ChinaRealNews

China Investment Corp enjoys return of 5% last year

2009-02-27 Beijing

China Investment Corp (CIC), the nation’s US$200 billion sovereign wealth fund, made a profit of about US$10 billion last year as it benefited from avoiding new investments in overseas financial institutions, people familiar with the situation said. Combining all the investments together, CIC still enjoyed a return of approximately 5 percent, which is better than many other foreign wealth funds. According to CIC’s chief risk officer Wang Jianxi, 90 percent of the fund’s assets were in cash at the end of October 2008.

Changan Auto expected to continue to face great competitive pressure in 2009

2009-02-27 Beijing

Changan Auto, one of China’s leading auto makers, announced the company expects to see a growth in financial performance in 2009 despite possible net losses of approx. RMB300 million (approx. US$44 million) for the fourth quarter of 2008. China Merchants Securities said Changan Auto is anticipated to continue to face great competitive pressure in 2009 though the industry revival plan that has been put in place by the Chinese government is favorable to the company’s product structure.

Shanda to collaborate with Storm Entertainment on game operation

2009-02-27 Beijing

Shanda, a leading interactive entertainment media company in China, announced a strategic partnership with Storm Entertainment, to operate the latter's online game, Yuyan Online. With the partnership, Shanda's online game platform will be open to Yuyan Online. Meanwhile, Storm Entertainment will share Shanda's outstanding user resources and other profitable service channels.

SMIC wins orders for 40,000 social security cards from Datang Telecom and China Integrated Circuit

2009-02-27 Beijing

Semiconductor Manufacturing International Corporation (SMIC), the largest and most advanced foundry in mainland China, recently won orders for 40,000 social security cards from Datang Telecom and China Integrated Circuit. These ordered cards will be put into mass production in SMIC Shanghai Mega-Fab. For the first half of 2008, sales volume and value of social security cards reached 7.3 million and RMB53 million (approximately US$7.7 million) in mainland China, respectively.

China’s National Social Security Fund loses 6.75% on stock investments last year

2009-02-27 Beijing

China’s National Council for Social Security Fund recently set its investment strategy for 2009 after the National Social Security Fund lost 6.75 percent on its stock investments last year. According to the council, it will take a prudent approach in buying shares and diversify its investment portfolios this year. In addition, the council will look for new sources of funds. The Fund’s assets reached RMB562.5 billion (US$82.2 billion) at the end of 2008, marking a 5.25 percent return for the year.

Budget aims to boost economic growth amid financial crisis

2009-02-26 Hong Kong

Hong Kong's Financial Secretary John Tsang announced in his annual Budget a multi-pronged strategy to combat the fallout of the global financial crisis. The Government plans to increase public spending to help ease the pressure of economic contraction, boost domestic demand and increase employment opportunities. To enhance Hong Kong's overall competitiveness and make the city a greener and more convenient destination for mainlanders, Mr. Tsang said building new infrastructure links with the mainland would be expedited, including the Hong Kong-Zhuhai-Macau Bridge, the Guangzhou-Shenzhen-Hong Kong Express Rail Link and the Hong Kong-Shenzhen Airport Rail Link, in a move to create fast access to the mainland and boost the tourism sector.

Citibank (China), INBAR launch "Sustainable Bamboo Enterprise Program" in Sichuan province

2009-02-26 Chengdu

Citibank (China) and the International Network for Bamboo and Rattan ("INBAR"), together with the Sichuan Forestry Department and Sichuan Lin He Yi Bamboo Industry, recently announced the launch of a new "Sustainable Bamboo Enterprise Program" in Sichuan province, China. With inaugural investment of US$200,000, the program is designed to help rebuild livelihoods by promoting bamboo-based employment opportunities for families affected by the earthquake, while supporting the development of the local bamboo sector.

Chery Automobile set to unveil Riich brand next month

2009-02-26 Hefei

Chery Automobile, a leading Chinese maker of own-brand cars, will unveil its luxury car brand, Riich, next month. While many automakers in the country are trying to weather the financial crisis by reducing activities, Chery has developed a plan to launch mid- and high-end models in a move to march into the luxury car segment. It is said that the car maker will introduce six new models in the Riich family this year.

Urumchi Real Estate Bureau expects residential property demand to fall in 2009

2009-02-26 Urumchi

Sales of residential property in Urumchi, Xinjiang province, when measured by the number of square meters transacted, were 22 million square meters in January 2009, down 12 per cent from the same period of 2008, though the average selling prices for residential houses grew 0.04 per cent month-on-month, according to data from Urumchi Real Estate Bureau. The authority expects the city’s demand for residential property to decline in 2009 as market sentiment remains bearish.

Growth for exports of auto parts, bodies and engines slows in China in 2008

2009-02-26 Beijing

Exports of auto engines and parts from China maintained strong growth momentum in 2008, but the growth for the exports slowed. According to statistics from the General Administration of Customs of China, exports of auto parts, accessories and bodies increased 22 pre cent during the year, down 13 percentage points from the previous year. Additionally, the country’s exports of tyres grew 17 per cent, 20 percentage points lower than the prior year.