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China’s richest man builds world’s biggest indoor ski resort, giving Harbin year-long winter

Wang Jianlin made his first public appearance since Wanda Group was named on June 22 among several global asset buyers in a probe by the Chinese bank regulator. No wrongdoing was indicated

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Zheng Yangpengin Beijing

Harbin Wanda City, the US$6 billion resort development built by China’s wealthiest tycoon Wang Jianlin, opened for business on Friday, the conglomerate’s sixth theme park as it pushes further into the country’s leisure and entertainment industry to compete with Disneyland and Universal Studios.

Located in the city -- near the country’s northern border with Russia -- with China’s longest and harshest winter, the resort features Russian architecture, a movie cineplex and a grand piano-shaped indoor ski resort that allows 3,000 people to ski or snowboard on six runs, all in an area covering 1.6 square kilometres. Up to 30,000 people will be hired to work in the resort when its completed, Wang said.

“Harbin is known as the city of ice, which also happens to be the main theme of this resort, so we will together provide winter sports throughout the year,” Wang said.

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Fund of ByteDance founder Zhang Yiming gets Hong Kong asset management licence

The investment fund started by the founder of the Chinese owner of TikTok now has regulatory approval to provide services to professional investors

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Coco Fengin GuangdongandEnoch Yiuin Hong Kong
A private investment fund created last year by billionaire Zhang Yiming – founder of TikTok’s Chinese parent company ByteDance – has received a licence from Hong Kong’s securities regulator to conduct asset management, paving the way for the young entrepreneur to use Hong Kong as a base to manage his wealth.
The Securities and Futures Commission (SFC) granted Zhang’s Cool River Venture HK a type 9 licence for asset management on November 21, which allows for activity including real estate investment management and securities and futures contract management, according to an SFC notice.

The company, based in the Central business district at the International Finance Centre, lists Liu Bide and Liu Zhao as responsible officers. The former did not have any other records with the SFC, while the latter was a representative of Barclays Capital Asia from 2013 to 2015.

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Nvidia faces US$1 billion fine if China probe finds violation of antitrust laws, experts say

The investigation into Nvidia’s previously-approved Mellanox acquisition marks the first time that China’s market regulator has opened the books on a closed deal

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Che Panin BeijingandAnn Caoin Shanghai
US artificial intelligence (AI) chip giant Nvidia could face a fine of up to US$1 billion under Beijing’s antitrust probe, which was widely seen as a retaliatory move against Washington’s escalated chip restrictions, according to experts.
The investigation will apply the country’s antimonopoly law to Nvidia’s 2019 acquisition of Israeli interconnect products and solutions provider Mellanox Technologies, according to a statement from China’s State Administration for Market Regulation on Monday.

China granted “conditional” approval for the deal in April 2020, noting that Nvidia agreed to supply its graphic processing unit (GPU) and connection products to the Chinese market based on “fair, reasonable, and non-discriminatory principles”, and that it would ensure their compatibility with other companies’ hardware.

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