IN BRIEF (Page 13)

China Daily | Updated: 2011-11-16 07:57

CA surplus hit $57.8b in Q3

China's current account surplus hit $57.8 billion in the third quarter, keeping pace with growth in the previous quarter.

China's capital account stood at $33.9 billion, the State Administration of Foreign Exchange said in a statement on its website.

Shenhua review near completion

Mongolia may conclude its review of China Shenhua Energy Co's bid to help develop the Tavan Tolgoi coal deposit by January, according to Tsedenjav Sukhbaatar, the country's ambassador to China.

The review "should be concluded very soon, hopefully before the Lunar New Year (Jan 23, 2012)", said Sukhbaatar in Hong Kong on Tuesday. The Beijing-based Shenhua is an important investor in the venture, "but Shenhua's stake needs to be reduced", he said.

CBRE to invest in housing

Anticipating that the Chinese government will start easing its property curbs, CBRE Global Investors, which manages real estate assets worth $94.8 billion, plans to make its first investment in the country's housing market in four years.

The unit of the world's largest commercial real estate brokerage is currently in talks with Chinese partners and local governments. It plans to buy a site for residential development by the second quarter of 2012, said Richard van den, Greater China country manager.

Sino-Forest: fraud clean

Sino-Forest Corp, a Chinese timber firm listed in Canada, said an independent committee found no evidence of fraud. The company's share price has been savaged this year, following allegations by the US-based investment company Muddy Waters LLC.

"We can categorically say Sino-Forest is not the 'near-total fraud' and 'Ponzi scheme' that has been alleged by Muddy Waters," said Sino-Forest CEO Judson Martin in a statement.

Sino-Forest was the largest forestry company listed on the Toronto Stock Exchange until its shares collapsed in June following the allegations of fraud. The unfolding scandal forced allies, including hedge fund manager John Paulson, to abandon the company.

Agencies

(China Daily 11/16/2011 page13)