The Nanfang / Blog

Shenzhen Home to 50 of China’s Billionaires

Posted: 05/9/2014 8:00 am

Shenzhen residents: Love thy neighbor. They may be very, very rich.

Financial magazine Xincaifu has compiled a list of the richest people in China, and wouldn’t you know it—Shenzhen is home to 50 billionaires.

Well, they might not live in your neighborhood, but borrowing a little Grey Poupon is easier in Guangdong Province than anywere else in the country. Guangdong is the Chinese province with the most billionaire residents, followed by Beijing, Zhejiang, Shanghai and Jiangsu.

As if to signal the bursting of the real estate bubble, the list mentions the current ten richest people in China as having made their fortunes outside the real estate industry. The fields by which this year’s top moneymakers have rung in their gold include new energy and the internet.

We wonder what could it be that attracts them the most: the clean air, former Hong Kongers with a desire to drive on the right side of the road, uh, the local sports team?

We guess those guys that handle Shenzhen’s position as a technological and manufacturing leader have to live somewhere.

Photo: eChinacities


Guangzhou gives cash as incentive to buy alternative energy vehicles

Posted: 12/13/2012 7:00 am

Since Beijing recorded the longest traffic jam in history in September 2010, Chinese cities have introduced a variety of measures to reduce the number of the cars on the road and encourage the use of clean energy vehicles.

In July this year, Guangzhou introduced a system to limit the number of car registrations through lottery and auction systems, according to Car News China.

After that, the city government introduced a policy saying 10 percent of the yearly quota of 120,000 license plates should go to owners of alternative energy vehicles.

Now it seems they’re getting desperate as, according to People’s Daily online, the government is handing out 10,000 yuan to those who purchase the vehicles.

And guess what? Enthusiasm is still tepid. One person gave his reasons for passing up the opportunity:

Mr. He, resident of Guangzhou, said, “New energy cars are pretty expensive, and refilling petrol and recharging electricity are big problems now. And also the repair is more costly compared to normal cars.”

Shenzhen is currently leading Guangzhou in hybrid vehicle sales, but only by being even more generous. Buyers in Shenzhen get an 80,000 yuan subsidy, according to CCTV.

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