IN BRIEF (Page 24)

French firm, HNA plan China holiday parks

A deal between France's biggest vacation real-estate company, Pierre & Vacances-Center Parcs Group, and Hainan Airlines Co Ltd parent HNA Tourism Group will lead to construction of three major new holiday parks in China. They created a joint venture, HNA PV Tourism Co Ltd in Beijing, and signed letters of intent to buy land. In the next three years, the venture plans to develop five projects using a new type of tourism destination inspired by the Center Parcs concept in Europe. The first three will be located in Jixian, between Beijing and Tianjin; Suzhou's Xiangcheng district; and Pinghu in Zhejiang province.

Hyundai dealers seek compensation

A group of 30 Hyundai Motor Co dealers in China plans to seek 800 million yuan ($120 million; 109 million euros) to 900 million yuan in compensation from the South Korean automaker, the group's leader said, claiming Hyundai cut the flow of models exported to China, causing dealership losses and closures. Hyundai has been increasing the manufacturing of cars in China, Wang Rongzhen said on July 20, veering from selling imported models to avoid hefty taxes. In doing so, it has cut back vehicle supply to the roughly 40 remaining import-only dealers, 30 of which are in the group seeking compensation, he said.

Midea acquires more shares in Kuka

Midea Group Co Ltd, China's biggest home appliances maker, has acquired an additional 72.18 percent of the shares of Kuka AG, a global supplier of intelligent automation solutions, the Chinese company said on July 20. Paul Fang, chairman and CEO of Midea, said the larger holding will help grow Kuka's business and increase its footprint, especially in China. The total number of Kuka shares for which the takeover offer has been accepted during the offer period, plus the 13.51 percent Kuka shares indirectly held previously by Midea, gave the company 85.69 percent of the issued share capital and existing voting rights of Kuka.

African pharma expands presence in China

Aspen Pharmacare Holdings Ltd plans to increase its Chinese presence, as Africa's biggest maker of generic drugs ramps up distribution of its low-cost pharmaceuticals in the world's most populous country. The South African company will add 350 sales representatives in China in the next few months and plans to later increase that to 500, Chief Executive Officer Stephen Saad said in an interview at the drugmaker's headquarters in Durban on July 19.

Six Flags to build Chongqing theme park

Six Flags Entertainment Group, one of the world's largest cultural entertainment industry operators, on July 20 announced a plan to build a theme park in Southwest China's Chongqing city. Chongqing Riverside-Six Flags Theme Town Park, with a total investment of 30 billion yuan ($4.49 billion; 4.08 million euros), will be the first international theme park in the west of China. It would be Six Flags' second project in China after one in Haiyan, Zhejiang province.

(China Daily European Weekly 07/22/2016 page24)