Mortgage loans fall 20% in July

The city's mortgage drawdowns in July fell 20 percent from the previous month to HK$16.1 billion, the Hong Kong Monetary Authority said on Monday.

Mortgage loans approved in July decreased by 8.1 percent compared with June to HK$19.5 billion.

The number of applications in July increased by 4 percent month-on-month to 10,640, the HKMA said.

Galaxy's H1 net profit jumps

Macao casino operator Galaxy Entertainment posted a forecast-beating nine-fold rise in half-year net profit, boosted by a new casino and a steady flow of Chinese visitors keen to try their luck in the world's largest gambling destination.

Although China's economic slowdown is threatening to rein in the flow of visitors that made Macao one of the fast-growing economies in 2011, Galaxy is seen as better placed to weather any drop-off as it owns the newest resort on Macao's glitzy Cotai casino strip.

Galaxy, a $12-billion company controlled by Hong Kong property and construction tycoon Lui Che Woo and 13 percent owned by European private equity firm Permira, reported net profit of HK$3.45 billion ($445 million)for the first six months of the year.

Greentown sells 14 projects

Greentown China Holdings Ltd, the Chinese developer that has been divesting assets to raise cash, said it sold 14 projects since November as it seeks to improve cost controls and bring down its gearing ratio.

The biggest builder in eastern Zhejiang province willrestructure its debts, Chief Executive Officer Shou Bainian said at a press conference in Hong Kong on Monday. Net income more than doubled to 1.8 billion yuan ($283 million) in the six months ended June from 892 million yuan a year earlier, the company said on Sunday.

Rusal sees 2nd quarterly loss

United Co Rusal, the world's largest aluminum producer, reported a second-quarter net loss after a decline in sales and a one-time charge on its alumina and bauxite plant in Guinea.

The net loss was $37 million, compared with profit of $328 million a year earlier, the company said today in a statement.

Revenue declined 15 percent to $2.8 billion, while the share of sales to Europe plunged to 38 percent from 52 percent, Rusal's data show.

BYD, Israeli firm sign pact

BYD signed a contract to sell 700 units of electric buses to an Israeli company, DAN Bus, Caijing.com.cn reports, citing Li Yunfei, an assistant to general manager at BYD Auto Sales Co Ltd.

Sales for the buses would be about 1.5 billion yuan, according to the report. The buses will be sold in batches, Li was cited as saying.

HK stocks slide on uncertainty

Hong Kong stocks fell, with the benchmark index dropping for the fifth day in six, amid signs growth is slowing in China's economy, tempering optimism global central banks will do more to boost demand.

The Hang Seng Index slid 0.4 percent to 19,798.67 at the close, with volume 6 percent below its 30-day average before the US Federal Reserve's symposium this week in Jackson Hole, Wyoming.

The Hang Seng China Enterprises Index of mainland companies slid 1.4 percent to 9,544.62. Premier Wen Jiabao urged extra measures to support exports and meet economic targets, according to Xinhua News Agency.

Bloomberg - China Daily

(HK Edition 08/28/2012 page2)