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Changes atop the realty ladder

Rankings in China's real estate sector had undergone a major change by the end of 2014, with Shanghai-based Greenland Holding Group Co Ltd displacing China Vanke Co Ltd as the largest developer in terms of sales value and volume.

Greenland said that its pre-sale value in 2014 rose 48 percent to 240.8 billion yuan ($38.7 billion). The company's pre-sale volume rose 27.4 percent to 21.15 million square meters in the year. Though China Vanke has not yet announced its sales numbers for 2014, private research institutions have estimated the company's pre-sale value at between 212 billion yuan and 218 billion yuan. That means it is almost certain that the Shenzhen-based developer would cede its long-held top slot to Greenland.

Robust demand from China propels Bentley

Luxury car maker Bentley said on Jan 7 that its sales in China surged by a record 22 percent in 2014 to 2,670 units, compared with 2,191 cars in 2013. Announcing its annual results in London, the company said the robust performance in China has helped close the gap between China and the Americas, Bentley's largest market with 3,186 cars delivered in 2014. Wolfgang Durheimer, Bentley's chairman and CEO, said Bentley's fast growth in China can be attributed to growing demand from Chinese customers for luxury cars and Bentley's success in marketing its luxury image.

SAIC Motor retains top slot in car sales

SAIC Motor Corp Ltd, China's top car producer, reported vehicle sales of 5,619,918 units in 2014, up 10.07 percent from a year earlier. The company said on Jan 6 that it has become top seller in the Chinese auto market for 10 consecutive years. The company, which makes cars jointly with General Motors Co and Volkswagen AG, produced 5,610,558 vehicles cumulatively last year, an 8.98 percent year-on-year growth. Its joint venture Shanghai General Motors sold 1,760,000 units last year, up 11.74 percent year-on-year, while Shanghai Volkswagen posted annual sales growth of 13.11 percent with 1,725,000 vehicles.

GM, units sell record 3.54 million vehicles

General Motors Co and its Chinese joint ventures sold a record 3,539,970 vehicles in China in 2014, up 12 percent from the previous year, the United States-based automaker said on Jan 6. During December, GM sold 357,375 vehicles, a 31.9 percent growth from a year earlier. The monthly gain followed a 5.3 percent year-on-year rise in November and a 3.2 percent rise in October. GM has said it plans to invest $12 billion in China between 2014 and 2017, and build five more plants to ramp up its manufacturing capacity.

Tax rebate end cuts boron steel exports

Analysts say the removal of a tax rebate on boron steel exports is likely to cut Chinese shipments by as much as 30 percent, worsening oversupply in the domestic market. China ended an export-tax rebate on steel alloys that contain boron on Jan 1, according to a Ministry of Finance statement. As a result, the nation's overseas steel sales could fall by between 20 and 30 percent in the first quarter from the previous three months because of the move, said Custeel's chief analyst, Hu Yanping. China International Capital Corp analyst Ma Kai forecast a 25 percent decline in exports.

Chinese steel exporters have been adding boron to some of their steel products to receive the rebate, which can be as high as 13 percent when they sell overseas.

China Daily

(China Daily European Weekly 01/09/2015 page18)