Biz Scene: Market

Index edges up

The Shanghai Composite Index gained 78.11 points yesterday, after opening down 68.86 points.

The index climbed 1.48 percent to close at 5355.29 points yesterday. Turnover in A shares was 153 billion yuan. A total of 587 companies gained, while 188 recorded losses.

NAB investment

National Australia Bank Ltd (NAB) bought a 20 percent stake in China's Union Trust & Investment Ltd, which creates and manages property trusts.

NabCapital, the NAB's investment-banking unit, paid less than A$50 million ($41 million) for the holding. This is the first time it has bought a minority stake in a company as part of a global expansion strategy, said John Hooper, NabCapital's chief executive officer.

Overseas firms are vying to invest in Chinese real estate after the Tianjin city government indicated in March it wants to sell the nation's first real estate investment trusts.

(China Daily 09/11/2007 page15)