12:00 AM
25
Oct2005
Dell China
president resigns
The president of Dell China has resigned suddenly, National Business Daily reports. Fu
Biaobang, who joined Dell in 2001, left the company on Friday, and is replaced
by former head of Dell China's
home and small enterprise division Li Hesheng. At the same Friday meeting in
which Fu Biaobang's future was discussed, Dell also decided on a
personnel-cutting plan for its China
region which will lay off 100 to 150 workers. Fu's reason for resigning is
unknown; a Dell China spokesperson denied both the resignation and the layoff
reports. Dell's financial report is due out this weekend.
Link:
http://www.nbd.com.cn/admin/module/news/newsFile/20051024233820.htm
Xugong stops trading
Xugong Science & Technology announced yesterday that it
was temporarily halting trading of its company's stock, China Business Daily reports. Xugong's statement cited a pending
announcement on the 26th as the reason it would stop trading on the 24th; it
plans to resume trading after the announcement. Beijing's Kailei Technology is
set to become the largest shareholder in Xugong Machinery, gaining control over
Xugong SciTech, with some reports predicting an 85% investment of US$375
million, and others predicting just 51%-55%. Xugong is currently in the process
of axing 20% of its work force to decrease debt for Kailei.
Link: http://dycj.ynet.com/article.jsp?oid=6629181
BMW sales rise
Beijing Times
reports that sales of domestically-produced BMW automobiles reached 11,548 in the first three months of the
year, a rise of 46.9% over the same period in 2004. BMW's Greater China region
was the only market in which the company saw negative growth in 2004.
Link: http://www.bjt.net.cn/news.asp?newsid=124098
$400 million fund for China development
Singapore
developer CapitaLand has set up a private fund worth US$400 million in
cooperation with China's
Huaqi Group, China Business Daily
reports. The CapitaLand China Development Fund is aimed at real estate
development on the Chinese mainland. CapitaLand invested US$150 million for a
37.5% share, and Huaqi put in US$20 million. The remainder comes from
institutional investors in the Middle East and the United States.
Link: http://dycj.ynet.com/article.jsp?oid=6629208
Xugong Science & Technology: 000425.SZ