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Tesco opens landmark development

Tesco, the largest retailer in the UK by market share and also by sales, is aggressively tailoring its development strategies in China by adding freehold multiplexes with shopping centers, hypermarkets, entertainment venues, apartments and home offices. With an investment of more ...

China's electric car displayed at NAIAS

China's first electric carmaker BYD displayed its e6 and F3DM electric vehicles at the North America International Auto Show (NAIAS) which opened in the US auto city of Detroit on Monday. Features BYD ferrous battery, the e6 with an expected range per charge cycle of 330 km in ...

Borouge gearing up for big expansion

Petrochemical firm Borouge is expanding its presence in the Chinese chemical market by investing nearly $400 million in three projects, according to a top company official. The company is setting up a plant and two logistics centers in Shanghai and Guangzhou, said Rashed Saud Al ...

Philippine tycoon to expand mall operations in China

Philippine tycoon Henry Sy 's SM group is to accelerate its shopping mall expansion in China after 2010, by building two to three new malls each year. "If you have business there, the potential is huge," said JoseSio, chief investment officer of SM Investments Corp (SMIC). "I ...

Air China plans $950m share sale to cut debt

HONG KONG - Air China, the world's most valuable airline in terms of market capitalization, said it will raise about 6.5 billion yuan ($952.20 million) via an issue of new shares, becoming the second Chinese carrier to announce fundraising plans this week. A recovery in domestic ...

Real estate companies' net profits soar in 2009

Net profits of the 34 real estate companies whose figures have been released totaled 20.82 billion yuan last year, rising 39.91 percent from the previous year, Shanghai-based business daily China Business News said Thursday. Data from Wind Info showed that last year nine of the ...

Steelmaker to increase coking coal imports

SHANGHAI - Maanshan Iron & Steel Co, the second-biggest Chinese steelmaker listed in Hong Kong, will increase coking coal imports this year, adding to rising global demand that's sent prices soaring. The mill bought between 800,000 metric tons and 900,000 tons of the raw material ...

Home Inns sees Expo boosting Shanghai room rates

Home Inns & Hotels Management Inc, China's second-biggest budget hotel operator, said this year's World Expo in Shanghai will boost room rates by as much as 20 percent, and it's adding up to 200 hotels nationwide. "We're positive about demand during the Expo," David Sun, 46, ...

China Mobile buys 20% of Pudong Bank

SHANGHAI: China's largest mobile phone service provider became a strategic investor in the Shanghai Pudong Development Bank (SPDB) after a multi-billion dollar stock purchasing deal on Wednesday. Guangdong Mobile, China Mobile's branch in south China's Guangdong province, bought ...

Geely secures financing to buy Volvo: report

The parent of China's Geely Automobile has secured financing to buy Ford-owned Volvo cars for about 15 billion Swedish crowns ($2.10 billion), a Swedish business daily reported on Wednesday. Dagens Industri, citing sources, said that Chinese financial institutions and regional ...

China Metallurgical gets new chairman

Liu Benren, board chairman of China Metallurgical Group Corporation, has resigned due to health reasons, the company's listed subsidiary Metallurgical Corporation of China said on Tuesday. The State-owned Assets Supervision and Administration Commission has appointed Jing ...

China State Construction sales up 71.5% in first two months

BEIJING - China State Construction Engineering Corp (CSCEC), the largest contractor in China, said Wednesday that house sales revenue totaled 6.5 billion yuan ($953 million) in January and February, up 71.5 percent from the first two months last year.In a statement to the ...

COLI begins taking over Shell Electric

China Overseas Land & Investment Ltd (COLI), a developer controlled by the country's construction ministry, will begin to take over appliance maker Shell Electric MFG (Holdings) Co on Wednesday, xinmin.com reported. Industry insiders said the purpose of the takeover is to get the ...

COFCO Property net profit up 163% in 2009

BEIJING - COFCO Property, a leading real estate developer in China, said Wednesday its net profit for 2009 jumped 163 percent year-on-year to 373.5 million yuan ($54.69 million) on sales boom. Last year's sales revenue totaled 2.01 billion yuan, up 85 percent from a year ago, ...

China Railway pays $60m for acquisition

China Railway Group Ltd has wholly acquired China Railway Port Channel Engineering Co, Ltd for 409 million yuan ($60 million) from the latter's parent company, the China Railway Engineering Corporation. China Railway said the acquisition strengthens its control in the industry, ...

Shuanghui's execs battle investors for benefits

A dozen institutional investors defeated a proposal by the board of directors of Henan Shuanghui Investment & Development Co Ltd to waive the prior right of assignment, which enables the assignee to purchase shares of 10 companies at prices lower than the current market prices, ...

TNT goes day-definite nationwide in China

Guangzhou - Express delivery service TNT Hoau, a wholly-owned subsidiary of TNT in China, has finished its Day-Definite road distribution network, which promises delivery on a specific date. The network covers key economic and business hubs including Bohai Bay, the Yangtze and ...

China Southern jumps most in two months on share sale

China Southern Airlines Co, the nation's biggest carrier, rose the most in almost two months in Hong Kong trading after announcing plans to sell at least 10.75 billion yuan ($1.6 billion) of new shares to pare debts. Shares of the carrier rosed 7.05 percent to HK$3.19 (41 cents) ...

Little Swan's profits up 455% in 2009

BEIJING - Wuxi Little Swan Co, Ltd, a major washing machine manufacturer in China, said its net profits surged 454.93 percent year-on-year to 222.18 million yuan ($32.54 million) in 2009, partly due to strong rural consumption. Business revenue came to 4.38 billion yuan ($641.54 ...

Legend chairman confirms buy in BOC International

Liu Chuanzhi, chairman of Legend Holdings, confirmed that the Chinese conglomerate had purchased equities of Shanghai-based BOC International (China) Ltd, China Business News reported Tuesday. Liu, a deputy to the National People's Congress, said Monday the move represents a new ...
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