IN BRIEF (Page 10)

Soho plans acquisition

Soho China Ltd, the biggest property developer in Beijing's central business district, is likely to announce an acquisition this year after asset values have fallen by almost half, Chief Executive Officer Zhang Xin said. The Beijing-based company plans to focus on buying already built shopping malls and offices, Zhang said on Friday at a press conference in Hong Kong, where Soho is listed.

Refinery joint venture

PetroChina Co and Venezuela are jointly building a refinery in Guangdong province, expected to be the biggest Chinese oil-processing plant by capacity. PetroChina, the country's largest oil company, will "further realize" the agreements with Venezuela, the world's fifth-biggest oil exporter, on the 400,000-barrel-a-day refinery when energy officials from the South American nation visit Beijing this month, Chairman Jiang Jiemin told reporters on Friday.

Premium income down

China Pacific Insurance (Group) Co, the nation's third-largest insurer, said premium income for the first two months of 2009 dropped 6.3 percent from a year earlier to 19.4 billion yuan. Life insurance premiums totaled 13.1 billion yuan, the Shanghai-based insurer said in a statement on Friday. That was down 14.4 percent from a year earlier.

Jiangsu LNG terminal

PetroChina Co, the nation's biggest oil company, will start operating its first liquefied natural gas receiving terminal in April 2011 as imports of the clean-burning fuel increase, said the government. PetroChina will own 55 percent of the terminal in Jiangsu, while Singapore-based Pacific Oil & Gas Ltd will hold a 35 percent stake and the balance with the provincial government, the State-owned Assets Supervision and Administration Commission in Beijing said in a statement on its website on Friday.

Power company stake

Guangdong Electric Power Development Co will pay a total of 189 million yuan for a 10 percent stake in Guangdong Yudean Jinghai Power Generation Co, according to a filing on Friday to the Shenzhen Stock Exchange. The company will pay 10 million yuan for the right to acquire the stake and will pay 179 million yuan for the shares, it said. Guangdong Electric Power will own 65 percent of Guangdong Yudean after the acquisition, it said.

Investors' club

Star River Property Holding Limited, a Guangzhou-headquartered real estate firm specializing in developing high-end apartments, is using crossover marketing to survive the property market correction. The company recently set up a foreign investors' club in Beijing's Star River, aiming to attract the rich who have the capacity to buy luxurious apartments.

New Magotan model

Sino-German car joint venture FAW Volkswagen Automobile Co Ltd recently launched an upgraded Magotan mid-sized sedan which has two engine options: 1.8 liters TSI and 2.0-liter TSI. Volkswagen's latest DSG gearbox, which accelerates more quickly and improves fuel efficiency, is also available for the model. The new Magotan retails between 189,800 and 263,800 yuan.

China Daily - Bloomberg

(China Daily 03/14/2009 page10)