Results tagged “money”

Yeah, it's sad but true: in order to build Disneyland Shanghai, a lot of villagers in Chuangsha will have to be forcibly relocated in order to free up space for the 4.12 square kilometer theme park. Like usual, the government has promised to provide those relocated with monetary compensation, but hasn't revealed exactly how much they'll give out. As a result, farmers have begun to erect new buildings overnight to try to drive up the value of their land. One part entrepreneurial, one part sad: but with the government notoriously bad at providing displaced people with fair settlements, who can blame them?

Police have succeeded in breaking records for confiscating more counterfeit money than ever before. Since the crackdown was announced in January, over 280 people have been arrested, 190 cases involving counterfeit money have been cracked, and over 1 billion yuan has been confiscated.

Despite fears of the great economic recession destroying China's economy with the rest of the world, the average disposable income for Shanghai residents rose 8% since last year to 21,871RMB per person. That only counts for city residents, but even those not lucky enough to have the right hukou have still seen their annual salary raise: the average income for city dwellers is 15,051 RMB, which is 4.4% higher than last year. We've got some ideas, but what do you think all that extra pocket cash is being spent on?

People's Daily reports that the number of smaller denomination fake bills has increased sixfold since 2005. However, the overall amount of fake money in circulation is decreasing: a ten month crackdown by the government has seized 684 million counterfeit yuan so far. To avoid suspicion, counterfeiters have begun to make more fake 50 and 20 yuan bills, which are less likely to be checked for authenticity. Most of the fake money is made in Guangzhou and distributed through Henan and Hunan, so it seems that Shanghai is at less risk. But next time you break a hundred, you might want to check your change a little closer than normal Photo: QQ News

Yes, it's been a very serious day, which means we need to wash it down tonight with something a little more silly - like this ad about making money multiply. Hopefully you're already at home because this vid could be considered a little NOT SAFE FOR WORK. Those crazy German ad companies - what will they think of next? Also, watch for a Chairman Mao cameo near the end. All we can say is... Don't do it! He'll either confiscate or tear up any money babies you make after the first one!

Photo from Laurence&Annie

We chanced upon this old, but super awesome picture of a RMB50 bill recreated with eggs on Neatorama. The art installation was exhibited in Guangzhou about two years ago.

Security cameras at an ATM belonging to the Agricultural Bank of China in Zhengzhou, the Henan provincial capital, have captured a crime in action committed by a (not too intelligent) young man in a suit. Upon withdrawing some cash, the man did not take his money immediately, but instead swapped one of the RMB100 notes with a fake one from his pocket and, if we're understanding this correctly, fed it back into the machine and got a new note in exchange for it! The ATM, like many other ATM's across China could not tell real notes from fake notes. Bank employees, on finding the fake note, immediately made a police report, and the young man was nabbed on his next attempt to trick the ATM. The young man told police that he had heard from his friends that ATM's would take in fake notes and give new ones in return and so proceeded to try his luck. The police spokesperson said this guy was guilty of "severely disrupting the banking and financial system of our nation".

The Economist has issued its latest Big Mac Index which uses the price of McDonald's hamburgers to compare international currencies. The fast food dish is a funny but apt international measuring stick, since its 31,000 stores in 119 countries make it a widespread global phenomenon. But all those burgers are telling essentially the same story, at least as it relates to China: the yuan is severely undervalued. That might be bad for foreign economic competition, but it’s good for us — the Chinese burger, at $1.41, is the second most affordable in the world, beat out by India for the cheapest spot by a single cent. And people wonder where the Chinese obesity epidemic comes from.

According to a report released by China Internet Network Information Center, online shopping expenditures in the first half of 2008 total 16.2 billion RMB, with Shanghai leading the way in per capita consumption. Looks like China's netizens are doing more than just stirring up trouble.

Within just three days of the introduction of the new Olympic bills noted for their absence of Chairman Mao's portrait, the price of the 10 yuan bills has shot up a hundredfold, with some collectors willing to part with RMB1,100 just to get hold of one of them. Some traders at Beijing's Madian Philatelic Market expect prices to come down to about RMB300 eventually.

We're always on the look out for a cheap pint, because we're tight and like a drink purely as a service to you dear reader. Unfortunately, unless you like sharing your table with overly friendly bar staff and/or cockroaches, finding a decent beer that doesn't hurt your wallet can some times be a little tricky in this city. It'll come as no surprise for you to learn then that when it comes to buying a pint of beer, Shanghai currently sits at the top of the average price table for China.

The man who posed as the farmer on some of the old renminbi notes is still alive... and he's in Shanghai!

Where to go, where to go: Shanghaiist is still trying to figure out where to carb up for our big dodgeball game tonight (that's right, patches, dodgeball). Pure, the fancy new Japanese restaurant that is part of The Collection at Xintiandi, has been offering their new sushi menu for 50% off since last Thursday. The special ends tomorrow night, however, so if we enjoy ourselves tonight we may find ourselves there tomorrow as well. On...

Business and Economy WSJ: China Takes Additional Step To Cool Economy AFP: Underground money traders flourish on Hong Kong border Religion Xinhua: China-based Christian group prints 50 mln Bibles Reuters: Dalai Lama says sorry he can't meet Pope SCMP: Student leader finds meaning in life with God's will on campus [Subscription] AP: Dallas evangelical Christian seminary offers online courses in Chinese Miscellaneous AP: China Detains 33 in Deadly Mine Blast CNSNews: For China, Even...

By Julien Bertrand: On his first official visit to China, French President Nicolas Sarkozy must have been dizzy, witnessing the signing of contracts worth 20 billion euros in total, comprising of 160 Airbus aircrafts, two EPR nuclear reactors (to be built in Taishan, Guangdong, by 2014) and signal equipment for Shanghai’s future 36-kilometer metro line #10, a long-awaited deal between Alstom and Shanghai Metro that will link New Jiangwan Town to Hongqiao Airport. In an...

Or more specifically, Hilton, which was rendered as Hiton in a recent issue of The Bund (外滩画报). They ran some pictures and an interview with Paris Hilton when she was here, but unfortunately, it's only in Chinese. She has some interesting thoughts about dark matter in the universe, which she's been exploring for her upcoming novel. On the other hand, it seems that she won't discuss where her money comes from, or if she's saving...

Bravo to the big corporations — Hewlett Packard and Hennessy — that are each throwing huge music events this weekend and both are free to the public via registration on their respective webpages. On Friday, Hennessy is holding what is being billed as a "Hennessy Artistry Showcase" (last year featuring Juliette Louis and the Licks), out at the International Expo Center in Pudong and featuring Hong Kong pop star Wang Lee Hom, Gary Chaw, and...

Hong Kongers snub Beijing Sydney Morning Herald: Hong Kong voters snub Beijing, strike blow for democracy TIME: One for the Democrats in Hong Kong Reuters: Pro-democracy Chan wins symbolic Hong Kong election Fake moon pictures? Fox: China: Our Moon Photo Is No Fake The Canadian Press: China rejects questions over allegedly generic lunar surface photo The Telegraph: China defends lunar probe pictures China business WSJ: China Railway Shares Surge On Shanghai Trading Debut WSJ:...

We seriously LOVE some of the things we hear about going on in our city. Yes, some of the people we meet here can be harsh and mean, but this story goes to show that humanity still exists in Shanghai. Two weeks ago, Rebekah Pothaar, an executive with Ctrip.com, found that her ayi's husband was in a serious motorbike collision. They went with her to the hospital and found that surgery was going to cost...

What would you do if you paid a shitload of money to study at some college, thinking it would legit and all, only to be told that your diploma would not be recognised after all? We don't know about you, but we would definitely riot. Well, that's what some civilian students at the Hefei PLA Artillery Academy did a few days back. And it turned out to be a very bloody incident. Iron doors were...

Jiangsu Satellite tells us of the roller coaster ride a young stock investor had recently. One morning, Mr Peng, while checking his stocks online, found RMB900 million mysteriously credited to his account. Shocked (but pleasantly surprised), Peng didn't know what to think and went about his work. A few hours later, when he checked on his account again just to make sure he wasn't dreaming, all RMB900 million had disappeared, along with the over RMB4,000...

You guys ready for yet another ranking of most expensive cities? ECA International has ranked Shanghai the 8th costliest city in Asia for expats, so if they're to be taken seriously, Shanghai is cheaper than Beijing which came in 7th but more costly than Singapore which came in 9th. Seoul was the most expensive Asian city, while Guangzhou came in 10th. Also, Shanghai was named the 100th most expensive city in the world. That's 99...

For those of you wondering what Shanghaiist's founding editor Dan Washburn has been up to for the past half year or so (other than not posting very much on Shanghaiist) there was some evidence last week that he is alive and well and doing more than sitting on his couch counting his Shanghaiist money (really, that would only take around five minutes). Go to ESPN.com (here, here and here) for stories related to his book...

Shanghaiist has often wondered what China would look like if it had complete religious freedom, as in the freedom to organise and set up religious denominations and associations outside of the five "official religions", and to have all these religious groups enter the free-wheeling marketplace with their books, CDs, video programmes and what not. This weekend, we caught a glimpse of that when a woman claiming to be "Jesus' sister" was arrested in the Guangdong province. She charges upwards of RMB100,000 to "heal" each cancer patient and owns three fancy villas.

DONGPING ROAD: DOOMED OR REDISCOVERED? As some readers may know, the strip of Dongping Road on the south side from Hengshan to Yueyang Roads is leased to the bars, restaurants, tailors etc by the music college behind them. Most of the leases are coming up for renewal over the next 2-12 months.There has been some concern that the music college may decide to reclaim their land for their own expansion purposes, rather than renew the...

The Xinhua News Agency is reporting that China may allow foreign multinationals to list on the Shanghai Stock Exchange(SSE). SSE officials are conducting feasibility studies and companies names mentioned include HSBC Holdings Plc, Coca-Cola Co., and Siemens AG. China is under renewed international pressure to speed up its currency reform and open its financial market. Letting foreign firms trade on domestic bourses may just be the first of many steps toward integrating China into the...

European efforts to encourage a speedier appreciation of the Chinese renminbi will step up a gear this month amid concerns the euro is bearing the brunt of global macroeconomic adjustments.

Hong Kong Triad T-Shirt Gets Fashion Label in Hot Water [Asiaone.com] The arrest of 18 employees of a Hong Kong lifestyle and retail chain over a controversial new line of T-shirts '14K' bearing the name of a well-known triad gang spurred an apology from the store's founder.Pakistan - Besieged Musharraf plays for time [Asia Times] Having opened a can of worms by declaring a state of emergency, Pakistani President General Pervez Musharraf is now in...

The Chinese Academy of Social Sciences recently published a report about how much income you need in order to be classified as white-collar in various Chinese cities. At the top of the list was Hong Kong, where you needed to make at least 18,500 RMB. As for some of the other cities:The benchmarks in some major cities at the upper end are: 8,900 yuan ($1,194) in Macao, 5,350 yuan ($717) in Shanghai, 5,280 yuan ($708)...