ChinaRealNews

William G. Parrett: China to become Deloitte’s largest market by 2020

2007-03-30 Beijing

China will become the largest market for Deloitte by 2020, according to Deloitte Global CEO William G. Parrett. Parrett says that the accounting firm is making increasing investment in China, with US$150 million promised to be invested in the country for talent recruitment. Deloitte currently employs 6,500 people in 10 offices in China. In addition, Peter Bowie, CEO of Deloitte China, states that Deloitte places great emphasis on Chinese talent training. The accounting firm has set up the Deloitte Institute as well as training centres in Beijing, Shanghai and Hong Kong.

Carlyle, ally cleared to swap China Pacific stake

2007-03-30 Beijing

US buyout firm Carlyle Group and partner Prudential Financial have received in principle approval from mainland regulators to swap their combined 25 per cent stake in China Pacific Life Insurance into the parent firm. Carlyle and Prudential paid 3.3 billion yuan for the stake in December 2005 after three years of talks. Parent China Pacific Insurance, the country's fourth-largest insurer, is preparing for as much as US$2 billion initial public offering. The mainland's insurance industry is the fastest-growing in Asia, with life insurance premiums hitting 38 trillion yuan in the first 11 months of last year.

China eyes QDII expansion

2007-03-30 Beijing

The State Administration of Foreign Exchange (SAFE) of China is planning to expand the QDII business of the country’s commercial banks and insurance companies. It is also exploring the feasibility of granting QDII license to mainland securities firms. By the end of 2006, 16 mainland banks, insurers and fund houses in total gained the QDII license.

BlackRock Merrill Lynch advises to select high-quality high-yield stocks in a fluctuating market

2007-03-30 Beijing

As the market is expected to fluctuate continuously this year, BlackRock Merrill Lynch advises investors to resort to highly-flexible funds that invest in stocks, bonds and currencies simultaneously, such as Merrill Lynch Global Allocation Fund, and meanwhile to consider some funds featuring steady dividend incomes and option strategies. Katherine Cheung, head of regional marketing and Hong Kong distribution business at BlackRock Merrill Lynch Investment Managers, thinks that in 2007 global stock markets will be still optimistic and that European and U.S. stock markets are expected to report higher rises. She points out that funds can utilize covered call options to offset potential risks and ensure steady returns.

Brera flagship edition with unique four-wheel-drive system debuts in Hong Kong

2007-03-30 Hong Kong

Many high-performance hatchback sports cars will debut in Hong Kong one after another. The first arrival is the long-expected Volvo C302.5T5. In the meantime, Alfa Romeo 3.2L top-class car has also arrived by air. The flagship Alfa Romeo not only offers improved performance from the entry-level 2.2L JTS model, but also boasts first-in-class Q4 four-wheel-drive and automatic transmission systems. When showcased in April as scheduled, the new Alfa Romeo will become a rival of Audi TTCoupe.

Chinese property companies listed in Hong Kong seek A-share IPOs

2007-03-30 Hong Kong

As China's central bank lifts interest rates and it tends to be more difficult for property companies to be qualified for loans, every property company is now anxiously looking to raise funds directly from A-share and H-share markets. Many property companies that are listed in Hong Kong market now return to Mainland China market to seek A-share IPOs. Professor Xu Dianqing from Beijing University predicts that some 20-30 percent developers suffering from the raised bar for bank loans will go bankrupt. PricewaterhouseCoopers estimates in the next two years super-large H-share companies will return to the A-share market so that to boost the development of the mainland's capital market.

2007 Pine Valley Beijing Open to be hosted

2007-03-30 Beijing

The 2007 Pine Valley Beijing Open, sanctioned by the Asian Tour & China Golf Association (CGA), will be hosted at the Pine Valley Golf Resort & Country Club from April 26-29. It will feature over 156 players from 30 countries and regions, including some of China’s most prominent golfers. The new tournament is grateful for the support of Red Bull Vitamin Drink Co. Ltd., and event organizer Octagon, as well as the cooperation of its financial services partner Zurich Insurance Company.

2007 Pine Valley Beijing Open to be hosted

2007-03-30 Beijing

The 2007 Pine Valley Beijing Open, sanctioned by the Asian Tour & China Golf Association (CGA), will be hosted at the Pine Valley Golf Resort & Country Club from April 26-29. It will feature over 156 players from 30 countries and regions, including some of China’s most prominent golfers. The new tournament is grateful for the support of Red Bull Vitamin Drink Co. Ltd., and event organizer Octagon, as well as the cooperation of its financial services partner Zurich Insurance Company.

Average monthly salary in Macao’s gambling industry rises to MOP14,000

2007-03-30 Macao

Average salary of all employees in Macao’s gambling industry was MOP13,978 in December 2006, a growth of 24 percent compared with the same period of the previous year. Local and foreign employees’ monthly salaries averaged MOP12,874 and MOP26,002 respectively. In addition, average salary of employees in the city’s other industries also increased in December 2006.

Sun Hung Kai invests HK$1.3 billion in Larch Street/Fir Street project

2007-03-30 Beijing

Sun Hung Kai Properties Limited yesterday won the bid for the Urban Renewal Authority’s Larch Street/Fir Street project in Tai Kok Tsui. Sun Hung Kai Real Estate Agency executive director Victor Lui Ting expects the company to invest HK$1.3 billion in the project to build high-end luxury residential buildings in the Larch Street and Fir Street.