“Visteon was a big company,’ Fortner says. “If you’re in your mid-30s, you ask yourself, ‘where do you go from here?’ Mr. Luo offered ownership.” –Automotive News July 28, 2005 38-year-old American Todd Fortner left his sales manager job with Visteon in Shanghai a year ago and became President of Changshu Automotive Trim Co. (also […]
RMB vs. USD
The China central bank announced this evening to uncouple its yuan from the U.S. dollar which the yuan had been pegged to for over a decade. Instead the yuan is now allowed to float in about a daily 0.3% band (is it +/- 0.15% or +/- 0.3%, anybody?) against a basket of foreign currencies, but the constitution of the basket is not disclosed. Following the announcement the yuan has gone up for 2% against U.S. dollar and today’s exchange rate is 8.11 yuan for 1 dollar, down from yesterday’s 8.26 for a dollar.
Sanya New Homes For Sale
According to a report published on June 19 05 by “Shanghai Real Estate” weekly magazine, Sanya residential properties cost 4,500 cny/sqm in average, only after 9 other cities in China in terms of home price. The other 9 “expensive” cities are: Shanghai (8,627 cny/sqm), Hangzhou (7,210 cny/sqm), Beijing (6,232 cny/sqm), Shenzhen (6,037 cny/sqm), Guangzhou (5,660 cny/sqm), Xiamen (5,156 cny/sqm), Nanjing (4,960 cny/sqm), Tianjin (4,760 cny/sqm), Qingdao (4,639 cny/sqm).
Home in capital city Haikou of Hainan province costs in average 2,330 cny/sqm, about half the price of its rival city Sanya.
Note: 8.26 CNY = 1 US$
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