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Shimao mulls spinoff of hotel, tourism business in HK

Chinese property developer Shimao Property Holdings Ltd said on Wednesday that it is eyeing a spinoff of its hotel, tourism and leisure property business on the Hong Kong Stock Exchange, but no formal application has been submitted. "The company is making preliminary enquiries ...

Chinese-made houses look for home in New Zealand

WELLINGTON - China, after supplying the world with cheap household products for almost three decades, could soon be offering New Zealanders a roof over their heads too. A New Zealand entrepreneur is hoping to offer recyclable, movable houses designed in North America and made in ...

East China firms face blackouts amid power shortages

HANGZHOU - The small township of Songsha in east China's Zhejiang province is dubbed the "capital of umbrellas" because the output of its 1,000-plus small and medium-sized umbrella makers accounts for about one-third of the nation's total. However, the bustling township has been ...

Shanda targets Asian, US markets

NEW YORK - Shanda Games Ltd, the Chinese maker of such video games as "Mir 2" and "Woool", plans to expand in the United States, South Korea and Japan this year, as its business matures in its home country. The company also wants to break into Malaysia and Indonesia, Shanda ...

Yahoo share price jumps after fund's buying

A booth of Taobao.com, the online auction subsidiary of Alibaba Group, at a trade expo. According to the president of the hedge fund Greenlight Capital Inc, there is great value in the private assets of Alibaba, in which Yahoo! Inc owns a significant stake. [Photo/China Daily] ...

Shanghai Pharma drug-making assets raise funds

A booth of Shanghai Pharmaceuticals Holding Co at the Shanghai industrial fair. The company is to raise funds from investors including Temasek Holdings Pte and Pfizer Inc to acquire more drug-manufacturing assets in China. [Photo/China Daily] BEIJING/HONG KONG - Shanghai ...

Renren IPO pricing delayed until Wednesday: Source

NEW YORK - The highly anticipated initial public offering of Renren Inc, one of China's largest social networks, will be delayed until Wednesday, sources familiar with the deal said on Tuesday. The offering by Renren, one of the Chinese variations on Facebook, was expected to ...

Baosteel looks beyond cutbacks from carmakers

Stainless steel production in a rolling mill in Xinghua, Jiangsu province. The growth in steel consumption in China may slow over the next five years. [Photo/China Daily] Beijing - The demand for auto sheet is set to recover from a decline in auto production caused by the recent ...

Railway Ministry Reports Rare Pre-tax Loss in Q1

The railway ministry is now reporting a rare, pre-tax loss of 3.7 billion yuan, or 580 million US dollars in the first quarter. In its financial report, the ministry says it has 3.41 trillion yuan in total assets by the end of March and 1.99 trillion yuan in total liabilities. ...

Renren's Audit Committee Chair Quits Ahead of IPO

Chinese social networking website Renren has now replaced the head of its audit committee ahead of its initial public offering on the Nasdaq. Derek Palaschuk, the CFO of China-based Longtop Financial Technologies, has now formally resigned from Renren's board of directors. Many ...

Pierre Cardin Wants to Sell Business For 1 Bln Euros

French designer Pierre Cardin said he is ready to sell his fashion house for 1 billion euros (1.46 billion U.S. dollars) in an interview with the Wall Street Journal posted on Tuesday. "I want to sell it now," Cardin was quoted as saying by the U.S. daily. "I know I won't be here ...

Zijin fined $4.6m for Fujian toxic spill

SHANGHAI - The Zijin Mining Group, one of China's biggest gold producers, has been ordered to pay 30 million yuan ($4.62 million) by a local court in Fujian province for a toxic spill last year that caused severe environmental pollution. The local court in the city of Longyan has ...

Renren seeks to double Facebook's valuation

Renren Inc (Renren), China's biggest social-networking website by page views, aims to raise as much as $743.4 million in a US initial public offering on Tuesday, Bloomberg reported. Renren, the Beijing-based company, is offering 53.1 million American depositary receipts for $12 ...

67 airlines raise fuel surcharge

Sixty-seven domestic and foreign aviation companies have raised fuel surcharges in recent months, International Finance News reported Tuesday. Dragon Air and Cathay Pacific raised the amount of money they charge passengers for fuel from 164 yuan to 188 yuan for flights between ...

SM Prime to build its largest mall in China

MANILA - The Philippines' largest mall operator plans to build its fifth mall in China, which the company said will be SM Prime Holdings Inc's biggest shopping mall to date. SM Prime told the Philippine Stock Exchange on Tuesday that the new mall will be built in the industrial ...

Sinopec, CNPC urge changes to consumption tax

SHANGHAI - Two of China's largest companies have apparently asked the government to temporarily lower or withdraw its levy on fuel oil consumption. The Economic Observer Weekly newspaper reported that the State-owned oil and gas giants China Petrochemical Corporation (Sinopec ...

Baosteel to launch new project in S China

Plant will have production capacity of 5 million tons of high-end steel SHANGHAI - Baoshan Iron & Steel Co Ltd (Baosteel), a market leader in carbon steel plates, is heading southward. The Shanghai-based steelmaker will launch a strategic project in Zhanjiang, Guangdong province, ...

Unilever to expand production in China

TIANJIN - Unilever Plc will build one of its largest production bases in the Chinese municipality of Tianjin, the company announced on Friday. Unilever Plc in China. The company has business worth $20 billion in China and intends to increase that figure fivefold by 2020. [Photo...

More Web firms turn to private share funding

HONG KONG - More Internet companies in China are turning to private share placements for funding that they could previously raise only from initial public offerings in overseas stock markets, Bao Fan, chief executive officer of China Renaissance Partners, said. "We generally ...

Beiqi Foton Signs Investment MOU with India

China's leading truck manufacturers, Beiqi Foton Motors, has signed a Memorandum of Understanding with an Indian state government to manufacture trucks in India. The planned plant will mainly produce heavy and light trucks. Beiqi Foton Motor says the move is important move for ...
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