IN BRIEF (Page 14)

Property

New home prices rebound in June

New home average prices in China rose for the first time in 10 months in June as the government adjusted its monetary policies to boost the nation's economy by lowering benchmark interest rates last month, according to a report released by the China Index Academy, one of the largest research organizations that specializes in property information in China.

Home prices rose by 0.05 percent from May, reaching 8,688 yuan ($1,367, 1,092 euros) per square meter in June. The median of new home prices in 100 monitored cities around China climbed to 5,750 yuan per square meter, a 0.88 percent month-on-month increase, according to the report.

In Shanghai and Beijing, average prices of 10 monitored properties hit 15,429 yuan per sq m, a 0.75 percent month-on-month increase.

Technology

Tencent launches new portal design

Tencent Holdings Ltd, China's largest Internet company by revenue, introduced a new version of its Qq.com portal on July 3 as Web portals are being overshadowed by the latest Internet services, such as micro blogs.

Qq.com has incorporated its micro-blogging and online video services to diversify its text and picture displays. It also has a bigger plan to provide a different Web page for each user tailored to their individual interests and Web habits.

Tencent's micro blog surpassed its portal at the end of 2010 in the number of searches for the micro blog on Baidu.com, according to figures from Baidu Inc.

Regulatory

Private firms' overseas investment encouraged

The National Development and Reform Commission has released an implementation advisory to encourage private companies to invest overseas.

The Chinese government intends to give more broad guidance to private enterprises' overseas investments, guiding them to develop energy resources in foreign countries, the document said.

The government also plans to support the advisory by adopting finance and taxation policies, simplifying management processes and guaranteeing services to private companies that invest overseas.

Retail

Best Buy returns, opens Nanjing stores

US-based consumer electronic products retailer Best Buy announced its return to China by introducing Best Buy Mobile, a mobile devices retailing business, to Chinese consumers.

Wang Jian, senior vice-president of Best Buy Enterprise and CEO of Nanjing-based Five Star Appliance Co Ltd, said a total of 14 Best Buy Mobile stores will be opened in 2012. The first new store was opened on June 27.

Wang said all BBM stores will be located inside FSA-branded stores in Nanjing under current plans. FSA is a wholly owned subsidiary of Best Buy.

Food

Basic Element to ship pork to Asian countries

The agricultural division of the Russian billionaire Oleg Deripaska's company Basic Element plans to export pork, wheat and soybeans to China to take advantage of the "explosive" growth seen in the country.

Basic Element, an energy-to-aviation conglomerate, plans to start producing 10,000 to 15,000 metric tons of pork in Siberia and ship it to China and other Asian countries, said Andrey Oleynik, managing director of the company's agribusiness management directorate.

IPO

A-share IPOs may raise 220b yuan in 2012

IPO activities in the A-share market may raise as much as 220 billion yuan in 2012 as macroeconomic conditions improve in the second half, accounting company Ernst & Young said.

Terence Ho, partner and Ernst & Young's IPO leader in China, estimated the A-share market will see as many as 300 IPOs this year and that such offerings will raise twice as much capital in the second half of the year as they did in the first half.

In the first six months of this year, IPO activities raised 73 billion yuan, 100 billion yuan less than in the same period of last year. The first half of this year saw 104 IPOs, 63 fewer year-on-year, according to the accounting company's research report.

Kada seeks brand recognition via listing

Chinese tech component distributor Kada Technology Holdings Ltd, which has applied for a spot on London's junior market, said it hoped an overseas listing will bring it prestige and more profitable ties with lenders and suppliers.

The company expects to be valued at about 100 million pounds ($156.9 million, 124.5 million euros) once it starts trading. It chose London's AIM market because securing a listing there was faster than trying to go public in China or in the United States, where volatility and slower listings are major concerns, the company said.

China Daily-Agencies

(China Daily 07/06/2012 page14)