMITED • FY 2020 ANNUAL RESULTS 2 FY 2020 RESULTS HIGHLIGHTS HONG KONG PROPERTY Key Properties Sales ✓ The Bloomsway, Mantin Heights, Mont Rouge Land Acquisition ✓ LOHAS Park Package Thirteen (October 2020) 2021 Major DP Launches ✓ 10 LaSalle, THE SOUTHSIDE Package Two, 3 Lung Kui Road MAINLAND PROPERTY ✓ Fuzhou Rivercity, Hangzhou Lake Grandeur, Qianhai Kerry Centre Phase 1, Key Properties Sales Shenyang Arcadia Height, Zhengzhou Arcadia Court Land Acquisition ✓ Shanghai Pudong Mixed-use Development Site (February 2021) ✓ Fuzhou Rivercity Apartments, Kunming Complex Development, Qianhai 2021 Major DP Launches Kerry Centre Ph 1, Qinhuangdao Habitat Ph 2, Shenyang Ph 3, Zhengzhou Arcadia Court New Phases KERRY PROPERTIES LIMITED • FY 2020 ANNUAL RESULTS 3 FY2020 RESULTS SNAPSHOT Overall Gross Margins Grew 8% YoY to 58% Higher margins on property sales, while maintaining IP margins • Strong Property Sales margins of 50% were driven by high-end luxury projects in Gross Profit Margin Performance Hong Kong and the Mainland. -
Cityguide Shanghai – Anhang
ANHANG 311 009sh Abb.: © www.fotolia.de, Rene Drouyer Rene www.fotolia.de, © Abb.: 009sh ANHANG Cityguide Shanghai_2011A2.indb 311 25.01.2011 14:04:19 312 ANHANG Glossar GLOSSAR Li Hongzhi verfasste Buch „Zhuan Fa- lun“. Falun Gong wurde 1999 im Wes- µ Baijiu: Báijiŭ ist ein auf Getreidebasis ten durch das Verbot in China und die hergestellter chinesischer Schnaps, darauf folgende staatliche Verfolgung es wird hauptsächlich Hirse verwendet bekannt. (ähnlich Kornbrand und Wodka). µ Fandian: Hotel bzw. Restaurant µ Baozi: Das chinesische Nationalge- µ Fen: Kleinste Einheit der chinesischen richt besteht aus kleinen Klößen aus Währung Renminbi, 100 Fen sind ein Hefe- oder Reisteig, die mit Gemü- Yuan. se, Fleisch oder Fisch gefüllt sind. µ Gongyuan: öffentlicher Park Die Klöße werden in einem Korb aus µ Han: größte der 57 Nationalitäten Chi- Bambus gedämpft und den ganzen nas (benannt nach der Han-Dynastie) Tag über gegessen, häufig schon zum µ Hu: See Frühstück. µ Jiao: Währungseinheit, 10 Jiao sind ein µ Bei: Nord Yuan. µ Binguan: Touristenhotel µ Jiaozi: Gekochte Teigtaschen mit µ Boxeraufstand: ausländerfeindlicher Fleisch- oder Gemüsefüllung, häufig Aufstand in China 1899–1901 zu einer Mondsichel geformt. µ Canting: Restaurant µ Jie: Straße µ Chiang Kai-shek: Chinesischer Politi- µ Jiudian: Hotel ker und Militärführer während der Zeit µ Kaiserkanal: Der Kaiserkanal ist der der chinesischen Bürgerkriege. Er war längste jemals von Menschenhand Präsident der Republik China, Führer geschaffene Wasserweg. Er verbindet der Kuomintang und Antikommunist auf einer Länge von 1800 km Hang- (1887–1975). zhou mit dem Norden Chinas und µ CITS: China International Travel Ser- endet in Peking. -
Face Recognition on Long-Tailed Domains
Domain Balancing: Face Recognition on Long-Tailed Domains Dong Cao1;2∗ Xiangyu Zhu1;2∗ Xingyu Huang3 Jianzhu Guo1;2 Zhen Lei1;2† 1CBSR & NLPR, Institute of Automation, Chinese Academy of Sciences, Beijing, China 2School of Artificial Intelligence, University of Chinese Academy of Sciences, Beijing 100049, China 3Tianjin University fdong.cao,xiangyu.zhu,jianzhu.guo,[email protected], [email protected] Abstract Long-tailed problem has been an important topic in face recognition task. However, existing methods only concen- trate on the long-tailed distribution of classes. Differently, we devote to the long-tailed domain distribution problem, which refers to the fact that a small number of domains fre- quently appear while other domains far less existing. The key challenge of the problem is that domain labels are too complicated (related to race, age, pose, illumination, etc.) Figure 1. The long-tailed domain distribution demarcated by the and inaccessible in real applications. In this paper, we pro- mixed attributions (e.g., race and age) in the MS-Celeb-1M [8] pose a novel Domain Balancing (DB) mechanism to han- and CASIA-Webface [36]. Number of classes per domain falls dle this problem. Specifically, we first propose a Domain drastically, and only few domains have abundant classes. (Baidu Frequency Indicator (DFI) to judge whether a sample is API [1] is used to estimate the race and age) from head domain or tail domain. Secondly, we formu- late a light-weighted Residual Balancing Mapping (RBM) generalization, i.e., the learned features only work well on block to balance the domain distribution by adjusting the the domain the same as the training set and perform poorly network according to DFI. -
Unfolding China's Urban Development
Unfolding China’s urban development through public art Cheng and Worrall Journal of Chinese Architecture and Urbanism 2021 Volume 3 Issue 1: 1-14 Research Article Unfolding China’s Urban Development: The Implementation of Public Art in Beijing and Shanghai Han Cheng1, Julian Worrall2 1School of Architecture and Built Environment, Faculty of ECMS, The University of Adelaide, SA, 5005, Australia 2School of Architecture & Design, University of Tasmania, Launceston, TAS, 7250, Australia Corresponding author: Han Cheng, School of Architecture and Built Environment, Faculty of ECMS, The University of Adelaide, SA, Australia. Email: [email protected] Citation: Cheng H, Worrall J, 2021, Unfolding China’s Urban Development: The Implementation of Public Art in Beijing and Shanghai. Journal of Chinese Architecture and Urbanism, 3(1): 1025. http://dx.doi.org/10.36922/jcau.v3i1.1025 ABSTRACT During China’s speeding urbanization, creating a unique city image to achieve economic growth draws the attention of property developers, urban planners, and city administrations. Through activating urban spaces and creating dynamic urban culture, public art plays an effective role in leading modern urban creative capital investment into China’s urban development. In order to understand the implementation of public art in Beijing and Shanghai, this research aims to analyze the resonance between public art and urbanization in Chinese megacities through selected case studies. The study reveals public art guided by urbanization policy and strategy in metropolitan China, which further unfolds the discontinuous and fragmented relationship between public art, public sphere, and urbanization policies. Through discovering the imbalances between public art investment, implementation, and post- implementation management frameworks, the study provides several approaches to boost China’s urban development for achieving the resonance between public art and urbanization.