Biz scene

LOCAL

Tianjin mall

Singapore-based CapitaLand Ltd has signed an agreement with the Tianjin government to invest 600 million yuan to build a new shopping mall in the municipality's Hexi district.

Hexi district has just been named one of the six best regions for investment in China. The new shopping mall will help Hexi upgrade the service level and build a better investment environment, said Jiang Ming, deputy head of Hexi district.

West Lake lights

The Hangzhou government will set aside 80 million yuan every year to light up the West Lake. The gorgeous West Lake is largely responsible for making Hangzhou one of the hottest tourism destinations in China.

The city used to allocate 40 million yuan a year to decorate the lighting of the West Lake. Despite the popularity of the lighting, more investment will help its branding, said Wang Guoping, Hangzhou's Party secretary.

Raffles voted best

Raffles Beijing Hotel has been unanimously voted by readers of TTG Asia, TTG China, TTGmice and TTG-BTmice China as the Best Luxury Hotel in Beijing.

TTG China is the most read travel trade newspaper in China.

Riaz Mahmood, general manager of Raffles Beijing Hotel, said: "My colleagues at Raffles Beijing Hotel and I are delighted. We are gratified that our efforts in delivering memorable experiences to our guests have been recognized."

Green fund

The first local Green Carbon Fund has been established in Dalian to help the city do its bit in curbing global warming.

The Green Carbon Fund jointly sponsored by the State Forestry Administration and China Green Foundation, mainly mobilizes enterprises, organizations and individuals to join tree planting and other forest protection activities.

Forests are the best source of carbon storage in terrestrial ecosystem. Every cu m of trees can absorb 1.83 tons of carbon dioxide and release 1.62 tons of oxygen.

BIZ UNUSUAL

Giant fish

A new restaurant servicing big wild fish recently opened in Guizhou province. Aged between 20 and 30 years and weighing up to 50 kg, these fish are transported by air from Heilongjiang province. Because of their cold habitat, they are rich in fish oil.

Personal touch

A DIY (do it yourself) accessory shop in Nanluoguxiang, Beijing, is ringing in big bucks for its owner. Customers can buy accessories such as necklaces, rings and earrings that are handmade by the owner, Ye Zi, or can make their own as the shop offers thousands of accessories parts to customers.

As prices of DIY accessories are not higher than those sold by traditional accessories shops in Beijing but still offer a degree of exclusivity, Ye's shop has become a huge hit with young women.

MARKET

Nile dam project

Chinese water companies Sinahydro Corp and China International Water and Electric Corp have signed a $396 million Nile dam construction project deal with Sudan in capital Khartoum, Xinhua News Agency reported.

The two companies will raise the height of the Russaires dam to boost its electricity generation by 50 percent, the agency said.

Listing plan

Privately owned JuneYao Group intends to list its aviation arm in 2010 and will buy into more airlines if opportunities arise, according to a senior executive.

JuneYao Air, the group's wholly owned subsidiary, has sold a 25 percent stake to an unidentified foreign investor for $100 million, said Wang Junhao, the group's vice-chairman. He said Citigroup would advise on the initial public offering of Shanghai-based JuneYao Air.

Sinochem deal

China's biggest chemical trader Sinochem Corp has completed a $465 million purchase of London-based oil and gas exploration and production company Soco International Plc's Yemen subsidiary to expand exploration overseas and meet domestic energy demand.

The transaction was completed on April 21, the Beijing-based company said in a statement yesterday.

(China Daily 04/29/2008 page15)