A Chinese consortium consisting of the State Administration of Foreign Exchange and the National Social Security Fund has purchased the majority of the 5% stake in China Construction Bank Corp (SHA: 601939, HKG: 0939) that Bank of America Corp (NYSE: BAC) sold a week earlier for $8.3 billion at face value and $3.3 billion after-tax proceeds, the Financial Times reported, citing people close to the deal.
Canadian Solar Inc (NASDAQ: CSIQ), a leading Chinese solar company, said it had supplied high quality solar modules for Germany's largest solar power plant built by GP Joule. The open-space solar power plant has a specified output of 70MW and occupies a 152 hectare surface in the Southern Brandenburg region in eastern Germany. GP Joule is a leading international engineering, procurement, construction and project development company, with four locations in northern and southern Germany as well as international offices in North America, France and Italy.
Datang International Power Generation Co (SHA: 601991, HKG: 0991) has been given the go-ahead to build a wind farm in Jiangxi province. The project is expected to cost ¥409.07 million and generate 90.21 million kW hours a year when operational.
CP Lotus Corp (HKG: 0121), a Chinese supermarket chain, said it is selling a location at 245 Madang Road in downtown Shanghai for ¥22 million as the store is losing money.
Jiangsu Zhongchao Cable Co (SHE: 002471) said it recently won ¥132 million worth of contracts. The amount is equivalent to 10.52% of its revenue in 2010.
Jiangsu Miracle Logistics System Engineering Co (SHE: 002009) said it had won a ¥69.98 million contract to build an assembly line for Changan PSA Automobile Co, a joint venture between Changan Automobile and French automaker PSA Peugeot Citroen. The amount is equivalent to 6.52% of its revenue in 2010.
Gansu Qilianshan Cement Group Co (SHA: 600720) said it plans to invest ¥1.46 billion building four cement and concrete plants in Gansu and Qinghai provinces.
Shenzhen Inovance Technology Co (SHE: 300124), an industrial automatic control products maker, said it plans to invest ¥630 million building four plants in Suzhou, Jiangsu province.
$1 = ¥6.39