Yili Takes $50 Million Worth of Stake in Huishan
Inner Mongolia Yili Industrial Group Co (SHA: 600887), a leading dairy maker, said its wholly owned Hong Kong-based subsidiary has paid $50 million purchasing a stake in China Huishan Dairy Holdings to stabilize raw milk supply. The announcement did not disclose the size of the stake. Shenyang, Liaoning province-based Huishan, which operates 50 pastures in Liaoning rearing 110,000 cows, is the largest dairy company in northeastern China. Separately, Huishan plans to raise $1.3 billion in an initial public offering in Hong Kong, the Wall Street Journal reported.
Vanke Posts Strong Sales in August
China Vanke Co (SHE: 000002), the nation's biggest property developer, said it sold 1.33 million square meters in floor space with a total contract value of 15.3 billion yuan in August. The area was up 13% from a month earlier and up 27% from a year earlier, and the value was up 9% from a month earlier and up 35% from a year earlier. Strong sales are expected in September and October, which are traditional high seasons in China.
Geely Sales Up 17% in August
Geely Automobile Holdings Co (HKG: 0175), China's largest private carmaker, said its sales volume rose 17.1% year on year to 35,371 units in August, including 26,004 units in China, which was up 21% year on year. In the first 8 months Geely's sales volume rose 18.5% year on year to 332,783 units, which accounted for 59% of its full-year target of 560,000 units. Despite unexciting SUV and export growth in August, HSBC thinks the company is still on track to achieve the annual target.
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