Yau Tong plot attracts 22 bids

The Lands Department has received 22 bids from prominent Hong Kong and mainland real-estate developers for a plot of land at Lei Yue Mun, Yau Tong, following the close of applications on Friday. The builders include Cheung Kong Holdings, Henderson Land, Sun Hung Kai Properties and Shenzhen-based Vanke - the mainland's largest residential property development. The site has an area of about 34,875 square feet and a buildable area of 313,878 square feet, with restrictions stipulating non-industrial usage and that no less than 345 flats should be built and with parking lots.

Pacific Basin in asset sale

Pacific Basin Shipping - one of the world's leading owners and operators of modern handy-size and handy-max dry bulk vessels - said on Friday it will dump its entire stake in an Australian towage company and two harbor towage vessels. The company said it will dispose of its entire equity in PB Towage (Australia) Holdings, which is the company's interest in its harbor towage operations, including 16 harbor tugs. Pacific Basin will also dispose of two harbor towage vessels owned by other companies in its fold. The combined cash consideration for the two transactions is A$74 million ($61.1 million). Pacific Basin expects to record a net loss of $9 million from the sale.

Shengjing Bank eyes $1.4b IPO

Shengjing Bank Co - the biggest city commercial lender in northeastern China - and its investors are seeking up to $1.4 billion from an initial public offering (IPO) in Hong Kong. The company, based in the Liaoning provincial capital Shenyang, and its shareholders are offering about 1.4 billion shares at HK$7.43 to HK$7.81 each. New shares will account for 90.9 percent of the offering. The lender aims to set a final price on Dec 18 and start trading on Dec 29.

Stocks climb on policy-easing talk

Mainland stocks rose on Friday, capping a fifth week of gains for the benchmark index, as slowing growth in industrial production boosted speculation that the government will take more steps to support the economy. Neusoft Corp led gains for technology shares after it said investors, including Goldman Sachs Group Inc, will invest in its businesses. The Shanghai Composite Index advanced 0.4 percent to 2,938.17 at the close, after changing directions at least 10 times. The Hang Seng China Enterprises Index slipped 0.2 percent, while the Hang Seng Index lost 0.3 percent to 23,249.20 at the close. The index has dropped 3.1 percent on week, the most since March. Trading volumes in the Shanghai index were 12 percent above the 30-day average, according to data compiled by Bloomberg.

China Daily - Bloomberg

(HK Edition 12/13/2014 page8)