Biz Scene: GRAPEVINE

Property investment?

Hutchison Whampoa Ltd, the largest company of Asia's richest man Li Ka-shing, may buy stakes in property projects in North China's Tianjin, the Hong Kong Economic Journal reported, citing a company official.

Hutchison yesterday signed a letter of intent with the city's State-owned subway operator for possible investments in projects and land along the city's No 1 to No 3 subway lines, the newspaper said.

IPO delayed

Bio Beauty Group Ltd, a maker of home and cosmetic products, has delayed its Hong Kong initial public offering to answer stock-exchange inquiries about an anonymous letter alleging irregularities, Ming Pao Daily said, citing an unidentified company spokesperson.

Bio Beauty, which is being spun off from Global Green Tech Group Ltd, will delay the launch of its share sale to Hong Kong individuals from today to December 3, the report said.

An anonymous letter earlier this week accused Bio Beauty of forging accounts and having faulty products, the report said. Global Tech Chairman Jim Lau was quoted in the report as dismissing the accusations as groundless.

(China Daily 11/30/2007 page15)