Agoria automotive track: proposed program 20 – 29 October 2011
Jul-18-2011 By : Gwenda
The Agoria Automotive Track runs parallel to the official Economic Mission headed by HRH Prince Philippe from 20th till 24th October 2011. As of Tuesday 25th till Saturday 29th October 2011, the Agoria Automotive Track continues its own program and leaves the official mission. Participants to the Agoria Automotive Track are requested to follow the entire automotive programme. For logistic reasons it is not possible to “hop on/hop off”.
This initiative is supported by the Flanders-China Chamber of Commerce and the Province of East-Flanders.
Agoria is currently arranging for a program that will include meetings with the top Chinese automotive manufacturers and their respective purchasing, engineering and R&D departments.
Further information can be obtained online at the FCCC website: www.flanders-china.be. Contact Agoria: bert.mons @agoria.be Bert MONS Contact FCCC: info@flanders-china.be – Gwenn SONCK
Hainan Airlines targets CNY8 billion in share sale
By : agxadmin
Hainan Airlines will raise CNY8 billion through a private share placement to help pay for a fleet expansion. The carrier will expand faster than rivals Air China, China Eastern Airlines and China Southern Airlines, with plans to increase it fleet 25% to 125 aircraft by the end of this year. Over the next three years, the number of aircraft will increase 20% each year. To finance its rapidly growing fleet – eight Boeing 787s will be delivered this year – Hainan Airlines has raised its total liability to CNY59.7 billion, including a CNY5 billion bond sold in May. Its debt-asset ratio rose to 81.5% in May. After the share sale, the debt-asset ratio of the company will drop to 71.36%. About CNY6 billion from the proceeds will be used to repay bank loans due between January and April next year. Grand China Airlines, which owns 41.6% of Hainan Airlines, is also considering selling shares to finance its fleet expansion. Hainan Air had 100 aircraft at the end of last year, with most of them B737-800s. The airline serves 90 domestic and international cities and operates 500 routes from nine bases, including Haikou, Beijing, Xian, Lanzhou and Dalian.
Regional banks more exposed to LGFVs
By : agxadmin
Standard & Poor’s said that regional commercial banks in China faced higher risks than national commercial banks when it came to exposure to local government financing vehicles (LGFVs). The five banks that showed the largest proportional growth in lending to LGFVs were four regional commercial banks and one policy bank: Evergrowing Bank in Shandong, Industrial Bank in Fujian, China Zheshang Bank in Zhejiang, China Bohai Bank in Tianjin and policy bank, the Export-Import Bank of China. Regional banks face greater risks because they are subject to significant local government influence in the regions where they operate, says S&P Analyst Tan Kim. S&P’s concern over Chinese banks and LGFVs comes on the heels of similar warnings from Fitch Ratings, Moody’s and Dragonomics. Problems at the estimated 6,576 LGFVs could lead to a wave of defaults. Lending has slowed recently, but this has been compensated by new credit channels outside the banking system. Fitch Ratings estimated that, by the end of this year, total financing, which includes credit from both bank and non-bank channels in China, will reach 185% of GDP, up 61 percentage points from 2007, the South China Morning Post reports.
Harbin attracts Hong Kong investors
By : agxadmin
The municipal government of Harbin, capital of Heilongjiang province, has recently attracted CNY24.7 billion worth of investment from Hong Kong companies, including China Resources Group, Bank of East Asia and China Merchants Group, for projects covering property, logistics and mining, among others. China Resources, a property-to-retail conglomerate, agreed to invest in a commercial property project and a distribution center for pharmaceutical products in the city. Bank of East Asia and the Harbin government formed a partnership to develop the city’s Songbei district. The logistics arm of China Merchants Group will invest in facilities in the city. Long Yu Investment Holding, a private company in Hong Kong, will invest CNY1.2 billion for the exploration and production of a silicon mine in Harbin with a reserve of an estimated 3.4 million tons of silicon.
Slower FDI growth recorded
By : agxadmin
Foreign direct investment (FDI) in China rose 2.83% from a year earlier to USD12.8 billion in June, the weakest growth rate since last August. It compared with May’s 13.4% and April’s 15.2%. There were signs that American and European businesses had lowered their investments in China. In the first six months, investors from the U.S. channeled USD1.67 billion into China, 22.3% less than a year earlier. European Union countries invested a combined USD3.46 billion during the period, up 1.17% year on year. Last year, out-bound foreign investment from the EU dropped 62%, while the U.S. also cut its input in emerging markets. Between January and June, direct foreign investment in China increased 18.4% from a year earlier to USD60.8 billion. A total of 13,462 foreign-invested companies received permission to start business operations in the first half, up 8.77% year on year. Meanwhile, China’s non-financial outbound foreign direct investment gained 34% annually to USD23.9 billion in the year through June.
- KURT VANDEPUTTE (UMICORE) APPOINTED CHAIRMAN OF THE BOARD OF THE FLANDERS-CHINA CHAMBER OF COMMERCE (FCCC)
- Webinar: “Knowing Your Chinese Partner” – May 26, 2021, 10 am – 12 am
- EMA starts rolling review of CoronaVac, WHO approves Sinopharm vaccine for emergency use
- The Global Times warns not to politicize the Comprehensive Agreement on Investment (CAI)
- Hainan to become biggest duty-free market in the world