Finance

Two State banks name new bosses

China Construction Bank Corp, the world's second-largest bank by market value, announced on Nov 29 the nomination of a new executive chairman, Wang Hongzhang, former head of the commission for discipline inspection at the People's Bank of China.

Wang, a 57-year-old certified accountant, joined the central bank after receiving a master's degree in economics from Liaoning Institute of Finance and Economics in 1978.

Meanwhile, Agricultural Bank of China Ltd announced on Nov 28 that Jiang Chaoliang, president of China Development Bank, would be its new Party secretary, a position that usually doubles with that of chairman.

Jiang, 54, holds a master's degree in economics from Southwestern University of Finance and Economics. He worked at ABC for 15 years, starting in August 1981.

The latest round of personnel changes at major State-owned commercial lenders reflects the nation's emphasis on the implementation of macroeconomic regulation, said analysts.

Property

Greentown to form property JV

Greentown China Holdings Ltd, a Hangzhou-based property developer, is talking with Blackstone Group, Beijing Greentown Sunshine Investment Co and China Jianyin Investment Securities Co, a wholly owned unit of sovereign wealth fund China Investment Corp, to set up a joint venture for domestic property development.

Jianyin Investment will take a 60 percent stake and Blackstone will take a 10 percent in the venture via its private-equity team, a source was quoted as saying. Greentown China will hold a 24 percent stake, while Beijing Greentown Sunshine will take a 6 percent stake in the venture, which has a registered capital of 2 billion yuan ($313.9 million, 235.7 million euros).

All the parties involved will contribute 20 percent initially, with the remaining 80 percent to be contributed within two years after the JV is set up.

IPO

Haitong Securities plans HK$13 b IPO

Haitong Securities Co, China's third-biggest brokerage by market value, may raise about HK$13 billion ($1.7 billion, 1.3 billion euros) in an Hong Kong initial public offering, sources with knowledge of the matter said.

The brokerage is offering 1.23 billion shares at HK$9.38 to HK$10.58 apiece, the people said, asking not to be identified because the information is private.

Haitong Securities said in a statement released in October that its third-quarter net income fell 46 percent to 493.8 million yuan.

Tourism

Shanghai Disney expects 15 m visits

Annual visits to Shanghai Disneyland are expected to reach 10.5 million to 15 million after opening, said a senior official with the International Academy of Tourism (IAT) in Shanghai.

"Shanghai Disneyland will be three times the one in Hong Kong. The massive population in the Yangtze River Delta will strongly support it to be a top choice for a one-day tour," said Alastair M Morrison, director with the IAT, at an international seminar on theme parks and urban tourism.

Construction on the Shanghai Disney Resort project started in April 2011, and the park is expected to open after 2016.

Auto

Ford Motor to launch new powertrains

Ford Motor Co will bring 20 new engines and transmissions to China by 2015 to power the 15 new models it plans to introduce during the period.

The carmaker announced at the Guangzhou auto show that the new powertrains will include a 1-liter EcoBoost turbo engine that will be locally produced at its three-way tie-up with Chang'an Automobile Group and Mazda Motor Corp in the southwestern city of Chongqing.

The company said it aims to use the EcoBoost engine and PowerShift six-speed automatic gearbox in more models to achieve a 20 percent improvement in fuel efficiency across its entire fleet by 2015.

Minerals

Chinalco, Rio Tinto JV gets approval

Chinalco Rio Tinto Exploration Co, a joint venture between Aluminum Corp of China, also known as Chinalco, and Australian mining giant Rio Tinto, has obtained business registration for mineral exploration in China, according to Rio Tinto's Beijing office.

The joint venture will initially focus on exploring copper and then coal and potash, Rio Tinto said in a statement.

The statement did not provide the timetable for the company to start exploration and it did not mention any specific project.

Energy

CNOOC closes acquisition of Opti

Offshore oil company CNOOC Ltd closed its C$2.1 billion ($2.04 billion, 1.5 billion euros) acquisition of Opti Canada Ltd on Nov 28, giving it a second stake in a Canadian oil sands property.

With the closing of the deal, CNOOC gains a 35 percent stake in the troubled Long Lake oil sands project, which operates well below its 72,000 barrels per day capacity as operator Nexen Inc works to overcome problems with the C$6.1 billion project's reservoir.

Long Lake's poor performance forced Opti to seek court protection from creditors in July. CNOOC acquired the company after agreeing to assume Opti's C$2 billion debt and paying C$34 million to the company's shareholders.

Trade

EU to investigate Chinese steel imports

European steel producers' group Eurofer said it has filed an anti-dumping complaint with the European Commission against imports of organic-coated steel from China, and expected a formal investigation to begin next month.

The complaint is the latest in a series of cases brought by Europe against Chinese imports.

China Daily - Agencies

(China Daily 12/02/2011 page14)