Beijing’s policymakers have identified 1,457 unused plots of land, many which could be repossessed by the government, in a continued effort to crackdown on developers leaving sites idle for speculative land banking purposes. The Ministry of Land and Resources compiled a list of unused plots and the China Banking Regulatory Commission will conduct risk assessments [...]
Chinese officials may instate a property tax on a trial basis in the next two or three years, according to a source within the Ministry of Finance. A future tax may be rolled out in Beijing, Chongqing, Guangzhou and Shanghai, and spread to the rest of the country after the incipient phase. The tax may [...]
Japanese auto electronics component manufacturer Omron is facing labor unrest at its Guangzhou plant. Several hundred workers walked off work at the company’s Guangzhou plant, which supplies components to car-makers in southern China, including Ford Motor and compatriot firm Honda, which suffered similar labor unrest earlier in the summer. Toyota has also been affected by strikes [...]
Nissan Motor plans to increase its production capacity in China by almost 70% with a view to manufacturing 900,000 vehicles a year by 2012. The Japanese company will expand its plant in Guangzhou at a cost of $732 million to take annual capacity to 600,000 vehicles, up from the current 430,000 vehicles. The plant produces [...]
A former Supreme Court judge has been jailed for life for taking bribes and other corruption charges. Huang Songyu was convicted of taking $570,000 in bribes while he was deputy head of the Supreme Court, as well as embezzling $170,000 while he was president of a lower-level court in Guangzhou. Huang, who has also been [...]
A Hong Kong government vote Saturday night approved an US$8.6 billion high-speed railway to link the city with Shenzhen and Guangzhou by 2015. Hundreds of protesters amassed in front the Hong Kong legislature in the hours leading up to the decision, obstructing the paths of legislators and claiming that the railway benefited only private interests [...]
Japanese car-maker Nissan has hinted at plans to begin producing all-electric cars in Guangzhou. Nissan signed a deal with the government of Guangzhou on Sunday, committing the company to studying ways of promoting zero-emission cars in China. During a speech at the signing ceremony, Nissan Executive Vice President Hiroto Saikawa said that the company is [...]
Representatives from Internet search firm Baidu met with striking workers in southern China over the weekend. Hundreds of Baidu workers have refused to work since May 4. On Friday employees in Baidu’s Shenzhen office filed a complaint with the labor bureau, and similar actions were taken by strikers in Guangzhou. Striking workers told the paper [...]
The State Council on Wednesday identified five key manufacturing cities which will be permitted to conduct international merchandise trade transactions entirely in renminbi once the trial program for such settlement is launched. The five cities are Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan. The announcement is a step closer to the trial program for renminbi settlement, [...]
The Australia & New Zealand Banking Group (ANZ) plans to incorporate locally in China and open 20 branches across the country to establish itself as one of Asia’s leading banks. ANZ will focus on three key growth areas with its brand and partnerships: the Yangtze River Delta, including Shanghai; the Pearl River Delta including Guangzhou; [...]
