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Sinopec Ups Stake in Aussie LNG Project
Sinopec Group, the parent of Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), agreed to increase its stake in an Australian liquefied natural gas project led by ConocoPhillips (NYSE: COP) and Origin Energy Ltd for $1 billion, Bloomberg reported. Sinopec signed an initial accord to acquire a further 10% of the joint venture, Sydney- based Origin said. Sinopec, which agreed to pay $1.5 billion for 15% of the project in April, will also buy an extra 3.3 million tons of LNG per year through 2035, clearing the way for an investment decision on the second phase of the $20 billion Queensland venture.
BYD Issues ¥6b Bonds
BYD Co (SHE: 002594, HKG: 1211), the Chinese electric car and battery maker backed by Warren Buffett, said it plans to issue ¥6 billion worth of corporate bonds to fund a lithium battery project, an automotive R&D facility and an assembly line expansion plan in Shenzhen.
Lenovo Considers Moving More Production to Japan
Lenovo Group Ltd (HKG: 0992), China's biggest personal computer maker, plans to shift some of its production to Japan, according to senior vice president Milko Van Duijl. The company teamed up with Japan's NEC earlier this year to localize production in a bid to increase its market share in Japan to 26%.
Haitong Securities Aborts $1.7b HK IPO
Haitong Securities Co (SHA: 600837) canceled its $1.67 billion initial stock sale in Hong Kong, citing pricing issues and a decision "responsible for its A share investors."
State Construction Property Sales Exceed ¥78b Through Nov
China State Construction Engineering Corp (SHA: 601668) said its property sales totaled 6.27 million m2 valued at ¥78.4 billion in the first 11 months of this year, up 10.9% and 36.5% respectively from a year ago. Its construction division signed ¥703 billion worth of contracts during the period, up 36.7% year on year.
Hainan Airlines to Buy 10 Dreamliners
Hainan Airlines Co (SHA: 600221), China's fourth biggest carrier, said it plans to buy 10 Boeing 787 Dreamliners in the next three years to operate its flights to the US and Europe.
Gemdale Revenue Down 16% in Nov
Gemdale Corp (SHA: 600383), a Shenzhen-based property developer, said it sold 277,000m2 in floor space valued at ¥3.81 billion in November, down 20.3% an 15.7% year on year respectively. Between January and November, it sold 1.93 million m2 valued at ¥26.21 billion, down 5.4% and up 7.7% respectively from the same period a year ago.
Septwolves Eyes ¥10b Revenue by 2016
Fujian Septwolves Industry Co (SHE: 002029), an apparel maker, expects to lift its yearly revenue to ¥10 billion in five years, up from the current ¥3 billion, chairman Zhou Shaoxiong told Yicai.com.
Dahua Tech Raises ¥1b for Security Projects
Zhejiang Dahua Technology Co (SHE: 002236), a security products manufacturer, said it plans to raise ¥1 billion from a private placement to fund two intelligent surveillance manufacturing projects.
Changan Auto Reports Falling Sales
Chongqing Changan Automobile Co (SHE: 000625) said it sold 143,900 vehicles in November and 1.52 million between January and November, down from 185,200 and 1.69 million respectively during the same periods a year ago.
$1 = ¥6.33
@2011 China Economy @ The China Perspective.
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