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Chinese banks total assets up 20.8% to RMB55,500 bn
(May 15, 2008) The total asset of Chinese banks soared 20.8% on year to RMB55,500 billion by the end of March, says the China Banking Regulatory Commission (CBRC). The outstanding non-performing loans of commercial banks dropped RMB22.78 billion to RMB1,200 billion as compared with early 2008. The ratio of non-performing loans fell 0.38 ...
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EMC opens Jinan office to boost information storage business
(May 15, 2008) The US information storage giant EMC has opened a branch office in the city of Jinan in Shandong province in May 2008. President for the Greater China region Denis Yip says the company will widen its business scope and provides better services to government authorities, telecommunication and financial companies. The ...
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HKEX to release gold futures in 3Q '08
(May 15, 2008) Hong Kong Exchanges and Clearing (HKEX) plans to launch gold futures investment products and promote Chinese funds' investments in Hong Kong under the QDII scheme. HKEX currently awaits permissions from the Securities and Futures Commission (SFC) to launch gold futures products in the third quarter of 2008. The products will ...
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Hysan to record double-digit rent growth
(May 15, 2008) Hong Kong-listed property investor Hysan Development Company forecasts 2008 rental income will record a double-digit growth. Chairman Peter Lee says occupancy rate of Hysan's office and retail space reaches 99% while residential space show an occupancy rate of 92% this year. The property investor is rebuilding Hennessy Centre in Causeway ...
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Prosperity REIT sees 10% growth in '08 office rental income
(May 15, 2008) Hong Kong-listed Prosperity Real Estate Investment Trust (Prosperity REIT) believes its 2008 office rental income would jump 10%. Trust manager Justin Chiu reckons grades A and B office space supply would not meet local demands in the next three years. Grade A office space selling prices could go up 20% ...
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Hangzhou Yuhang signs US$270 mn projects in HK
(May 14, 2008) Yuhang District in the city of Hangzhou signed four investment projects worth US$270 million at a promotion held in Hong Kong on May 13. The district promoted 19 commercial land sites, five tourism investment projects and a high-tech industry innovation base agenda at the event. One of the projects is ...
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Jiangxi wants to see 10 mn more visitors each year
(May 14, 2008) The province of Jiangxi wants to see more tourists and to have the number of visitors risen another 10 million each year, on top of the 70 million people seen in 2007. Jiangxi, however, lacks sufficient ancillary facilities such as luxury hotels and convention and exhibition centres, to take tourism ...
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BoCom Schroder Fund Management obtains QDII license
(May 14, 2008) The Sino-foreign Bank of Communications Schroder Fund Management has won the qualification to launch its first investment fund under the QDII scheme. The Qualified Domestic Institutional Investor will have a lower limit of 60% in global stocks investment, and the percentage could go up to 100%, as well as an ...
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SOHO China plans land acquisitions
(May 14, 2008) Hong Kong-listed Chinese property developer SOHO China decides to enlarge its land bank in the mainland to benefit from the imminent cross-Strait direct access measures. The company currently has a cash flow of RMB10 billion and a gearing ratio was 8.5% as of the end of 2007. Chairman Pan Shiyi ...
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HSBC to sell insurance in India in June
(May 14, 2008) HSBC group managing director for insurance Clive Bannister said the insurance joint venture in India would begin operation in June. HSBC Insurance (Asia Pacific) holds a 26% stake in the joint venture. India's Canara Bank and Oriental Bank of Commerce (OBC) account for a 51% stake and a 23% stake, ...
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