Biz Scene

MARKET

Profit doubles

Poly Real Estate Group Co, China's second largest developer by market value, more than doubled profit and sales last year amid a property boom.

Net income rose to 1.49 billion yuan, or 1.30 yuan per share, from a restated 671.5 million yuan, or 0.66 yuan per share, a year earlier, the Guangzhou-based company said in a preliminary earnings statement to the Shanghai Stock Exchange yesterday.

The developer, which didn't provide reasons for the increase, said sales doubled to 8.12 billion yuan.

Shipbuilder surges

China State Shipbuilding Co, the country's biggest shipbuilder, said profit last year surged more than tenfold on rising demand for vessels and acquisition of assets including China's largest shipyard.

Net income in 2007 was between 10.5 and 11.5 times the 267.5 million yuan reported a year earlier, the Shanghai-based company said in a statement yesterday, without giving a figure.

Regulatory nod

Haitong Securities said yesterday it had won regulatory approval to invest in overseas securities markets on behalf of clients under the qualified domestic institutional investor (QDII) scheme. The Chinese brokerage major hopes to kick off overseas investment soon, Haitong said in a statement.

GRAPEVINE

Airport deal

Beijing Capital International Airport Co Ltd will announce the acquisition of an airport terminal from its State-owned parent, Reuters reported yesterday, citing an unnamed company source.

Trading in shares of the company was suspended yesterday because it would release a statement relating to the acquisition, the report said.

The firm would acquire Beijing Airport's Terminal 3, which is due to begin operation in March, from its parent, Capital Airports Holding Co, it said.

Listing delayed

China Pacific Insurance (Group) Co (CPIC) has decided to delay its planned Hong Kong share listing because of market volatility, the South China Morning Post said yesterday, citing unnamed sources.

The paper said the firm, which had planned to raise about HK$24 billion by early March, cancelled a meeting scheduled for yesterday with the Hong Kong stock exchange's listing committee.

It is the seventh firm to cancel or delay a Hong Kong listing because of market volatility following the subprime crisis.

BIZ UNUSUAL

Fresh idea

Fresh fish usually sells for more than dead ones. But fishermen in Zhejiang province have found a way to preserve dead herrings and sell them at a higher price.

Herrings used to be a New Year gift as the Chinese word for fish is similar to the word for having more than one needs. But in recent years, fresh herrings have lost popularity as gift items since they are difficult to preserve and people have more choices when looking for New Year gifts.

So local farmers came up with the idea of removing herrings' head and tail and frying the rest before cutting them into eight pieces and putting them in a box.

A fresh herring is usually sold for 60 yuan, but one dried and packed in a box can sell for 120 yuan.

Maid rates

A household service market in Hangzhou recently fixed the rate ceiling for maids in 2008 - 80 yuan if paid daily and 1,500 yuan for monthly payments.

As the Spring Festival approaches, the number of maids in service is decreasing as many are heading home. This helps some maids to take advantage of the situation and jack up their rates. The measure to fix the ceiling thus helps to regulate the household service market.

BIZ MOVE

Bank appointment

Bank of China yesterday announced it had appointed Lin Yongze as non-executive director, effective from Jan 22.

Lin was also elected member to the bank's risk policy committee and strategic development committee.

The bank also announced that another non-executive director, Huang Shizhong, was appointed member of its personnel and salary committee from yesterday.

LOCAL

Price control

The Harbin city government recently initiated interim price intervention measures, requiring seven supermarkets in downtown areas and 26 in counties report their price adjustments.

The city government stipulated that 14 major retailers report prices and sales of key commodities such as rice, cooking oil and flour every day. The city also made onsite inspections three times a week to help stabilize daily commodity prices.

Passing the torch

Craftsmen in Beijing will get subsidies for passing down their unique skills to the next generation.

As per a recent move by the Beijing municipal bureau of industrial development, government-certificated craftsmen will get a 100 to 800 yuan subsidy per month.

The move is aimed at preserving the city's traditional crafts industry as most craftsmen in Beijing are over 50. Currently, there are 186 craftsmen certified by the government.

Hollywood theme park

An 80-hectare Hollywood theme park, with an investment of $2.5 billion by United States International Joint NY and SG Development Group, is to be built at Longquan Lake in Chengdu, capital of Sichuan province.

According to the project plan, the park will have four parts - the Hollywood Film Park, Health Park, Exercise Park and Lakeside Park. It boasts to be the largest integrated theme park in the world, nearly twice as large as the Disney Park in Tokyo. The construction will be completed by 2013.

(China Daily 02/01/2008 page15)