IN BRIEF (Page 2)
Updated: 2010-04-27 07:40
(HK Edition)
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Stocks climb most in 3 weeks
Hong Kong stocks rose, driving the Hang Seng Index up the most in almost three weeks, as surging US home sales fueled confidence in the global recovery. The Hang Seng Index gained 1.6 percent to 21,587.06 as of the close of trading, the biggest climb since April 7. The Hang Seng China Enterprises Index, which tracks the so-called H-shares of Hong Kong-listed mainland companies, advanced 1.8 percent to 12,380.71.
Foxconn International Holdings Ltd, which makes a quarter of its revenue in America, advanced 2.8 percent after US new-home sales rose the most in 47 years. Li & Fung Ltd, a trading company that supplies US-based Walmart Stores Inc, gained 2 percent.
HK mortgage demand rises sharply in March
New mortgage loans approved in Hong Kong in March rose 121.2 percent from a year earlier, and increased 38.7 percent in value terms from February, figures from the Hong Kong Monetary Authority (HKMA) show. New loans approved in March totalled HK$36.9 billion ($4.73 billion), up from HK$26.6 billion in the previous month, the HKMA said Monday. Month-on-month figures are not seasonally adjusted. Loan approvals for new property jumped 165.6 percent month-on-month in March, while loan demand for mortgages on existing property rose 12.8 percent. Approvals for refinancing loans increased by 106.4 percent against February.
Longfor plans $1.46b trust with Ping An
Longfor Properties Co plans to form a 10 billion yuan trust with Ping An Insurance Co, raising capital to develop property projects, the Hong Kong Economic Journal reported, citing Chief Financial Officer Lin Chu Chang.
The two companies plan to announce details of the trust soon, the newspaper said, citing Lin. Ping An Trust, a unit of Ping An Insurance, that said in September it will invest 15 billion yuan in properties developed by Greentown China Holdings Ltd over the next three years.
Yanzhou Coal expects H1 net income to double
Yanzhou Coal Mining Co, the mainland energy company that paid more than $3 billion for Australia's Felix Resources Ltd, said first-half profit may more than double on higher demand and prices.
Net income in the first six months will increase "over 100 percent," the company said in a statement handed out to reporters at a Hong Kong press briefing today. First-half profit in 2009 was about 2 billion yuan ($290 million).
The shares rose as much as 6.4 percent in Hong Kong trading, the most since February 3, after Yanzhou Coal said last week first-quarter profit nearly trebled. Net income surged to 2.1 billion yuan, the company said on April 23.
BYD Q1 net profit up 255%
Hong Kong-listed BYD Co Ltd, a mianland carmaker backed by US billionaire Warren Buffett, said Monday its first-quarter net profit rose 255% on strong car sales and a low comparison base. The company, which also makes and sells batteries and handset components, reported a net profit of 1.7 billion yuan ($249 million) for the January to March quarter against 480.4 million yuan a year earlier, BYD said in its first-quarter results statement.
Earnings per share were 0.75 yuan against 0.23 yuan. BYD, 10 percent owned by Buffett's Berkshire Hathaway, said it sold 163,000 cars in the first quarter, or 20 percent of its 2010 sales target of 800,000.
Agencies - China Daily
(HK Edition 04/27/2010 page2)