Biz scene

MARKET

Bond nod

Poly Real Estate Group Co, China's second largest developer by market value, has won approval to sell 4.3 billion yuan worth of bonds to replenish working capital.

The company received approval from the China Securities Regulatory Commission, it said in a statement to the Shanghai Stock Exchange yesterday. The Guangzhou-based developer had said in October it planned to sell the bonds with maturities of three to 10 years.

GRAPEVINE

IPO plan

Chinese property company Powerlong Group plans to raise $200 million to $300 million from a Hong Kong initial public offering this year, Reuters reported yesterday, citing an unnamed source.

The Xiamen-based property developer has appointed Goldman Sachs and Macquarie as sponsors of the deal, it said.

PE trust launched

Ping An Insurance has launched a private equity trust to fund a newly established unit that invests in pre-IPO deals, the Shanghai Securities News reported yesterday, citing an unidentified source.

The move is part of Ping An's ambitious plan to speed up the development of its private equity business in the next three years, the report said.

Ping An plans to invest 100 billion yuan in its private equity, infrastructure construction and property businesses, which could later issue initial public offers, the report said.

BIZ MOVES

Focus changes

Advertising network operator Focus Media recently announced that Charles Chao (left), chief executive and president of Sina Corp, will become a non-independent director on Focus' board.

The company said it was involved in transactions with Sina Corp last year that exceeded 5 percent of Sina's revenue, and under NASDAQ rules, this disqualified Chao from continuing as an independent director.

It also said non-independent director and Target Media's founder Yu Feng had resigned. Meanwhile, Wu Ying, founder of UTStarcom, was appointed as an independent director.

BIZ UNUSUAL

Something fishy

Zhang Xiaobo is minting money in Wuhan by selling tofu made from fish rather than beans. Zhang only uses fresh fish as the raw material, and 3-8 kg of tofu can generally be obtained from 1 kg of fish. Zhang has applied for a patent. With the taste of fish and no bones to negotiate, Zhang's tofu has caught on, selling for about 8 yuan per kg.

To seal the deal

Custom-made wedding seals are becoming popular in Shantou, Guangdong province. The seals, containing the couples' names, wedding date, address for wedding ceremony and good wishes, save couples the trouble of writing on the invitation cards.

Clients can also select the background picture, color and typesetting to individualize the seals, which are usually priced between 50 and 100 yuan and delivered within two days.

LOCAL

Quake inspection system

China's first earthquake inspection system for metal-mining areas is to be set up in Nandan county of Guangxi Zhuang autonomous region. The system can detect quakes above 0.3 magnitude.

As the national metal mining base, Nandan county is rich in tin but has suffered frequent quakes in recent years. According to incomplete statistics, the county experienced more than 10 quakes above 1.5 magnitude in the past two years.

The estimated investment of this inspection system is about 5 million yuan.

Pollution crackdown

Liaoning province this year plans to clamp down on all highly polluting enterprises in the paper-making, printing, dyeing, concrete and alcohol industries, according to the provincial government.

So far, 225 small paper manufacturers have been put on the first list, which are required to be closed by May 30. The other 192 paper manufacturers will be barred from production until they meet environmental protection requirements.

(China Daily 05/22/2008 page15)