Renren Swings to Loss in Q2
Renren Inc (NYSE: RENN), a leading Chinese social networking site, posted $44.8 million in revenues and $24.9 million in net losses for Q2 2012. Compared with Q2 2011, revenue was up 47.5% and the loss stood in stark contrast to an $80 million profit. Stiffer competition was blamed for the sharp decline in earnings.
Vanke to Offer More Properties in 2H
China Vanke Co (SHE: 000002), the nation's biggest property developer by revenue, said it will offer more residential properties in 2H 2012 than in 1H. The company offered 4.7 million new properties valued at ¥52 billion in 1H. It bought about ¥6 billion worth of land in July, exceeding what the company paid for land acquisitions in 1H 2012, when it paid ¥5.4 billion for 1.12 million m2 of land.
National Building Material to Offer ¥4b Notes
China National Building Material Co (HKG: 3323) said it plans to issue ¥4 billion worth of five-year commercial papers on August 15. Of the money to be raised, ¥2.8 billion will be used to repay bank loans and the remaining ¥1.2 billion will be used to replenish capital, the company added. China National Building Material posted ¥14.39 billion in revenues and ¥601 million in net profits for Q1 2012.
Xiamen Tungsten Gets Backing from Fujian Govt
Xiamen Tungsten Co (SHA: 600549), a leading producer of the mineral, said it has received a document from the Fujian provincial government stating that it will support the company's efforts to merge with or acquire rare earth businesses in the province in a bid to make it a globally leading rare earth company. No other details were disclosed.
Shanghai Port Jul Traffic Falls
Shanghai International Port Group Co (SHA: 600018), China's largest port operator, said it handled 42.34 million tons of cargo and 2.84 million TEUs in July, down 6.6% and 1.8% respectively from a year earlier as the world economy continued to cool.
Semir Garment to Build Logistics Center for Northern China
Zhejiang Semir Garment Co (SHE: 002563), China's largest clothing retailer by market value, said it plans to spend ¥250 million building a logistics facility in Tianjin to support its business in northern China.
$1 = ¥6.34