High-end property

Sino-Ocean Land Holdings, a Hong Kong-listed property developer, is strengthening its expansion into the high-end residential sector this year by launching four luxury projects in Beijing. Ocean Great Harmony, one of the high-end projects, saw a sale of 200 million yuan on the very first day of opening.

Ore appeal

The China Iron and Steel Association has urged Chinese steel mills and trading companies not to support Rio Tinto's efforts to sell iron ore in the Chinese market on a spot basis. The association's statement said Rio Tinto filled less than 90 percent of its long-term contracted supply with Chinese firms in the past two years.

Dalian expo

The China Dalian Import & Export Commodities Fair and Dalian International Industrial Expo will be held between May 28 and 30. Nearly 1,700 equipment manufacturers and purchasers are expected to participate in the event. Over 10 professional forums will be held during the expo.

Bond sale cancelled

Agile Property Holdings Ltd, a Hong Kong-listed developer, has scrapped a plan to sell $400 million of bonds, according to Moody's Investors Service. The rating assessor has withdrawn its Ba3 rating, three levels below investment grade, for Agile's proposed senior unsecured notes of $400 million, according to a Moody's statement. The rating withdrawal follows the company's final decision not to proceed with the issue.

Agencies-China Daily

(China Daily 05/16/2008 page13)