ChinaRealNews

Nanjing Welbow Metals to build 100,000-ton magnesium alloys facility

2008-10-31 Nanjing
 
Nanjing Welbow Metals announced on October 30 that one of its fully-owned subsidiaries will invest RMB 657 million in building a magnesium alloys facility with an annual production capacity of 100,000 tons. Upon completion, the facility is expected to create sales of RMB 2.03 billion a year.
 

China Haohua Chemical to build new facility in Xinjin county

2008-10-31 Chengdu
 
China Haohua Chemical (Group) Corporation (CHC) has signed an investment agreement with the government of Xinjin county, Sichuan province, China to build a new facility with an overall investment of RMB 3 billion in the county, to produce environment protecting products, catalyzers for the coal chemical industry and glycol. Upon completion in 2015, the facility is expected to generate sales of approximately RMB 4 billion a year.
 

Russia's Mechel signs deal with China's Minmetals

2008-10-31 Beijing
 
Russian mining and metal company Mechel OAO said that it may work with Chinese state-backed industrial company Minmetals on key projects under a memorandum of intent signed on October 28. Mechel said Minmentals may assist with such projects as the construction of the rail and structural steel mill at Mechel's Chelyabinsk Metallurgial Plant OAO subsidiary and the building of a new coal mining complex at Elga deposit.
 

Home sales in Tianjin’s Binhai New Area up

2008-10-31 Tianjin
 
Home sales in the Binhai New Area in Tianjin city began increasing in the second half of October. The housing market in the area is expected to recover next month, stimulated by reductions in the deed tax and exemption of the stamp tax on house trading.
 

Macao hopes mainland will ease travel curbs

2008-10-31 Macao
 
Hopes are growing in Macao that Beijing will relax controls over mainlanders visiting the former Portuguese enclave. The travel curbs and the global financial crisis have dealt a double blow to Macao’s economy. But optimists see a state leader’s encouraging words, two upcoming elections and the smooth debut of a national security bill as signs Beijing will ease travel curbs.

China’s Shanghai Pudong Development Bank opens branch in Jiujiang, Jiangxi province

2008-10-31 Shanghai
 
A grand ceremony to mark the opening of the Jiujiang branch of Shanghai Pudong Development Bank was recently held in Jiujiang, Jiangxi province. Ling Chengxing, vice governor of Jiangxi province, was present at the ceremony. In addition, the Jiujiang branch of the Shanghai-based lender reached approximately RMB 300 million credit agreements with three companies and a university in Jiujiang, in order to support the city’s economic growth and social development.

World’s retail giants penetrating second- and third-tier cities in China

 2008-10-31 Chengdu
 
France-based Carrefour recently announced that it will spend RMB 50 million opening a new store in Nanchong, Sichuan province. According to an executive at Carrefour, the group expects to open more than five outlets in the province over the next three years. In addition to Carrefour, other retail giants, including Wal-Mart, Watsons and Hennes & Mauritz (H&M), also target second- and third-tier cities in China. H&M, for example, has opened a new store in Changzhou, Jiangsu province.
 

China’s Masteel reaches supply agreement with General Electric for 2009

 2008-10-31 Hefei
 
Maanshan Iron & Steel (Masteel) has reached a supply agreement with General Electric for 2009. Since 2002, the leading Chinese steel producer has delivered 55,269 wheels to General Electric.
 

China CITIC Bank issues first credit asset-backed securities product

2008-10-31 Beijing
 
China CITIC Bank has launched its first credit asset-backed securities product. The milestone not only enhances the competitive edge of the lender’s investment banking business, but also strengthens its presence in the asset-backed securitization sector.
 

Brilliance Junjie wagon to be launched at Guangzhou auto show

2008-10-31 Guangzhou
 
The Brilliance Junjie wagon, which made its first appearance at the 2008 Beijing International Automotive Exhibition in April, will be officially launched for sale at the 2008 China (Guangzhou) International Automobile Exhibition to open this November. The new model, which is expected to be retailed at RMB 90,000-120,000, will be equipped with a 1.8-liter/2.0-liter engine. The 1.8-liter version produces the maximum power output and torque of 100kW at 6,500rpm and 165Nm at 5,000rpm respectively.