China State Construction Wins DAMAC Cavalli Tower Contract

DAMAC Properties has awarded China State Construction Engineering Corp. with the US$241-million main works construction contract for the Cavalli Tower, Construction Week Middle East reports. The 71-story tower, located in Dubai Marina, U.A.E., will boast interiors by Italian fashion house Roberto Cavalli and spectacular views of the Palm Jumeirah. Designed by award-wining architect Shaun Killa, Cavalli Tower has a development value of around US$544.9 million. All 436 units will feature high ceilings and sea vistas, with luxury increasing by elevation. Top-floor homes will have opulent finishes, including private pools or jacuzzis. When completed, Cavalli Tower will offer residents bespoke housekeeping services and a 24-h butler. From: https://elevatorworld.com/news/daily-news

15 February-2023

Schindler CEO Cautiously Optimistic About China 2023 Outlook

Silvio Napoli, CEO of Switzerland-headquartered Schindler, said he is cautiously optimistic about the elevator, escalator and moving walk manufacturer`s business in China in 2023, China Daily is among outlets to report. Napoli`s sentiment is based on a predicted recovery of the Chinese economy and a gross domestic product target of approximately 5% for 2023. [I have lived in China long enough to know that the Chinese economy will always surprise everyone," Napoli told the source. Since equipment orders take up to 18 months before they arrive on construction sites, Napoli observed it will take at least until the second half of 2023 to return to growth. Accounting for approximately 17% of Schindler`s sales, China is home to the OEM`s second-largest R&D facility, for which Napoli oversaw expansion pre-pandemic. In February, Schindler reported that revenue increased by 1% overall to US$12.24 billion and order intake decreased by 1.7% to nearly US$12.95 billion. From: https://elevatorworld.com/news/daily-news/

21 March-2023

First E2 Forum in China Sees Success in Shanghai

The first E2 Forum China was held on October 20, 2022, at Microsoft AI & IoT Insider Lab in Shanghai, organizer Messe Frankfurt reported. The inaugural event enjoyed support from domestic and international organizations, including E2 Forum Milan co-founder the European Lift Association and E2 Forum Frankfurt partner VDMA, of which representatives from both gave opening remarks online. [E2 Forum China is not just a forum for communication among traditional elevator manufacturers, but also creates an opportunity for the industry to exchange ideas from professionals from other sectors," observed TK Elevator (China) Head of Digital Services Tiger Li, who was one of the speakers. Audience member KONE Digital Product Manager Lu Zhiqiang said speakers shared insightful information such as using video recognition systems to enhance elevator safety and security. E2 Forum China joins a series of events including ones in Buenos Aires, Argentina; Frankfurt, Germany; New Delhi, India; and Milan, Italy. From: https://elevatorworld.com/news/daily-news

05 December-2022

The market demand for replacement elevators in China is increasing

Generally speaking, the scrap life of Japanese elevators such as Mitsubishi and Hitachi is about 15 years, and the scrap life of European and American elevators such as Otis, Schindler and KONE is 25 years. Since most of the elevator standards in China are set with reference to Japanese standards, the scrap life of elevators is also about 15 years. As the service life of elevators in use approaches, it is expected that the demand for old elevator renewal will further increase in the future.

10 November-2022

The Rectification markets for elevators are hot and Chinese and foreign manufacturers have accelerated their layout

"This year's elevator upgrade projects have increased by more than 50% compared to the same period last year." According to Xu Junjie, general manager of the engineering headquarters of Hitachi Elevator (China) Co., Ltd., after more than 15 years of use of elevators, the operating performance has dropped significantly, and elevators began to be popularized in China in the 90s of the last century, that is to say, China has entered an intensive period of old elevator upgrading, "the old elevator transformation market is developing rapidly." According to data from the China Elevator Association, by the end of 2021, the number of elevators in China was 8.447 million units, a year-on-year increase of 5.6%; It is estimated that by 2030, the number of elevators will reach 2.74 million. The "old elevator renewal" and "old elevator transformation" market has driven the rapid development of the elevator stock market, and has also attracted competition from Chinese and foreign elevator giants.

10 November-2022