China Forestry sees loss in H1

China Forestry Holdings Co said it expects to record a loss for the six months ended June 30, compared with a profit a year earlier.

The company cited negative impact on business operations from "irregularities", and interest expenses for senior notes, according to a statement to the Hong Kong Stock Exchange on Wednesday.

Lai Sun to buy Best Value stake

Lai Sun Development Co agreed to buy a 50 percent stake in Best Value International Ltd for HK$845.6 million ($108 million), according to a statement to the Hong Kong Stock Exchange on Wednesday. Lai Sun has an option to buy an additional 10 percent from Focal Points Services Ltd, Keyfull Investment Ltd and Cypress Vine Corp, the statement said.

Insurers post premium income

China Life Insurance Co posted premium income of 195.5 billion yuan ($30 billion) for the first six months of the year, according to a statement to the Hong Kong Stock Exchange on Tuesday.

Separately, PICC Property and Casualty Co said its premium income for the six months ended June was 91.2 billion yuan, acccording to a statement to the Hong Kong Stock Exchange on Wednesday.

Geely sells 29,674 autos in June

Geely Automobile Holdings Ltd's sales volume in June rose 0.9 percent to 29,674 units from a year earlier, according to a statement to the Hong Kong Stock Exchange on Wednesday. Total sales for the first half of the year rose 9 percent to 213,381 units, the statement said.

Stocks rise on economic data

Hong Kong stocks rose on Wednesday after a report showed the mainland's economic growth beat estimates and rising home sales boosted developers.

The Hang Seng Index (HSI) gained 1.22 percent to 21926.88 at the close, with more than five stocks advancing for each that fell.

The Hang Seng China Enterprises Index rose 2.17 percent to 12293.65.

China Overseas Land surged 5.7 percent to HK$17.14, gaining the most on the HSI, while China Resources Land Ltd jumped 3.2 percent to HK$14.86.

China's housing transactions rose 31 percent in June from May, and the value of homes sold increased to 499.2 billion yuan ($77 billion) from 380.9 billion yuan, based on first-half economic data provided by China's statistics bureau on Wednesday. Housing sales in the first half climbed 22 percent to 2.1 trillion yuan from a year earlier, according to the data.

China's economy expanded 9.5 percent last quarter from a year earlier, the statistics bureau also said in Beijing on Wednesday, beating the median 9.3 percent estimate in a Bloomberg News survey. Growth slowed from a 9.7 percent pace in the first quarter. Industrial production surged a more-than-estimated 15.1 percent in June, the agency said.

Agricultural Bank jumped 3.9 percent to HK$3.97 after saying net income for the first six months of 2011 rose more than 45 percent from a year earlier. China Construction Bank Corp gained 2.2 percent to HK$6.08.

Jiangxi Copper rose 5.1 percent to HK$26.70 after saying first-half net income likely jumped more than 50 percent from a year earlier on higher output and sale prices. Zijin Mining increased 5.1 percent to HK$4.16.

Gold futures rose to a record settlement as Europe's escalating debt crisis boosted demand for the metal as a haven investment.

Futures on the HSI rose 1.4 percent to 21880. The HSI Volatility Index sank 4.9 percent to 20.99.

Bloomberg - Reuters

(HK Edition 07/14/2011 page2)