Tencent Said to Approach Disney for Partnership
The gaming division of Tencent Holdings Ltd (HKG: 0700), a giant internet company in China, is in talks with The Walt Disney Co (NYSE: DIS) for cooperation in research and development of China's animation industry, a person with knowledge of the issue told the National Business Daily, without revealing any details.
Huijin Ups Stakes in ICBC, BoC
Central Huijin Investment Ltd, an investment arm of the Chinese government, spent ¥250 million increasing its stake in Bank of China Ltd (SHA: 601988, HKG: 3988) and ¥220 million increasing its stake in Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398) in Q1 2012, the two banks said.
Vanke's Average Price Falls 12% in Q1
China Vanke Co (SHE: 000002), the nation's biggest property developer, said it sold 1.1 million m2 in floor space valued at ¥11.52 billion in March, up 31.6% and 23.5% year on year respectively. Vanke also said its price per m2 dropped 12% from a year earlier to ¥10,326 in Q1 2012.
Poly Net Profit Jumps 33%
Poly Real Estate Group Co (SHA: 600048), China's second largest property developer by market value, posted ¥47 billion in revenues and ¥6.53 billion in net profits for 2011, up 31% and 32.7% respectively from the year before. It sold 6.5 million m2 in floor space valued at ¥73.24 billion last year, down 5.5% and up 10.7% respectively from 2010.
Fewer IPOs Seen in Q1
66 Chinese firms had initial public offerings that raised a combined ¥39.91 billion in Q1 2012, down 40.5% and 66.8% respectively from the same period a year ago, ChinaVenture said. The number of IPOs saw the fifth straight quarterly decline and the money raised hit a two-year low.
$1 = ¥6.3