Surging house prices in China's economic hub Shanghai are unlikely to cool anytime soon and may post a 30-percent growth rate this year, state press reported yesterday. \nThe Shanghai Housing Index, the benchmark for the city's new housing prices, increased 2.5 percent last month to hit 1,038 points, various state media reported. \nFor the first nine months of the year prices surged a total of 23 percent, which compares with annual 15.5 percent growth last year, the Shanghai Daily said. \nBased on the data, the index office raised its forecast for the annual growth rate to 30 percent from 25 percent in August, indicating average prices would rise to about 5,900 yuan a square meter (US$719) by year-end. \nBy the end of last year, the average new housing price was 4,553 yuan (US$549) a square meter, according to the National Bureau of Statistics. \n"The large increase indicated strong demand for property investment, particularly in the high-end residential projects priced above 8,000 yuan per square meter," the newspaper quoted He Xiaocheng, an analyst at the Shanghai Real Estate Index Office, as saying. \nVacant housing decreased 30.9 percent to 926,800m2 in the same period to last month. \nA total of 16.09 million square meters were sold during the period, while 16.08 million square meters of projects were completed. \nThe ministry of construction has launched an investigation into China's real-estate industry on worries that a bubble looms in the fast-growing sector.
STEPPING UP: The firm has also asked employees to work in split shifts from this week and to halt all but essential overseas business travel from next month Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has implemented a remote work policy for employees not on production lines in an attempt to curb the spread of COVID-19, the world’s largest contract chipmaker said yesterday. This is the first time in the Hsinchu-based company’s history that it has launched a large-scale remote work policy, joining global technology companies, such as Apple Inc and Google, that encourage employees to work from home. The chipmaker has also asked employees to work in split shifts from this week, it said. As the number of virus infections continues to climb worldwide, TSMC has urged employees to halt unnecessary
A two-hour drive south of Amsterdam in Veldhoven, workers decked out head-to-toe in protective gear toil in vast assembly halls. Before entering the inner sanctuary of the facilities, they meticulously layer on masks, gloves and special socks. A single speck of dust or a hair can have devastating effects on production. The result of all this painstaking process is an environment that is 10,000 times more purified than outside. As COVID-19 grips the world, it might just be the safest place to work right now. The teams belong to ASML Holding NV, which holds a de facto monopoly on the industry of
DBS Bank Ltd yesterday hacked its GDP growth forecast for Taiwan this year to 0.9 percent, down from its estimate of 2.3 percent two months earlier, in light of the COVID-19 pandemic and increasing financial market volatility. The bank’s latest forecast was even lower than London-based IHS Markit Ltd’s estimate of 1 percent, while other research institutes’ projections range from 1.6 percent to 2.6 percent. Taiwan’s economic momentum is being negatively affected by the pandemic, DBS said. The rapid spread of the disease from Asia to Europe and the US has dampened the bank’s previous expectation of a “V-shaped” global rebound in the
Manufacturers are on a mission to produce desperately needed medical ventilators for the COVID-19 pandemic, even if it means converting assembly lines now making auto parts. Along with a shortage of masks and gloves, the spread of COVID-19 to almost every corner of the globe has highlighted a great need for specialized machines that help keep severely afflicted patients alive. “As the global pandemic evolves, there is unprecedented demand for medical equipment, including ventilators,” GE Healthcare chief executive officer Kieran Murphy said. The group has hired more workers and is making ventilators around the clock. Swedish group Getinge AB is also ramping up output