IN BRIEF (Page 14)

Property

Housing price decline slows

Figures from the National Bureau of Statistics show that residential house prices fell at a significantly slower rate last month. Of the 70 large- and medium-sized cities the bureau monitored, sales prices fell in 43, there was no change in 21, and prices rose in six.

In the previous month the corresponding figures were 43, 24 and three respectively. Beijing's housing index remained flat in May, bringing an end to four months of falling prices.

In other big cities such as Shanghai, Guangzhou, Shenzhen and Qingdao, although prices fell 0.3 to 0.1 percent, the rate was slower than the previous month.

Materials

Stricter regulation on rare-earth exploitation

China will implement stricter environmental standards for rare-earth exploitation while continuing to regulate mining, production and export of the valuable resources, a paper published by the information office of the State Council said.

China will "implement stricter standards for ecological protection and protective exploitation policies concerning rare earth resources", according to the white paper, titled Situation and Policies of China's Rare Earth Industry.

The government will improve relevant laws and regulations and crack down on all violations, the white paper said.

"Synchronized administrative measures" will be taken on rare-earth mining, production and export, and international exchanges and cooperation will be encouraged, it says.

Telecom

Unicom to reduce smartphone price

China Unicom (Hong Kong) Ltd, the country's second-biggest wireless carrier, will cut the price of its cheapest smartphones by 30 percent in an effort to expand its market share as user growth slows.

China Unicom will introduce smartphones costing less than 700 yuan ($110, 87 euros) in China soon after "great success" with models priced at less than 1,000 yuan, the company's president, Lu Yimin, said. "For the mass market we launched a series of promotions with 1,000-yuan smartphones" from 2010 to 2011, Lu said. "In 2012 we will continue promotion measures."

Economy

Consumer spending to get boost

China will take "concrete measures" to stimulate consumption by boosting efficiency and slashing the cost of logistics, said Huang Hai, former assistant minister of commerce.

The moves, to be announced at a national conference late this month or early next month, will focus on the movement of goods, and are part of efforts to prevent the economy from slowing further amid the deepening crisis in Europe.

Huang said more than 20 ministries and departments, led by the Ministry of Commerce, are ready for the two-day conference. A draft of a document detailing measures on improving efficiency, reducing logistical costs and increasing consumer spending is awaiting government approval, he said.

IPO

Group-buying firm withdraws US IPO

The Chinese group-buying company LaShou Group Inc has withdrawn its initial public offering plan from the US stock regulator amid market stagnation.

"The company has determined not to proceed at this time with the offering and sale of securities covered by the registration statements," said LaShou's request, filed with the Securities and Exchange Commission, the US stock market watchdog.

The withdrawal was "consistent with the public interest and protection of investors", the company said. LaShou had delayed its IPO plan last November because of "corporate developments".

Restaurants

Burger King eyes China expansion

Burger King Worldwide Holdings Inc said it plans to open 1,000 of its namesake restaurants in China over the next five to seven years under a newly formed joint venture.

Burger King, of Miami, said the deal represents the largest multi-unit development agreement in the company's history. Its joint venture partners in the China deal are members of the Kurdoglu family, a long-time Burger King master franchisee, and Cartesian Capital Group, a global private equity firm. The agreement gives the group exclusive rights to expand the Burger King brand in China from 63 units at present.

Beverage

Carlsberg in agreement on Yunnan project

The Danish brewing company Carlsberg Group has entered into an agreement with Dali prefecture of China's Southwestern province of Yunnan on expanding capacity.

Under the strategic agreement on increasing beer production, signed by the Carlsberg global CEO, Joergen Buhl Rasmussen, and the Dali prefecture governor, He Jinping, brewing capacity at Dali will expand from 300,000 tons to 1 million tons by 2025.

With an estimated total investment of 5 billion yuan, the plan covers brewery construction, brand building, training and organizational development as well as supplier network enhancement, according to a news release issued by the Carlsberg Group.

Dairy

Arla Foods secures stake in Mengniu

Arla Foods, a giant in the European dairy sector, has put up HK$2.2 billion ($284 million, 223 million euros) for a 5.9 percent stake in Mengniu, China's largest producer of dairy goods, making it Mengniu's second largest strategic shareholder after Cofco Group.

Mengniu Dairy and Arla Foods entered into a strategic cooperation agreement on June 15. The two companies also signed a series of joint agreements with Cofco Group, China's largest grain, edible oils and food producer, on the day.

Arla Foods is the largest and longest-standing dairy producer in Europe as well as the world's largest organic dairy products supplier.

China Daily-Agencies

(China Daily 06/22/2012 page14)