No time to read the news this week? No worries, we’ve got you covered. Just one minute with the Localiiz news roundup and you’ll have all you need to appear up-to-the-minute and worldly-wise when out and about this weekend (well, almost):
In a move that could see more than 1,500 McDonalds restaurants open in Hong Kong and the mainland, the fast-food giant announced this week that they are selling 80 per cent of their business across the two areas. The purchase – a result of Citic and Carlyle Group partnering up – cost an eye-watering US$2.08 billion. You want fries with that?
Founder of the Alibaba Group – and one of China’s richest men – Jack Ma, has offered his company’s e-commerce platform to help US businesses sell products to Asia after a meeting with President-elect Donald Trump, with the potential of creating one million American jobs. Talking about the meeting, Trump said it was a “great meeting”, adding that the Alibaba founder “is a great, great entrepreneur.” Great.
3. Don Tsang
In the on-going corruption case against former Hong Kong leader, Donald Tsang Yam-kuen, a jury this week heard that he had “hopelessly compromised” his position and abused his power. The prosecution allege that Tsang and his wife had accepted $3.5 million in undisclosed benefits during the 72-year old’s seven-year tenure as chief executive. Makes CY seem like a saint by comparison.
4. Poll wars
The race for the chief executive position is heating up. This week Carrie Lam resigned her position as chief secretary to officially enter the race for chief executive. Public opinion has her running almost neck and neck with former financial secretary John Tsang. If 2016 taught us anything, it’s that polls aren’t always an accurate reflection of public sentiment, but this one – commissioned by the South China Morning Post – seems reasonably on the nose. It’s going to be a close contest. Place your bets.
5. When East meets West
Stereotypical Chinese and Hong Kong iconography are finding themselves slapped on to designer bags, shoes and underwear. Things such as gold dragons, blue phoenixes, and red roosters are all being utilised by top-end western brands such as Calvin Klein, Estée Lauder, and Dolce & Gabbana as the fashion behemoths scramble to appeal to Chinese shoppers. #demographics.