Some economic news here

1) Intel will close its Shanghai's factory in the next 12 months and consolidate with its factory located in Chengdu. A lost of about 2,000 jobs here in Shanghai is expected. Ummmm... Wonder why it moves a factory to a more earthquake sensitive area like Chengdu and have to deal with logistical problem with shipping from in the middle of nowhere. Air flight or train are the only ways. OK trucks. But Shanghai has a shipping port. Wonder what was the business logic behind that. Tax incentive or discount from Chengdu offered more?

2) Gome, the every electronic store in China, Macau and Hong Kong will be closing about 100 stores in mainland China. The owner, his wife and the CFO have been in jail since early December due to "problematic" dealing with a related public company, pocketing millions with share manipulation.... This owner or founder of Gome is suppose to be the richest man in China. His arrest was supposed to be approved by the highest commie order.

3) Banks here are giving 70% off on current mortgage payment. Yes, 70% off as of Feb 1. Bad publicity with Industrial Bank here. It kept giving excuses not to do so. Finally it announced it will begin as of Feb 10 but only offer this discount to existing customers who have good credit rating history and good track record with the bank. Hey, buddie if people are not having problem there would not have been this type of discount from the Central Gov't.

4) PCCW the communication company in Hong Kong that everyone thought as a blue chip has turned private amid controversy. The richest just keeps on getting richer and the small shareholders are left with NOTHING. The biggest shareholder is Li's son. At the height, the share was about HK 140; now is around HK 4-5. People bought into the shares to collect dividends. Over the last 8 years since Li's son bought a huge stake, the company's share has been dropping faster than Citi Group. There were retirees done in overnight because of the drop. Now, the Hong Kong Stock Commission is investigating. Its investigators were at today's voting process. Carted away all the ballots. Right.. How much "li" 力 "power" do you think these investigators will be able to do? Not much if the trend is continuing. These major shareholders apparently could be walking away with about HK 20billions and control of a private company.

5) Who said there is a downturn? Yesterday, a wealthy Hong Kong person (anonymous) purchase an apartment on the peak for HK 180 millions. The seller lost money as it was bought at about HK 220 millions about a year and a half ago. Apparently very exclusive high end apartments still have demand.

6) China cities are hurting... Following Hangzhou's tourism incentive program, RMB 40million travel vouchers announced in January this year, Nanjing is doing the same. The total value is RMB 20million. Eligibility is for Nanjing city proper resident with its hukou （户口）。Of the 800,000 or so resident, 200,000 of them will win by means of a draw. Good luck. Of course, there is a catch: you need to spend in order to use the vouchers.

7) Hong Kong Disney has been struggling. It's partly owned by Hong Kong gov't and partly owned by the Disney mothership in the States. Due to fallen revenues and poor visit numbers, in order to compensate, the Hong Kong Disney has announced a 19% hike in entrance fee. Huh? What? Just because this Disney is located at the worst possible place. I guess the "location, location, location" never sunk in to these guys. The Disney park was so far away. I get tired just by thinking of the walking underground to take MRT out there. Taxi? Forget that, that will be couple hundred Hong Kong dollars... Really wondering what were these guys were thinking when choosing a spot.

8) Winter drought in northern China is getting worst. Since last October, no rain.... All winter harvest... there is none. About 3.7million people will have water shortage problem. Sustainability is getting low ...

9) Gym membership cost across this city has been dropping by about 30% to start. Many big names are slicing off their annual membership fees. YaoMing's slashing from RMB 9,000.00 to 6,000.00; Hong Kong based Physical cut to about RMB 2,200 annually. There was on that were down to RMB 900 or so. But of course, there is a catch; extra fees for lockers, towel service and classes... Pretty soon will have an equipment maintenance fee too! The drop is to entice new members as companies use to pay for the fees as benefits are cutting back. Big hotel gym membership, not sure yet. Maybe...

That's about it for now....