What's news

Updated: 2013-10-10 07:21

(China Daily)

  Print Mail Large Medium  Small 分享按钮 0

CIC to convert some debt into stakes in PT Bumi

Indonesia's PT Bumi Resources said on Wednesday that sovereign wealth fund China Investment Corp will convert part of an outstanding $1.3 billion loan into stakes in the miner's PT Bumi Resources Minerals unit, its coal mines and a small stake in Bumi Resources itself. The move follows a last-minute, $425 million debt extension by the coal mining group, controlled by the politically connected Bakrie family, earlier this month.

Grave developer said to plan $200m IPO in HK

Fu Shou Yuan Group, a Chinese developer and operator of graveyards, plans to seek about $200 million in an initial public offering in Hong Kong, according to two people with knowledge of the matter. The company, based in Shanghai, may start the share sale in the next three months, said the people, who asked not to be identified because the information is private. Citigroup Inc is managing the offering for Fu Shou Yuan, the people said. Fu Shou Yuan runs a graveyard in Shanghai and has operations in seven other Chinese cities, according to its website. Founded in 2003, the company also offers funeral services, the website shows. Company officials were not available to comment on the IPO plan.

Cotton purchases slow as quality standards increase

Cotton reserve purchases in China have slowed as the government raises quality requirements and withholds a portion of payments until the fiber passes inspection, according to textiles research firm Sinotex.cn. China National Cotton Reserves Corp had purchased 100,630 metric tons of new-crop local cotton as of Sept 30, down 74 percent from a year earlier, according to estimates by Qingdao-based Sinotex.cn. Purchases from the Xinjiang Uygur autonomous region, the top-producing region, fell 76 percent to 71,400 tons, according a report.

Yum's Q3 profit falls 68% as same-store sales slump

Yum! Brands Inc, whose KFC fast-food chain is facing more competition in China, said third-quarter profit fell 68 percent and cut its 2013 earnings forecast as same-store sales dropped in the Asian nation. Net income decreased to $152 million, or 33 cents a share, from $471 million, or $1, a year earlier, the United States-based company said on Tuesday in a statement. Sales at Chinese stores open at least 12 months fell 11 percent. Yum, which gets about three-quarters of its revenue from outside the US, is facing more competition from expanding restaurant chains, such as Dicos and Hua Lai Shi owned by Chinese investors.

BMW sales rise in Sept with 21% gain in China

German luxury automaker BMW said on Wednesday that sales rose 6.7 percent in September amid stronger demand in the United States and Asia. Sales rose 18 percent in Asia, supported by a 20.8 year-on-year jump in China. US sales rose 8.3 percent. Sales in Europe's tough car market barely rose, by 0.7 percent.

China Railway planning 20b yuan bond sale next week

China Railway Corp, which took over operations from the disbanded Ministry of Railways in March, plans to sell 20 billion yuan ($3.3 billion) of bonds next week, two people familiar with the matter said on Wednesday. The State-owned company will sell 15 billion yuan of 10-year notes and 5 billion yuan of 20-year bonds on Oct 14, the people said, asking not to be identified because the details are private. The company last issued 10-year securities at 5.1 percent in August and 20-year notes at 5.5 percent last month. Premier Li Keqiang said in July that railroads are key for the nation "to get rich" as he tries to stimulate an economy growing at the slowest pace in more than a decade. The endorsement hasn't profited holders of rail debt, which lost 1.7 percent last quarter following a record cash crunch.

GLP plans 25% growth in new warehouse projects

Global Logistic Properties Ltd, China's biggest modern warehouse operator, plans to increase space at new projects by 20 percent to 25 percent annually in the next two years as e-commerce grows and retail chains expand. The company, part-owned by Singapore's sovereign wealth fund, GIC Pte Ltd, is beginning construction of 2.5 million square meters of warehouse space in China this year, compared with 2 million sq m a year earlier, Chief Executive Officer and Co-founder Ming Mei said in an interview in Hong Kong on Tuesday. The company has a current portfolio of about 8 million sq m in China, he said. Logistics properties are "the most attractive real estate opportunity" in China as consumers buy more from e-commerce companies including Alibaba Group Holding Ltd and Amazon.com Inc, fueling demand for storage space, according to a report released last month by commercial realtor Jones Lang LaSalle Inc. Singapore-listed GLP.

Sinopec, Franshion marketing US-dollar bonds

China Petrochemical Corp, Asia's largest refiner, and Franshion Properties China Ltd are marketing US dollar-denominated bonds as Asian issuers head for the busiest start to a month since May. Property developer Franshion, controlled by the Beijing-based Sinochem Group, is offering up to $300 million of five-year notes at a yield of about 5.625 percent, according to a person familiar with the matter. China Petrochemical, known as Sinopec, is considering selling five-, 10- and 30-year notes at respective premiums of 150, 205 and 200 basis points above equivalent maturity Treasuries, said another person. Asian borrowers outside Japan have already raised $2.6 billion this month, the most since $5.18 billion was raised during the same period in May, according to data compiled by Bloomberg News.

Germany approves branch of Agricultural Bank of China

The Agricultural Bank of China won approval to set up a branch in Frankfurt from the German financial authorities on Oct 1, according to bank announcement on Wednesday. The bank earlier received permission from the China Banking Regulatory Commission. It has now gained all the necessary approvals needed to set up the branch. ABC has 23,472 domestic branches, four overseas branches and five overseas representative offices.

Vanke reports 33% surge in sales from Jan to Sept

The nation's largest real estate developer, China Vanke Co Ltd, has reported a surge in revenue of 33 percent year-on-year to 128.5 billion yuan ($21 billion) in the first nine months. The Shenzhen-listed property giant sold 1.31 million square meters of gross floor space in September and generated 15.57 billion yuan in revenue, according to a statement to the Shenzhen Stock Exchange on Wednesday. Vanke picked up 11 sites across the nation recently, with a total value exceeding 16 billion yuan. One of the plots, in Shenzhen, will be developed into office space.

China Daily -Agencies

 What's news

Closing time

A McDonald's restaurant located near Nanjing's Confucius Temple, an ancient architectural complex and well-known tourism spot in China, closed on Tuesday due to the expiration of its lease. The restaurant was the first McDonald's store in Nanjing, the capital of Jiangsu province. A traditional restaurant will open in the same spot. Photo by Xinhua

(China Daily USA 10/10/2013 page14)

8.03K