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April 30, 2007
Hong Kong Mortgage Corp said it will extend the repayment tenor of borrowers under its mortgage insurance program to 40 years from 30 years, but they will have to pay an insurance premium 6 percent to 15 percent higher if they are seeking the longer repayment period. Macau will continue to outperform the Las Vegas Strip as the world's largest gaming hub in the future, but increased supply will hurt casino operators' margins, according to Morgan Stanley managing director Rob Hart.
About 20 million racing enthusiasts around the world will be tuned in to Sha Tin racecourse Sunday to witness the crowning of the world's best middle- distance runner on turf. The 2,000-meter Queen Elizabeth II Cup, which carries stake money of HK$14 million, has attracted two of the world's top gallopers in Japan's Admire Moon (rated 125) and Hong Kong's Vengeance of Rain (122). Also in the lineup are South Africa's Oracle West and Sushisan and the United Arab Emirates' Seihali in addition to Hong Kong Derby winners Viva Pataca and Vital King. Admire Moon earned his high rating four weeks ago with an emphatic victory over 1,777m in Dubai, beating the cream of Europe and the Mideast. An hour later, Vengeance Of Rain did the same, brushing aside challengers from around the world to win the Dubai Sheema Classic over 2,400m. The "compromise" distance makes for a mouth-watering clash between the two horses, Jockey Club chief executive Winfried Engelbrecht-Bresges said. "For now we have just one guarantee: a unique day of world-class racing entertainment on Sunday," he said. Admire Moon will have to overcome a wide barrier if he is to justify likely favoritism for the event. While the excellent Japanese colt drew outside in gate 10, the outcome was greeted with some indifference by his trainer. "I really don't care what draw he has," Hiroyoshi Matsuda said. "He's a Group 1 winner and he will race from behind the pace. The draw doesn't impact on that." Vengeance Of Rain will start from stall eight. "I'm not unhappy with that alley," jockey Anthony Delpech said. His trainer David Ferraris said Vengeance of Rain's current form was still very good and the drop back in trip to 2,000 meters would not trouble him. Casino tycoon Stanley Ho Hung- sun has two horses in the race, Viva Pataca and Viva Macau, who drew gates seven and two respectively. Vital King will jump from gate nine. Viva Pataca endured a wide passage in this race last year and trainer John Moore, wary of a repeat occurrence, may deploy Viva Macau in a more forward position this weekend. "Viva Macau raced up with the pace when he ran third in the Prix Jean Prat at Chantilly a year ago but Viva Pataca will race from midfield as usual - he's as fit as I can get him and I'm hoping [race jockey] Michael Kinane can weave his magic," Moore said. Seihali from the Emirates and the South African runners Sushisan and Oracle West are positioned in gates three, four and five. A total of 16 organizations outside Hong Kong will telecast the event to around 20 million viewers, with eight countries and regions accepting bets on all or some of the races for the day.
Many tourists believed Hong Kong's
reputation as a shopping paradise had been harmed following reports of shopping
scams, a survey released on Friday has found. The Democratic Alliance for the
Betterment and Progress of Hong Kong (DAB) survey polled 262 tourists - mostly
from the mainland - between April 11 and 22.
A 29-year-old man in Hong Kong had been jailed for five years for handling illegal gambling gains worth more than HK$20 million, a government spokesman said on Friday.
China CITIC Bank went public on the Shanghai stock market on Friday, with opening price at 9.21 yuan, higher than its IPO price of 5.8 yuan.
April 28 - 29, 2007
HSBC Holdings (0005), once the "oversold" blue-chip laggard, is on the way to regaining its shine as the most- wanted heavyweight stock. Hong Kong Export Credit Insurance Corporation said Wednesday local exporters have been deprived of HK$94.07 million in payments for the year ended March for goods shipped and services offered. Non-payments increased by 28 percent from a year ago.
Blue chips closed 0.64 per cent higher in Hong Kong on Thursday as investors cheered a record performance on Wall Street on Wednesday and further gains on the mainland’s A-share markets, dealers said.
Over the past three years, 135 Hong Kong people had been arrested for drug-related offences in Guangdong, of which 14 were younger than 21, Secretary for Security Ambrose Lee Siu-kwong told legislators on Thursday. China Molybdenum Co (CMOC) leapt on its Thursday debut on the Hong Kong Stock Exchange, closing the day at HK$10.82 - a rise of 59.1 per cent from its initial public offering price of HK$6.80. Assets under management for the mainland's retail fund industry surpassed one trillion yuan for the first time in the first quarter, thanks to eager domestic investors moving their cash savings into equity investments.
China will continue to ban land expropriation for the purpose of building villas, golf courses and training centers for government departments and institutions, sources with the Ministry of Land and Resources said on Wednesday.
Singapore had proposed jointly developing with Beijing an “eco city” in China to show how rapid growth can be balanced with environmental protection, a report said on Thursday. April 27, 2007
Bank of Communications (3328), which plans to list on the Shanghai Stock Exchange May 14, said Tuesday it is negotiating with Chinese regulators to allow HSBC Holdings (0005) to increase its stake in the mainland's fifth- largest lender. The China stock market may be forming a bubble as turnover ballooned to more than 300 billion yuan (HK$303.5 billion) for the first time Tuesday with the indexes setting new highs in a third straight day of trading rises. Shares of Ming Pao Enterprises Corp (0685) jumped as much as 10.2 percent Tuesday, the day after the Hong Kong company announced plans to merge with two Malaysia-based publishing firms.
Rita Fan Hsu Lai-tai has pledged to step down from her post as Legislative Council president if she is appointed to the National People's Congress Standing Committee next year.
There were more than 3,000 children
coming to Hong Kong from Shenzhen each day to attend school, Secretary for Home
Affairs Patrick Ho Chi-ping revealed on Wednesday. Replying on behalf of the
Secretary for Education and Manpower Arthur Li Kwok-cheung to a question from
unionist legislator Wong Kwok-hing in the Legislative Council on Wednesday, Mr
Ho said: ''Students who cross the boundary every day from the mainland to attend
schools in Hong Kong concentrate in the North District and Yuen Long District.''
Dr Ho said information from schools indicated that in the 2006-07 school year
there were 750 secondary and 2,750 primary cross-boundary students in these two
districts. Dr Ho said he did not have statistics showing how many Hong Kong
students went to the mainland to attend school each day. He said some mainland
children attended rural schools in the New Territories. ''At present, there is
no strict definition for rural schools, nor are there any schools specifically
registered as rural schools. Rural schools generally refer to schools situated
in remote rural areas of the New Territories, which were established by the
local villagers to provide education for their children,'' Dr Ho added.
In an effort to curb software piracy, the Chinese government will require all large State-owned enterprises to begin using genuine software this year, Vice-Premier Wu Yi said yesterday.
Ten major Chinese television makers have founded a new company to develop cutting-edge technology and improve the bottom line by negotiating reductions in patent fees with foreign rivals.
Bank of East Asia, the third-largest publicly traded lender in Hong Kong, had raised HK$5.1 billion from a bond sale, marking the largest investment grade corporate bond sale denominated in Hong Kong dollars, market sources said on Wednesday. Top search engine Google on Wednesday said it would offer online advertisement service for more than 400 websites under China's largest internet service provider China Telecom. April 26, 2007
Belle International Holdings, the mainland's largest women's footwear chain that aims to raise US$1 billion (HK$7.8 billion) in an initial public offering, is expected to record net profit of about 1.5 billion yuan (HK$1.52 billion) this year, up 53 percent from a year earlier, market sources said. Shareholders of Richard Li Tzar-kai's Singapore-listed holding company, Pacific Century Regional Developments, have voted in favor of a proposal to sell 47.1 percent of Pacific Century Insurance (0065) to Belgian-Dutch bank Fortis.
The battle for the estimated HK$32- billion empire of late Chinachem boss Nina
Wang Kung Yu-sum has moved into high gear, with fung shui master Tony Chan Chun-chuen
- already declared the sole beneficiary of Wang's assets - filing the legal
papers staking his claim to the fortune.
The State Council, China's cabinet, on Tuesday issued what some commentators are calling a milestone regulation to boost official transparency by ordering government departments to be more open in reporting information. The decree, signed by Premier Wen Jiabao, is likely to become the country's most specific and progressive set of rules encouraging the release of government information, when it takes effect on May 1, 2008. Governments at various levels are required to release information which "affects the immediate interests of individuals and groups" or which "should be known by the masses", within 20 working days, the regulation says. Listed as priorities by the State Council are details of how government departments plan to deal with emergencies, government spending, specific fees for public services and results of investigations into environmental protection, public health and food and drugs safety. Local governments are required to publicize data on land acquisitions, residence relocations and related compensation. Village authorities will have to publicize information on land use, financial accounting, the operation of rural collective enterprises and the family situations of village residents in order to ensure the fair enforcement of the family planning policy. But the regulation also contains a clause saying official information released "should not cause social instability and threaten the safety of the state, the public and the economy". Commentators say it is remarkable progress for China, a country where announcing the death toll of natural calamities was considered taboo for decades. The official death toll of the Tangshan earthquake on July 28, 1976, in north China's Hebei Province was not released for three years. More than 240,000 people were killed in that disaster. It was not until the outbreak of Severe Acute Respiratory Syndrome (SARS) in 2003, did the authority realize the importance of the timely release of official information. The new regulation, is seen by the government as a move to improve efficiency and prevent abuses of power. "It will also safeguard the public's right to know, the right to participate and the right to supervise," said Zhang Qiong, deputy director of the Legislative Office of the State Council. "The regulation will help curb corruption at its source, largely reducing its occurrence," Zhang said at a press conference on Tuesday. Governments at all levels will be required to compile information directories, that will include the name, address, telephone and fax numbers, and e-mail addresses of departments and people who are responsible for releasing official information. Government departments will be checked regularly to see whether they are withholding information and the public is encouraged to report information blackouts, the decree says. "In case the government fails to carry out its obligations defined by this decree, officials responsible should be punished if the violations are serious," it says. It did not stipulate specific penalties but noted that serious offenders could be prosecuted. The rules also give the citizens the right to seek information that has been not included in official announcements through a written inquiry. Upon receiving the inquiry, the administrative staff should respond immediately or within 30 days at the latest. The regulation also reminds governments to steer clear of releasing "state secrets, confidential commercial information and infringing on an individual's privacy". When in doubt, officials should consult the country's laws to determine whether or not it is inappropriate to make certain information public, the regulation says. If they cannot decide, they should first report to higher authorities," it says. Confidential business information and private information of individuals contained in government databases should not be released without the consent of the person. Administrative staff can only make public confidential information when they believe not releasing it would seriously harm the public interest. Zhang Qiong said information regarding major economic crimes, business fraud and sex offences are examples of cases where the public interest out weights the protection of individual privacy. Individuals who believe their interests have been harmed by the release of confidential information can sue for compensation, the rules say. Government transparency must strike a balance between keeping state secrets, making government affairs public and safeguarding the public's right to know, said Qin Hai, head of the task force charged with promoting government transparency. Wang Yukai, a professor with China National School of Administration, says the regulation will ensure both the public and the government share the same information and effectively prevent under table operations of government affairs." The total national auto merchandise export was valued at US$28.144bn at the end of 2006, an increase of 42.76% over the same period of the previous year.
BMW AG says it is talking with the Chinese government about hydrogen-powered vehicles, trying to win Chinese support to promote hydrogen as a mainstream new energy solution. While Shanghai witnessed gains in almost all real estate sectors as seen by higher rents in the first quarter, Beijing and Guangzhou, the country's two other first-tier cities, saw comparatively mixed performances in leasing and sales activities, according to a CB Richard Ellis report. Offices In Beijing, the average rental rate for prime office space edged up 0.7 percent to 175.2 yuan (US$22.70) per square meter per month from a quarter earlier. The average vacancy rate rose 0.7 percentage points to 12.6 percent in the same period as a result of new supply. Two office buildings were completed in the first quarter - China Central Place (Tower I & II) and Financial City B. The two centrally located projects have provided a combined space of 150,000 square meters for lease. Asking rentals of prime office space rose 1.5 percent and 3.5 percent to reach 201.2 yuan and 192.6 yuan per square meter per month respectively in the central business district and Financial Street areas. Rents for the same level of properties in the Zhongguancun area dropped 2.2 percent to 142.8 yuan per square meter per month from a quarter earlier. However, with an additional 150,000 square meters of prime office space expected to come on stream in Beijing in the second quarter, downwards pressure is also anticipated in some properties. Meanwhile, in Guangzhou, prime office rents witnessed a drop of 0.8 percent to 90.9 yuan per square meter per month from a quarter earlier since total new supply in the quarter exceeded 330,000 square meters. Unable to absorb such space within a short time, prime office vacancy rates rose 2.6 percentage points to 17.9 percent in the period. It is expected the average office vacancy levels in Guangzhou will continue to rise this year since a total of more than one million square meters of office will be completed within the year.within a short time, prime office vacancy rate rose 2.6 percentage points to 17.9 percent in the period. Four prime retail properties opened in Beijing in the first quarter - Gate City Mall, Landao Jinyu Department Store, Ginza Mall and The Place - bringing total prime property area to 3.45 million square meters as of March 31. The average rent for ground floor space in shopping malls increased one percent to 29.7 yuan per square meter per day and the average retail vacancy rate also rose 0.1 percentage point to 6.4 percent from a quarter earlier due to adequate new supply. Meanwhile, world class retailing brands - including Louis Vuitton, Gucci, Hugo Boss, Prada, Chanel, Zegna, Cartier and Giorgio Armani - have already shown great interest in new shopping centers, which are scheduled to open later this year. And at the same time, Tesco, the United Kingdom's No. 1 retailer, also opened its first store. In Guangzhou, rents for ground-floor and first-floor shops edged up 2.4 percent and 0.9 percent respectively to 18.8 yuan and 11.8 yuan per square meter per day in the first quarter. Residential Demand for luxury units softened slightly in Beijing in the first quarter. The average rental of luxury apartments dropped three percent to 101.7 yuan per square meter per month and that of luxury villas fell 0.7 percent to 138.1 yuan per square meter per month. In the serviced apartment sector, the average rental dropped 1.3 percent from a quarter earlier to 208.1 per square meter per month. However, despite a newly introduced government policy to curb foreign investment in luxury residential properties, the average sales price for luxury apartments and villas rose 2.1 percent and 4.9 percent to 22,623 yuan and 21,636 yuan per square meter respectively in the first three months, mainly because of the launch of a number of high quality properties during the period. In Guangzhou, rents for luxury apartments and serviced apartments rose 1.2 percent and 1.1 percent to 61.1 yuan and 177.7 yuan per square meter per month respectively. The rise was driven by buoyant demand for high-quality downtown residential accommodation, Rents for villas dropped 1.7 percent to 144.4 yuan per square meter per month from a quarter earlier. Shanghai Jin Jiang International Hotel (2006), China's largest hotel operator, plans to acquire one-star and two-star hotels in south and north China because of an oversupply of hotels in Shanghai. The company, which floated shares on the Hong Kong stock exchange in December, announced that net profit for the year ended December 31 increased by 7.1 percent to 335 million yuan (HK$339.2 million). The result is in line with its own prelisting net profit forecast of at least 331 million yuan. Earnings per share were 0.99 yuan, compared with 0.95 yuan a year ago. Revenue rose 7.9 percent to 3 billion yuan from 2.8 billion yuan in 2005. A final dividend of 0.26 yuan per share was declared. "We are aiming to acquire one to two hotels in southern areas like Guangzhou and Shenzhen, and in northwest areas like Xian, where we do not already have flagship hotels," said managing director Chen Hao in Hong Kong Monday. Chen said the company is considering expanding overseas but did not give details. The company is facing fierce competition in Shanghai after the number of hotels increased by 44 percent over the past three years. "Because the supply of hotels grew rapidly in the past year - aiming to capture the strong demand from the 2008 Beijing Olympic Games and the 2010 Shanghai World Expo - we are facing a big challenge," chairman Yang Weimin said. Jin Jiang operates 78 budget hotels with 11,043 rooms and six landmark hotels, and also owns interests in, or manages, 44 luxury hotels in China and 23 two-star to three-star commercial hotels. It plans to increase the number of rated hotels in which it holds an interest to more than 130 by 2010 from 92 hotels in 2006. China produced 46 million tonnes of crude oil in the first quarter, up 1.5 per cent from a year earlier, while coal output rose 14.8 per cent to 494.9 million tonnes, the National Bureau of Statistics said. A court ruled against Yahoo's China arm in a lawsuit by recording companies over music piracy, Xinhua News Agency reported on Tuesday, amid United States pressure on Beijing to crack down on widespread copying of music, movies and other goods. April 25, 2007
Hong Kong's secondary school students are increasingly acknowledging themselves as Chinese, but say local- born Chinese still see themselves as being generally superior to their mainland counterparts, a survey shows. Legislators did better than government officials in cutting electricity consumption last year, achieving a remarkable 20 per cent reduction compared with a 14 per cent reduction by the latter, according to a green group. The city's most eagerly awaited 10th anniversary handover gift from Beijing - two panda cubs - will not be unwrapped for the public until July 1, even though they will arrive on Thursday. In a handover ceremony for the cubs, their names, chosen in a public competition, will be announced by senior officials from both sides. But because of the nature of their transport containers and strict medical procedures, the public will not get a glimpse of them for two months. There had been suggestions that a webcam could be set up to chart the progress of the cubs during their adaptation period, "but after discussions with the relevant specialists ... at this moment we do not feel it is appropriate to broadcast any images", said Timothy Ng Sau-kin, Ocean Park's assistant director of zoological operations and education division. Currently known as 610 and 606, the pandas will begin their long journey from Wolong Nature Reserve in Sichuan province at 7.30am on Thursday with a rocky, four-hour drive to Chengdu airport. Mr Ng said that health problems could often surface after a tiring journey, although preliminary tests had shown the animals were healthy and well equipped to handle the journey. The cubs will travel in separate 1.4 square metre boxes, large enough for them to turn around in and containing food and water. Although firmly sealed, the boxes will be well ventilated, and the chartered aeroplane and the vans would be air-conditioned, Mr Ng said. The flight will take off at noon and arrive at 4pm. The cubs will immediately undergo medical checks. They are expected to arrive at Ocean Park by 5pm and will be quarantined for a month. Another 30 days of intense monitoring by Ocean Park staff will follow. The transport containers were sent to Sichuan 2-1/2 weeks ago so the pandas could get used to them. Zhao Xuemin , State Forestry Administration chief, is expected to preside over the handover ceremony with Secretary for Home Affairs Patrick Ho Chi-ping, although the official guest list has yet to be confirmed.
Bank of Communications, the sixth-largest mainland commercial bank by assets, set the price range for its Shanghai listing at a discount to its Hong Kong traded shares, a policy ensuring first-day gains that critics have cited for helping fuel overheating in the country's stock markets. Morgan Stanley, the second-largest securities firm in the world, has promoted its influential chief economist, Stephen Roach, to Asia chairman, as it aims to strengthen links with the mainland where demand for financial services is soaring.
Amid beating of drums and exchange of flowers, Shanghai resident Lu Lugang received a deposit slip from his local Citibank branch on Monday and became the first client to take advantage of the bank's newly launched Renminbi retail banking services. In another government attempt to control China's excess liquidity, on April 16, it was ruled that domestic commercial banks have to comply with the new deposit reserve rate of 10.5 percent.
The ancient teachings of Confucius, centering on peace and social harmony, are finding a new resonance amid the chaos and rapid development of modern China.
China Mobile, the nation's largest mobile-telephone operator, wants to charge for access to all mobile internet portals that offer content downloads as the company tries to boost revenue from the sector from last year's 1 per cent of turnover, industry sources said. Taobao, the mainland's largest online auction site, said it would continue to allow trading of QQ coins and other virtual currencies that have raised government concern about an alternative currency developing outside its control. April 24, 2007
Lenovo Group (0992) will lay off 650 workers worldwide, marking the beginning of a second round of major restructuring as it struggles to integrate the loss-making personal computer business it acquired from IBM in 2005 for US$1.27 billion (HK$9.9 billion). Chief Executive Donald Tsang Yam- kuen spent HK$8.3 million on his recent reelection campaign - double the amount he spent on the uncontested chief executive election in 2005 - according to his campaign manager David Li Kwok-po. The casting changes on John Woo's new epic The Battle for Red Cliff are beginning to resemble a game of musical chairs. First, Tony Leung Chiu-wai dropped out, then Crouching Tiger, Hidden Dragon star Chow Yun-fat. But a film investor said Thursday Leung is returning to the movie out of respect for Woo. Adding to the confusion, Leung will play Chow's role, the general Zhou Yu. He was originally cast as the strategist Zhuge Liang. Taiwanese-Japanese actor Takeshi Kaneshiro will play Zhuge. Leung, who won best actor at Cannes for In the Mood of Love in 2000, pulled out initially because it came too closely after his last movie, Ang Lee's Lust, Caution. Leung and John Woo "go back more than 20 years. When a situation like this happens, he's willing to help out," Wen Wengli, a publicist at the investor, state-run China Film Group, said. Woo directed Leung in the 1992 gangster movie Hard Boiled, which also featured Chow. Chow, whom Woo made an icon in the classic 1986 movie A Better Tomorrow, said he wanted to quit Red Cliff because he got the script late and did not have enough time to prepare. Woo's producer Terence Chang has disputed this, saying Chow got a copy of the script last year and that the movie's Hollywood insurers rejected dozens of clauses in Chow's contract.
U.S. Treasury Secretary Henry Paulson reiterated here on Friday that Sino-U.S. economic relations are very important amid trade tensions. On the 16th annual meeting of Committee of 100, a group of prominent Chinese Americans, he said that the Sino-China economic relationship is very important, which benefits both nations. The U.S.-China economic relations have been in tensions since last month when the U.S. government announced sanctions against Chinese paper imports and filed two new complaints against China at the World Trade Organization. "As our relationship with China grows, matures, tensions were naturally emerged," said Paulson, who is to meet Chinese Vice Premier Wu Yi next month for the second round of Strategic Economic Dialogue in Washington. "Today with the U.S.-China trade expands rapidly, there is clear sense of frustration with China in political circles, and a number of industries," said the former Goldman Sachs chief. However, "when disagreement arrives, it's important to discuss it kindly, find a way to bring the differences, and make process, so the both country benefit," he emphasized. "America runs a huge deficit with China, but exports to China are growing rapidly, |
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Kong Dan, second from right, chairman of China Citic Bank Corp, toasts with
Henry Tang, second from left, the Financial Secretary and Ronald Arculli, left,
Independent Non-Executive Chairman of HKEx Corporate during the listing ceremony
of initial public offerings of China Citic Bank at the Hong Kong Stock Exchange
on Friday. China Citic Bank, the mainland’s seventh-largest bank, put in a
modest Hong Kong performance on Friday compared with an explosive Shanghai
debut, providing a study in contrasts with China’s runaway markets.
A
pleasure craft docks at Central's pier 9 on its first day in operation
yesterday. Tourists arriving at the pier to board leisure cruises, which until
Wednesday had sailed from Queen's Pier, praised the facility but were unaware
they were among its first users. American tourist Julie Bonneau said: "It is
beautiful. It certainly makes people feel welcome in Hong Kong." Queen's Pier
will be demolished to make way for a new road, then be rebuilt.
China:
China's top legislature on Friday approved the cabinet
nomination of Yang Jiechi, former ambassador to the United States, as the
country's new foreign minister.
IOC Coordination Commission Chairman Hein Verbruggen (L)
and Chinese State Councillor Chen Zhili hold the Beijing Olympic Torch during
its unveiling in Beijing April 26, 2007. Beijing announced the 2008 Olympic
torch relay route and unveiled the Olympic torch on Thursday in China's capital.
Chang'an Ford Mazda's new engine plant went into mass production on Thursday in
Nanjing, east China's Jiangsu province. The engine plant would provide strong
support for the development of the Shaanxi-based Chang'an Auto, Ford Motor and
Mazda Motor in the Chinese market, said Phil Spender, president and chief
operating officer of Ford China.
Organizers of the Beijing Olympics yesterday unveiled an
ambitious route for a torch relay that would cross five continents and all of
China in 130 days ahead of the Games' opening in August next year. The route
includes Mount Everest and Taiwan, although the latter was last night rejected
by Taipei. Bocog president Liu Qi said the torch would be carried around the
world in a "journey of harmony" covering 137,000km in 130 days, 97 of them in
China. "It will be a relay that covers the longest distance, is most inclusive
and involves the most people in modern Olympic history," he said. The route was
unveiled by Politburo Standing Committee member Luo Gan and International
Olympic Committee president Jacques Rogge after the IOC's executive board
approved it yesterday. The flame will be lit in Athens and the relay will start
in Beijing and go to Almaty, Kazakhstan. The torch will be carried through 18
countries and five continents - Europe, Africa, the Americas and Asia, including
North Korea. Before officials in Taipei raised their objections, the route was
planned to go from Ho Chi Minh City in Vietnam to Taipei, and from there to Hong
Kong and Macau. The flame will arrive in the mainland on March 31 and travel to
113 cities and regions, including Lhasa in Tibet. Beijing Organizing Committee
for the Olympic Games vice-president Jiang Xiaoyu said the ancient Silk Road was
the inspiration for the route. Eleven out of the 19 international cities along
the route are along the Silk Road. A senior IOC official said the route could
change before the relay began. A second torch will be carried to Mount Everest,
where a team will try to take it to the summit in May. The torch's design, a
red-and-silver tube 72cm tall and shaped like a Chinese scroll, was chosen from
among 300 competing entries. It was unveiled yesterday by State Councilor Chen
Zhili and Hein Verbruggen, head of the IOC body that co-ordinates with the
Beijing Games organisers. Developed by a team at computer maker Lenovo the torch
boasts technological innovations to keep it lit in winds of up to 65km/h and in
rain of up to 50mm/h. Mr Rogge said the relay embodied the Olympic values of
excellence, respect and friendship and would add a Chinese note to the Olympic
flame. "By travelling along the historic Silk Road, a symbol of ancient trade
links between China and the rest of the world, crossing the five continents and
going to new places ... I have no doubt the Beijing 2008 Olympic torch relay
will leave many extraordinary memories and create new dreams for people around
the world," said Mr Rogge. Beijing has viewed the torch relay as an opportunity
to promote China's international image ahead of the Olympics and as a political
test. Organisers have vowed to make the relay highlight the country's culture
and "national character", with Taiwan and Mount Everest included on their route.
But officials did not provide details of any contingency measures they planned
to take to tackle what they described as trouble-makers, including followers of
the banned Falun Gong spiritual movement, supporters of separatism in Taiwan,
Tibet and Xinjiang , and pro-democracy and human rights groups. 
From April 3 - 9 last year, the team conquered technical
problems like corrosion and carving on a curved surface to produce the sample,
which was finally named the winner last June. For Lenovo, the design process was
a team effort that tied up almost all of its 87 staff - more than double its
core team of 34. Looking at the final aluminium product, standing 72 centimeters
and weighing some 985 grams, Yao said it was worth the effort. Besides designing
the shape, the inside burning system was produced by China Aerospace Science &
Industry Corporation (CASIC). Now the torch can withstand winds of up to 65
km/hour and stay alight in rain, hail or snow. The light yellow flame can burn
for over 15 minutes at a time and will be fueled by propane, a relatively clean
energy source. Scheduled to scale Everest (Mount Qomolangma), the torch will
have to withstand extremely low pressure, low temperatures and strong winds. To
cope with this, a special design is required to keep it burning. BOCOG officials
said testing is currently under way. 
Google chief Eric Schmidt (right) and Google Greater China president Lee Kai-fu
announce their China drive at a press conference in Beijing. Google, No2 in
China's Web search market, was expanding its investment and technology in an
effort to make up for its late entry and become the industry leader, chief
executive Eric Schmidt said on Friday. "We are catching up, our investment is
working and we will eventually be the leader," Mr Schmidt told reporters. He
declined to provide any investment figures. Baidu.com has about 55 per cent of
China's search engine market, ahead of Google with 21.7 per cent, according to
market data company iResearch. Mr Schmidt said Google was gaining market share
but he declined to give figures. He expressed confidence that the company's
greater financial and technical resources would help close the gap. Mr Schmidt
said Google planned to give its China operation greater autonomy to develop new
products and respond to local needs. China has the world's second-largest
population of internet users, with 137 million people online, and is on track to
surpass the United States as the largest online population in two years. 
Vinci Chang Chia-chen, head of sales
for 20th century Chinese and Asian contemporary art at Christie's Hong Kong
explains Portrait of a Lady which will be auctioned on May 27. The 1939 painting
by renowned Chinese artist Xu Beihong during his Southeast Asia period, features
Jenny, who was a friend of the vice-consul of Belgium in Singapore. It is
expected to fetch between HK$20 million and HK$25 million.
Beijing
2008 Olympic Torch Relay Plan and Torch Design are unveiled on April 26, 2007 in
Beijing. The Games of the XXIX Olympiad -- Beijing 2008 will take place from 8
to 24 August 2008. The Beijing 2008 Olympic Torch Relay will traverse the
longest distance, cover the greatest area and include the largest number of
people, according to plans released tonight during a grand ceremony held in the
China Millennium Monument in Beijing by BOCOG, the Beijing Organizing Committee
for the Games of XXIX Olympiad. The planned route, revealed by Luo Gan, member
of the standing committee of the Political Bureau of CPC Central Committee, and
who was joined by International Olympic Committee President Jacques Rogge, would
last 130 days and travel 137,000 kilometers. And the Beijing 2008 Olympic torch
design was unveiled by State Councilor and BOCOG first vice-president Chen Zhili,
with IOC Coordination Commission Chairman Hein Verbruggen alongside. "As the
prelude to the Beijing Olympic Games, the Beijing 2008 Olympic Torch Relay is
one of the most important ceremonies and a major means to spread and promote the
Olympic spirit," said BOCOG President Liu Qi. "As one of the grand ceremonies
for the Beijing Olympic Games, the Torch Relay of the Beijing 2008 Olympic Games
has set its theme as the 'Journey of Harmony' and the slogan 'Light the Passion,
Share the Dream'." Liu said,the torch will be passed in all the five continents
around the world and throughout China. It is our hope that the Beijing Olympic
Torch Relay will once again spread the Olympic spirit all over the world and
demonstrate Chinese people's passion for the Olympic Movement. The relay will
showcase the people, beautiful sceneries, cultural heritage in countries,
regions and cities along the relay route. It will enhance mutual understanding
and friendship among people of different countries. Moreover, it will further
expound the rich implication of our theme slogan "One World One Dream". We are
sending invitations to people all over the world to share the joy and glory
brought by the Beijing Olympic Games, Liu added. "By traveling along the
historic 'Silk Road', a symbol of ancient trade links between China and the rest
of the world, crossing the five continents and going to new places, the Beijing
2008 Torch Relay will, as its theme says, be a 'Journey of Harmony', bringing
friendship and respect to people of different nationalities, races and creeds,"
commented IOC President Rogge. "I have no doubt the Beijing 2008 Olympic Torch
Relay will leave many extraordinary memories and create new dreams for people
around the world." Liu Peng, minister of the State General Administration of
Sport and executive president of BOCOG also attended the ceremony. And the
ceremony was presided over by Wang Qishan, mayor of Beijing and executive
president of BOCOG. 
Home sales in Beijing nosedived in the
first three months as hundreds of thousands of investors shifted from bricks and
mortar to chase quick gains in the mainland share market where valuations are
stretched and trading volumes have been ballooning to record highs. National
Bureau of Statistics figures show that sales of completed residential properties
in the capital tumbled almost 60 percent year on year to 615,000 square meters
during the first quarter. Presales of uncompleted flats also slumped more than
40 percent to nearly 1.8 million sqm in the same period. Market watchers
attribute the sharp fall to steep price increases as well as real estate
speculators switching to the stock market. People from all backgrounds - from
housewives and cooks to pensioners and professionals - are getting in on the act
to "stir fry" shares, buying even small-caps. Mainland investors opened 4.7
million new stock trading accounts in the first two months of the year, data
from the China Securities Regulatory Commission show. While transactions fell,
home prices continued to climb. According to the National Development and Reform
Commission, home prices in Beijing increased 9.9 percent in the first quarter.
Shanghai, or Hongkong which one would be the financial
center of China? Shanghai used to be the economic core of China even within the
scope of the Far East areas back in 1940s. At that time Hongkong was just a
small coastal village. However Hongkong made it a metroplis and a financial,
cargo center among the East Asia while Shanghai lost it connection with the
outside world and fell far behind. In 1980s , Shanghai has seen the fast catch
with the support of central Chinese authorities. One slogan shows the Shanghai's
orientation saying that Shanghai would be another New York of China and it will
stands for China and East Asia as an international financial center. Here the
question comes out since Hongkong wants to keep its role as the symbol and get
better of any challenger. This issue has got more attention after Shanghai's
political shift happened these days. It's said that Shanghai might lose its fast
growth momentum without favorable policies from Central government which means
the former goal would not come true and Hongkong still take the lead in this
race. I guess it all depends on whether or not the mainland manages a soft
landing or not. There are too many variables, including energy prices, whether
or not the CCP can get to grips with inflation, possible future political unrest
on the mainland and in HK etc. that will affect the future of both cities for us
to be certain which will be on top in a few decades. At the moment, Hong Kong
remains more than twice as wealthy as Shanghai on a per capita basis, although
it is undeniable that Shanghai has succeeded in recapturing much of her former
glory. Who really can tell? 
Four people were injured Tuesday
when a section of the popular Li Yuen East Street in the heart of Central caved
in during the lunch-hour rush. Three of the four are reported to be in a stable
condition at Queen Mary Hospital, while the fourth was treated and discharged.
Those still being treated are a 66-year-old vendor surnamed Chan, a man aged 56,
and a woman aged 50. The cave-in occurred shortly after a thunderstorm Tuesday
dumped 50 millimeters of rain around the SAR. The Hong Kong Observatory had
earlier raised the yellow rainstorm warning, followed 30 minutes later by the
red warning. Schools were closed and children sent home. The observatory said
there were more than 1,200 flashes of lightning during the thunderstorm, which
also affected air traffic with several flights to and from the territory delayed
by as much as an hour. The cave-in left an eight-by-four- meter hole in the
road, sucking in several stalls by the roadside. At least four people fell into
the four- meter deep hole but they were quickly pulled out by passers-by. Among
those hurt were roadside vendors selling towels, watches and stockings. About 30
firemen were deployed to the scene to pump water and sewage from the hole.
Station Commander Pang Yat- kwong of the Central Fire Station said clearing the
mess was difficult because Li Yuen East Street is narrow. "Water and sewage is
still pouring into the hole and there is a lot of debris scattered around. To
make sure no one is trapped, we have to remove everything manually." Pang said
he would not speculate on what caused the cave-in. Hong Kong Institute of
Engineers president Greg Wong Chak-yan said the incident may be related to the
nearby construction work but said it would be unwise to point fingers without a
full investigation. Construction work on the former Dragon Seed Building began
last December.
Darkness came early to Sai Wan Ho
yesterday when up to 70mm of rain fell on the city in one hour. For the first
time this year the Observatory issued its red rainstorm warning, at about
10.40am, the same time this picture was taken. Usually storms bring only 30 to
50mm of rain at a time, said Observatory scientific officer Yeung Kwok-chung. A
trough of low pressure over southern China's coastal areas is expected to bring
more cloudy weather and thunderstorms until the weekend.
The chief executive of the government- funded Applied Science and Technology
Research Institute, rapped by the government's Audit Commission for spending
public money on fung shui consultation, resigned from his post Tuesday. Robert
Yang Jih-chang, who took up the post in 2004, said he was prepared to accept
responsibility for the damage caused to the institute by the commission's
observations and the subsequent media reports. "By resigning, I also hope people
can now start to move their attention toward the many outstanding achievements
ASTRI has already attained as a young research and development institution,"
Yang said in a statement. Yang was at the center of media criticism after the
commission said in its value-for-money audit report last week he had endorsed a
total spending of HK$181,000 on three fung shui consultations between 2002-06,
hiring staff without following formal public recruitment procedures, and
allocating HK$10 million from the HK$13 million received after selling a
photonic packaging project in 2004, to 23 staff members as incentive payments.
Ma Wei, from Xinjiang
Uygur Autonomous Region, wins the title of Miss Tourism International 2007 for
the China region. The finals of Miss Tourism International for China in 2007
were held in the ancient town of Xitang, east China's Zhejiang province on
Tuesday.
China Postal Group (CPG)
plans to set up an insurance company which will be the country's first insurer
with sole investment from the postal sector, Wu Dingfu, chairman of China
Insurance Regulatory Commission (CIRC), said Tuesday.
The Chinese mainland has surpassed
the United States as Japan's top trading partner despite strained ties between
the Asian giants. Japan's total trade with the Chinese mainland came to 25.43
trillion yen (US$214.8 billion) in the year ended March, against 25.16 trillion
yen with the United States, the Japanese finance ministry said in a statement.
"This reflects the gradual shift of production by Japanese firms to China. I
think the trend of growing trade with China will continue," said finance
ministry official Koichi Nose. The United States is still Japan's largest export
destination but Japanese exports to the Chinese mainland have been growing in
recent years, while imports are strong. Japanese manufacturers have been
shifting more of their production operations to the Chinese mainland, seeking
cheap labour costs and a foothold in the fast-growing economy. "For Japan, a
very large market has emerged next door," said Senshu University economics
professor Hideo Ohashi. The two economies have strong links through direct
investment while the flow of goods has increased sharply, ensuring that trade
relations between the two Asian giants are likely to remain strong, he added.
Japan was also Chinese mainland's largest trading partner for 11 consecutive
years until 2003 but was then overtaken by the United States and European Union.
Diplomatic relations between the two Asian giants became severely strained in
recent years over war-time memories and territorial spats. 
A man in a Spider-Man costume abseils outside a Jilin cinema. Mainland movie
pirates are already selling copies of Spider-Man 3 - well ahead of its
May 4 US premiere. China is angered by United States complaints to the World
Trade Organisation that it is not doing enough to tackle piracy. It says it
takes the problem seriously, but faces problems such as convincing people not to
buy fakes. "It's too expensive to go to the cinema," said Beijing resident Duan
Nana.
The
Urban Renewal Authority is forging ahead with plans to lower the plot ratio for
the HK$30 billion project to revive Kwun Tong town center, to the maximum level
of market risk the authority can take. The plot ratio, which will determine the
number of flats to be built, will be reduced by 6 percent to 7.5 including all
community facilities, from the originally-planned ratio of 7.98. In the wake of
the reduced ratio, the internal rate of return for the mega project is expected
to fall to 5-6 percent from 6-7 percent. A 10 percent downward shift in the
property market could mean a HK$3 billion loss for the URA. "We hope the real
estate market will remain stable despite the ups and downs," said URA managing
director Billy Lam Chung-lun. "After considering carefully all views expressed
by various quarters of the community and a cautious assessment of the financial
risks which we can cope with, we have decided to lower the plot ratio to the
maximum level of market risk that we can take," he said. "We should balance
factors of social mission and financial risk. We take comfort in the fact that
the project will not only bring about sustainable improvement in Kwun Tong's
social fabric but, more importantly, substantial long-term benefits to Hong
Kong's economy." Plans for a 400,000-square-meter residential-office-retail
complex to be built on the 5.3-hectare site have been submitted to the Town
Planning Board. Excluding community facilities, the revised plot ratio is about
6.9, mainly due to a lower development density for flats proposed by the URA.
The authority has suggested lowering the height of the five residential blocks
to between 140 and 170 meters, from the originally planned 190m. The 30- to
50-story apartment blocks will provide 2,100 flats with a gross floor area of
160,000 sqm. The project will also feature a 280m office tower and a 111,000 sqm
shopping mall, as well as retail properties. Destined to be Kwun Tong's tallest
skyscraper, the office tower will be 82m higher than the 198m APM, in the same
district, developed by Sun Hung Kai Properties (0016). URA will begin property
acquisitions and rehousing of tenants after the Town Planning Board and the
Chief Executive in Council approve plans. Compensating owners and rehousing
affected residents could cost the URA at least HK$13 billion, representing
nearly 44 percent of the total redevelopment cost. The regeneration of Kwun Tong
town center on the site bounded by Hong Ning Road, Mut Wah Street, Hip Wo Street
and Yue Man Square may take 12 years to complete in phases, in partnership with
private developers. 
Chinese
stocks - shrugging off concerns of further economic tightening measures by the
central government - surged Monday, again sending indices to records as mainland
retail investors flocked into the market in the hope of snapping up shares as
quickly as possible before their prices climb higher. One analyst said investors
are being blinded by greed and are oblivious to the consequences. "The China
market rose sharply because the local people do not understand the risk they are
facing in chasing after shares," said Alex Tang Yee-yuk, research director at
Core Pacific-Yamaichi International. "They only focus on getting into the market
as soon as possible for fear of missing the rally. Their passion for shares
creates a very vulnerable situation." If bad news emerges, it may trigger
unloading of shares initially among a small group of investors, which, if it
snowballs into a large-scale exodus, would lead to a collapse in the equity
market, Tang said. Hong Kong stocks did not join Monday's party in the mainland
market, with the Hang Seng Index down 10 points at the close of trading. Unlike
the mainland, Tang said Hong Kong market players include many foreign investors
who are more sensible and base their investment decisions on the calculation of
corporate profits. In the mainland, the CSI 300 Index - which tracks the 300
most representative A shares in the Shanghai and Shenzhen stock markets - jumped
142.04 points, or 4.3 percent, Monday to close at 3,431.32, near the intraday
high of 3,433.52. In the last two trading days, the index soared 281.02 points,
or 8.9 percent, after it lost 154.2 points, or 4.6 percent, to end at 3,150.3
last Thursday. Meanwhile, the Shanghai Composite Index rose 126.68 points, or
3.5 percent, to close Monday at 3,710.89, while the Shenzhen Composite Index
gained 38.95 points, or 3.9 percent, to 1,042.82. Monday's turnover in the
mainland bourses totaled 286 billion yuan (HK$289.6 billion), compared with
Friday's 241 billion yuan. Tang said while Beijing does not plan to impose any
direct measures to curb the bull run of the stock market, further austerity
measures aimed at cooling the economy generally may spill over, triggering a
China market sell-off. "They only hope that as more stocks list A shares in
Shanghai and Shenzhen, liquidity in the market can be absorbed, balancing demand
and supply," he said. HSBC China economist Qu Hongbin predicts that another
27-basis-point rise in interest rates and more hikes on banks' reserve
requirement ratio are in the pipeline after strong economic data was released
last week. The HSI closed at 20,556.57 Monday with turnover of HK$50.55 billion.
The Hang Seng China Enterprises Index ended at 10,234, gaining 54.13 points, or
0.5 percent.
Hong Kong's march toward full democracy
will come to a halt if no specific changes concerning universal suffrage are
introduced for next year's Legislative Council elections, former Chief Secretary
Anson Chan Fang On-sang has warned. She said the SAR cannot afford to see a
stalemate in the 2008 elections, saying "there is a lack of political will
standing in the way despite the fact that Hong Kong people are ready for
universal suffrage." Chan made the remarks at a ceremony in Vancouver last week
during which she was presented with the T Patrick Boyle Founder's Award by the
Canada-based Fraser Institute in recognition of her contributions to the SAR's
political and economic freedoms. She took the opportunity to espouse the
universal suffrage proposal raised by herself and her core group, which includes
a timetable and roadmap for moving Hong Kong to full democracy by 2012 or 2016.
Having reiterated her hopes that her proposal would be seriously considered by
Chief Executive Donald Tsang Yam-kuen and his government, Chan is optimistic the
SAR will attain universal suffrage one day. "That is why I have got involved
again. I believe it is achievable," she said. "Opinion surveys have shown a
clear desire by Hong Kong people for greater democracy. The question is how do
we move from where we now stand to achieve our goal." A Constitutional Affairs
Bureau spokeswoman said what Chan proposed is not viable. "The immediate
priority of the community should be to focus on the models for implementing
universal suffrage and to seek a community-wide consensus on the roadmap, rather
than to seek a fundamental reorganization of functional constituencies prior to
the 2008 Legislative Council election," the spokeswoman said. "It will be
extremely difficult to secure consensus to combine functional constituencies of
different backgrounds at this point in time." Meanwhile, Jasper Tsang Yok- shing,
former chairman of the pro- Beijing Democratic Alliance for the Betterment and
Progress of Hong Kong, said in an interview with Sing Tao Daily, sister
publication of The Standard, it would not take too long before the central
government works out a timetable granting universal suffrage to the SAR. Beijing
has remained tight-lipped on the issue so far despite repeated demands from the
pan-democrat camp. Any model of universal suffrage that disregards the central
government's power of appointment would risk a ''serious confrontation'' between
the Hong Kong electorate and Beijing, an Executive Councillor warned on Tuesday.
China's
retail and consumer sector will see growing merger and acquisition activity in
the years ahead, according to a report released on April 23, 2007 by
PricewaterhouseCoopers (PwC), a worldwide accounting and consulting firm.
Chinese woman (L)
consults an employee for RMB services at a branch of British-based HSBC in
Beijing, April 23, 2007. Four foreign-funded banks --- HSBC, Citibank, Standard
Chartered Bank and Bank of East Asia --- officially launched RMB retail banking
business for ordinary Chinese citizens in China on Monday.
A group of Sham Shui Po politicians is
up in arms against a Correctional Services Department plan to redevelop a
Victorian-style heritage building into staff quarters. At a meeting with members
of the Legislative Council's home affairs panel, district councillor David Tam
Kwok-hung argued that preserving the 80-year-old former Lai Chi Kok Hospital,
which has been left vacant for two years, could create more economic benefits
for the district if used in other ways. The politicians accused the government
of continuing to ignore the public's desire for the territory's graded heritage
structures to be maintained. They said the sagas involving the Star Ferry pier,
Queen's Pier and Central Police Station are stark reminders that Hong Kong lacks
a comprehensive approach to the preservation of heritage buildings. According to
information obtained from the Antiquities and Monuments Office, the Lai Chi Kok
building on Castle Peak Road was erected as a prison in the 1920s before being
converted into a hospital in 1930. Within the government's three- grade system
of heritage assessment, in which Grade One is the most valuable, the hospital is
rated as a Grade Three building. It stands among two-story Victorian-style
buildings and red-brick bungalows scattered across the hill behind the Lai Chi
Kok Reception Centre maximum security prison. "This is a rare survival of
heritage buildings which have lived through World War II, with a hospital used
for treating lepers being tu 
CapXon International Electronic, an
aluminum electrolytic capacitor maker, planned to offer 211.2 million shares at
between 88 HK cents and HK$1.48 per share to raise up to HK$312.6 million, its
chairman Lin Chin-tsun said yesterday. The placing, which began on April 16,
will end on Friday. The initial public offering opens today and will close on
Friday.
A Shanghai HSBC branch. HSBC, Citigroup, Standard Chartered Bank and the Bank of
East Asia passed the regulator's audit and now have unlimited access to the
country's $2-trillion domestic household savings. The banks, however, have said
they mainly intend to promote wealth management services and target China's
wealthier customers. The four overseas institutions have more than 100 outlets
across China. They said over the weekend that their Shanghai branches would
offer full yuan services from today while others are expected to do so shortly.
Lianhua Supermarket
Holdings (0980) aims to boost same-store sales growth to between 8 and 10
percent this year, mainly driven by its hypermarket operation, which was
restructured last year. "The hypermarket business will definitely turn into
positive figures this year," said Liang Wei, general manager of Lianhua, in an
interview. Same-store sales growth last year was 3.52 percent. Liang added that
the margin for supermarket and convenience stores will be maintained this year,
with an operating profit margin of approximately 3.4 percent and 1.92 percent,
respectively. But the hypermarkets operation will see a significant improvement.
The unit, which contributed more than 50 percent of sales, incurred a 46 million
yuan (HK$46.58 million) loss last year, the first time to enter the red since
Lianhua listed in 2003. This was the result of a 60 million yuan one-off
non-operating loss from the the closure of two Shanghai stores in prime
locations because of changes in city planning and streamlining of outlets.
Increased competition from overseas retailers also increased operating costs
Competition in the supermarket and hypermarket sectors has intensified since
December 2004 when Wal-Mart, the world's largest chainstore operator, and
Europe's Carrefour were allowed to operate wholly owned stores in the mainland.
Carrefour, for example, boosted its sales 53 percent to 24.8 billion yuan last
year, after increasing its network by 50 percent to 95 outlets in the mainland.
Wal-Mart's China sales surged 30 percent to 15 billion yuan. To cope with the
intense competition, Lianhua decided this year to focus on eastern China, where
the company is dominant, for the next few years. The Shanghai-based company,
which operates more than 3,700 convenience stores, supermarkets and
hypermarkets, aims to open 400 new stores this year. Eighty percent of these
will be in eastern China. "Eastern China is not only Shanghai city. There is
also potential in areas such as Jiangsu province and Zhejiang province," Liang
said. Eighty-one percent of Lianhua's stores are in eastern China. JPMorgan said
that it is a positive move for the company to concentrate its distribution
network, because it will be easier for the company to gain critical mass and
economies of scale. Liang declined to comment on the long-awaited Hualian
acquisition from the parent company. "We don't expect this low-quality asset to
bring a lot of earnings per share," said a Merrill Lynch report. Hualian
operates more than 1,600 stores in at least 10 cities, including Shanghai,
Beijing and Jiangsu, according to the company Web site.
Salesforce.com chairman Marc Benioff
says the heavy lifting has been done in China, now other vendors must focus on
innovation. "We are uniquely positioned to be a catalyst for growth for the
emerging generation of Chinese entrepreneurs," Mr Benioff said, noting that the
target market covered more than 10 million small and medium-sized enterprises,
including independent software vendors. Salesforce, the world's leading provider
of customer relationship management (CRM) software-as-a-service, hopes that
expansion will take off with the release this week of its 888-yuan China Edition
CRM and the Platform Edition products, which cost up to US$100 per user per
month. Software-as-a-service is an on-demand distribution model in which a
business-management application, such as CRM, is hosted by a service provider
and made available to customers over the internet. Mr Benioff said the story in
China over the next decade, as more small entrepreneurs gain access to on-demand
products and the platform to enable that deployment, was: "Who will be the next
Salesforce.com?" "It is the next-generation of independent software vendors in
this market who are developing, deploying and marketing their own on-demand
applications that will form a new service ecosystem," he said. "We've already
done the heavy lifting, the software platform engineering. [The vendor's] focus
will be on innovation." The on-demand software market in Asia-Pacific, excluding
Japan, will grow 27.1 per cent a year to reach US$144.3 million by 2009, from
US$70.3 million last year, according to information technology consultancy Frost
& Sullivan. "The advantages of web-based accessibility, cost feasibility, faster
implementation cycles, and manageability would appeal to businesses; more so for
SMEs," Frost & Sullivan director Subba Iyer said. Popular on-demand enterprise
applications worldwide include web conferencing and collaboration software,
human resource, finance and accounting, enterprise resource planning, supply
chain management, business intelligence and product lifecycle management. 
Fung shui
master Tony Chan Chun- chuen had gained the "trust and affection" of Asia's
wealthiest woman Nina Wang Kung Yu-sum before he was named the sole beneficiary
of her HK$32 billion fortune, according to Chan's lawyer. Jonathan Midgley, a
partner at legal firm Haldanes, said Friday his client reckoned that Wang's
decision to hand over her empire to a person who has the necessary experience
would be "consistent with her own business philosophy." Midgley gave the reasons
as he revealed for the first time the identity of the mysterious 48-year-old
beneficiary who was named in a will allegedly written by Wang and dated October
16, 2006 - less than six months before the Chinachem chairwoman died at the age
of 69, reportedly from ovarian cancer. He also released a rare photograph of
Wang and Chan together, apparently taken in the early 1990s. The picture, which
depicts a somewhat intimate relationship between them, offers an insight into
the personal life of one of Hong Kong's most colorful and mysterious tycoons.
Midgley - who was Wang's personal lawyer in her marathon eight-year legal battle
with her father-in-law Wang Din-shin over the estate of her late husband, Teddy
Wang Teh-huei - said: "Mr Chan is very honored by the trust and affection which
Nina Wang has shown in passing her entire estate to his care. In dealing with
it, Chan will at all times have regard to the values by which Nina Wang managed
her business interests and personal affairs during her life. "He is aware that
Wang had established a charitable foundation and will continue to assist it."
Midgley said his client was touched and honored that Wang had found him suitable
to manage the Chinachem Group as he reckoned Wang's decision to leave her
business interests to a person who has the necessary experience would be
"consistent with her own business philosophy." Haldanes released the picture of
Chan and Wang from a series of photos of the two. "We thought that, in the
circumstances, this was appropriate," Midgley said. He stressed that Chan is the
sole beneficiary of Wang's estate, but declined to confirm if the purported
document dated October16 last year was the magnate's final will. Shedding more
light on Chan's background, Midgley said his client's business interests are
mainly in property development, in which he had been successful in recent years.
Chan used to offer advice to local celebrities on fung shui, but now he is doing
it as a hobby, Midgley said. The businessman is married with three children, and
his lawyer stressed his client would like to continue leading a private life.
The low-profile property developer was a former medical student in Canada in the
1980s. But he did not practice as a doctor on his return to Hong Kong.
A seemingly intimate
couple - that is the impression from a photograph provided by legal firm
Haldanes to lend authenticity to a 2006 will purportedly written by Asia's
wealthiest woman Nina Wang Kung Yu-sum bequeathing her multibillion-dollar
fortune to her entrusted fung shui master, Tony Chan Chun-chuen. The photo -
believed to have been taken in the early 1990s - depicts Wang in a casual pose
with the 48-year- old medical practitioner-turned-fortune teller, and offers an
insight into the personal life of one of Hong Kong's most colorful and
mysterious tycoons. Wang is pictured wearing no earrings, necklaces or rings,
sitting elegantly and dressed in a white long- sleeved silk blouse in contrast
to her usual blue jeans. The late Chinachem chairwoman, with her hair tied back
at the top of her head, smiles gently with her arms crossed on a chair and her
legs stretched and parted. Chan, believed to have been in his early thirties
when the picture was taken, is smiling, dressed in a smart, casual light-colored
checked suit, dark trousers and a light blue shirt. He has his left hand in his
trouser pocket and his right hand touching Wang's elbow on top of her chair.
Country
Garden (2007) saw a strong trading debut Friday amid a rebound in regional stock
markets and an insatiable investor appetite for new listings. Shares of the
mainland property developer rose as high as HK$7.35 before easing to close at
HK$7.27, 35 percent higher than the offering price of HK$5.38. One billion
shares changed hands, while turnover was HK$7.2 billion.
A girl struts the catwalk in a fashion
show at the Children's Heart Foundation Ladies Luncheon at the Aberdeen Marina
Club. Themed "Little Angel", the show featured children with congenital heart
disease dressed in the latest designer clothes. The day is aimed at displaying
the spirit and determination that has helped these children tackle their
illness.
Long Yongtu, secretary-general of the Boao
Forum for Asia, delivers a speech at the opening ceremony of the annual
conference in Boao, south China's Hainan Provincel, April 21, 2007. The theme
for this year's forum is "Asia Winning in Today's Global Economy"
McDonald's and KFC
have been heavily criticised recently for underpaying their part-time workers in
Guangdong.