Biz scene

BIZ MOVES

Changes at The9

The9 Ltd, a leading online game operator in China, has announced Tony Tse has resigned as chief financial officer due to personal and family reasons, effective from July 4. George Lai takes the post, effective from July 3.

Prior to joining The9, Lai worked at Deloitte Touche Tohmatsu since 2000. He served in various positions including audit manager and senior auditor at Deloitte Touche Tohmatsu Hong Kong, New York and Beijing offices.

Deputy chief executive

The board of directors of Bank of China Hong Kong (Holdings) Ltd has announced the appointment of Wong See-hong as a deputy chief executive.

Wong will provide overall leadership for the financial market business lines covering investment, global markets, cash management, custody, investment and insurance products, and other capital-market-related business lines.

Prior to joining the company, Wong was corporate executive vice-president and country executive of ABN AMRO Bank and was responsible for ABN's operations in Southeast Asia.

LOCAL

Energy-saving bulbs

Fujian residents will receive subsidies on utilization of energy-saving light bulbs, as the government plans to spread 2 million such bulbs in the province.

Residents will get 50 percent subsidies on the bulbs. Officials say they will promote the products made by Xiamen Topstar Lighting Co Ltd and Zhejiang CH Lighting Co Ltd while the two enterprises will provide users more than a two-year guarantee period.

These bulbs can save 60 to 80 percent more electricity compared with regular ones.

BIZ UNUSUAL

'House hospital'

If plumbing and other such house-fixing skills are not your forte, don't fret, "house hospital" will take care of it all in Wuhan, Hubei province.

The unique services provided by this "hospital" range from cleaning water pipes and repairing doors, windows and walls, among others.

The "hospital" promises to complete any work in a day. Located in Cuiwei residential community, it has already undertaken 300 "patients", making a cool 9,000 yuan in three months.

MARKET

Iran steel mill

China's Metallurgical Construction Group Corp has reached an agreement with Iran to construct a $206 million steel mill in the Iranian province of Yazd, Iran Daily reported.

The mill will be built in the town of Ardakan and will boost Iran's steel production by 1 million tons, the report said, citing Iranian Deputy Minister Ahmad Ali Harati Nik.

China Post life insurance

China Post Group has said it will set up a life insurance unit within a year, Xinhua reported, citing Feng Xinsheng, executive vice-general manager of the company.

The insurance unit, which has received regulatory approval, will be funded by investments from 20 units of China Post, with a total registered capital of 500 million yuan, the report said.

(China Daily 06/10/2008 page15)