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How to Do Business with China, through Hong Kong & Setting up Business in China? - last update Feb 8, 2003 Do you know our dues paying members attend events sponsored by our collaboration partners worldwide at their membership rates - go to our event page to find out more! After attended a China/Hong Kong Business/Trade Seminar in Hawaii...still unsure what to do next, contact us, our Officers, Directors and Founding Members are actively engaged in China/Hong Kong/Asia trade - we can help! China Projects Bidding Information - update daily Scholarship & Grants
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Oct 31, 2005
TCL Multimedia Technology and TCL Communication Technology, two Hong Kong-listed consumer electronics makers controlled by China's TCL Corp, reported more than three-fold increases in third-quarter losses due to difficulties in integrating overseas operations acquired last year.
British officials have leapt to the defence of their army following Donald Tsang Yam-kuen's comments that troops based in Hong Kong before 1997 were involved in weekly bar fights and were far more badly behaved than their PLA counterparts.
As the central government this week announced sweeping new measures to combat air pollution, an internationally respected local scientist described Hong Kong's air quality as nothing short of a medical emergency.
Jean-Michel Contant, secretary general of the International Academy of Astronautics (IAA), announced that Chinese Minister of Science and Technology Xu Guanhua, a remote-sensing expert, to be elected academician of the international non-governmental academy. China had invested 44.8 billion US dollars in 149 countries and regions by the end of 2004 and the figure would rise at 22 percent every year, said an official with MOFCOM. President Hu Jintao received assurance on Friday that the Democratic People's Republic of Korea (DPRK) will return to the Korean Peninsula denuclearization negotiation table early next month.
China Unicom, the smaller of the mainland's mobile operators, reported a 21 percent jump in third-quarter profit as its struggling code division multiple access business returned to profitability after a cut in handset subsidies. Oct 28 - 30, 2005
The Executive Council has approved Ocean Park’s planned $5.55 billion renewal designed to maintain its attractiveness to visitors, a government spokesman said on Thursday. Causeway Bay has outpaced the glamorous Avenue des Champs-Elysees in Paris to charge the world's second-most expensive retail rents, behind only New York, according to a survey. Macau has pledged to combat money-laundering that could finance terrorism, a top United States Treasury Department official said yesterday. HSI Services, the compiler of the benchmark Hang Seng Index, has turned down a call by Hong Kong Exchanges and Clearing (HKEx) to set up a new index that would include blue chips and H shares.
China Construction Bank Corp, which last week raised $62.24 billion in the world's largest share offer in four years, may be in for a tough first day of trading today as much of the "natural" demand from index-tracking funds may have already been satisfied through the initial allocation, brokers and analysts said yesterday. The Housing Authority may reduce the allocation of Link Reit units to strategic partner CapitaLand by about 30 per cent to US$120 million when it relaunches the public offer next month.
Senegal's sudden abandonment of Taiwan and restoration of diplomatic ties with Beijing could trigger a domino effect to further isolate the island, analysts said Wednesday. Hong Kong's Copyright Ordinance, the territory's main line of defense against intellectual property theft, will be reviewed to provide better online protection of intellectual property, Secretary for Commerce, Industry and Technology John Tsang said.
Warnings from industry and labor groups last year that cheap Chinese clothing and textile would crush producers in other countries have so far proven unfounded, according to a UN report issued at a conference which ended on Wednesday. Gobi, a China-based venture capital firm, started a US$50 million (HK$390 million) fund to invest in mainland technology companies, backed by IBM, NTT DoCoMo, and publishing house McGraw-Hill, following recent overseas interest in the sector. Tyco International, the world's leading manufacturing conglomerate of fire and security equipment, electronic parts, water treatment and healthcare products, launched its China headquarters in Beijing yesterday in order to develop more than 60 business entities in the country.
China National Petroleum Corp says it is ready to discuss cooperation with the Kazakhstan government now that an Alberta court has approved its US$4.18 billion (HK$32.6 billion) acquisition of Canadian-based PetroKazakhstan. The Airport Authority plans to open a check-in counter in Shekou to attract more foreign passengers to Hong Kong International Airport as it competes with rivals such as Guangzhou Baiyun Airport. Profits at mainland industrial companies amounted to 988.3 billion yuan (HK$948.97 billion) in the first nine months of this year, up 20.1 percent from the same period last year, the National Bureau of Statistics said. Oct 27, 2005
The greater Pearl River Delta is going all out to get more investors in America. This month three business promotional events have been held, in San Francisco, Mexico City in Mexico and Canada's Vancouver. The forums, with the last in Canada taking place yesterday, were jointly organized by Guangdong and the Hong Kong Special Administrative Region (SAR). As of yesterday morning Vancouver time, the total contracted amount of foreign investment was US$7.2 billion, with 320 foreign investment projects, said Huang Huahua, the governor of Guangdong at the Vancouver forum. It attracted more than 1,200 guests from Canada's business circles. Donald Tsang, the chief executive of the Hong Kong SAR, also presided over yesterday's forum in Vancouver. Governor Huang said Guangdong has one of the most dynamic marketplaces in China plus well-developed foreign trade, and is overall an attractive place to invest in. It has many advantages, he said, such as a massive economy, a high level of internationalization, strong industrial supporting capabilities, a huge market capacity and a superb investment environment. The future prospects of the delta were the main topic of the three forums. The region is made up of Guangdong, Hong Kong and Macao. Shares in New World Mobile Holdings, the mobile telecoms unit of conglomerate New World Development, jumped 20.8 percent to HK$2.90 on reports that it could be merged with another local mobile operator, CSL, a unit of Australia's Telstra.
Former financial secretary Antony Leung Kam-chung and ex-Goldman Sachs president John Thornton are to be appointed independent directors of the reborn Industrial and Commercial Bank of China (ICBC). Cheung Kong (Holdings) will retain no more than 30 per cent of its new real estate investment trust, due to list next month, while up to 40 per cent, or $390 million to $700 million, will be reserved for two to four cornerstone investors, sources said. Ten per cent will be offered to retail investors. The National People's Congress Standing Committee has supplemented the Basic Law for the first time in seven years, offering legal protection to hundreds of billions of dollars in foreign central bank assets. Warner Music will become the first foreign recording label to establish a majority-owned distribution company on the mainland, taking advantage of the closer economic partnership arrangement. Shares of China Construction Bank, the world's biggest initial public offering this year, are unlikely to rise by more than 5 percent on the trading debut tomorrow because of the weak stock market and the high pricing, analysts and fund managers said. Buyout firm Carlyle Group has paid US$375 million (HK$2.92 billion) for a majority stake in Xugong Construction Machinery, China's largest manufacturer of construction equipment, marking the first time a foreign group has gained such a share of a major state- owned mainland firm. Dongfeng Motor Group, China's No3 carmaker, plans to bring in Standard Chartered and Temasek Holdings as strategic investors for its US$500 million (HK$3.9 billion) initial public offering in Hong Kong next month, sources close to the deal said. Hong Kong is no closer to amending an ordinance regulating the search and seizure of journalistic material despite the controversy that erupted last year when several newsrooms were raided by Independent Commission Against Corruption officials, legislators and lawyers said. Commerce chief John Tsang has sharply dismissed media reports that the upcoming World Trade Organization ministerial meeting at the Hong Kong Convention and Exhibition Centre in Wan Chai could be delayed or stalled due to infighting over agricultural subsidy issues in Geneva.
Chinese Premier Wen Jiabao and his Singaporean counterpart Lee Hsien Loong held talks Tuesday, vowing to enhance political and economic cooperation.
Renminbi's further appreciation is megatrend in the future, but uncertainties will still exist on the way, said Wu Xiaoling, vice governor of the People's Bank of China (PBOC). China's refined oil consumption increased only by 5.6 percent year-on-year in the first nine months on stable coal supply, sharply lower than the 19.7 percent growth in the same period last year.
Refuting a spate of recent media reports, China's banking regulator says the nation is unlikely to revise rules on equity investment by foreign investors in local banks by the end of next year. Bureau Veritas (BV), the France-based world leader in quality, health, safety and environmental management and a consulting service provider, aims to strengthen ties with China's domestic firms to drive its China business growth onwards and upwards. Australia will strengthen co-operation with China to facilitate the travel of athletes, visitors and business people during the 2008 Beijing Olympics. Earnings by China's securities companies plunged more than 30 percent in the first nine months, led by a slump in revenue from underwriting fees and trading of yuan-denominated shares, according to a mainland consulting company. Oct 26, 2005
The effects of the brain drain - where highly skilled workers leave developing nations for economic opportunities abroad - are worse than previously reported, a World Bank study has found.
Legislators have cast doubt on whether the government's proposed cash incentives will be effective in reducing the number of native English-speaking teachers who leave at the end of their contracts, a figure which reached a record high during the last school year.
Hong Kong’s economy is continuing to enjoy strong export-led growth — including a significant rise in re-exports year on year in August, latest statistics released on Tuesday confirmed.
The top US military commander in the Pacific can pick up the phone and call military leaders in dozens of countries scattered around the Pacific and Indian oceans - except China. The alarming number of cases of contaminated farm produce in markets have prodded Chinese legislators to draft a law improving the quality and safety of agricultural products.
US microprocessor maker AMD made an unusual move yesterday to transfer its core technologies in industrial-use microprocessors, as a gesture of its commitment to the Chinese market and in preparation for its future growth. METRO Jinjiang Cash & Carry Co Ltd, a joint venture involving the world's third largest retailer METRO Group, opened a store in Zhengzhou recently in an attempt to begin its penetration of Central China's market. Wyse Technology Inc, a leader in thin computing, has announced the opening of its Asia-Pacific headquarters, and a research and development centre, in Beijing. China’s foreign exchange reserves are expected to surpass Japan’s this year as strong fund inflows and a burgeoning trade surplus make it the world’s largest holder of foreign currency, state press reported on Tuesday. Oct 25, 2005
China Infrastructure Machinery Holdings, China's third-largest wheel-loader manufacturer, will secure Singapore's largest banking group, DBS Bank, as its foreign substantial shareholder after CIMH's initial public offering in Hong Kong next month. CSMC Technologies, a mainland semiconductor foundry, is to cooperate with Imecas, an academic institution under the Chinese Academy of Science, to set up a new company to produce four and six-inch wafers with an initial investment of US$10.7 million (HK$83.5 million). China National Petroleum's proposed purchase of Canada's PetroKazakhstan for US$4.18 billion (HK$32.6 billion) has cleared key obstacles, but uncertainty remains over a Canadian court ruling and upcoming Kazakhstan presidential elections, a CNPC source said.
A leading Hong Kong microbiologist warned Sunday that the Mai Po nature reserve, which is host to some 100,000 migratory birds annually, could become a reservoir for the deadly H5N1 avian influenza virus. Britain’s largest home improvement retailer B&Q announced on Monday it planned to open its first store in Hong Kong in early 2007. The government's plan to force flat owners to get old residential buildings inspected and repaired has drawn fire from a number of poor elderly people who said they are prepared to have their properties deregistered or even go to jail. Hong Kong will host a weeklong Bruce Lee festival next month featuring films, a fan gathering and tours of Lee-related sites, to mark the unveiling of a statue of the martial arts movie legend, organizers said on Monday.
China's foreign exchange regulator has announced a new regulation relating to local citizens' overseas fundraising and return investment.
The threshold for monthly personal income tax is set to double to 1,600 yuan (US$198) a move experts hail as creating a more equitable society. China's long-term energy conservation and renewable energy development blueprint will generate an investment worth hundreds of billions of yuan within the following five years, senior analysts with the National Development and Reform Commission (NDRC) on Friday told an energy forum hosted by China Daily.
Oct 24, 2005
Hong Kong and China Gas, the city's only piped-gas supplier, is seeking a loan of up to HK$3 billion to refinance existing debt, a source familiar with the matter said.
The Hong Kong government will soon begin a study on the most polluting industries in Guangdong in an attempt to come up with a solution to the worsening air quality in Hong Kong and the Pearl River Delta, the government's top environmental official told a Legislative Council panel Friday.
Hong Kong may face a shortage of new apartments as supply dwindled 17 percent to 15,800 units in the first three quarters of the year from 19,100 units a year earlier, according to the government's quarterly statistics on housing stocks. The Hong Kong Association of Banks (HKAB) today is likely to reject the banking regulator's proposal to introduce a composite rate to replace the prime lending rate as a benchmark for mortgage loans, according to an industry source.
"The consumer market in China will have a growth rate of 18 per cent annually to reach the second position globally'', pointed out Jonathan Garner, managing director with Credit Suisse First Boston Corp in a recent exclusive interview with Wei Rongzhi, a reporter with the International Finance News, according to the paper on October 21. He said in the coming 10 years, the consumer market will be in fast growth. Consumption enhancement and stable increase of foreign exchanges will bring an annual growth rate of 18 per cent to the country's consumer market calculated in US dollar. The growth rate will persist for a comparatively long period of time. By 2014, the proportion of the consumer market will reach 11 per cent in the global total, second only to the United States, while in 2004 China was only ranked the seventh with the share of only 3 per cent. Rising consumer spending coupled with strong fixed-asset investment helped China's economy grow by a sizzling 9.4 per cent year-on-year in the third quarter, the National Bureau of Statistics (NBS) said yesterday.
Chaoda Modern Agriculture, the mainland's largest listed vegetable grower, will
start investing 200 million yuan (HK$191.88 million) in buying and raising cows
next year, as it steps into the mainland's 60 billion yuan dairy business.
Oct 21 - 23, 2005
Cheung Kong (Holdings) plans to borrow approximately HK$1.8 billion to help make its HK$2 billion real estate investment trust more attractive to investors, sources familiar with the transaction said. Cheung Kong Infrastructure Holdings, a unit of billionaire Li Ka-shing's Cheung Kong (Holdings), plans to list its power assets in Australia within a month, after a state government removed an uncertainty by making a final decision on a tariff cut. Cheung Kong Infrastructure Holdings (CKI) is expected to sell almost all of its 50 per cent interest in Australian power distributors for more than $10 billion as part of a separate asset listing that moved closer yesterday after concessions on energy price cuts. China Construction Bank, the country's third largest lender, received less than HK$150 billion retail orders for its initial public offering, short of market expectations, as investors balked at the steep price amid a slumping market.
Cathay Pacific Airways may not add Airbus Industrie's giant A380 to its fleet in the short term, though the airliner, which made its maiden flight in April, burns 12 percent less fuel than the industry benchmark, the Boeing 747. Hopewell Highway Infrastructure, a 75 percent-owned unit of Gordon Wu's Hopewell Holdings, is seeking approval for a seven billion yuan (HK$6.71 billion) expansion of its Guangzhou- Shenzhen expressway. The government on Thursday appointed barrister Wong Yan-lung to replace Elise Leung Oi-sie as Secretary for Justice. Donald Tsang Yam-kuen would serve a maximum of seven years as chief executive under proposals laid out by the government determining how Hong Kong's leaders and legislators are elected.
The Chinese economy grew a robust 9.4 percent in the first nine months, a spokesman for the National Bureau of Statistics announced Thursday.
Oct 20, 2005
CITIC Trust and Investment, a government-backed investment arm, will buy 49 percent of a life insurance joint venture part-owned by Allianz to join China's more than one trillion yuan (HK$959.3 million) insurance industry. A maximum of 14,300 people can be hospitalized if there is a bird flu outbreak, occupying about half of all available public hospital beds in Hong Kong, the health authority said Tuesday. The sister of an investment banker killed in Hong Kong in what became known as the “milkshake murder” in some circles was made guardian of her dead brother’s three wealthy children on Tuesday (overnight Wednesday HK time) by a Manhattan judge.
Jackie Chan, Andy Lau and Sammi Cheng didn’t get nominated for Taiwan’s Golden Horse Awards — the Chinese-speaking world’s equivalent of the Oscars — as some of the region’s biggest stars failed to impress a panel of judges with an academic bent.
Retail investors seem unlikely to take up more than 10 per cent of China Construction Bank Corp's $63.56 billion share offering, as the amount of financing from brokerages suggests the subscription rate will fall short of the 100 times needed to raise their share to 20 per cent. Cathay Pacific Airways yesterday became the last carrier blocking Oasis Hong Kong Airlines' bid to become the city's newest airline after CR Airways withdrew objections filed with the licensing authorities.
A precise, painstaking drug-bust operation spanning 11 months and involving co-ordination between the police forces of four countries has yielded a big catch and is a testament to increased co-operation between China and its neighbors.
The nation's third largest oil producer, China National Offshore Oil Corp (CNOOC), yesterday signed agreements with Texas American Resources Company (TARC) to explore two offshore areas in the eastern South China Sea. China Unicom Ltd yesterday started operations of a CDMA 1x mobile network in Macao, as part of its expansion drive outside the Chinese mainland. The Fourth China Suzhou Electronics Manufacturing Expo (eMEX) begins today in Suzhou, East China's Jiangsu Province. The four-day expo aims to be the top electronics exhibition in China in terms of scale and the number of multinational participants, including those from Taiwan. Japan's biggest carmaker Toyota Motor Corp yesterday said that it has agreed with China's Guangzhou Automobile Group to spend 1.9 billion yuan (US$234.5 million) in expanding production capacity for their engine joint venture. Oct 19, 2005
The mainland will waive import duties on all Hong Kong-made products from next year and will allow more Hong Kong residents to set up wholly owned businesses in China, as part of the new Closer Economic Partnership Arrangement 3 unveiled Tuesday. Hutchison Port Holdings Group, a wholly owned subsidiary of Li Ka- shing's Hutchison Whampoa, will develop a two-berth ore terminal in Dalian, northeast China, with Dalian Ports Corp, involving a total investment of 2.2 billion yuan (HK$2.11 billion). Advertising spending by Hong Kong companies rose 11 percent to HK$4.72 billion in the third quarter from a year earlier, driven by increased marketing by property companies, banks and retailers, market research firm Admango said. Kerry Properties expects to reap annual rental income of HK$300 million from 2007 when it opens Enterprise Square 5, a retail-office project in Kowloon Bay being built at a cost of HK$2 billion. Huaneng Power International, the largest Hong Kong-listed electricity supplier in the mainland, said third-quarter net profit rose 7.5 percent as sales grew amid continued strong demand for power and coal prices softened. Hong Kong's jobless rate fell to a four- year low in the third quarter, as more companies hired amid the rising economy and many part-time workers returned to school after the summer vacation ends.
Hong Kong's postal service will issue a stamp set honouring late local pop stars Leslie Cheung, Anita Mui, Roman Tam, Danny Chan and Wong Ka-kui on November 8. Chief Secretary for Administration Rafael Hui will present the controversial Fifth Report on Constitutional Reform to the Legislative Council today, along with the usual surveys and justifications for following Beijing's wishes on political change for the 2007 and 2008 elections. The Housing Authority told the Court of Final Appeal that no law requires that the authority conduct rent reviews of public housing every three years, and initiate rent reductions if levels are found to be too high. The authority was defending its legal position in another review of its statutory performance Tuesday. Thanks to typhoons and robust intra-Asian trade, Hong Kong has regained its position as the world's busiest port, dislodging Singapore. But analysts do not expect Hong Kong to hold on to the top slot for long.
A senior Chinese space program official said they have spent 900 million yuan (about US$110 million) on its second manned space mission and have great interest in commercial satellite launch for global clients.
The balance of the country's foreign exchange reserve reached US$769 billion at the end of September, US$159.1 billion more than early this year, and an increase of US$47.8 billion year on year. The exchange rate of RMB (people's currency) was 8.093 yuan against one US dollar.
A consortium made up of Deutsche Bank and Sal Oppenheim jr & Cie KGaA yesterday signed a binding agreement with Huaxia Bank to buy a total of 587.2 million shares. This amounts to a 14 per cent share of the Beijing-based joint stock bank. PetroKazakhstan shareholders approved on Tuesday an offer by China's CNPC to acquire the Canadian-based company for US$4.2 billion (HK$32.76 billion), setting the stage for the deal to be completed after weeks of political wrangling and uncertainty. Hainan Airlines will form a company and list its enlarged aviation assets in Hong Kong next year to raise funds for a further expansion of its fleet and service network. Oct 18, 2005
Chief Executive Donald Tsang Yam-kuen told businessmen on Monday to reduce pollution emissions from their factories in southern China blamed for the choking smog which often hits the region.
Kasen International Holdings, the mainland's top leather products and furniture manufacturer, priced its initial public offering at the bottom end of its indicated range, raising HK$775 million after a tough sell to retail investors, people close to the deal said. CNPC (Hong Kong), a Hong Kong- listed unit of state-owned China National Petroleum Corp, has arranged a US$120 million (HK$936 million) loan to help fund the acquisition of a 20 percent stake in a Kazahkstan oil venture. China Infrastructure Machinery Holdings, the country's third-largest wheel loader manufacturer, plans to use the bulk of the proceeds from its HK$600 million initial public offering in Hong Kong to expand and become the leader in the industry on the mainland in three years.
Shui On Land, the mainland property developer controlled by businessman Vincent Lo, will start selling its new "live-work lofts" units at its Knowledge & Innovation Community project in Shanghai next month.
Oct 17, 2005
Datang International Power Generation, the second-largest Hong Kong- listed mainland electricity producer, has agreed to build a 2.7 billion yuan (HK$2.59 billion) power project in Chongqing city to meet rising demand. KWah Construction Materials, a Hong Kong-listed concrete products maker- turned-casino operator, is likely to face difficulty in selling its US$300 million (HK$2.34 billion) bonds later this month as high-yield markets hit turbulence once again, forcing companies to rethink planned sales, market sources said. A Hong Kong Polytechnic University team has developed detection equipment that is becoming a valuable part of the Immigration Department's anti- terrorism efforts, said Raymond Wong, the department's assistant director of information systems.
Macau will set up a financial intelligence unit next year and adopt rules requiring casinos to establish programs for problem gamblers, Commissioner for Legal Affairs Jorge Costa Oliveira said.
The seventh G20 meeting of finance ministers and central bank governors opened at the Great Hall of the People in Beijing on Saturday (full tex) China announced on Saturday completion of the world's highest railway, the Qinghai-Tibet Railway, which stretches 1,956 kilometers from Xining to Lhasa cities in western China. In the following weeks, Beijing is to host a series of US high-level officials, among whom Treasury Secretary John W. Snow, Federal Reserve Chairman Alan Greenspan.
China's central bank, the People's Bank of China (PBOC), has decided to further raise the deposit interest rate of US and Hong Kong dollars starting Saturday, bank sources said on Friday. Five leading corporations on the Chinese mainland ranked in a list of top 50 transnational ones in developing countries, according to a report by the United Nations Conference on Trade and Development. World Bank President Paul Wolfowitz Thursday said the achievement of the poorest people of China in poverty reduction is stunning.
China will not sign any agreement that will hurt China's interests and harm the healthy development of the country's textile industry, the Ministry of Commerce said in a strongly-worded statement on Friday Beijing has won diplomatic support from London for its cautious approach to freeing up the yuan in the face of demands from Washington for a quicker rise in the currency to help ease global economic imbalances. Oct 14 - 16, 2005
China Construction Bank, whose Hong Kong initial public offering kicks off today, says it expects to comply in three years with the new mainland requirement that banks set aside at least 1percent of total loans to cover "impairment losses" from bad loans. Hopewell Holdings, a Hong Kong- listed developer controlled by tycoon Gordon Wu, said it will invest up to 600 million yuan (HK$575.5 million) in a planned electricity project in Guangdong province.
US financier George Soros may invest another US$25 million (HK$195 million) in Hainan Airlines, part of a plan to reorganize China's fourth-largest carrier, fund acquisitions and growth, three company executives said.
World Trade Organization director general Pascal Lamy arrives tomorrow to participate in a roundtable discussion arranged by Hong Kong and Geneva officials to allow nongovernmental organizations to express their views on the WTO Sixth Ministerial Conference to be held here in December.
The added value of China's hi-tech products will reach 800 billion yuan (100 billion US dollars) this year, two times up compared with that of the year 2000. Throughout the next decade, Formula 1 motor racing will become a doorway that will allow Chinese businesses to step up to the global stage, according to one of the men behind the sport. US technology giant Cisco Systems yesterday opened a research and development (R&D) centre in Shanghai as part of its intensifying investment activities in the world's most dynamic telecoms market. YANZHOU, Shandong Province: Italy-based tyre producer Pirelli launched its first joint venture in China yesterday in order to get a foothold in the world's fastest growing market, and help further expansion in the Asia-Pacific region.
Lien Chan, the former head of Taiwan's main opposition Kuomintang, will travel to the mainland city of Shenyang today for a private visit after his landmark, fence-mending mainland trip less than six months ago. Oct 13, 2005
An ancient vase with a floor price of HK$90 million (US$11.6 million) is expected to set a world record for a piece of Chinese art at an upcoming auction in Hong Kong. Chief Executive Donald Tsang Yam-kuen on Wednesday announced an extension to the individual visit scheme for mainlanders coming to Hong Kong as well as a relaxation of yuan exchange limits.
The wealth of China's 100 richest people grew 40 per cent during the past year, with property and manufacturing the most profitable sectors. Being born in Zhejiang province and carrying a Communist Party membership card also gave mainland entrepreneurs a better than even chance to join the rich list, judging by its members. These are the findings of the China Rich List due to be published today by Rupert Hoogewerf, who has produced such a ranking for the seven years. This time, however, the number of wealthy was expanded to 400 from 100 in previous years and their total wealth amounted to US$75 billion, equal to 7 per cent of China's gross domestic product last year. One in five are believed to be members of the Communist Party, including eight National People's Congress delegates, and 11 China People's Political Consultative Congress members. German carmaker Volkswagen said yesterday that it sold almost 53,000 cars in China in September, its best monthly performance over the past 12 months in the world's third largest car market. China Wheel Holdings, a mainland maker of aluminum alloy wheels, plans to raise S$14.4 million (HK$66.33 million) from an initial public offering in Singapore to expand and upgrade production facilities. US Treasury Secretary John Snow arrived in China yesterday at the start of a week-long visit crucial to his department's decision on whether Beijing is manipulating its currency and should be subject to trade sanctions. United States Treasury Secretary John Snow said he was "astonished" by Shanghai's economic transformation on Wednesday as he began a visit expected to focus on China's currency policies and its huge and growing trade surplus with the United States. Liaoning will pioneer the boldest restructuring of the socialist business sector yet attempted on the mainland, allowing foreign investors to take full control of large state-owned enterprises (SOEs). Oct 12, 2005
Shanghai Land Holdings Ltd was officially delisted from the Hong Kong Stock Exchange (HKEx) yesterday, marking the end of the troubled Shanghai property developer. China Paradise Electronics Retail Ltd, the mainland's third-largest white goods retailer, is expected to raise US$131.5 million through an initial public offering (IPO) in Hong Kong, sources say.
Hang Lung Properties, Hong Kong's fourth-largest developer, will undertake a 2.5 billion yuan (HK$2.4 billion) shopping center project in Shenyang City in northeastern Liaoning province. United Asia Finance, a licensed money lender controlled by Hong Kong-listed Allied Group Holdings, has secured a HK$250 million three-year term loan to fund the buyout of Hong Kong Building & Loan Agency, a Hong Kong- listed mortgage provider. MTR Corp, which runs rail services to Hong Kong International Airport, invested HK$275 million to extend its express services to the AsiaWorld-Expo exhibition center on Lantau, the company said Monday. China Paradise Electronics, the country's third-largest electronics retail chain, has priced its initial public offering at HK$2.25 per share, near the top end of the indicated range, amid strong demand for the stocks, market sources said. The effect of Hong Kong's declining birth rate will be felt keenly in secondary schools over the next few years, prompting the government to propose that schools operating with fewer than 12 classes be merged with others. The stock exchange has called on the securities watchdog to review its rules for a form of investment suspected of contributing to market turmoil that sent the Hang Seng Index plunging 300 points early last month. No state leader will visit Hong Kong for the opening of the World Trade Organization ministerial conference in December, amid security concerns over protests and riots. The decision has disappointed protest leaders who had hoped to get their message across directly to leaders during the conference between December 13 and 18. A packed calendar of about 30 trade fairs next year at the city's newest exhibition centre is expected to generate more than $4 billion for Hong Kong, its managers say. Shenzhen workers yesterday took their employer, Hong Kong battery maker Gold Peak Industries (Holdings), to court for allegedly failing to provide them with adequate protection against a cancer-causing chemical they handled. China: China's trade surplus narrowed to $7.57 billion in September, as exports grew at their slowest pace so far this year, but economists say it is too early to view the weaker numbers as a trend.
Commission of European Union worries that in the coming five years, the proportion of China's investment in research and development in its GDP will be higher than that of the European Union. The International Finance Corporation under the World Bank Group issued their Panda Bonds on the Chinese mainland's market on October 10, according to People's Daily. From October 12, US Treasury Secretary John Snow will lead a delegation, composed of top financial officials, to start a visit to China. China stands ready to provide whatever help it can for the reconstruction work in Pakistan, India and Afghanistan, which were rocked by a 7.6-magnitude quake on Saturday morning.
Chinese enterprises' overseas acquisition increased by 182.5 per cent year-on-year in volume in the first half of this year, according to the latest information published by China's Ministry of Commerce (MOFCOM). Despite its apparently vast labor supply, China faces a looming shortage of home-grown talent, with serious implications for the multinationals now in China and for the growing number of Chinese companies with global ambitions. A mainland legislator re-emerged in his home province of Hubei last night after he was badly beaten in Guangdong's Taishi village, where residents are fighting to oust their allegedly corrupt village chief.
Oct 11, 2005 Hong Kong: More than 10,000 Hong Kong residents have bought real estate in Beijing, most for investment, local media reported Sunday. The report said the property market in Beijing has kept "heated" for years because of the Olympic Games scheduled to be held in the capital city in 2008. Since 2002, many Hong Kong residents who are employed in Beijing have started to buy real estate. They preferred luxury houses in the beginning, but now, they'd rather buy mediocre apartments at an average price around 10,000 yuan (1,235 US dollars) per square meter. Commercial centers in the east, hi-technical centers at Zhongguancun and embassy areas are atop their list for purchasing real estate, the report said. Among those who have bought properties in Beijing, some are representatives for international corporations or Hong Kong enterprises, and some stay there for their own business when their contracts with those companies were over. They all regard Beijing as a base for long-term development.
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Hong Kong:
A cast of thousands kicks off the 4th East Asian nGames last night in Macau,
with a stunning display of dancing, music and fireworks that left spectators
enthralled. Guest of honour Vice-Premier Wu Yi declared the Games open, and a
young boy, representing a traditional fisherman, lit the flame. Nearly 2,000
athletes will vie for 234 gold medals over eight days. Hong Kong is represented
by 168 athletes.
A terrified girl seems unable to tell the
difference as she clings to her dad at the Nine Big Head Halloween Mascots
parade in the Open Piazza in Times Square yesterday. Prince Vampire,
Frankenstein, the Pumpkin Head Twins, Ruby Devil, Spirit, Scare-crow and the
Witch Twins ensured a fiendishly good time.
China:
The relations between China and Vietnam have
maintained a good momentum of development and Chinese President Hu Jintao's
upcoming visit will promote the friendly ties to a new high, said both Chinese
and Vietnamese officials.
Listed companies do not want the maximum
amount of new shares they can sell lowered, according to the Chamber of Hong
Kong Listed Companies, which represents 10 percent of the market capitalization
of the local capital market. 
An outbreak of bird flu would spell the end for sellers of live poultry. The
government plans to introduce a centralised slaughtering house if the virus
hits.
Asset deal to widen Netcom's reach:
China Netcom Group Corp (Hong Kong) chairman Zhang Chunjiang addresses the media
after shareholders yesterday approved a plan to acquire the telecommunications
assets of Heilongjiang, Jilin, Shanxi and Inner Mongolia provinces from the
parent company for 12.8 billion yuan. The deal will bring the number of Netcom's
franchise areas to 12. The fixed-line carrier will pay 9.8 billion yuan of the
total through a five-year loan from the parent firm.
MegaBox director Tom Tong, with B&Q's chief, Steve Gilman, says B&Q is the
biggest tenant to date for the Kowloon Bay project. The leading European
do-it-yourself and home improvements retailer will open its first store in Hong
Kong in 2007 and expects to break even in 18 months.
Dancers perform in front of a replica
of the Nao Victoria the first Spanish ship to circumnavigate the globe which
docked at Hong Kong's Ocean Terminal on Tuesday as part of the celebration of
the Spain in Hong Kong festival. The main purpose of the Nao Victoria project
was to commemorate the trip of the first ship - the original Nao Victoria - to
circumnavigate the world.
A
performer escorts former secretary for justice Elsie Leung Oi-sie into North
Point's Sunbeam Theatre last night for a Chinese opera. The performance was the
first of three to raise funds for the cash-strapped theatre, the city's only
venue for the art form.
Singaporean Prime Minister Lee Hsien
Loong arrived in Beijing yesterday afternoon, starting his first official visit
to China since taking office last year. Visiting Singaporean Prime Minister Lee
Hsien Loong looks out at Vice-Foreign Minister Wu Dawei, who is reflected in the
car window, after his arrival at Beijing Capital International Airport
yesterday. Mr Lee is on an official visit until Sunday, his third to the
mainland since taking office last year. Sitting beside Mr Lee is Singapore's
ambassador to the mainland, Chin Siat Yoon.
Breast cancer survivors pose with the
charity wristbands launched to raise funds for the "Pink Revolution" awareness
drive.
Finance chief Henry Tang Ying-yen checks
out the products at the 14th Hong Kong International Toys and Gifts Show and
13th Asian Gifts Premium and Household Products Show. About 65,000 visitors are
expected to flock to the Convention and Exhibition Centre for the four-day show.
More than 3,700 exhibitors, mainly from Hong Kong, Taiwan and the mainland, have
snapped up 5,384 booths, 15 per cent more than last year. 
Senior military officials present US Secretary of
State Donald Rumsfeld with a photograph album as a memento of his visit to China
before he left Beijing for Seoul yesterday.
Chef Lui Yau-wing shows off his gold medal
and award-winning dish: deep-fried prawns coated with mashed squid and shredded
pastry served with mango sauce, at this year's culinary awards organised by the
Hong Kong Tourism Board. Lui works at the Golden Bauhinia Cantonese Restaurant
at the Convention and Exhibition Centre and won the top prize in the "Gold with
Distinction Awards" in the deep-fried category. The competition was held at the
Chinese Cuisine Training Institute, Pok Fu Lam.
"I can make it" was the message the
government was trying to get across when Chief Executive Donald Tsang Yam-kuen
attended a youth employment function yesterday. He was joined by Permanent
Secretary for Economic Development and Labour Matthew Cheung Kin-chung (left)
and youth pre-employment trainers. Mr Tsang reminded youngsters of the
importance of having dreams.
BNP executive Philippe Blavier says
the bank will expand its China business through mainly organic growth rather
than acquisitions.
WTO Director-General Pascal Lamy said "Hong Kong is not just
another Port of Call for Doha round negotiations, it is our best opportunity to
bring the round to conclusion by the end of 2006."
Lien Chan (centre) the honorary chairman of Taiwan's Kuomintang (KMT), and
family members gather to pay homage to his maternal grandparents' tombs at
Lansheng village on the outskirts of Shenyang in Liaoning province, on Saturday. 
Donald Tsang (centre) presents the
new members of his cabinet: (from left) Victor Lo; Marvin Cheung, David Li,
Charles Lee, Ronald Arculli, Leong Che-hung, Henry Fan and Anthony Cheung.
Chinese President Hu
Jintao Saturday afternoon talked with Fei Junlong and Nie Haisheng, the two
taikonauts aboard Shenzhou-VI, China's second manned spacecraft. Nie said the
spacecraft is working well and we are feeling good and all space scientific
experiments are carried out as planned. Fei thanked the president for the
support encouragement, promising they will fulfill the mission.
York Chow Yat-ngok addresses a WHO conference on patient care yesterday as the
plans for reform of Hong Kong's food safety system were detailed in Legco.
China Construction Bank officials discuss the lender's forthcoming initial
public offering through a video link at the Conrad hotel. China Construction
Bank's record initial public offering is helping to push the Hong Kong dollar to
two-year highs and forcing up short-term interest rates as demand for the local
currency tightens credit market conditions.
Two pandas will be selected from the
Wolong reserve as gifts for Taiwan, but some Taipei officials say they won't
help improve cross-strait relations.
Chief Executive Donald Tsang is
expected to announce his vision of a HK$2 billion plan to turn the former Kai
Tak airport site into a world-class sports venue for elite and recreational
athletes alike in his maiden policy address tomorrow. 
Enric Energy Equipment executive director
Cai Hongqiu says as the company is expanding, it will not pay a dividend until
2007.