Some Chinese auto manufacturers are asking for government assistance to boost flagging demand for cars. Executives told the paper that rather than asking for a massive bailout similar to that sought by US auto makers, Chinese car companies are mainly asking for lower taxes on sales of cars with smaller engines or that use environmentally [...]
Two real estate funds will raise a combined US$1.7 billion to invest in the mainland property market, saying that prices had dropped to a “realistic level.” Kenneth Gaw, president of Gaw Capital Partners Hong Kong, said his firm would raise US$950 million to invest in prime properties and distressed assets in first-tier cities. He added [...]
Spending for advertising time on China’s top television network next year suggests companies are confident Chinese consumption will remain robust despite the economic slowdown. Local and international advertisers pledged almost US$1.4 billion on Tuesday during CCTV’s live auction of prime-time slots. This was up by 15% from last year, though the numbers are not directly [...]
An executive from one of China’s largest telecom equipment vendors said international mobile network operators have expressed interest in the country’s homegrown third-generation (3G) mobile technology, TD-SCDMA. Isaac Liang, international marketing director of TD-SCDMA at ZTE, claimed that at least 10 overseas carriers have shown interest in the technology. Some have already signed agreements for [...]
Consumer-focused conglomerate China Resources (SEHK: 0291) warned of a tougher operating environment after seeing third-quarter profit drop by 12.3% to US$86.6 million. “Looking forward, [the] retail market will inevitably be affected by the reversal in market sentiment following the recent financial [turmoil],” Mark Chen, the firm’s managing director, said. The company’s retail, food-processing and distribution and [...]
Peru and China have completed negotiations on a free trade agreement (FTA) and will sign an accord at “top speed”, according to Peru’s President Alan Garcia. Garcia made the comments after meeting with Chinese President Hu Jintao, who arrived in Lima for a meeting of the 21-member Asia-Pacific Economic Cooperation. Trade between Peru and China totaled [...]
Two police officers have been arrested for allegedly beating a college student to death in a nightclub in Harbin, the capital of Heilongjiang province. Harbin police announced the arrests of Liu Linan and Qi Xin, who were identified as officers with the Harbin police’s railway division. Four other officers were investigated for their role in [...]