The West Lake is said to epitomise classical Chinese beauty. But for those who’ve wondered why some of the best lakeside buildings have been off-limits to visitors, the Hangzhou government provided an answer last week: they are members-only private clubs.The government now wants the 10 high-end clubs in West Lake Park to shut down. Rather than offering “luxurious decorations, expensive meals and services to the privileged few”, the buildings should be used to provide public services, Xinhua agreed. Prompted by Chinese President Xi Jinping’s austerity drive, local governments in Beijing and Zhejiang have already issued similar bans.
Parties no more, then? Not exactly. In Hong Kong, the horses are still racing and the nightclubs still dancing to dawn. Thanks to the influx of big-spending clients from mainland China, Hong Kong nightclub operator Magnum went public this week to raise funds for expansion. Retail investors placed orders last week for more than 3,500 times the number of shares available in Magnum’s $16 million offering. That made it the most oversubscribed IPO in the territory’s history. Moreover, it soared 89% on its first day of trading.
© ChinTell Ltd. All rights reserved.
Sponsored by HSBC.
The Week in China website and the weekly magazine publications are owned and maintained by ChinTell Limited, Hong Kong. Neither HSBC nor any member of the HSBC group of companies ("HSBC") endorses the contents and/or is involved in selecting, creating or editing the contents of the Week in China website or the Week in China magazine. The views expressed in these publications are solely the views of ChinTell Limited and do not necessarily reflect the views or investment ideas of HSBC. No responsibility will therefore be assumed by HSBC for the contents of these publications or for the errors or omissions therein.