Chinese billionaire Li Shufu has relinquished his role as chairman of Geely Auto, describing the planned succession as the foundation for the future sustainable growth of the country’s second-largest carmaker. Li, the 63-year-old founder of the automotive group, announced his resignation just after Hong Kong-listed Geely reported record first-half revenue in China’s cutthroat car market on Monday. Andy An Conghui, 56, an executive director, would fill in the vacancy left by Li, effective on...

Sales of luxury homes in mainland China’s top cities are picking up as high-net-worth individuals, benefiting from the country’s tech boom, splash out billions of yuan to improve their housing. The buying binge has sparked expectations of a broad market recovery after a six-year property slump across the country, according to brokers. But analysts said such homes represented just a small portion of the mainland’s property industry, with increasing sales and higher prices not enough to turn the...

China’s electric vehicles (EVs) already lead the way in terms of battery and autonomous driving technologies. Now, the country’s auto brands are adding a new dimension to the notion of intelligent cars: turning them into full-scale entertainment centres. A new wave of Chinese-developed EVs is hitting the market equipped with everything from voice-activated artificial intelligence (AI) assistants, to headlights that double up as film projectors and karaoke systems. Some even feature immersive...