Noah, E-House to Establish Real Estate Fund
Noah Holdings Ltd (NYSE: NOAH), a Chinese wealth management service provider, and E-House China Holdings Ltd (NYSE: EJ) said they are planning to raise a real estate fund to the tune of ¥10 billion. They will draw on China's top 50 property developers as cornerstone investors as well as investments from the private sector.
New Oriental Net Profit Down 3.7%
New Oriental Education and Technology Group Inc (NYSE: EDU), a leading Chinese private education services provider, posted $174.5 million in revenues and $22.4 million in net profit for its fiscal quarter through February 29, 2012, up 31.7% and down 3.7% respectively from the same period a year ago.
Suning Plans New Online Shops
Suning.com, the e-commerce platform of Suning Appliance Co (SHE: 002024), China's largest chain store by revenue, said it will officially launch a section for buying air tickets and booking hotel rooms on April 25 and launch a beta section for online wine and liquor retail.
CSR Seals ¥3.3b Deals
CSR Corp (SHA: 601766, HKG: 1766), one of China's top two railway equipment manufacturers, said it signed ¥3.3 billion worth of contracts recently.
Huadian Power Pays ¥670m for Coal Producer
Huadian Power International Co (SHA: 600027, HKG: 1071), China's third largest power producer by capacity, said it has spent ¥670 million taking over Shunke Co, gaining access to its 28.5 million tons of coal reserves.
Datang Power Generation Up 4.8% in Q1
Datang International Power Generation Co (SHA: 601991, HKG: 0991) said it generated 48.26 billion kW hours of electricity in Q1 2012, up 4.8% from the same period a year earlier, fueled by stronger demand.
Industrial Securities Net Profit Plunges 45%
Industrial Securities Co (SHA: 601377) posted ¥2.32 billion in revenues and ¥435 million in net profits for 2011, down 14.4% and 44.7% respectively from the year before as a result of China's bearish stock market. Earnings per share tumbled 48.7% to ¥0.2.
$1 = ¥6.3