Sinopec raises $5 billion in dollar-denominated debt

State-owned China Petrochemical Corp, parent of Asia's largest oil refiner, has raised $5 billion from the biggest offering of dollar-denominated notes by an Asian issuer in more than a decade. The company, known as Sinopec Group, sold notes with three-, five- and 10-year maturities, matching the amount issued in November 2003 by Hutchison Whampoa Ltd. Investors in the United States bought 70 percent of Sinopec's three-year fixed-rate notes, according to a person familiar with the matter.

Stocks sink 0.5% as banks, property companies weaken

China's stocks fell for the first time in three days on Thursday as banks and property developers slumped, overshadowing government measures to support economic growth. The Shanghai Composite Index dropped 0.7 percent to 2,043.70 points. The State Council, China's cabinet, said on Wednesday that the nation will extend tax breaks to more small companies and increase financing to build low-income housing. China Vanke Co Ltd, the nation's biggest listed property developer, lost 2.3 percent to close at 8.10 yuan ($1.30).

Bitcoin exchanges suspend transfers after PBOC order

BTC China and OKCoin, two of China's largest bitcoin exchanges, suspended some money transfer services, after it was reported that the central bank tightened controls on the digital currency. Bitcoin prices plunged almost 10 percent on March 27 after the financial publication Caixin reported that the People's Bank of China had ordered banks and payment companies to close the trading accounts of more than 10 exchanges.

African Minerals says talks on $900m deal to continue

African Minerals Ltd, the biggest iron-ore producer in Sierra Leone, said talks with a Chinese trader on a delayed $990 million deal are continuing, and the company hopes to complete the transaction this year. Tianjin Materials & Equipment Group Corp agreed in September to buy a 16.5 percent stake in the Tonkolili mine in a deal valuing the operation at $6 billion.

Shale gas-based LNG plant being built in Chongqing

The building of a shale gas-based liquefied natural gas plant has begun in the Baitao chemical park of Fuling in Southwest China's Chongqing municipality, said a release by Sinopec Group on Thursday. The plant is to be built in three phases by Chongqing Sinopec Tonghui Energy Co Ltd, a joint venture of Sinopec Corp, Chongqing Transport Group and Chongqing Gas Group.

BMW plans to recall vehicles over defective bolt design

Bayerische Motoren Werke AG, which counts China as its biggest market, said it will recall 232,098 vehicles in the country for a defective bolt design. BMW will recall 138,534 imported sedans, while its Chinese joint venture will call back 93,564 vehicles, according to a statement posted on the China General Administration of Quality Supervision, Inspection and Quarantine website on Wednesday. Shares of its partner, Brilliance China Automotive Holdings Ltd, fell.

(China Daily USA 04/04/2014 page18)