IN BRIEF (Page 18)

Realty prices continue recovery

New home prices in Chinese cities rose month-on-month in July for the third straight month, a survey shows, reinforcing the upward trajectory since the second quarter.

Despite being a traditionally slack season, the average home price in 100 cities rose by 0.54 percent to 10,685 yuan ($1,717; 1,566 euros) per square meter, slightly slower than the 0.56 percent gain in June, according to a report by the China Index Academy, a research unit of SouFun Holdings Ltd.

The data show new home prices strengthened from June in 46 of the 100 cities monitored, down from 53 a month earlier, while the number of cities that saw a decline rose to 53 from 46.

Vehicle maker navigates new growth markets

Beijing Automotive Group, one of the largest Chinese automakers in terms of sales, is planning to build a large-scale joint venture plant in the Middle East and a factory in Mexico. The plants would produce passenger and commercial vehicles over the next three years to compete with established global rivals like Toyota Motor Corp and Ford Motor Co.

Under the plan, BAIC, which has subsidiary joint-venture companies including BAIC Hyundai Motor Co Ltd and Beijing Benz Automotive Co Ltd, will adopt the original equipment manufacturer business model in its Mexico factory initially as it tries to manage its investment to avoid possible political uncertainty.

Buoyed by surging demand for new vehicles in Africa, BAIC in 2013 set up a minibus assembly plant that employs more than 500 people in Springs, South Africa.

The company said it will invest more in its South Africa factory and an assembly plant in Nairobi, Kenya to make pickups and light trucks. Factories in Africa will help the company move closer to the market and avoid paying duties of up to 25 percent. Sales from BAIC's minibus factory are around 250 units per month in South Africa.

Zambian power cuts lead to mine layoffs

Power cuts in Zambia have forced some mining firms in Africa's second largest copper producer to downsize some of their operations.

Canada's First Quantum Minerals Ltd said it will cut about 1,480 jobs at one of its mine operations in northwestern Zambia following reduced power supply.

Mirriam Harmon, public relations coordinator at Kalumbila Minerals Ltd, one of FQM's units in Zambia, said the mine has halted copper production at its sentinel mine because the country's power utility has reduced power supply to the mine by 42 megawatts.

She said in a statement that the power supply was insufficient to maintain viable operations, forcing the closure of the unit.

The power being supplied has been directed to another of FQM's mining operations, Kansanshi Mining Plc, in order to maintain viable operations, she said.

Publisher spreads wings in South Africa

China International Publishing Group has intensified its program of making more books about China available to South Africans who want to know more about the Asian country, an official from the group said.

Li Jianguo, CIPG executive director in South Africa, said in an interview with Xinhua that his organization is out in full force to introduce China to South African readers through availing books, magazines and internet sites that provide a variety of information about China.

CIPG attended this year's South African Book Fair held from July 31 to Aug.2, 2015 in Johannesburg. Li said the interest from the general public was overwhelming.

Kigamboni Bridge nears completion

The 680-meter Kigamboni Bridge, the longest cable-stayed bridge in East Africa, will be joined in two months, a Chinese manager of the project said on Aug 4.

The cross-sea bridge, which connects Kurasini and Kigamboni areas in Tanzania's commercial capital Dar es Salaam, is under construction by China Railway Construction Engineering Group and China Railway Major Bridge Engineering Group.

"If all goes well, the sections of the bridge will be joined in two months," said Zhang Bangxu, business manager of the project.

After its completion, the Kigamboni Bridge will offer people one more choice to travel between the two areas which are divided by a narrow gulf, he said, adding that through the advanced toll collection system of the bridge, which is imported from Dubai, people will spend much less time than traveling by ferry.

China-sponsored projects help boost agriculture

An agriculture project sponsored by China-Africa People-to-People Friendship Action on Aug 4 broke ground in southern Botswana's Kangwe village.

Under the action, the Chinese Enterprises Association in Botswana will help Kangwe village leveling soil by employing specialized equipment and local villagers. The village will thereafter be able to grow crops on the land.

Charge d'affaires of the Chinese embassy in Botswana Li Nan said agriculture development, youth and women empowerment, and poverty alleviation are the areas of importance and priority for Botswana.

The Chinese side will support Kangwe Village for its efforts to empower its people through agriculture. The Chinese government and China-Africa People-to-People Friendship Action will continue to support the local NGOs and their efforts for the social development of Botswana.

More banks to issue deposit certificates

The government will allow 102 banks to issue large-scale certificates of deposit, up from only nine previously, according to Market Interest Pricing Self-Discipline Mechanisms, an industry association.

The expansion is aimed at letting more banks participate in the pricing of China's financial products and promoting the country's interest rate reforms, the association said.

Private capital to build, operate railways

China will fully open its railway sector to private investment as part of the government's efforts to boost the slowing economy, the National Development and Reform Commission, has announced.

Private capital will be encouraged in the construction and operation of railways through joint ventures and sole ownership, with a focus on intercity railways, suburban corridors and feeder lines, the country's top economic planner said in a statement.

It also said private investors will be allowed to operate the transportation services of the freight network and the "going global" projects of railway networks to ease bottlenecks in the sector.

(China Daily Africa Weekly 08/07/2015 page18)