China Resources Power net trebles

China Resources Power Holdings Co, the third-largest Hong Kong-listed mainland generator by market value, more than trebled profit last year after production rose as the nation's economy rebounded and costs fell.

Net income climbed to HK$5.32 billion ($685.4 million), or HK$0.0117 a share, from HK$1.72 billion, or 39 Hong Kong cents a share, a year earlier, the company said in a statement to the Hong Kong stock exchange Monday. That's higher than the median estimate of HK$5 billion of eight analysts compiled by Bloomberg. Sales gained 24 percent to HK$33.2 billion.

Stocks drop, developers fall

Hong Kong stocks fell, led by banks and property developers. The Hang Seng Index fell 2.1 percent to 20,933.25, its lowest close since March 5. The Hang Seng China Enterprises Index, which tracks the so-called H-shares of Hong Kong-listed mainland companies, slipped 2.1 percent to 12,008.65.

HSBC Holdings Plc, Europe's biggest bank, was the biggest drag on the benchmark index, dropping 2.1 percent. China Overseas Land & Investment Ltd, controlled by the nation's construction ministry, declined 3.8 percent.

New World to invest $1b in shopping malls

Hong Kong's New World Development said the group plans to invest $1 billion to open shopping malls on the mainland in the next 5-7 years, banking on strong consumption in the world's third-largest economy.

The group includes New World Development, New World China, New World Department Store China and NWS Holdings, whose core business is in residential property, retail properties and hotels in greater China. The group was trying to push a new-concept mall called K11 that combines art and shopping, executive director Adrian Cheng told Reuters an interview Monday. "The K11 concept shopping mall will have exponential growth in terms of rental income after it has been open for three years," said Cheng.

City posts HK$230.6b BOP surplus in Q4

Hong Kong posted a HK$230.6 billion (US$29.6 billion) balance of payments surplus for the fourth quarter of 2009, government data showed on Monday. For 2009, Hong Kong recorded a HK$549.3 billion surplus in its balance of payment account (representing 33.6 percent of GDP), compared with a surplus of HK$263.9 billion in 2008, the Census and Statistics Department said in a statement.

Agencies - China Daily

(HK Edition 03/23/2010 page2)