Online shopping is an easy and convenient way to buy things. It will save you time and money. When you study in China, you can try to buy things on China’s online website. I’ll tell you how to buy things online and give you the tips on getting big discount.
There are many online shopping websites in China. Taobao is the biggest website in China. You can buy almost everything on it. Taobao has 2 versions: taobao.com is for little sellers who are retailers, while tmall.com is for the famous brands or manufacturers.
At present, all of the online shopping websites are in Chinese language. But if you know the basic online shopping Chinese and have a Chinese address, you can also easily buy things online at a cheap price.
Step by Step, shopping online
1. Registration
You can find "registration free" on the left top of the website. Click it you can choose the English version to finish the registration. When you submit you will have to enter your cellphone number. They will send you the verification number to your phone and you enter it to finish the verification. After registration, you have to fill your basic information, such as name, address, cellphone number.
2. Search
You can enter the brand or the thing to search. But you have to translate it to Chinese word first.
3. Add to cart
There are three choice for you :Add to cart,Buy it now,Buy all in the cart.
4. Pay
After you choose the address which you can get the package and submit the order. You have to pay online. There are many ways to pay, such as use credit card, internet bank and alipay(more like Paypal).
In this step, the money is first paid to Taobao, when you get the package and confirm the order. Then the money will send to the sellers. This will protect buyers from getting nothing and losing money.
Buyer pay to-> Taobao send order to->seller send the package to-> Buyer confirm the order-> Taobao send money to-> Seller
5. Get the package and confirm the order
There is a rule in Taobao, the seller must send the package within 72 hours, most of them will send the package in 24 hours. You will get the package in 1-7 days. It depend on distance between you and the seller.
6. Others
If there is anything wrong with the goods, contact the seller at the first time. You have the right to return the goods in 7 days if you haven’t used it. Also, you can buy from online shopping taobao english directly, such as agreetao.
Tips on big discount
In general, you will find discount on every holiday: both on Chinese traditional festivals and western holidays. The particular goods will have discount, such like Valentine’s day to buy the chocolate, women’s day to buy the cosmetics.
Besides, Taobao has its own big discount. On November 11st, we called it “double 11″, most of the shops on tmall.com have 50% off discount. On December 12nd, we called it “double 12″, most of the shops on taobao.com have big discount.
Another big discount is from the December to the Chinese spring festival. It is about 2 months, including Christmas day, New year’s day and the Chinese spring festival.
2016年1月19日 星期二
2016年1月11日 星期一
Something About China property bonds
To many global investors, bonds from China’s property sector are toxic nuclear waste, not to be touched at any cost. To others, they come with a more pragmatic “handle with care” warning. I belong to the latter camp.
From just a handful of bonds 10 years ago, the sector has grown to contribute 9.5% of the Asian US dollar bond market with US$51bn of bonds trading. That is nearly a third of all high-yield corporate bonds in the region.
Over this period, the sector has gone through three cycles of downturns and upturns. Several Chinese property companies have issued, redeemed and refinanced their offshore bonds. Companies with credit ratings ranging from Single A to Triple C have managed to issue bonds, which chinese trade credit actively in the secondary market. Yet, a feeling of unease persists.
Perhaps the first source of discomfort is the fact that offshore Chinese property bonds are deeply subordinated, since they are issued by offshore-incorporated entities, which inject the bond proceeds as equity into their onshore companies and service their debt only out of equity dividends received back from the mainland. The difficulties in repatriating equity funds out of China mean that the offshore principal effectively has to be refinanced. In case of bankruptcy, the onshore lenders have the first claim over the onshore assets.
While this structural weakness is undoubtedly true, it applies to every other bond issued by Chinese businesses, including investment-grade bonds far beyond the property sector, since the structure was born out of regulations prohibiting the issuance of debt or guarantees by mainland companies. (Only recently have the authorities begun to relax this prohibition, and the first few offshore bonds are now coming out with direct guarantees from mainland operating companies.)
ANOTHER SOURCE OF discomfort is the government’s meddling in the property sector through various measures, including the flow of credit to the builders, rules for financing land purchases, obtaining mortgages, and mortgage down-payment requirements. The harshest controls came in 2010 when the government restricted the number of apartments that an individual could purchase.
Property prices are a sensitive subject everywhere, and China is no exception. The government presses the brakes if the prices are speeding too fast and pushes the accelerator if property construction flags too much so as to threaten the overall economic growth.
This government intervention makes asset values volatile in both equity and debt markets, and raises the cost of capital to the sector.
Some investors have also been scared away by stories of oversupply and ghost cities. The property development business model, by definition, consists of a long operating cycle, and there may be genuine demand/supply imbalances, as in any other industry, but the overwhelming majority of Chinese properties are built in response to actual demand from a rapidly urbanising population. The same goes for talk of speculative buying, when the reality is that most of the properties are bought for self-occupation. Buyers have to put up a minimum 30% down-payment, they are not over-leveraged and there is no subprime lending.
WHEN IT COMES to investing in Chinese property bonds, one should realise that there has already been one level of filtering – only those companies large enough to go through a rating process and the expense of issuing offshore actually end up selling dollar bonds. They are all listed offshore, most of them in Hong Kong, and are subject to audits and disclosures that go with the listing status. The additional scrutiny from equity analysts and investors that comes with listing also offers additional information for bond investors.
There has not been a single default in the sector so far, and only two distressed exchanges in 2009, both at 80 cents to the dollar. Some companies did go through financial distress during previous sector downturns, but they managed to sell land or unfinished projects to stronger players and stave off default.
This is not to argue that we would never see a default in the sector. We will, sooner or later. But the sector has genuine fundamentals, strong and weak players, and saleable assets that can be realised in times of distress.
So, how should one approach investments in Chinese property bonds? First of all, investors need to be prepared for the volatility that comes with the regulatory changes. Any crash in value following a regulatory tightening offers an opportunity to pick up the higher-quality bonds at more attractive prices. In fact, such moves also enable the stronger players to buy out the weaker ones or to acquire assets from the struggling players, and increase their market share.
The current downturn in the market is no different. It is true that the stock of unsold property is running above average; that the leverage has increased in the last 12-18 months in response to slowing sales; that margins are under pressure due to the pressure to liquidate stock; and that some of the weaker companies are likely to experience a liquidity crunch in the next 12-18 months, unless they slow down their expansion. But the current downturn is also an opportunity to pick up bonds issued by stronger companies, which will benefit from the tight conditions in the sector. The challenge is reading the credit fundamentals carefully enough to identify the winners.
From just a handful of bonds 10 years ago, the sector has grown to contribute 9.5% of the Asian US dollar bond market with US$51bn of bonds trading. That is nearly a third of all high-yield corporate bonds in the region.
Over this period, the sector has gone through three cycles of downturns and upturns. Several Chinese property companies have issued, redeemed and refinanced their offshore bonds. Companies with credit ratings ranging from Single A to Triple C have managed to issue bonds, which chinese trade credit actively in the secondary market. Yet, a feeling of unease persists.
Perhaps the first source of discomfort is the fact that offshore Chinese property bonds are deeply subordinated, since they are issued by offshore-incorporated entities, which inject the bond proceeds as equity into their onshore companies and service their debt only out of equity dividends received back from the mainland. The difficulties in repatriating equity funds out of China mean that the offshore principal effectively has to be refinanced. In case of bankruptcy, the onshore lenders have the first claim over the onshore assets.
While this structural weakness is undoubtedly true, it applies to every other bond issued by Chinese businesses, including investment-grade bonds far beyond the property sector, since the structure was born out of regulations prohibiting the issuance of debt or guarantees by mainland companies. (Only recently have the authorities begun to relax this prohibition, and the first few offshore bonds are now coming out with direct guarantees from mainland operating companies.)
ANOTHER SOURCE OF discomfort is the government’s meddling in the property sector through various measures, including the flow of credit to the builders, rules for financing land purchases, obtaining mortgages, and mortgage down-payment requirements. The harshest controls came in 2010 when the government restricted the number of apartments that an individual could purchase.
Property prices are a sensitive subject everywhere, and China is no exception. The government presses the brakes if the prices are speeding too fast and pushes the accelerator if property construction flags too much so as to threaten the overall economic growth.
This government intervention makes asset values volatile in both equity and debt markets, and raises the cost of capital to the sector.
Some investors have also been scared away by stories of oversupply and ghost cities. The property development business model, by definition, consists of a long operating cycle, and there may be genuine demand/supply imbalances, as in any other industry, but the overwhelming majority of Chinese properties are built in response to actual demand from a rapidly urbanising population. The same goes for talk of speculative buying, when the reality is that most of the properties are bought for self-occupation. Buyers have to put up a minimum 30% down-payment, they are not over-leveraged and there is no subprime lending.
WHEN IT COMES to investing in Chinese property bonds, one should realise that there has already been one level of filtering – only those companies large enough to go through a rating process and the expense of issuing offshore actually end up selling dollar bonds. They are all listed offshore, most of them in Hong Kong, and are subject to audits and disclosures that go with the listing status. The additional scrutiny from equity analysts and investors that comes with listing also offers additional information for bond investors.
There has not been a single default in the sector so far, and only two distressed exchanges in 2009, both at 80 cents to the dollar. Some companies did go through financial distress during previous sector downturns, but they managed to sell land or unfinished projects to stronger players and stave off default.
This is not to argue that we would never see a default in the sector. We will, sooner or later. But the sector has genuine fundamentals, strong and weak players, and saleable assets that can be realised in times of distress.
So, how should one approach investments in Chinese property bonds? First of all, investors need to be prepared for the volatility that comes with the regulatory changes. Any crash in value following a regulatory tightening offers an opportunity to pick up the higher-quality bonds at more attractive prices. In fact, such moves also enable the stronger players to buy out the weaker ones or to acquire assets from the struggling players, and increase their market share.
The current downturn in the market is no different. It is true that the stock of unsold property is running above average; that the leverage has increased in the last 12-18 months in response to slowing sales; that margins are under pressure due to the pressure to liquidate stock; and that some of the weaker companies are likely to experience a liquidity crunch in the next 12-18 months, unless they slow down their expansion. But the current downturn is also an opportunity to pick up bonds issued by stronger companies, which will benefit from the tight conditions in the sector. The challenge is reading the credit fundamentals carefully enough to identify the winners.
2016年1月4日 星期一
China credit rating agency in Europe
Italy's second largest city is to be home to the first European office of Dagong, the Chinese credit rating agency,which check chinese company credit. It is expected that the company's Milan office could get official approval to begin operations as early as next month (June). It is currently waiting on final authorisation from the European Securities and Markets Authority (ESMA), the EU financial regulatory body.
Once operational, the Milan office will employ more than 40 analysts as a joint venture between Dagong Global and Mandarin Capital Partners, a Sino-Italian private equity fund. It will undertake rating activities for banks and corporate entities, while any sovereign state rating activity will be conducted by the company's head office in Beijing.
It is believed this Europe-based rival to Standard & Poor's, Moody's and Fitch Group (the three ratings agencies that together share 95% of the global market) is intended to boost Chinese investments in Europe by providing Mainland companies with clear indications of the value and rating of local industry prospects.
It is a timely launch, given that Chinese investors are currently switching away from sovereign state bond investments and considering the acquisition of both brands and local industries. A rating by a China-based agency could be a useful guide for Chinese investors looking to evaluate opportunities in the European market.
Milan decision surprises industry observers
The selection of Italy as Dagong's first European operation – with more apparently planned in the coming years – has caused raised eyebrows among the EU business community. Despite retaining something of an industrial base, the country is not seen as one of the main European hubs for financial services.
The Italian press has carried some concerns that the arrival of this Chinese newcomer reflects expectations that a number of local businesses, weakened by the prevailing European financial conditions, could be ripe to be acquired at knockdown rates. Some have even suggested the agency could be instrumental in artificially lowering the value of companies in order for purchasers to secure a better deal. Others, however, maintain that the arrival of a Chinese ratings agency is inevitable given the level of the country's acquisitions in Europe.
Once operational, the Milan office will employ more than 40 analysts as a joint venture between Dagong Global and Mandarin Capital Partners, a Sino-Italian private equity fund. It will undertake rating activities for banks and corporate entities, while any sovereign state rating activity will be conducted by the company's head office in Beijing.
It is believed this Europe-based rival to Standard & Poor's, Moody's and Fitch Group (the three ratings agencies that together share 95% of the global market) is intended to boost Chinese investments in Europe by providing Mainland companies with clear indications of the value and rating of local industry prospects.
It is a timely launch, given that Chinese investors are currently switching away from sovereign state bond investments and considering the acquisition of both brands and local industries. A rating by a China-based agency could be a useful guide for Chinese investors looking to evaluate opportunities in the European market.
Milan decision surprises industry observers
The selection of Italy as Dagong's first European operation – with more apparently planned in the coming years – has caused raised eyebrows among the EU business community. Despite retaining something of an industrial base, the country is not seen as one of the main European hubs for financial services.
The Italian press has carried some concerns that the arrival of this Chinese newcomer reflects expectations that a number of local businesses, weakened by the prevailing European financial conditions, could be ripe to be acquired at knockdown rates. Some have even suggested the agency could be instrumental in artificially lowering the value of companies in order for purchasers to secure a better deal. Others, however, maintain that the arrival of a Chinese ratings agency is inevitable given the level of the country's acquisitions in Europe.
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