Price Changes May Be Left to Oil Makers' Discretion
China may allow its top three oil makers, PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) and CNOOC Ltd (NYSE: CEO, HKG: 0883), to change prices on their own when international oil prices fluctuates within a preset range, a person familiar with the matter told the China Securities Journal. Currently, all fuel prices in the country are set by the central government.
Vanke October Sales Keep Going Down
China Vanke Co (SHE: 000002), the nation's top property developer, said it sold just over one million m2 in floor space valued at ¥10.34 billion in October, down 23% and 33% respectively from a year ago, marking the third straight month of decline. Its average selling price in October, ¥10,299/m2, was down 11% from a month earlier and down 13% from a year earlier.
Huaqiang Industry Spends ¥714m on Anhui Land
Shenzhen Huaqiang Industry Co (SHE: 000062), an electronics maker, said it paid ¥714.3 million for a block in Wuhu, Anhui province. It will develop the 79,357m2 plot for residential, business and office purposes.
Tongda Cable Secures 2 Contracts
Hainan Tongda Cable Co (SHE: 002560) said it signed a contract to deliver $16.53 million worth of its products to Proyectos de Infrastructure Del Peru SAC. The amount is equivalent to 13.55% of its revenue in 2010. It also recently won a ¥67.17 million domestic contract, which is equivalent to 8.69% of its revenue in 2010.
$1 = ¥6.32