China's central bank raised the reserve ratio for its biggest banks by 50 basis points to a record 18.5% to battle rampant inflation. The increase, was the third time in 5 weeks, will take effect Dec 20.
Vehicles sales in China grew 26.9% year on year to almost 1.7 million units in Nov, according to the China Association of Automobile Manufacturers. Sales of passenger cars rose 29.3% year on year to over 1.34 million units. Source: http://www.askci.com/freereports/2010-12/2010121082130.html
China Vanke Co (SHE: 000002), the nation's biggest property developer, purchased a land block in Shenzhen for almost ¥3 billion ($1 = ¥6.7), or ¥8,582/m2. The plot will be developed for 100,000m2 of office buildings, 100,000m2 of serviced apartments, 80,000m2 of malls, 55,000m2 of hotels and a 10,000m2 art center.
Bank of China Ltd (SHA: 601988, HKG: 3988), the nation's third largest lender by market value, said Thursday it will issue ¥20 billion in RMB-denominated bonds in Hong Kong by the end of 2012.
China Mengniu Dairy Co (HKG: 2319), the nation's largest dairy producer, said Thursday it will join international companies including General Mills and Nestle bidding for France's Yoplait, which controls 9% of the world's milk and yogurt market. PAI, a French fund, is selling its 50% stake in the company.
BYD Co (HKG: 1211), China's largest privately owned electric car maker backed by Warren Buffet, will invest ¥1.2 billion in its LED manufacturing division whose output was worth ¥50 million in 2009 and is expected to quadruple to ¥200 million this year.
Hainan Airlines Co (SHA: 600221) said it will invest ¥1.6 billion building a 2 million m2 aviation service including cargo logistics and aircraft repair in Xianyang, Shaanxi province.
Lanxess, a German specialty chemical producer, said Thursday it will invest $40 million building a leather chemicals plant in Changzhou, Jiangsu province. This will be its largest single investment in the country and create 150 jobs. The plant is expected to become operational in 1H 2013 and produce 50,000 tons of products per year. Lanxess's revenue from the Greater China region in Q1-Q3 jumped 40% to €589 million, which represented 11% of its global sales.
China Overseas Land & Investment Ltd (HKG: 0688) said it sold 4.7 million m2 of properties fetching ¥50.5 billion in the first 11 months of 2010, up 3% and 30.5% year on year respectively.
Shenzhen Energy Group Co (SHE: 000027) said it will spend ¥756 million building an apartment complex for the employees of its subsidiary. 60% of the funding will be financed from banks.