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¥984b Worth of Listed Properties in Stock
The 131 property developers listed in Shanghai and Shenzhen posted ¥209.2 billion in revenues and ¥26.38 billion in net profits for Q1-Q3 2011, up 14.4% and 14.3% respectively from the same period a year ago, according to statistics from the Shanghai Securities News. They had ¥983.8 billion worth of properties as of the end of September, up 44.9% from a year earlier.
LDK Begins Construction on Huge Silicon Plant
LDK Solar Co (NYSE: LDK), a solar module manufacturer, has broken ground on a silicon factory in Hohhot, Inner Mongolia. The project is expected to be completed in two phases by 2H 2013, and become the world's largest producer of high-purity silicon with an annual capacity of 60,000 tons and post ¥12 billion in revenues per year. It was previously reported that LDK planned to invest up to ¥10 billion in the project.
Bank of China Favored for Clearing Business in HK
Bank of China Ltd's (SHA: 601988, HKG: 3988) Hong Kong-listed unit will remain the city's sole Renminbi-clearing bank after China's central bank signs a new deal with the lender, closing the door for other banks that have been vying for clearing status, the Wall Street Journal reported.
Zijin Mining Delays Opening Copper Plant
Zijin Mining Group Co (SHA: 601899, HKG: 2899), China's largest gold producer by output, will delay inaugurating its 200,000-ton copper refinery in Fujian province, board secretary Zheng Yuqiang said, without giving reasons. The plant was scheduled to become operational in October. Industry experts say copper prices in China have fallen 17% since August, bringing down the profitability of copper refining and perhaps prompting the delay.
Tencent Takes Stake in SNS Kaixin
Tencent Holdings Ltd (HKG: 0700), a leading Chinese Internet technology company, confirmed its strategic investment in Kaixin001.com, China's most popular social networking service site. No financial details were available, but it was reported that Tencent have injected $100 million into Kaixin001.com. Separately, Tencent chairman and CEO Ma Huateng said the company had begun developing tools to monitor content on its microblogging service as the government steps up its crackdown on information thought to be subversive.
Yurun Pessimistic Over Q4
China Yurun Food Group Ltd (HKG: 1068), a major pork processor, said Q3 net profits fell 25% from a year earlier as hog prices surged and consumer confidence was hurt following reports of tainted pork products nationwide. It expected business conditions to remain difficult for Q4.
Int'l Travel Buys Sanya Block
China International Travel Co (SHA: 601888), a leading travel agency, said its wholly-owned subsidiary in Sanya, Hainan province had acquired a land plot in the city for ¥918 million. The 192,600m2 block will be developed for tourism purposes.
Sichuan Tianyi Secures ¥159m Contract
Sichuan Tianyi Science & Technology Co (SHA: 600378), a manufacturer of petrochemicals and basic chemicals, said it has won a ¥159 million contract from the China Gas Turbine Establishment. The amount is equivalent to 32.5% of its revenue in 2010.
Qinhuangdao Tianye Secures $29m Contract
Qinhuangdao Tianye Tolian Heavy Industry Co (SHE: 002459), a manufacturer of hoisting and transportation equipment for railway and bridge construction, said it has signed a $28.81 million contract from a hydraulic project in Ethiopia. The amount is equivalent to 16.66% of its revenue in 2010.
$1 = ¥6.33
@2011 China Economy @ The China Perspective.
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