Biz Scene

MARKET

IT company IPO

China's VanceInfo Technologies Inc, a provider of information technology services and software development, raised $65 million with an initial public offering that priced in the middle of expectations.

VanceInfo said the 7.65 million offering of American depositary shares priced at $8.50 per ADS. That compared with a forecast of $7.50 to $9.50.

Underwriters, led by Citigroup and Merrill Lynch, have the option to purchase an additional 1.15 million ADS to cover over-allotments.

Expectations met

Xinyuan Real Estate, a Chinese residential real estate developer, raised $245 million with an initial public offering that priced within expectations.

The 17.5 million offering of American depositary shares sold for $14 compared with a forecast range of $13 to $15, according to an underwriter.

GRAPEVINE

Telecom bid

China's top non-life insurer, PICC Property and Casualty Co Ltd, has agreed to spend 1.5 billion yuan to buy a stake in telecom equipment maker Datang Mobile, the Shanghai Securities News reported yesterday.

The strategic agreement, between a unit of PICC and Datang Mobile, part of Datang Telecom Technology Co Ltd, will help boost competitiveness and the development of China's third-generation (3G) wireless standard, the newspaper quoted unnamed company officials as saying.

BIZ UNUSUAL

Macabre hotel

What? Sleep in a coffin among tombs? If you want that experience, you can stay at a coffin hotel near Nanjing, Jiangsu Province. The coffin hotel, established by local farmer Jiao Meige, is located on deserted farmland in the city's rural area, surrounded by many tombs. The white building looks like a mortuary, and guests sleep in coffins for 50 yuan per night. Bookings can be made online. Jiao said he got the inspiration from the US where coffin hotels are used for "psychological therapy".

Scraping the bottom

Luxury hotels are usually located in central business districts. But have you ever seen a five-star hotel built in a cesspit? A 21-floor palace is to be built in a 65-m-deep cesspit in Shanghai, with only 15 meters of the building above ground.

The underground guest rooms will adopt the latest "aquarium design", with artificial rock and coral reef decorations. An amusement park and cable bridge will be installed to allow guests to supposedly rock climb and bungee jump.

The unique hotel is expected to open in 2010.

Spaced out idea

People curious about what it could be like in a space station now have the chance to dine in one on Earth, in Beijing.

Minus the zero-gravity experience, diners can experience the space theme at SUBU, recently opened on Financial Street. The shape of every dining room is like a space capsule, and decorated creatively with various technological elements. The restaurant was designed by Denmark stylist Johannes Torpe.

LOCAL

Airport upgrades

China is upgrading several standby airports near Beijing for next year's Olympics by renovating terminals, enlarging tarmacs, lengthening runways and improving services.

Zhengding Airport, about 30 km northeast of Shijiazhuang, capital of North China's Hebei Province, is conducting expansion work which aims to increase the air traffic control building's floor space by 15,000 sq m to 44,000 sq m. The new terminal will be able to handle 2.3 million passengers annually.

A renovation project with 1.5 billion yuan investment is under way at the Wusu International Airport, about 15 km south of Taiyuan, capital of North China's Shanxi Province.

(China Daily 12/13/2007 page15)