—This is the script of CNBC's news report for China's CCTV on April 28, Monday.
Welcome to the CNBC Business Daily.
California's Rodeo Drive used to be filled with the city's rich and famous.
Not only that, it's often thought of to be recession-proof.
But as Beverly Hills celebrates their centennial, they find out who is keeping their shops in the money.
Jane Wells has this report.
THIS USED TO BE A BRIDLE PATH. A HUNDRED YEARS LATER, RODEO DRIVE IS A LUXURY ASPIRATIONAL DESTINATION,
HOW'S THE BEVERLY HILLS ECONOMY? SALES TAX RECEIPTS ARE UP OVER 10 PERCENT, AND THIS CITY is INCREASINGLY DEPENDENT ON CHINESE TOURISTS.
(Julie Wagner, CEO Beverly Hills Conference & Visitors Bureau) "I would say that about 60% of our business in some stores, and even some stores might report more than that, comes form chinese shoppers. "
AND THEY'RE NO LONGER JUST DAY TRAVELERS COMING IN HUGE GROUPS ON BUSES.
(EFREM HARKHAM, LUXE WORLDWIDE HOTELS PRES/CEO) "The younger ones are now doing it on their own without going with a major group. The 25 to 37 year olds are finding their way out and doing it personally and privately. Before it was Chicago, New York, San Francisco. And we're now finding that 15% of our volume's from Australia."
MEANTIME BEVERLY HILLS CELEBRATED A BIG 100TH BIRTHDAY PARTY ON RODEO THIS WEEKEND WITH A MASSIVE CAKE, PASTRY CHEF DONALD WRESSELL PREPARED A SAMPLE OF WHAT EVENTUALLY WAS A CAKE 12 FEET WIDE, 24 LONG AND NINE FEET HIGH WITH 700 POUNDS OF CHOCOLATE AND NEARLY 1700 EGGS.
(DONALD WRESSELL, GUITTARD CHOCOLATE CO. PASTRY CHEF) "450 sheets of cake and we're going to assemble it into 150 sheets of cake, layered sheet cakes with white chocolate butter cream. "
THE CITY THREW THE PARTY MOSTLY FOR LOCALS AND EVEN THOUGH IT REALIZES THAT MOST OF THE SHOPPERS THESE DAYS COME FROM SOMEWHERE ELSE. IN BEVERLY HILLS, JANE WELLS, CNBC BUSINESS NEWS.
So can "Affordability" and "Beverly Hills" ever exist in the same sentence?
Whether or not the Chinese slowdown hits the economy... the public face of Beverly Hills does not appear worried at the moment.
Happy 100th birthday, Beverly Hills!
That wraps up this edition of the Business Daily.
I'm Sri Jegarajah, reporting from CNBC's Asian headquarters.
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